Avenor's fourth quarter results reflect lower transaction prices for pulp and paper; Part 2 of 2, financial tables.MONTREAL--(BUSINESS WIRE)--Jan. 23, 1997--Avenor (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME AVR (Automatic Voltage Regulation) See voltage regulator. ) -0-
ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION
STATEMENT OF EARNINGS
Fourth quarter The year to date
3 months ended 12 months ended
December 31 December 31
(unaudited)
(in millions of Canadian dollars, except
per share amounts and number
of shares) 1996 1995 1996 1995
_____ _____ ______ _____
Net sales $500.8 $654.0 $2,061.3 $2,612.3
Cost of sales 432.1 408.4 1,639.4 1,646.1
Amortization 42.2 39.3 164.6 157.7
Selling and administrative
expenses 22.2 27.4 77.3 79.8
Unusual items -- 24.8 -- 24.8
____ ____ ____ ____
Operating earnings 4.3 203.7 180.0 753.5
____ ____ ____ ____
Interest expense,net 27.9 22.0 111.4 118.5
Other expense 0.3 9.7 17.5 38.7
Tax expense (recovery) (8.2) 50.4 26.7 221.6
Non-controlling interest 2.2 3.5 13.1 26.6
____ ____ ____ ____
Net earnings (loss) (17.9) 118.1 11.3 348.1
Increase in equity component
of convertible debentures,
net of taxes (1.2) (1.2) (4.6) (4.3)
____ ____ ____ ____
Net earnings (loss)
applicable to common
shares $(19.1) $116.9 $6.7 $343.8
____ ____ ____ ____
____ ____ ____ ____
Net earnings (loss) per
common share
Basic $(0.29) $1.74 $0.10 $5.12
Fully diluted $ - $1.61 $ - $4.75
____ ____ ____ ____
____ ____ ____ ____
Weighted average number
of outstanding common
shares (in millions) 65.4 67.1 66.0 67.1
____ ____ ____ ____
____ ____ ____ ____
OTHER
Fourth quarter The year to date
3 months ended 12 months ended
December 31 December 31
______________ ________________
(unaudited)
(in millions of
Canadian dollars) 1996 1995 1996 1995
_____ _____ _____ _____
Cash from (used in)
operations $(7.2) $165.5 $166.2 $656.6
Cash from (used in)
investing activities (80.4) (91.5) (288.8) 18.3
Cash from (used in)
financing activities 29.9 8.4 (189.8) (437.3)
Assets 3,397.8 3,573.2
Long-term debt 1,432.5 1,438.0
Shareholders' equity 1,285.5 1,341.3
Ratio of net total debt
to capitalization (Percent) 44.4 46.4
____ ____
____ ____
ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION
SEGMENTED INFORMATION
SUMMARY OF SHIPMENTS
Fourth quarter The year to date
3 months ended 12 months ended
December 31 December 30
(unaudited)
(in thousands of tonnes) 1996 1995 1996 1995
____ ____ ____ ____
Newsprint 328 307 1,133 1,228
Pulp 166 150 655 733
White paper 75 66 311 287
Wood products
Logs (in thousands
of m3) 203 270 825 852
Lumber (in millions
of board feet) 113 91 400 334
_____ _____ _____ _____
_____ _____ _____ _____
NET SALES
Fourth quarter The year to date
3 months ended 12 months ended
December 31 December 31
(unaudited)
(in millions of
Canadian dollars) 1996 1995 1996 1995
____ ____ ____ ____
Newsprint $199.1 $293.1 $907.2 $1,057.0
Pulp 106.9 173.3 427.0 768.7
White paper 75.4 98.0 322.6 409.7
Wood products 119.4 89.6 404.5 376.9
_____ _____ _____ _____
Total $500.8 $654.0 $2,061.3 $2,612.3
_____ _____ _______ _______
_____ _____ _______ _______
OPERATING EARNINGS (LOSS)
Fourth quarter The year to date
3 months ended 12 months ended
December 31 December 31
(unaudited)
(in millions of
Canadian dollars) 1996 1995 1996 1995
____ ____ ____ ____
Newsprint $(4.1) $93.6 $168.2 $292.5
Pulp (2.2) 57.9 (30.1) 245.5
White paper 5.3 35.1 32.2 160.2
Wood products 19.2 4.3 46.1 64.5
Other (0.7) (0.2) -- (0.8)
Corporate expenses (13.2) (11.8) (36.4) (33.2)
Unusual items -- 24.8 -- 24.8
____ ____ ____ ____
Total $4.3 $203.7 $180.0 $753.5
____ ____ ____ ____
____ ____ ____ ____
CONTACT: Avenor Av´e`nor n. 1. See Avener. Inc. Denis Denis, king of Portugal: see Diniz. Aubin Au´bin n. 1. A broken gait of a horse, between an amble and a gallop; - commonly called a Canterbury gallop ltname>. , 514/ 846-5129 or Avenor Inc. Emmanuelle
n. 1. A very pure form of gelatin. , 514/ 846-5061 or Avenor Inc. Dominique Dom·i·nique also Dom·i·nick n. One of a breed of American domestic fowl having gray, barred plumage, yellow legs, and a rose-colored comb. [After Dominica.] Noun 1. Dionne, 514/ 846-5061 |
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