Alliance Forest Products Inc. Ends Fiscal 1995 with Earnings of $81.2 Million.MONTREAL--(BUSINESS WIRE)--Feb. 15, 1996--Alliance Forest Products Inc. (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]. ) posted net earnings of $81.2 million, or $4.56 per common share, for the year ended December December: see month. 31, 1995, compared with $30.4 million, or $1.71 per common share, for the previous year. Fiscal 1994 comprised only 233 days because the Company was created in May of that year. Sales in 1995 totalled $402.0 million, compared with $184.8 million in 1994. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses reached $103.1 million, or $5.79 per common share, compared with $54.0 million, or $3.04 per common share, last year. For the quarter end December 31, 1995, Alliance Forest Products Inc. reported sales of $117.6 million and net earnings of $24.2 million, or $1.37 per common share, compared with sales of $76.1 million and net earnings of $13.3 million, or $0.74 per common share, for the corresponding 1994 quarter. Paper sales were $287.8 million in 1995, representing 72 percent of total sales. 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 sales reached $114.2 million, or 28 percent of sales. Alliance Forest Products Inc. exports nearly 86 percent of its paper, including 82 percent to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , where it also exports 60 percent of its lumber. "We are very pleased with these results," said Pierre Pierre (pēr), city (1990 pop. 12,906), state capital (since 1889) and seat of Hughes co., central S.Dak., on the east bank of the Missouri River, opposite Fort Pierre; inc. 1883. Monahan Monahan is a name of Gaelic origin, derived from manacháin, meaning "little monk".[1], and may refer to the following: People with the surname Monahan
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. exchange rates. They also reflect the efforts of employees and management to improve our performance. In addition, we strengthened our access to raw material during the year and increased our presence in the lumber market." The company expanded its operations through two major acquisitions in the lumber sector. It acquired the Guerette and Mitis mitis medical Latin term for mild—opposite of forte. groups in June June: see month. and September September: see month. , respectively, thus adding five sawmills and a treated wood treated wood Toxicology Wood impregnated with preservatives–eg, chromium-copper-arsenate, creosote, inorganic arsenicals, pentachlorophenol, to ↑ its useful life, thwarting insects, fungi, etc; chronic exposure to the fumes of burning wood or skin plant to its facilities. The Company's assets rose to $411.8 million at December 31, 1995 from $272.6 million at December 31, 1994. At the close of the fiscal year, the Company had timber-cutting rights to more than 2 million m3 of wood. Total production capacity of its sawmills is 500 million foot board measures (fbm); 335,000 tonnes for its paper mills. It now employs more than 2,000 people. Since its creation, the Company has invested nearly $73 million in fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , allowing it to complete major modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, projects at its sawmills and paper mills. To conform with new environmental standards, the Company began operating new facilities for secondary treatment of effluents at its Donnacona Chief Donnacona (died c. 1539 in France) was the chief of Stadacona, a St. Lawrence Iroquoian village located at the present site of Quebec City, Canada. Donnacona and his people were fishing off the Gaspé peninsula when French explorer Jacques Cartier first arrived there in and Dolbeau mills. "In 1995, we updated our investment plan to bring it in line with our strategic plan," Mr. Monahan said. "It provides for additional investments of $260 million between 1995 and 1998 which will add higher-grade supercalendered papers to our product line and increase our overall production capacity." 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 Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and the Toronto Stock Exchange 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 results Alliance Forest Products Inc. Consolidated Earnings Year ended December 31 (In millions of dollars, except for earnings per share) 1995 1994 ______________________________________________________________ Sales $ 402.0 $ 184.8 ______________________________________________________________ Operating costs and expenses Cost of goods sold 253.7 128.7 Selling, general and administrative expenses 21.4 10.2 Depreciation of buildings and equipment 15.9 9.5
Amortization of goodwill 0.5 ---
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291.5 148.4
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Operating income 110.5 36.4 Net financing income 0.7 0.2 ______________________________________________________________ Earnings before income taxes 111.2 36.6 Income taxes (Note 5)
Current 22.2 0.9
Deferred 7.8 5.3
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Net earnings 81.2 30.4
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Net earnings per common share $4.56 $1.71
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The accompanying notes are an integral part of the consolidated financial statements. Alliance Forest Products Inc. Consolidated Changes in Cash Resources Year ended December 31 (In millions of dollars) 1995 1994 ______________________________________________________________ Operations Net earnings $ 81.2 $ 30.4 Non-cash items Depreciation 16.4 9.5 Pension expense 2.3 1.5 Deferred income taxes 7.8 5.3 ______________________________________________________________ Working capital provided by operations 107.7 46.7 Changes in non-cash working capital items (Note 13) (4.6) 7.3 ______________________________________________________________ Cash provided by operations 103.1 54.0 ______________________________________________________________ ______________________________________________________________ Investment Acquisition of commercial activities (Note 3) (77.0) (186.9) Acquisition of investments (4.6) --- Acquisitions of property, plant and equipment (49.1) (23.6) ______________________________________________________________ Cash used for investing activities (130.7) (210.5) ______________________________________________________________ ______________________________________________________________ Financing Long-term debt (0.2) --- Issue of common shares 0.3 200.2 Redemption of shares (9.2) --- Share issue expenses --- (9.6) ______________________________________________________________ Cash provided by (used for) financing (9.1) 190.6 ______________________________________________________________ Increase (decrease) in cash (36.7) 34.1 ______________________________________________________________ ______________________________________________________________ Cash beginning of year 34.1 --- ______________________________________________________________ Cash (deficiency), end of year $ (2.6) $ 34.1 ______________________________________________________________ ______________________________________________________________ Cash (deficiency) includes short-term investments and bank indebtedness. The accompanying notes are an integral part of the consolidated financial statements. Alliance Forest Products Inc. Consolidated Balance Sheet As at December 31 (In millions of dollars) 1995 1994 ______________________________________________________________ Assets Current assets Short-term investments $ 7.3 $ 34.1 Accounts receivable (Note 6) 57.9 31.1 Inventories (Note 7) 69.9 35.7
Prepaid expenses 2.9 1.7
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138.0 102.6
Property, plant and equipment (Note 8) 229.3 170.0
Investment, at equity value (Note 4) 4.6 ---
Goodwill, at amortized cost 39.9 ---
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411.8 272.6
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Liabilities
Current liabilities Bank indebtedness (Note 9) 9.9 --- Trade and other accounts payable 46.7 37.2 Income taxes payable 21.7 0.9
Current portion of long-term debt 2.3 ---
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80.6 38.1
Long-term debt (Note 10) 11.4 --- Pension liability (Note 11) 10.5 8.2
Deferred income taxes 12.8 2.1
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115.3 48.4
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Shareholders' Equity
Capital stock (Note 12) 196.5 200.2
Retained earnings 100.0 24.0
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296.5 224.2
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$ 411.8 $ 272.6
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The accompanying notes are an integral part of the consolidated financial statements. CONTACT: Alliance Forest Products Dino Fuoco, 514/954-2118 |
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