Donohue Records Net Earnings of $30.5 Million in Fourth Quarter for Total Net Earnings of $197.9 Million in 1996.MONTREAL--(BUSINESS WIRE)--Feb. 3, 1997--DONOHUE (ME,TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). DHC DHC Dihydrocodeine DHC District Heating and Cooling DHC Dark Horse Comics DHC Dynein Heavy Chain DHC DeHavilland Canada (aircraft) DHC Discovery Health Channel DHC Drop Head Coupe .A., ME, TSE DHC.B.) Donohue Inc. announced today that net earnings recorded for the fourth quarter of 1996, ended December 31, were $30.5 million, or $0.34 per share, compared to $80 million, or $1.02 per share, for the fourth quarter in 1995. 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 same period totalled $391.7 million, compared to $316.9 million the previous year. Net earnings for the twelve-month period ended December 31, 1996 reached $197.9 million, or $2.27 per share, on net sales of $1,638 million. These figures compare to net earnings of $241.3 million, or $3.07 per share, on net sales of $1,124.5 million in 1995. Michel Desbiens, President and Chief Executive Officer of Donohue, said he was very satisfied with the results: "The numbers demonstrate yet again that the integration of Donohue operations with those of QUNO QUNO Quaker United Nations Office Corporation, which merged on March 1st of last year, has been a complete success. These results show clearly that we are one of the most profitable companies in the industry. And they are all the more satisfactory," continued Desbiens, "for having been achieved in a year that was generally difficult for the entire pulp and paper industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. ." Lower fourth quarter net earnings resulted from the decline in prices for newsprint and market pulp when compared to the same period in 1995. In contrast, lumber prices during the fourth quarter of 1996 surpassed those of 1995. However, this is the first year in which lumber export quotas to the United States have been imposed, based on a year ending March 31, 1997, and Donohue expects to exceed the quotas that have been allocated to it; the Company has therefore made provision for this in the 1996 year-end results. The Directors today declared a quarterly dividend of 0.14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on the Class A subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and on the Class B shares, payable on March 3, 1997 to shareholders of record on February 17, 1997. The Directors also declared a quarterly dividend of 39.0625 cents on the 6 percent 1967 Series 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 May 1, 1997 to shareholders of record on April 17, 1997. Donohue Inc. is a major integrated forest products company that undertakes forest management operations to secure its fibre supply, and produces and markets newsprint, market pulp and lumber. Its facilities are among the most modern in the Canadian forest products industry. Donohue is the largest newsprint producer in Canada and the third largest in North America. Donohue's Class A subordinate voting shares and Class B shares are traded on the Montreal and Toronto stock exchanges. Donohue is a subsidiary of Quebecor inc. CONTACT: Donohue Inc. Claude Helie, 514/ 847-7700 ext.2625 or Donohue Inc. Andre Dupras, 514/ 847-7799 |
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