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Alliance Forest Products Inc. - 1995 third quarter results.



MONTREAL--(BUSINESS WIRE)--Oct. 24, 1995--ALLIANCE FOREST (ME, TSE See Tokyo Stock Exchange.

TSE

1. See Tokyo Stock Exchange (TSE).

2. See Toronto Stock Exchange (TSE).
: ALP (language) ALP - A list processing extension of Mercury Autocode.

["ALP, An Autocode List-Processing Language", D.C. Cooper et al, Computer J 5:28-31, 1962].
) Alliance Forest Products Inc. recorded net earnings of $21.9 million, or $1.22 per common share, during the quarter ended September September: see month.  30, 1995, compared with $12.3 million, or $0.69 per common share, for the quarter ended September 30, 1994.

Operating income Operating Income

The profit realized from a business' own operations.

Notes:
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit.
 for the period totalled $30.3 million, compared with $14.8 million in 1994. Sales reached $112.9 million, compared with $74.5 million for last year.

For the nine-month period ended September 30, 1995, net earnings amounted to $57.0 million ($3.19 per common share), compared with $17.1 million ($0.97 per common share) for the 4-1/2-month period from May 12, 1994 when the Company commenced operations, to September 30, 1994. For the first nine months of 1995, the Company generated $77.1 million in operating income and $284.4 million in sales.

Alliance Forest Products Inc. continued to benefit from favorable fa·vor·a·ble  
adj.
1. Advantageous; helpful: favorable winds.

2. Encouraging; propitious: a favorable diagnosis.

3.
 market conditions and strong demand in the paper sector. As a result, paper prices remained higher during the third quarter than for the comparable 1994 period. Prices rose on September 1, 1995, as anticipated, but the effects will be felt mainly in the fourth quarter as sales contracts Sales Contract

Contract between a seller and buyer for the sale of goods, services, or both.
 provide for the increases to be progressively introduced.

Following a slight increase during the quarter, lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to  prices came under downward pressure the end of the period. In general, prices remain below levels during the third quarter of 1994.

During the quarter, Alliance Forest Products Inc. acquired the two member companies of the Groupe Mitis mitis

medical Latin term for mild—opposite of forte.
 - Fernand Bois BOIS Branch Office Infrastructure Solution (Microsoft)
BOIS Business Office Information System
BOIS Base Operating Information System
BOIS Battlefield Operating Instruction System
 Ltee of Lac des Aigles, Quebec Quebec, city, Canada
Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers.
, and Scierie Mitis Inc. of Price, Quebec. These two sawmills have a production capacity of 140 million foot board measures of lumber and own annual timber-cutting rights to 343,000 metres of lumber.

Alliance Forest Products Inc. is an integrated company specializing in timber timber: see lumber; wood.  harvesting har·vest  
n.
1. The act or process of gathering a crop.

2.
a. The crop that ripens or is gathered in a season.

b. The amount or measure of the crop gathered in a season.

c.
 and forest management, as well as in the production and sale of 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
, uncoated groundwood papers, lumber and related products. The common shares of Alliance Forest Products Inc. are listed on the Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies.  and Toronto stock exchanges Toronto Stock Exchange (TSE)

Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options.
 under the symbol ALP. -0-

Appendix:  Summary of financial statements




Alliance Forest Products Inc.
Consolidated Earnings
(Unaudited)
(In millions of Canadian        Quarter ended    9 months ended
dollars except for earnings      September 30      September 30
per share)                      1995     1994     1995     1994
_______________________________________________________________
Sales                         $112.9    $74.5   $284.4   $108.7
_______________________________________________________________
Operating costs and expenses
  Cost of goods sold            74.2     52.4    180.2     77.7
  Selling, general and
   administrative expenses       4.1      3.5     15.3      5.0
  Depreciation                   4.3      3.8     11.8      5.8
_______________________________________________________________
                                82.6     59.7    207.3     88.5
_______________________________________________________________
Operating income                30.3     14.8     77.1     20.2
  Net financing
   income (expenses)            (0.2)     0.1      1.1       -


Earnings before income taxes    30.1     14.9     78.2     20.2
  Income taxes
        Current                  6.6      0.2     17.2      0.2
        Deferred                 1.6      2.4      4.0      2.9
_______________________________________________________________
Net earnings                    21.9      12.3    57.0     17.1
_______________________________________________________________
_______________________________________________________________
Net earnings per common share  $1.22    $0.69    $3.19    $0.97
_______________________________________________________________
_______________________________________________________________


As the company was in operation from May 12, 1994, the 1994
cumulative data is for 4 1/2 months only.




Alliance Forest Products Inc.
Consolidated Balance Sheet
(Unaudited)


(In millions of dollars)
______________________________________________________________
                                             1995        1994
______________________________________________________________
Assets


    Current assets
     Investments, at cost                    $7.9       $18.9
     Accounts receivable                     55.2        36.3
     Inventory                               58.5        35.1
     Prepaid expenses                         4.4         3.0
_______________________________________________________________
                                            126.0        93.3
    Land, buildings and equipment           213.9       159.9
    Investments                               0.2          -
    Goodwill                                 40.2          -
______________________________________________________________
                                            380.8       253.2
_______________________________________________________________
_______________________________________________________________


Liabilities
    Current liabilities
      Trade and other accounts payable       46.1        34.9
      Income taxes payable                   20.9         0.2
 ______________________________________________________________
                                             67.0        35.1


    Long term debt                           12.5          -
    Pension liability                        10.0         6.7
    Deferred income taxes                     9.4         0.2
_______________________________________________________________
                                             98.9        42.0
_______________________________________________________________


Shareholders' Equity
   Capital stock                            200.4       200.2
   Retained earnings                         81.0        11.0
_______________________________________________________________
                                            281.4       211.2
_______________________________________________________________
                                           $380.3      $253.2
_______________________________________________________________
_______________________________________________________________




Alliance Forest Products Inc.
Consolidated Changes in Cash Resources
(Unaudited)


                                             Quarter ended
                                              September 30
(In millions of dollars)                     1995      1994
____________________________________________________________
Operations


    Net earnings                            $21.9    $12.3
    Non-cash items
      Depreciation                           4.3       3.8
      Pension expense                        0.6        -
      Deferred income taxes                  1.6       2.4
____________________________________________________________


    Working capital provided by operations  28.4      18.5
    Changes in non-cash working
        capital items                        8.7      (3.3)
____________________________________________________________


Cash provided by operations                 37.1       15.2
____________________________________________________________
____________________________________________________________


Investment
    Acquisition of commercial operations  (25.7)        -
    Investments                              -          -


    Acquisitions of property,
     plant and equipment                  (10.1)      (7.7)
____________________________________________________________


Cash used for investing activities        (35.8)      (7.7)
____________________________________________________________
____________________________________________________________


Financing
    Common shares issued                    0.1         -
    Share issuance expenses                  -        (0.2)
    Long term debt                         (1.3)        -
____________________________________________________________
Cash provided (used) by financing          (1.2)      (0.2)
____________________________________________________________
____________________________________________________________
Increase (decrease) in cash                 0.1        7.3
____________________________________________________________
____________________________________________________________


Cash at the beginning of the period         7.8       11.6
____________________________________________________________


Cash at the end of the period              $7.9      $18.9
____________________________________________________________
____________________________________________________________


                                             9 months ended
                                              September 30
(In millions of dollars)                     1995      1994
____________________________________________________________


Operations


    Net earnings                            $57.0    $17.1
    Non-cash items
      Depreciation                          11.8       5.8
      Pension expense                        1.8        -
      Deferred income taxes                  4.0       2.9
___________________________________________________________


    Working capital provided by operations  74.6     25.8
    Changes in non-cash working
        capital items                        6.6     (1.6)
___________________________________________________________


Cash provided by operations                 81.2      24.2
___________________________________________________________
___________________________________________________________


Investment


    Acquisition of commercial operations  (77.0)    (186.9)
    Investments                            (0.1)        -
    Acquisitions of property,
     plant and equipment                  (29.1)      (9.8)
___________________________________________________________


Cash used for investing activities       (106.2)    (196.7)
___________________________________________________________


Financing


    Common shares issued                    0.2      200.2
    Share issuance expenses                  -        (8.8)
    Long term debt                         (1.4)        -
____________________________________________________________
Cash provided (used) by financing          (1.2)     191.4
____________________________________________________________
____________________________________________________________


Increase (decrease) in cash               (26.2)      18.9
___________________________________________________________
___________________________________________________________


Cash at the beginning of the period        34.1         -
___________________________________________________________


Cash at the end of the period              $7.9      $18.9
___________________________________________________________
___________________________________________________________


As the company was in operation from May 12, 1994, the 1994
cumulative data is for 4 1/2 months only.


CONTACT: Dino Fuoco

Vice-president vice president or vice-pres·i·dent
n. Abbr. VP
1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death.

2.
 Finance and

Chief Financial Officer

514/954-2118
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Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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