Dennis,
My assumption is that debt is based in "Looney Tunes" as the financials state in Canadian Dollars-Unaudited.
REPAP NEW BRUNSWICK INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited - Thousands of Canadian Dollars)
QUARTER ENDED
------------------------------- -------------------
Jun. 30, Mar. 31, Jun. 30, Yr Over Qtr Over
1997 1998 1998 Yr % Qtr %
Change Change
--------- --------- ---------- ---------- -------
REVENUES $149,252 $163,307 $168,841 13% 3%
Hedge foreign
exchange
adjustment (1) (1,720) (1,159) (1,728)
--------- --------- ----------
NET REVENUES $147,532 $162,148 $167,113 13% 3%
--------- --------- ----------
Net sales 129,514 144,248 149,338
Cost of sales excluding
depreciation &
amortization 102,732 95,022 99,411 -3% 5%
Selling, administrative
& research expenses 4,916 4,969 6,474
Depreciation &
amortization 13,428 15,995 14,849
--------- --------- ----------
Operating profit 8,438 28,262 28,604 239% 1%
Interest expense 26,004 26,318 26,522
Miscellaneous expense 722 1,176 1,375
Unusual items 0 0 46,272
--------- --------- ----------
Income (loss) before
the undernoted (18,288) 768 (45,565)
Provision for
income taxes 508 578 555
--------- --------- ----------
NET INCOME (LOSS) ($18,796) $190 ($46,120)
--------- --------- ----------
--------- --------- ----------
EBITDA (2) $23,586 $45,416 $45,181 92% -1%
--------- --------- ----------
--------- --------- ----------
REVENUES BY SEGMENT
Coated Paper $121,032 $148,253 $147,976
Pulp 19,797 9,899 14,731
Lumber 8,423 5,155 6,134
Hedged foreign
exchange
adjustment (1) (1,720) (1,159) (1,728)
--------- --------- ----------
Total Revenue $147,532 $162,148 $167,113
--------- --------- ----------
--------- --------- ----------
MARKET SHIPMENTS (IN THOUSANDS)
Coated Paper (tons) 110 112 114
Kraft Pulp (tonnes) 32 13 20
Lumber (Mfbm) 18 12 16
YEAR-TO-DATE
-------------------------
Jun. 30, Jun. 30, % CHANGE
1997 1998
----------- ----------- -----------
REVENUES $290,177 $332,148 14%
Hedge foreign
exchange
adjustment (1) (2,878) (2,887)
--------- ---------
NET REVENUES $287,299 $329,261 15%
--------- ---------
Net sales 251,150 293,586
Cost of sales excluding
depreciation &
amortization 211,535 194,433 -8%
Selling, administrative
& research expenses 10,316 11,443
Depreciation &
amortization 24,357 30,845
--------- ---------
Operating profit 4,942 56,865 1051%
Interest expense 51,275 52,839
Miscellaneous expense 410 2,551
Unusual items 22,999 46,272
--------- ---------
Income (loss) before
the undernoted (69,742) (44,797)
Provision for
income taxes 1,017 1,133
--------- ---------
NET INCOME (LOSS) ($70,759) (45,930)
--------- ---------
--------- ---------
EBITDA (2) $32,177 $90,597 182%
--------- ---------
--------- ---------
REVENUES BY SEGMENT
Coated Paper $233,566 $296,229
Pulp 41,876 24,630
Lumber 14,736 11,289
Hedged foreign
exchange
adjustment (1) (2,879) (2,887)
--------- ---------
Total Revenue $287,299 $329,261
--------- ---------
--------- ---------
MARKET SHIPMENTS (IN THOUSANDS)
Coated Paper (tons) 220 226
Kraft Pulp (tonnes) 58 33
Lumber (Mfbm) 31 28
(1) Represents non-cash impact of hedged currency exchange losses
(2) EBITDA = operating profit plus depreciation and amortization plus
non-cash hedged foreign exchange loss
REPAP NEW BRUNSWICK INC.
CONSOLIDATED BALANCE SHEET
(Unaudited - Thousands of Canadian Dollars)
December 31 June 30
1997 1998
----------- ----------
ASSETS
Current assets $150,672 $144,274
Other assets 169,629 141,483
Net fixed assets 1,007,153 990,791
----------- ----------
$1,327,454 $1,276,548
----------- ----------
----------- ----------
LIABILITIES
Current liabilities $176,929 $136,457
Revolving Credit Facility 97,459 -
----------- ----------
274,388 136,457
Revolving Credit Facility - 88,284
Long-term debt 901,342 987,293
Repayable grants and other
long-term liabilities 25,550 22,254
----------- ----------
926,892 1,097,831
Investment tax credits 147,944 110,481
Grants - non-repayable 23,817 23,296
SHAREHOLDER'S EQUITY (DEFICIENCY)
Preferred shares 154,173 154,173
Common shares 159,075 159,075
Deficit (372,123) (418,053)
Contributed surplus 13,288 13,288
----------- ----------
----------- ----------
Total shareholder's equity
(deficiency) (45,587) (91,517)
----------- ----------
----------- ----------
$1,327,454 $1,276,548
----------- ----------
----------- ----------
REPAP NEW BRUNSWICK INC.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(Unaudited - Thousands of Canadian Dollars)
QUARTER ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
-------------------- ---------------------
1997 1998 1997 1998
--------- --------- --------- ---------
OPERATING ACTIVITIES:
Loss ($18,796) ($46,120) ($70,759) ($45,930)
Add items not affecting
cash -
Depreciation and
amortization 13,428 14,849 24,356 30,845
Unusual item and
other 1,862 48,353 26,164 49,870
--------- --------- --------- ---------
CASH FLOW BEFORE NET
CHANGES IN NON-CASH
WORKING CAPITAL (3,506) 17,082 (20,239) 34,785
Non-cash working
capital changes 18,356 (9,386) 39,067 (5,991)
--------- --------- --------- ---------
CASH PROVIDED BY
OPERATIONS 14,850 7,696 18,828 28,794
INVESTING ACTIVITIES:
Additions to fixed
assets (2,107) (5,508) (2,667) (8,208)
Deferred charges and
other assets (400) (17,088) (366) (17,088)
--------- --------- --------- ---------
CASH USED IN INVESTING
ACTIVITIES (2,507) (22,596) (3,033) (25,296)
FINANCING ACTIVITIES:
Additions to debt 217 466,106 217 466,496
Repayment of debt (475) (438,112) (1,060) (441,438)
Revolving credit
facility, net
change (12,200) 4,533 (17,487) (11,431)
Other 295 (17,571) 397 (17,166)
--------- --------- --------- ---------
CASH PROVIDED BY
(USED IN) FINANCING
ACTIVITIES (12,163) 14,956 (17,933) (3,539)
--------- --------- --------- ---------
NET INCREASE (DECREASE)
IN CASH 180 56 (2,138) (41)
CASH POSITION AT
BEGINNING OF PERIOD 1,125 296 3,443 393
--------- --------- --------- ---------
CASH POSITION AT END
OF PERIOD $1,305 $352 $1,305 $352
--------- --------- --------- ---------
--------- --------- --------- ---------
REPRESENTED BY:
Cash and short-term
deposits $1,305 $352 $1,305 $352
--------- --------- --------- ---------
--------- --------- --------- ---------
>>
%SEDAR: 00003098E
-30-
For further information: Stephen C. Larson, President & CEO,
(203) 964-6163 or Michelle A. Cormier, Vice-President, Finance,
(203) 964-6168 |
