Bear Island Paper Company, L.L.C. Makes Announcement.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)--October 27, 1999-- 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 a net loss of $3,817,000, for the third quarter ended September September: see month. 30, 1999, compared to net income of $1,796,000, for the third quarter of 1998. Income from operations for the third quarter of 1999 and 1998 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $664,000 and $6,301,000 respectively. Sales for the three months ended September 30, 1999 and 1998 were approximately $26,009,000 and $31,026,000, respectively. Results for the three months ended September 30, 1999, compared with the same period in the prior year were negatively impacted by a 19% decrease in the average per ton net selling price. For the nine months ended September 30, 1999, the Company reported a net loss of $8,171,000 (excluding a $299,000 gain on the sale of timberlands), compared to net income of $5,336,000 for the same period in 1998. Income from operations for the nine months ended September 30, 1999 and 1998 was $5,263,000 and $19,464,000 respectively. Sales for the nine months ended September 30, 1999 and 1998 were $78,461,000 and $92,531,000 respectively. Results for the nine months ended September 30, 1999, compared with the same period in the prior year were negatively impacted by a 14% decrease in average per ton net selling prices. The decreases in average per ton net selling prices resulted from competitive conditions in the 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 industry due to global excess capacity. The Company is a producer of high quality newsprint suitable for four-color four-col·or adj. Of or being an overprinting or photographic process in which three primary colors and black are transferred by four different plates or filters to a surface, reproducing the colors of the subject matter. 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 1999 AND 1998 FOR THE THREE AND NINE
MONTHS PERIODS:
BEAR ISLAND PAPER COMPANY, L.L.C.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS OF DOLLARS)
(unaudited)
THREE MONTHS ENDED SEPT. 30,
=============================
1999 1998
NET SALES $ 26,009 $ 31,026
COST OF SALES (24,536) (23,721)
GROSS PROFIT 1,473 7,305
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (809) (1,004)
INCOME FROM OPERATIONS 664 6,301
OTHER INCOME (DEDUCTIONS):
INCOME FROM OPERATIONS (4,501) (4,571)
OTHER INCOME 20 66
NET INCOME (LOSS) $(3,817) $1,796
NINE MONTHS ENDED SEPT. 30,
===========================
1999 1998
NET SALES $ 78,461 $ 92,531
COST OF SALES (70,541) (69,667)
GROSS PROFIT 7,920 22,864
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (2,657) (3,400)
INCOME FROM OPERATIONS 5,263 19,464
OTHER INCOME (DEDUCTIONS):
INCOME FROM OPERATIONS (13,532) (14,285)
OTHER INCOME 397 157
NET INCOME (LOSS) $(7,872) $5,336
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