Bowater loses in Q1, but gains with asset sales.Bowater Bowater NYSE: BOW is an American pulp and paper company based in Greenville, South Carolina. Bowater has 12 pulp and paper mills in the United States, Canada and South Korea and 13 North American sawmills. It has approximately 10,000 employees. Inc. expects to bring in over $300 million this year through the sale of timberlands and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . The company has reported a first quarter net loss of $18.8 million or $0.33 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share on sales of $893.2 million for the first quarter of 2006. These results compare with a net income of $900,000 in the same quarter in 2005, or $0.02 per diluted share on sales of $837 million. In the latest quarter for the paper manufacturer, $17.9 million was gained as a result of asset sales. Bowater paid out $13.5 million in charges related to tax adjustments, while other net charges amounted to $4.1 million. The $17.9 million gain reflects the sale of a small sawmill sawmill, installation or facility in which cut logs are sawed into standard-sized boards and timbers. The saws used in such an installation are generally of three types: the circular saw, which consists of a disk with teeth around its edge; the band saw, which and about 24,300 acres of timberland. |
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