Bear Island Paper Company Announces 4th Quarter 2001.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. 4, 2002 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 $7,959,000 for the fourth quarter ended December December: see month. 31, 2001, compared to net income of $ 1,884,000 for the fourth quarter of 2000. Income (loss) from operations for the fourth quarter of 2001 and 2000 was ($4,836,000) and $5,365,000, 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 31, 2001 and 2000 were $ 25,915,000 and $31,838,000, respectively. Results for the quarter ended December 31, 2001, compared with the same period in the prior year were unfavorably impacted by a 15 % decrease 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 , 15 days of shut down of manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. for scheduled maintenance and a charge of $ 667,000 in connection with recording a reserve on a trade receivable with the Enron Corporation Enron Corporation, U.S. company that in 2001 became the largest bankruptcy and stock collapse in U.S. history up to that time. The company was formed in 1985 when InterNorth purchased Houston Natural Gas to create the country's longest natural-gas pipeline network. . 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 December 31, 2001 decreased 5 % when compared to the same period in 2000. For the year ended December 31, 2001, the Company reported a net loss of $ 5,722,000, compared to a net loss of $1,131,000 for the same period in 2000. Income from operations for the year ended December 31, 2001 and 2000 was $7,251,000 and $12,833,000, respectively. Gross sales for the year ended December 31, 2001 and 2000 were $117,845,000 and $118,629,000, respectively. Results for the year ended December 31, 2001, compared to 2000, were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a 4 % 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 10 % increase in manufacturing costs on a per ton basis. Volume of tonnage sold in 2001 decreased 4 % when compared to 2000. 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 2001 AND 2000 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,
2001 2000
--------- ---------
GROSS SALES $ 25,915 $ 31,838
COST OF SALES (29,748) (26,080)
--------- ---------
GROSS PROFIT (LOSS) (3,833) 5,758
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (1,003) (393)
--------- ---------
INCOME (LOSS) FROM OPERATIONS (4,836) 5,365
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (3,139) (3,521)
OTHER INCOME 16 40
--------- ---------
NET INCOME (LOSS) $ (7,959) $ 1,884
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TWELVE MONTHS ENDED DECEMBER 31,
GROSS SALES $ 117,845 $ 118,629
COST OF SALES (108,509) (103,961)
--------- ---------
GROSS PROFIT 9,336 14,668
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (2,085) (1,835)
--------- ---------
INCOME FROM OPERATIONS 7,251 12,833
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (13,076) (14,192)
OTHER INCOME 103 228
--------- ---------
NET INCOME (LOSS) $ (5,722) $ (1,131)
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