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. 3, 2003 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 $3,884,000 for the fourth quarter ended December December: see month. 31, 2002, compared to a net loss of $7,959,000 for the fourth quarter of 2001. Income (Loss) from operations for the fourth quarter of 2002 and 2001 was $(655,000) and $(4,836,000), 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, 2002 and 2001 were $28,037,000 and $25,915,000, respectively. Results for the quarter ended December 31, 2002 compared with the fourth quarter of 2001 were negatively impacted by a 7% 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 , offset in part by a 17% increase in newsprint volume sold. Results were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a 19% decrease in cost of sales on a per ton basis, for the quarter ended December 31, 2002, when compared to the same period in 2001. For the twelve months ended December 31, 2002, the Company reported a net loss of $ 18,903,000 compared to a net loss of $5,722,000 for the same period in 2001. Income (Loss) from operations for the twelve months ended December 31, 2002 and 2001 was $(6,204,000) and $ 7, 251,000, respectively. Gross sales for the twelve months ended December 31, 2002 and 2001 were $104,491,000 and $117,845,000, respectively. Results for the twelve months ended December 31, 2002 compared with the same period in 2001 were negatively impacted by a 21% decrease in average per ton selling prices of newsprint, offset by a 12% increase in newsprint volume sold. Results were favorably impacted by a decrease in cost of sales on a per ton basis, of 10%. 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. . Some of the information contained in this press release constitutes forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. comments within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company's management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of business and operations, no assurance is offered that actual results will not differ materially from expectations. Factors that could cause actual results to differ from expectations are included in the Company's latest report on Form 10K.
THE FOLLOWING TABLE COMPARES 2002 AND 2001 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,
2002 2001
--------- ---------
GROSS SALES $ 28,037 $ 25,915
COST OF SALES (28,304) (29,748)
--------- ---------
GROSS PROFIT(LOSS) (267) (3,833)
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (388) (1,003)
--------- ---------
INCOME (LOSS) FROM OPERATIONS (655) (4,836)
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (3,238) (3,139)
OTHER INCOME 9 16
--------- ---------
NET INCOME (LOSS) $ (3,884) $ (7,959)
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TWELVE MONTHS ENDED DECEMBER 31,
GROSS SALES $ 104,491 $ 117,845
COST OF SALES (109,502) (108,509)
--------- ---------
GROSS PROFIT (LOSS) (5,011) 9,336
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (1,193) (2,085)
--------- ---------
INCOME (LOSS) FROM OPERATIONS (6,204) 7,251
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (12,736) (13,076)
OTHER INCOME 37 103
--------- ---------
NET INCOME (LOSS) $ (18,903) $ (5,722)
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