Cascades reports excellent third quarter results.KINGSEY Kingsey is a small village in Buckinghamshire, England. It is located near the border with Oxfordshire, about two miles east of Thame, a mile south of Haddenham. The village name is of 12th century origin and means 'king's island', referring to a piece of dry land that FALLS, Quebec--(BUSINESS WIRE)--Nov. 1, 1995--CASCADES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CAS ) Cascades Inc. announces, for the nine month period ended September September: see month. 30, 1995, consolidated net earnings of $92,897,000 ($1.50 per share after dividends on 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. and $1.23 fully 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. per share), compared to $15,029,000 ($0.17 per share after dividends on preferred shares and $0.17 fully diluted per share) for the same period in 1994. For the quarter ended September 30, 1995, the consolidated net earnings were $42,751,000 ($0.70 per share and $0.57 fully diluted per share), compared to $7,290,000 ($0.10 per share and $0.10 fully diluted per share) for the same period in 1994. Last quarter results include a gain resulting from dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of investments of $16,732,000 ($0.29 per share and $0.23 fully diluted per share). Consolidated sales for the nine month period ended September 30, 1995 were $1,722,822,000, compared to $1,236,604,000 for the same period in 1994, which represent a 39 percent increase. For the quarter ended September 30, 1995, the consolidated sales were $570,938,000 compared to $448,925,000 for the same period in 1994. Consolidated cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the nine month period ended September 30, 1995 was $160,187,000 ($2.67 per share and $2.17 fully diluted per share), compared to $57,971,000 ($0.91 per share and $0.79 fully diluted per share) for the same period in 1994. For the quarter ended September 30, 1995, the consolidated cash flow from operations was $51,264,000 ($0.85 per share and $0.70 fully diluted per share), compared to $28,730,000 ($0.47 per share and $0.40 fully diluted per share) for the same period in 1994. During the last quarter, we have successfully completed the acquisition of Perkins Per·kins , Frances 1882-1965. American social reformer and public official. As U.S. secretary of labor (1933-1945) she was the first woman to hold a cabinet position. Papers Ltd. Perkins is now a 76 percent owned subsidiary of Cascades Inc. and includes five production and transformation plants in the tissue paper sector. Perkins' results are included in the consolidated results of Cascades Inc. since the acquisition date of August 25, 1995. The recent decrease in wastepaper waste·pa·per n. Discarded paper. costs of an average of $100/ton should have a positive effect on the Company's last quarter results for 1995. For the Cascades Group, this $100/ton decrease represents an economy of $100 million on our raw material costs. We expect to reach the same level of profitability in the last quarter as the one reached in June and September, and we will be in a good position to benefit from the market revival that seems to be taking shape for the first quarter of 1996. -0-
Nine Nine Quarter Quarter
months months Sept. 30 Sept. 30
Sept. 30 Sept. 30 1995 1994
1995 1994
($'000) ($'000) ($'000) ($'000)
Sales 1,722,822 1,236,604 570,938 448,925 Net earnings 92,897 15,029 42,751 7,290 Per share $1.50 $0.17 $0.70 $0.10 Fully diluted per share $1.23 $0.17 $0.57 $0.10 Cash flow from operations 160,187 57,971 51,264 28,730 Per share $2.67 $0.91 $0.85 $0.47 Fully diluted per share $2.17 $0.79 $0.70 $0.40 CONTACT: Andr Belzile, 819/363-5140 Laurent Lemaire, 819/363-5110 |
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