CORRECTION: St. Laurent Paperboard Inc. Announces 1998 Third Quarter Results -- Part 2 of 2 - Financial Tables.MONTREAL--(BUSINESS WIRE)--Oct. 21, 1998--PAPERBOARD (ME:SPI (1) (Stateful Packet Inspection) See stateful inspection. (2) (Service Provider Interface) The programming interface for developing Windows drivers under WOSA. .) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SPI.) Correcting...In the press release distributed earlier today for ST. LAURENT Laurent may refer to: Geography
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
(unaudited)
(in thousands of US dollars, except per share amounts)
Third quarter Second 9 months
quarter
ended ended ended
September 30 June 30 September 30
1998 1997 1998 1998 1997
-----------------------------------------------------------------
Sales $214,159 $211,681 $220,636 $659,004 $426,556
Cost of delivery 16,467 17,827 17,073 51,398 36,190
-----------------------------------------------------------------
Net sales 197,692 193,854 203,563 607,606 390,366
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Cost of sales 166,883 166,195 166,038 501,687 348,496
Selling and
administrative
expenses 12,687 12,805 13,082 38,247 27,980
Restructuring charge 12,878 - - 12,878 -
Amortization 16,648 16,292 16,257 48,693 34,190
-----------------------------------------------------------------
209,096 195,292 195,377 601,505 410,666
-----------------------------------------------------------------
Operating
earnings (loss) (11,404) (1,438) 8,186 6,101 (20,300)
Interest expense, net 7,247 8,321 7,168 22,184 17,288
Other expense (income) (634) 259 3 (644) (137)
-----------------------------------------------------------------
Earnings (loss)
before income taxes (18,017) (10,018) 1,015 (15,439) (37,451)
Provision for
(recovery of)
income taxes (5,235) (3,228) 1,294 (2,729) (12,058)
-----------------------------------------------------------------
Net earnings (loss) (12,782) (6,790) (279) (12,710) (25,393)
Increase in equity
component of
convertible
debentures,
net of income taxes - - - - (3,094)
-----------------------------------------------------------------
Net earnings (loss)
attributable to
common shares (12,782) (6,790) (279) (12,710) (28,487)
-----------------------------------------------------------------
Net earnings (loss)
per common share
Basic (0.26) (0.14) (0.01) (0.26) (0.97)
=================================================================
Fully diluted $(i) $(i) $(i) $(i) $(i)
=================================================================
Retained earnings at
beginning of period $25,104 $36,870 $25,383 $25,032 $58,567
Net earnings (loss)
attributable
to common shares (12,782) (6,790) (279) (12,710) (28,487)
-----------------------------------------------------------------
Retained earnings
at end of period $12,322 $30,080 $25,104 $12,322 $30,080
=================================================================
Weighted average number
of outstanding common
shares (in thousands) 49,161 48,992 49,081 49,092 29,454
=================================================================
(i) Anti-dilutive
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
CONSOLIDATED STATEMENT OF CHANGES IN CASH POSITION
(unaudited)
(in thousands of US dollars)
Third quarter Second quarter 9 months
ended ended ended
September 30 June 30 September 30
1998 1997 1998 1998 1997
------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net earnings
(loss) $(12,782) $(6,790) $(279) $(12,710) $(25,393)
Items not involving
cash Amortization
of property, plant
and equipment,
deferred costs
and goodwill 16,648 16,292 16,257 48,693 34,190
Amortization of
debt issue
costs 386 488 379 991 798
Deferred income
taxes (5,305) (4,559) 1,051 (3,626) (13,211)
Gain on sale of
property, plant
and equipment - - - (235) -
Other (194) (1,741) (369) (843) (6,635)
Start-up and other
deferred costs
incurred (1,225) (2,308) 888 (384) (2,726)
Post retirement
expense, net of
funding 11,056 15 421 12,251 89
Interest payment,
net of expenses - - - - (4,795)
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8,584 1,397 18,348 44,137 (17,683)
Change in non-cash
working capital
relating to
operations (1,015) (601) 693 (1,609) 940
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Cash provided
(used in
operations) 7,569 796 19,041 42,528 (16,743)
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Investing activities
Business acquisitions - 9,795 - - (505,895)
Additions to
property, plant
and equipment (10,516) (9,302) (14,981) (38,468) (25,382)
Proceeds from
disposals of
property, plant
and equipment - - - 235 212
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(10,516) 493 (14,981) (38,233)(531,065)
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Financing activities
Issuance of common
shares, net of
expenses 623 393 789 1,892 474,121
Redemption of common
shares and conversion
of debentures - - - (242) (125,638)
Issuance of long-term
debt 59 - 136 230,195 240,437
Repayment of long-term
debt (33) (1,046) (65) (241,519) (12,306)
Debt issue costs (379) - (763) (4,960) (8,487)
Cash held in escrow - (6,600) - 11,000 (11,000)
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270 (7,253) 97 (3,634) 557,127
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Increase (decrease)
in cash (2,677) (5,964) 4,157 661 9,319
Cash (indebtedness)
at beginning of
period 16,778 21,040 12,621 13,440 5,757
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Cash (indebtedness)
at end of period $14,101 $15,076 16,778 $14,101 $15,076
-----------------------------------------------------------------
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands of US dollars)
September 30
1998 1997
-------------------------------------------------------------
ASSETS
Current assets
Cash and temporary investments $14,101 $15,076
Accounts receivable 99,066 110,588
Income and other taxes receivable 4,553 8,673
Inventories 104,449 83,608
Prepaid expenses 11,934 7,541
-------------------------------------------------------------
234,103 225,486
Property, plant and equipment 779,206 783,054
Deferred charges and other assets 22,658 47,671
Goodwill 20,206 21,069
-------------------------------------------------------------
$1,056,173 $1,077,280
-------------------------------------------------------------
LIABILITIES
Current liabilities
Accounts payable and
accrued liabilities 84,250 81,149
Current portion of long-term debt 259 5,516
-------------------------------------------------------------
84,509 86,665
Long-term debt 362,248 364,555
Deferred income taxes 2,463 6,459
Other liabilities 20,413 17,912
SHAREHOLDERS' EQUITY
Common shares 571,810 569,201
Contributed surplus 2,408 2,408
Retained earnings 12,322 30,080
-------------------------------------------------------------
586,540 601,689
-------------------------------------------------------------
$1,056,173 $1,077,280
=============================================================
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
SEGMENTED INFORMATION
(unaudited)
(in thousands of US dollars) Third Quarter Nine months
ended ended
September 30 September 30
1998 1997 1998 1997
--------------------------------------------------------------
Net sales to third parties
From Canada
Within Canada $30,056 $34,005 $96,082 $98,138
To the United States 38,656 36,620 114,108 86,031
Other 12,099 8,770 33,814 33,151
---------------------------------------------------------------
$80,811 $79,395 $244,004 $217,320
From the United States 116,881 114,459 363,602 173,046
---------------------------------------------------------------
$197,692 $193,854 $607,606 $390,366
---------------------------------------------------------------
Intercompany sales between geographic areas
From Canada $2,364 $1,794 $6,839 $2,658
From the United States 772 872 1,727 1,024
---------------------------------------------------------------
$3,136 $2,666 $8,566 $3,682
---------------------------------------------------------------
Operating earnings (loss)
Canada $(1,557) $(3,965) $3,580 $(22,588)
United States (9,847) 2,527 2,521 2,288
---------------------------------------------------------------
$(11,404) $(1,438) $6,101 $(20,300)
---------------------------------------------------------------
Identifiable assets
Canada $455,017 $459,988
United States 601,156 617,292
------------------
$1,056,173 $1,077,280
=====================
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
SUMMARY OF OPERATIONS
(unaudited)
(in thousands of US dollars, except for units)
Woodlands,
Solid Wood
Third Quarter ended Primary and unallocated
September 30, 1998 mills Converting amounts Total
----------------------------------------------------------------
Net sales to
third parties $116,707 $76,649 $4,336 $197,692
Inter-segment sales 18,896 - - 18 896
----------------------------------------
Total $135,603 $76,649 $4,336 $216,588
EBITDA - Before
restructuring charge 14,162 3,799 161 18,122
Amortization 14,053 2,199 396 16,648
Operating earnings (loss)
- Before restructuring
charge 109 1,600 (235) 1,474
Assets 806,455 189,671 60,047 1,056,173
Additions to property,
plant and equipment 7,299 2,998 219 10,516
Sales to third parties
(short tons) 321,295 - -
Sales to third parties
- corrugated containers
(MMSF) - 1,239 -
Sales to third parties
- liquid and food
(short tons) - 18,241 -
Inter-segment sales
(short tons) 52,707 - -
Woodlands,
Solid Wood
Third Quarter ended Primary and unallocated
September 30, 1997 mills Converting amounts Total
----------------------------------------------------------------
Net sales to third
parties $127,015 $65,836 $1,003 $193,854
Inter-segment sales 19,104 - - 19,104
----------------------------------------------------------------
Total $146,119 $65,836 $1,003 $212,958
EBITDA 10,212 5,017 (375) 14,854
Amortization 13,012 2,757 523 16,292
Operating earnings (loss) (2,800) 2,260 (898) (1,438)
Assets 848,515 164,344 64,421 1,077,280
Additions to property,
plant and equipment 5,572 3,287 443 9,302
Sales to third parties
(short tons) 344,147 - -
Sales to third parties
- corrugated containers
(MMSF) - 1,116 -
Sales to third parties
- liquid and food
(short tons) - 14,625 -
Inter-segment sales
(short tons) 53,816 - -
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ST. LAURENT PAPERBOARD INC.
THIRD QUARTER REPORT
SUMMARY OF OPERATIONS - YEAR TO DATE (unaudited) (in thousands of
US dollars, except for units)
Woodlands,
Solid Wood
Nine months ended Primary and unallocated
September 30, 1998 mills Converting amounts Total
----------------------------------------------------------------
Net sales to third
parties $369,191 $224,374 $14,041 $607,606
Inter-segment sales 61,451 - - 61,451
----------------------------------------
Total $430,642 $224,374 $14,041 $669,057
EBITDA -Before restructuring
charge 56,862 12,735 (1,925) 67,672
Amortization 41,314 6,104 1,275 48,693
Operating earnings (loss)
- Before restructuring
charge 15,548 6,631 (3,200) 18,979
Assets 806,455 189,671 60,047 1,056,173
Additions to property,
plant and equipment 26,470 10,846 1,152 38,468
Sales to third parties
(short tons) 965,693 - -
Sales to third parties -
corrugated containers
(MMSF) - 3,515 -
Sales to third parties -
liquid and food
(short tons) - 45,616 -
Inter-segment sales
(short tons) 163,325 - -
Woodlands,
Solid Wood
Nine months ended Primary and unallocated
September 30, 1997 mills Converting amounts Total
----------------------------------------------------------------
Net sales to third
parties $236,669 $150,849 $2,848 $390,366
Inter-segment sales 40,618 - - 40,618
----------------------------------------------------------------
Total $277,287 $150,849 $2,848 $430,984
EBITDA 6,154 10,486 (2,750) 13,890
Amortization 26,884 5,946 1,360 34,190
Operating earnings (loss)(20,730) 4,540 (4,110) (20,300)
Assets 848,515 164,344 64,421 1,077,280
Additions to property,
plant and equipment 15,521 7,652 2,209 25,382
Sales to third parties
(short tons) 661,808 - -
Sales to third parties
- corrugated containers
(MMSF) - 2,322 -
Sales to third parties
- liquid and food
(short tons) - 42,067 -
Inter-segment sales
(short tons) 110,319 - -
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