Bear Island Paper Company, L.L.C. Announces 4th Quarter 2000 Earnings.Business Editors GREENWICH Greenwich, borough, Greater London, England Greenwich (grĭn`īj, grĕn`–), outer borough (1991 pop. 200,800) of Greater London, SE England, on the Thames River. Manufactures include telephone equipment and underwater cable. , Conn.--(BUSINESS WIRE)--Feb. 2, 2001 Bear Island Paper Company, L.L.C., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Brant-Allen Industries, Inc., today reported net income of $1,884,000 for the fourth quarter ended Dec. 31, 2000, compared to a net loss of $ 4,112,000 for the fourth quarter of 1999. Income (Loss) from operations for the fourth quarter of 2000 and 1999 was $5,365, 000 and ($157 ,000) respectively. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for the three months ended December December: see month. 31, 2000 and 1999 were $31,838,000 and $ 26,886,000 , respectively. Results for the quarter ended December 31, 2000, compared with the same period in the prior year were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a 21 % increase in average per ton selling prices 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 . Volume of tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. sold for the three months ended Dec. 31, 2000 decreased 2% when compared to the same period in 1999. Results were negatively impacted by an increase in manufacturing costs, on a per ton basis of 2% in the quarter ended December 31, 2000, when compared to the same period in 1999. For the year ended December 31, 2000, the Company reported a net loss of $ 1, 131 ,000 compared to a net loss of $ 11, 985, 000 for the same period in 1999. Income from operations for the years ended December 31, 2000 and 1999 was $ 12,833,000 and $ 5,106,000, respectively. Gross sales for the years ended December 31, 2000 and 1999 were $ 118,629,000 and $ 110,231,000, respectively. Results for the year ended December 31, 2000, compared with the same period in 1999, were favorably impacted by an 9 % increase in average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. , offset by a 3% increase in manufacturing costs on a per ton basis. Tonnage sold was comparable during both periods. Effective April 1, 2000, the Company amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its sales, marketing and administration fee arrangement with Brant-Allen, its parent, reducing its fee to 1% from 3% of net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight . This reduction had the effect of reducing selling, general and administrative expenses and increasing income by $ 606,000 and $ 1,724,000 for the three and twelve months ended December 31, 2000, respectively. Income during the quarter and twelve months ended Dec. 31, 2000, was also favorably impacted by a $1,050,000 and $ 3,911,000 decrease in interest expense respectively, as a result of the re-payment of $ 42 million of debt in 1999, primarily as a result of the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of timberlands. Bear Island Paper Company is a producer of high quality newsprint suitable for four-color printing whose customers include leading newspaper publishers in 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. .
THE FOLLOWING TABLE COMPARES 2000 AND 1999 FOR THE THREE AND TWELVE
MONTHS PERIODS:
BEAR ISLAND PAPER COMPANY, L.L.C.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS OF DOLLARS)
(unaudited)
THREE MONTHS ENDED DECEMBER 31, 2000
2000 1999
----- ------
GROSS SALES $ 31,838 $ 26,886
COST OF SALES (26,080) (26,196)
GROSS PROFIT 5,758 690
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (393) (847)
INCOME FROM OPERATIONS 5,365 (157)
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (3,521) (4,571)
OTHER INCOME 40 615
NET INCOME (LOSS) $ 1,884 $ (4,113)
YEAR ENDED DECEMBER 31, 2000
2000 1999
---- ----
GROSS SALES $ 118,629 $ 110,231
COST OF SALES (103,961) (101,621)
GROSS PROFIT 14,668 8,610
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (1,835) (3,504)
INCOME FROM OPERATIONS 12,833 5,106
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (14,192) (18,103)
OTHER INCOME 228 1,012
NET INCOME ( LOSS) $ (1,131) $ (11,985)
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