BOWATER ANNOUNCES IMPROVED FIRST QUARTER RESULTS.GREENVILLE Greenville. 1 City (1990 pop. 45,226), seat of Washington co., W Miss., on Lake Ferguson, a deepwater harbor adjoining the Mississippi River; inc. 1886. , S.C.--(BUSINESS WIRE)--April 19, 1995--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange :BOW) today reported first quarter 1995 earnings of $45.1 million, or $.99 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, before an extraordinary charge, on sales of $449.5 million. This compares to a net loss of $21.4 million, or $.67 per share, on sales of $308.9 million for the same period last year. Net income for the first quarter of 1995 of $39.0 million, or $.85 per fully diluted share, is net of an extraordinary after tax charge of $6.1 million, or $.14 per fully diluted share, for premium and expenses related to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of approximately $182.0 million of the $200 million outstanding 8.5% Notes due December December: see month. 15, 2001. Arnold M. Nemirow, President and Chief Executive Officer said, "Earnings benefited from higher selling prices and volume for our primary products and strict attention to costs. Strong demand from U.S., European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. , Asian and Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of markets served to keep inventories low and supply tight throughout the industry. Further price increases have been announced for 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 , coated paper Coated paper is paper which has been coated by an inorganic compound to impart certain qualities to the paper, including weight and surface gloss, smoothness or ink absorbency. Kaolinite is the compound most often used for coating papers used in commercial printing. and pulp, which will take effect during the second quarter. "Debt and cost reduction are top priorities. The recently concluded repurchase of $182 million of 8.5% Notes will reduce total debt by 16 percent and annual interest expense by approximately $15.5 million." Bowater Bowater NYSE: BOW is an American pulp and paper company based in Greenville, South Carolina. Bowater has 12 pulp and paper mills in the United States, Canada and South Korea and 13 North American sawmills. It has approximately 10,000 employees. Incorporated is a manufacturer of recycled and virgin fiber newsprint, coated and uncoated virgin fiber and recycled groundwood publication papers, bleached kraft market pulp and 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 . It is also a converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. of communication papers for computer forms and other business applications. Bowater Incorporated common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , U.S. regional exchanges, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Swiss Stock Exchanges. -0-
BOWATER INCORPORATED AND SUBSIDIARIES
Consolidated Statement of Operations
(Unaudited, in 000's except per share amounts)
Quarter Ended
March 31, April 2,
1995 1994
Net sales $ 449,478 $308,892 Cost of sales 284,777 262,908 Depreciation, amortization, and COTH 44,638 42,161 Gross profit 120,063 3,823 Selling and administrative expense 22,810 18,563 Operating income (loss) 97,253 (14,740)
Other expense (income):
Interest income (1,849) (1,296)
Interest expense 23,304 24,919
Other, net (1,016) 109
Income (loss) before income taxes
and minority interests 76,814 (38,472)
Provision for income taxes 29,577 (14,425) Minority interests 2,184 (2,607) Income (loss) before extraordinary charge 45,053 (21,440) Extraordinary charge, net of taxes of $3,808 (6,084) --- Net income (loss) $ 38,969 $(21,440)
Earnings (loss) per common and common
equivalent share:
Income (loss) before extraordinary charge(1) $ 1.02 $ (0.67)
Extraordinary charge (0.15) ---
Net income (loss)(1) $ 0.87 $ (0.67)
Average common and common equivalent
shares outstanding 41,531 36,459
Earnings (loss) per common share - assuming full dilution:
Income (loss) before extraordinary charge(1) $ 0.99 $ (0.67)
Extraordinary charge (0.14) ---
Net income (loss)(1) $ 0.85 $ (0.67)
Average common and common equivalent
shares outstanding 42,735 36,459
(1) Income before extraordinary charge and net income have been
decreased by $2,820 for the dividend requirements of LIBOR and
and Series C Preferred Stock in the calculation of 1995 earnings
per share. The shares of Series B Preferred Stock are common
stock equivalents.
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BOWATER INCORPORATED AND SUBSIDIARIES
(Unaudited, $ in 000's)
Consolidated Balance Sheet March 31, December 31,
1995 1994
Current assets: Cash and marketable securities $ 37,354 $ 154,768 Accounts receivable, net 206,447 197,473 Inventories 157,802 151,097 Other current assets 10,531 10,487 Total current assets 412,134 513,825
Timber and timberlands 426,431 426,354
Fixed assets, net 1,758,104 1,785,046
Intangible assets 54,098 54,721
Other assets 70,953 71,416
$2,721,720 $2,851,362
Current liabilities:
Current instalments of long-term debt $ 1,604 $ 1,604
Accounts payable and accrued liabilities 174,777 184,766
Income taxes payable 24,098 13,966
Dividends payable 10,395 10,276
Total current liabilities 210,874 210,612
Long-term debt, net of current instalments 934,653 1,116,887
Other long-term liabilities 159,951 157,936
Deferred income taxes 276,170 261,923
Minority interests in subsidiaries 144,080 142,087
Redeemable LIBOR preferred stock 74,524 74,492
Shareholders' equity 921,468 887,425
$2,721,720 $2,851,362
Quarter Ended
Consolidated Cash Flow March 31, April 2,
1995 1994
Cash flow from (used for)
operating activities $ 97,224 $ (19,157)
Cash flow used for investing activities (20,636) (25,793)
Cash flow from (used for)
financing activities:
Cash dividends, including
minority interests (10,052) (12,337)
Net borrowings (payments) (191,101) (405)
Issuance of Series B and C
Preferred Stock --- 193,567
Other 7,151 779
(194,002) 181,604
Increase (decrease) in cash and
marketable securities $ (117,414) $ 136,654
CONTACT: Media Contacts: Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. D. Leahy
Leahy is the name of a Canadian folk music group. The eight band members, all from the Leahy family of eleven siblings, are from Lakefield, Ontario and have been (803) 282-9571 (Office) (803) 234-0941 (Home) or William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack B. Kearney (803) 282-9593 (Office) (803) 458-9571 (Home) or Analyst contact: SuAnne B. Aune (803) 282-9560 (Office) (803) 879-1877 (Home) |
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