Abitibi-Price reports loss.Abitibi-Price reports loss Abitibi-Price has reported a loss of $3.7 million, or six cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the second quarter of this year. That compares with earnings of $28.8 million, or 39 cents per share, in the same quarter of 1989. The latest quarter includes a charge of $28.9 million for unusual items, largely the cost of staff reductions associated with the company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Without that, the quarter would have shown before-tax earnings of $23.9 million and after-tax earnings of $14.1 million, or 20 cents per common share. For the first half of 1990, the company reported a loss of $15 million, or 23 cents per common share, compared with net earnings of $55.1 million, or 74 cents per share, in 1989. The first-half loss included unusual items of $42.6 million, consisting of the restructuring costs and a $13.7-million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of an old machine at the groundwood papers mill in Jonquiere, Que., and of the Jaffe retail office products business in Florida. Without the unusual items, the first half would have shown before-tax earnings of $11.5 million, or 15 cents per common share. "While the restructuring plan has had a markedly negative impact on 1990 earnings, the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. effect will be increased profitability," said Bernd K. Koken, chairman and chief executive officer. "The company will be better positioned to compete in the increasingly competitive international market place." Sales in the second quarter of 1990 were $803 million, compared with $830 million in 1989, while sales for the six months were $1.6 billion, virtually the same as last year. The June 1 newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been price increase, improving demand and the successful start-up of the Alabama newsprint mill were bright spots during an otherwise lacklustre lacklustre or US lackluster Adjective lacking brilliance, force, or vitality Adj. 1. lacklustre - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" quarter. The improvement in demand, however, was due to a build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of publishers' inventories, not increased consumption. |
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