Catalyst Paper (CT.TO) posted a net loss of $47.4 million ($0.13 per common share) on sales of $297.8 million during the second quarter of 2011. The net loss increased from $12.9 million ($0.03 per common share) on sales of $303.6 million during the first quarter, due to reduced production and increased maintenance spending. It said production at the Powell River and Snowflake mills was affected by extended maintenance downtime and further hampered by fires at both mills during the quarter. A stronger Canadian dollar and higher fibre prices also negatively affected results.
Before specific items Catalyst's net loss for Q2 was $46.9 million ($0.12 per common share), in comparison with $23.6 million ($0.06 per common share) in the prior quarter. Significant specific items in the most recent quarter included a foreign exchange gain on the translation of US dollar denominated debt, $5.7 million in losses associated with the fires at Snowflake and Powell River mills.
Before restructuring costs, an earnings loss before interest, taxes, depreciation, amortization (EBITDA) of $3.9 million was recorded in the second quarter, compared with EBITDA before restructuring costs of $15.9 million in the prior quarter. Lower EBITDA increased the Q2 operating loss to $30.6 million from $10.9 million in Q1.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
