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Tissue paper maker Cascades reports 4% hike in Q2 sales

09 Aug '13

2 min read

Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its unaudited financial results for the three-month period ended June 30, 2013.

Q2 2013 Highlights

-Sales of $982 million

(Compared to $914 million in Q1 2013 (+7%) and $944 million in Q2 2012 (+4%))

-Excluding specific items

EBITDA of $83 million

(Compared to $68 million in Q1 2013 (+22%) and $84 million in Q2 2012 (-1%))

-Net earnings per share of $0.09

(Compared to a net loss of $0.04 in Q1 2013 and net earnings of $0.05 in Q2 2012)2

-Including specific items

EBITDA of $82 million

(Compared to $64 million in Q1 2013 (+28%) and $77 million in Q2 2012 (+7%))

-Net earnings per share of $0.03

(Compared to a net loss of $0.09 in Q1 2013 and net earnings of $0.05 in Q2 2012)2

Net debt of $1,675 million (compared to $1,581 million as at March 31, 2013), including $134 million of non-recourse net debt

Mr. Mario Plourde, President and Chief Executive Officer, had the following comments on the second quarter results:

"As anticipated, our performance was better than what we achieved during the first quarter and represents a significant sequential rebound as all our North American segments delivered better results. In addition to the positive impact of higher selling prices, the Containerboard sector continued to increase its manufacturing utilization rate and sales volumes.

“However, the demand for converted products in Canada remained weak during the quarter. The Tissue Papers sector also increased its contribution and continued to achieve successful inroads, particularly in the U.S. The Specialty Products Group significantly increased its EBITDA contribution compared to the previous quarter.

“Only the Boxboard Europe sector showed slightly lower results due to higher raw material costs. The weakening of the Canadian dollar positively contributed to our results in general but also resulted in higher financial leverage. As for the recycled fibre market, it remained relatively stable despite the Greenpac start-up as we successfully executed our sourcing strategy."

Click here to view full results.

Cascades