Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Repap (RPAPF) -- Ignore unavailable to you. Want to Upgrade?

To: eyewatch who wrote (405)	4/27/1999 11:30:00 AM
From: Wizzer	Read Replies (1) \| Respond to of 485

Repap Enterprises 1999 first quarter results Repap Enterprises Inc RPP Shares issued 743,327,707 Apr 26 close $0.115 Tue 27 Apr 99 News Release Mr. Stephen Larson reports The company has declared its results for the first quarter ended March 31, 1999. The company recorded a loss for the quarter of $9.3-million (one cent per share) compared with a net income of $17.3-million (two cents per share) in the first quarter of 1998. The first quarter of 1998 included a net gain on discontinued operations of $18.1-million. Revenues from operations for the first quarter of 1999 were $162.7-million, down slightly from revenues of $163.3-million in the first quarter of 1998 and down 9 per cent from revenues of $178.8-million in the fourth quarter of 1998. Revenues from coated paper were $142.6-million, down $5.6 million or 4 per cent from the first quarter of 1998, reflecting mainly the impact of lower pricing resulting from weak paper markets, offset partially by a weaker Canadian dollar and increased shipments. Pulp revenues for the first quarter of 1999 were $15.5-million, up $5.6-million from the first quarter of 1998, reflecting higher shipments offset partly by lower prices. The company's operating profit, before depreciation and amortization, and excluding non-cash hedged foreign exchange adjustments, was $39.0-million for the first quarter compared with an operating profit of $45.2-million in the first quarter of 1998 and to an operating profit of $43.8-million in the fourth quarter of 1998. The company is a major producer of coated groundwood paper with 9 per cent of North American capacity. This high quality paper is utilized in magazines, catalogs, inserts and commercial printing applications. The company's world-class coated paper complex in New Brunswick has two modern paper machines with a design capacity of 492,000 tons, a northern bleached softwood kraft pulp mill with an annual capacity of 235,000 metric tons, an integrated groundwood pulp mill with an annual capacity of 123,000 metric tons and lumber operations with an annual capacity of 58 million foot board measure. All figures are reported, unless otherwise noted, in Canadian dollars and under accounting principles generally accepted in Canada. CONSOLIDATED STATEMENTS OF INCOME Quarter ended March 31 (in millions of dollars) 1998 1999 Revenues $163.3 162.7 Hedged foreign exchange adjustment 1.2 1.2 ------ ----- Net revenues 162.1 161.5 ------ ----- Net sales 146.9 145.0 Cost of sales 95.0 99.6 Selling, administrative and research 7.9 7.6 ------ ----- Operating margin 44.0 37.8 Depreciation and amortization 16.1 17.2 ------ ----- Operating profit 27.9 20.6 Interest expense 26.5 28.1 Other expenses (income) (0.2) 1.2 ------ ----- Pre-tax income (loss) 1.6 (8.7) Provision for income taxes 0.8 0.6 ------ ----- Income (loss) from continuing operations 0.8 (9.3) Provision for accretion of paid-in capital 1.6 -- ------ ----- Net loss from continuing operations (0.8) (9.3) Discontinued operations 18.1 -- ------ ----- Net income (loss) $ 17.3 (9.3) ------ ----- Earnings before interest, taxes, depreciation and amortization $ 45.2 39.0 ====== ===== Earnings (loss) per share 2 cents (1 cent) (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com