Bear Island Paper Company Announces Earnings for 2nd Quarter 2000.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)--Aug. 2, 2000 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 $420,000 for the second quarter ended June 30, 2000, compared to a net loss of $2,558,000 for the second quarter of 1999. Income from operations for the second quarter of 2000 and 1999 was $3,068,000 and $1,504,000 respectively. 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 for the three months ended June 30, 2000 and 1999 were $27,640,000 and $26,474,000 respectively. Results for the quarter ended June 30, 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 7% 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 June 30, 2000 decreased 3% when compared to the same period in 1999. Results were negatively impacted by increases in costs, on a per ton basis of 4.5% in the quarter ended June 30, 2000, when compared to the same period in 1999. For the six months ended June 30, 2000, the Company reported a net loss of $4,338,000, compared to a net loss of $4,056,000 for the same period in 1999. Income from operations for the six months ended June 30, 2000 and 1999 was $ 2,665,000 and $4,599,000, respectively. Net sales for the six months ended June 30, 2000 and 1999 were $54,008,000 and $ 52,452,000, respectively. Results for the six months ended June 30, 2000, compared with the same period in 1999, were negatively impacted by a 1.5% decrease in average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. , a 4.7% increase in costs on a per ton basis, offset by a 1.5% increase in volume of tons sold. The Company, effective April 1, 2000, 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. This reduction had the effect of reducing selling, general and administrative expenses and increasing income by $553,000 for both the quarter and six months ended June 30, 2000. Income during the quarter and six months ended June 30, 2000, was also favorably impacted by a $855,000 and $1,955,000 decrease in interest expense, as a result of the repayment of $49.6 million of debt, 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. . Some of the information contained in this press release constitutes forward-looking 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 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. .
The Following Table Compares 2000 and 1999 for the Three and Six
Months Periods:
BEAR ISLAND PAPER COMPANY, L.L.C.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS OF DOLLARS)
(unaudited)
THREE MONTHS ENDED JUNE 30,
2000 1999
---- ----
NET SALES $ 27,640 $ 26,474
COST OF SALES (24,248) (23,980)
GROSS PROFIT 3,392 2,494
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (324) (990)
INCOME FROM OPERATIONS 3,068 1,504
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (3,540) (4,394)
OTHER INCOME 52 332
NET INCOME (LOSS) $ (420) $ (2,558)
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SIX MONTHS ENDED JUNE 30,
2000 1999
---- ----
NET SALES $ 54,008 $ 52,452
COST OF SALES (50,201) (46,005)
GROSS PROFIT 3,807 6,447
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (1,142) (1,848)
INCOME FROM OPERATIONS 2,665 4,599
OTHER INCOME (DEDUCTIONS):
INTEREST EXPENSE (7,077) (9,031)
OTHER INCOME 74 376
NET INCOME (LOSS) $ (4,338) $ (4,056)
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