Brascade Resources Inc. Third Quarter Results-2002.Business Editors TORONTO--(BUSINESS WIRE)--Nov. 13, 2002 Brascade Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BCA BCA Business Case Analysis BCA Building Code of Australia BCA Boeing Commercial Airplanes BCA Board of Contract Appeals BCA Boston Center for the Arts BCA Billiard Congress of America BCA Bureau of Criminal Apprehension BCA Breast Cancer Action .PR.B) (TSX:BCA.PR.A) today reported a net loss of $2.0 million for the nine months ended September September: see month. 30, 2002, compared to a net loss of $1.4 million in the same period in 2001. An increase in the negative contribution from mining and metal operations was partly offset by improved results from forest products operations. The company's net loss for the three months ended September 30, 2002 was $19.3 million, compared to a net loss of $15.9 million in the same period of 2001 due to lower results from mining and metals operations. Operations Mining and metal operations conducted through Noranda Noranda: see Rouyn-Noranda, Que., Canada. Inc. contributed negative $12.6 million in the first nine months of 2002, compared to negative $6.8 million in the same period in 2001. Results for the year to date have been adversely affected by the ongoing strike at Noranda's Horne Horne , Lena Born 1917. American singer and actress. She has performed in Broadway musicals, television productions, and films, including Stormy Weather (1943). Noun 1. smelter in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. , low prices for zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. , copper and aluminum and low treatment charges for copper concentrate. Noranda continues to pursue a number of initiatives to improve its cost structure and reduce capital expenditures, including the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its corporate, exploration and technology operations. Forest product operations conducted through Nexfor Inc. contributed $5.6 million in the first nine months of 2002, up from $3.3 million in the same period. Results for the year to date reflect improved results from North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . operations, offset partly by lower prices for oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. strandboard. Nexfor has substantially completed the integration of the three OSB OSB abbr. Order of Saint Benedict mills acquired in the southern U.S.A. in April 2002 into its panelboard operations. Corporate and Outlook The company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. the regular quarterly dividends on its Series B and C preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. payable on December December: see month. 31, 2002 to shareholders of record on December 20, 2002. The company's affiliates continue to focus on reducing costs and increasing productivity, and are well positioned to benefit from improvements in the demand for natural resource products. Brascade Resources Inc. is a natural resources investment company with interests in the mining and forest products sectors. Brascan Corporation owns 99.9% of the common shares of Brascade. Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide C. Kress Kress may mean any of several people, places or things: Stores
This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.
FINANCIAL STATEMENTS
Statement of Operations (unaudited)
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Three months ended Nine months ended
September 30 September 30
millions, except per share amounts 2002 2001 2002 2001
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Income
Equity loss from Noranda Inc. $ (22.2) $ (18.4) $ (12.6) $ (6.8)
Equity income from Nexfor Inc. 1.3 1.8 5.6 3.3
Other income 1.7 1.8 5.2 5.5
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(19.2) (14.8) (1.8) 2.0
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Expenses
Corporate 0.1 - 0.2 0.1
Amortization - 1.1 - 3.3
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0.1 1.1 0.2 3.4
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Net loss $ (19.3) $ (15.9) $ (2.0) $ (1.4)
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Per common share (Note 2)
Net loss $ (0.45) $ (0.40) $ (0.52) $ (0.51)
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Statement of Retained Earnings (Deficit) (unaudited)
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Three months ended Nine months ended
September 30 September 30
millions 2002 2001 2002 2001
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Retained earnings, beginning
of period $ 5.0 $ 71.8 $ 9.3 $ 78.9
Net loss for the period (19.3) (15.9) (2.0) (1.4)
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(14.3) 55.9 7.3 77.5
Preferred share dividends 11.0 11.0 32.6 32.6
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Retained earnings (deficit),
end of period $ (25.3) $ 44.9 $ (25.3) $ 44.9
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Balance Sheet (unaudited)
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September 30 December 31
millions 2002 2001
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Assets
Accounts and notes receivable $ 82.5 $ 82.8
Investment in Noranda Inc. 992.0 1,031.9
Investment in Nexfor Inc. 275.4 269.8
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$ 1,349.9 $ 1,384.5
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Liabilities
Accounts payable $ 0.5 $ 0.5
Shareholders'equity (Note 3) 1,349.4 1,384.0
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$ 1,349.9 $ 1,384.5
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Statement of Cash Flows (unaudited)
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Three months ended Nine months ended
September 30 September 30
millions 2002 2001 2002 2001
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Cash provided from operations
(Note 4) $ 1.6 $ 18.4 $ 32.3 $ 55.3
Financing and shareholder
distributions
Preferred share dividends (11.0) (11.0) (32.6) (32.6)
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Accounts and notes receivable
Increase (decrease) (9.4) 7.4 (0.3) 22.7
Balance, beginning of period 91.9 70.9 82.8 55.6
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Balance, end of period $ 82.5 $ 78.3 $ 82.5 $ 78.3
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NOTES TO FINANCIAL STATEMENTS 1. CHANGE IN ACCOUNTING POLICIES Starting January January: see month. 1, 2002, the company adopted the new accounting standards issued by the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. on Business Combinations and Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Under the standards, goodwill is no longer amortized but will be subject to impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. tests on at least an annual basis. 2. EARNINGS PER COMMON SHARE Earnings per common share is after payment of preferred share dividends.
3. SHAREHOLDERS' EQUITY
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September 30 December 31
millions, except number of shares 2002 2001
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10,501,528 Preferred shares Series B
(2001 - 10,501,528) $ 420.1 $ 420.1
3,125,000 Preferred shares Series C
(2001 - 3,125,000) 125.0 125.0
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545.1 545.1
66,999,326 Common shares (2001 - 66,999,326) 779.6 779.6
Contributed surplus 50.0 50.0
Retained earnings (deficit) (25.3) 9.3
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$ 1,349.4 $1,384.0
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4. CASH PROVIDED FROM OPERATIONS
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Three months ended Nine months ended
Sept. 30 Sept. 30
millions 2002 2001 2002 2001
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Net loss $ (19.3) $ (15.9) $ (2.0) $ (1.4)
Add non-cash items:
Amortization - 1.1 - 3.3
Dividends received greater
than equity income 20.9 33.2 34.3 53.4
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$ 1.6 $ 18.4 $ 32.3 $ 55.3
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