Bear Island Paper Company Announces 4th Quarter 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. 9, 2004 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 $3,694,000 for the fourth quarter ended December December: see month. 31, 2003, compared to a net loss of $3,884,000 for the fourth quarter of 2002. Loss from operations for the fourth quarter of 2003 and 2002 was $ 294,000 and $655,000, 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, 2003 and 2002 were $28,584,000 and $28,037,000, respectively. Results for the quarter ended December 31, 2003 compared with the fourth quarter of 2002 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a 6% 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 offset in part by a 4% increase in average per ton manufacturing costs. For the twelve months ended December 31, 2003, the Company reported a net loss of $ 17,975,000 compared to a net loss of $ 18,903,000 for the same period in 2002. Results for the twelve months ended December 31, 2003, were favorably impacted by a non-operational gain in Other Income of $ 712,000 which represents an insurance recovery settlement from a fire damage claim in 2002. Loss from operations for the twelve months ended December 31, 2003 and 2002 was $5,126,000 and $ 6,204,000, respectively. Gross sales for the twelve months ended December 31, 2003 and 2002 were $ 103,087,000 and $104,491,000, respectively. Results for the twelve months ended December 31, 2003 compared with the same period in 2002 were favorably impacted by a 7% increase in average per ton selling prices of newsprint, offset by a 8% decrease in volume of newsprint sold and a 6% increase in manufacturing costs on a per ton basis. Results were negatively impacted by a two week shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down in the third quarter due to the installation of a new head box. On January January: see month. 5, 2004 the Company refinanced its Term Debt Facility and its maturing Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. loan in the amount of $ 42,444,000. The new debt, composed of a term loan in the amount of $ 17,444,000 and a revolving credit loan in the amount of $ 25,000,000 matures on September September: see month. 30, 2007. Bear Island Paper 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 2003 AND 2002 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,
--------------------------------
2003 2002
--------- ---------
GROSS SALES $ 28,584 $ 28,037
COST OF SALES (28,308) (28,304)
--------- ---------
GROSS PROFIT (LOSS) 276 (267)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (570) (388)
--------- ---------
INCOME (LOSS) FROM OPERATIONS (294) (655)
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (3,401) (3,238)
OTHER INCOME 1 9
--------- ---------
NET (LOSS) $ (3,694) $ (3,884)
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TWELVE MONTHS ENDED DECEMBER 31,
-------------------------------
GROSS SALES $ 103,087 $ 104,491
COST OF SALES (106,771) (109,502)
--------- ---------
GROSS PROFIT(LOSS) (3,684) (5,011)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (1,442) (1,193)
--------- ---------
INCOME (LOSS) FROM OPERATIONS (5,126) (6,204)
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (13,570) (12,736)
OTHER INCOME 721 37
--------- ---------
NET (LOSS) $ (17,975) $ (18,903)
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