KINGSEY FALLS, QC, Aug. 11 /CNW Telbec/ - Cascades Inc. (CAS on the Toronto stock exchange), a leader in recovery and the manufacturing of green packaging and tissue paper products, announces its financial results for the three months ended June 30, 2010.
(All amounts in this press release are in Canadian dollars unless otherwise indicated.)
Second quarter highlights
-------------------------
- Net earnings per share of $0.22 compared to net earnings per share of
$0.00 in the previous quarter and $0.28 in the same period of last
year (excluding specific items).
- Operating income before depreciation and amortization (EBITDA)
excluding specific items of $107 million, up 37% in comparison to
Q1 2010. EBITDA excluding specific items amounted to $121 million in
the second quarter of 2009.
- Cash flow from operations (adjusted) of $71 million compared to
$38 million in the first quarter of 2010 and $81 million in the same
period last year.
- Improved business conditions and increased demand and selling prices in
both North America and Europe.
- Total shipments up 3% compared to the first three months of the year
and up 9% compared to the second quarter of 2009 (excluding the impact
of acquisitions).
- Buy-back of 325,463 shares at an average price of $6.66 for a total
amount of approximately $2.2 million.
- Launch of a new antibacterial tissue hand towel, a world first in terms
of hand hygiene.
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Financial Summary
-----------------
Selected consolidated information
(in millions of Canadian dollars, ---------------------------
except amounts per share) Q2/2010 Q2/2009 Q1/2010
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Sales 998 981 942
Excluding specific items(1)
Operating income before depreciation and
amortization (OIBD or EBITDA) 107 121 78
Operating income 56 66 23
Net earnings attributable to shareholders
for the period 21 28 -
per common share $0.22 $0.28 $ -
Cash flow from operations (adjusted) 71 85 41
As reported
Operating income before depreciation and
amortization (OIBD or EBITDA)(1) 101 130 82
Operating income 50 75 27
Net earnings attributable to shareholders
for the period 21 30 -
per common share $0.22 $0.30 $ -
Cash flow from operations (adjusted)(1) 71 81 38
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Note 1 - see the supplemental information on non-GAAP measures note.
Commenting on the second quarter results, Mr. Alain Lemaire, President and Chief Executive Officer stated: "As anticipated, we experienced a significant rebound in profitability compared to the previous quarter mostly as a result of the momentum in pricing and volumes in our different business units. All our segments delivered improved results as they benefited from selling price increases implemented during or prior to the second quarter. In addition, stronger demand combined with seasonal pick-up impacted positively our operational efficiency and financial results. In fact, during the quarter our overall operating rate reached 96%, the highest it's been in three years.
It is also important to note that these results were achieved despite the slow economic recovery as well as higher recycled fibre costs and Canadian dollar, up approximately 90% and 14% respectively compared to the same period last year."
Results analysis for the three-month period ended June 30, 2010 (compared
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to the previous year)
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In comparison with the same period last year, sales rose by 2% to $998 million resulting from higher selling prices and a 9% increase in shipments (excluding the impact of the acquisition of the tissue assets of Atlantic Packaging), offset by the appreciation of the Canadian dollar.
Net earnings excluding specific items amounted to $21 million ($0.22 per share) in the second quarter of 2010 compared to $28 million ($0.28 per share) for the same period of last year. Including specific items, net earnings amounted to $21 million ($0.22 per share) compared to $30 million ($0.30 per share) for the same quarter in 2009.
The operating income excluding specific items amounted to $56 million compared to $66 million in Q2 2009. Improved volumes and selling prices as well as the optimization of our cost structure and higher operating rates were more than offset by the rise of raw material costs. When including specific items, operating income amounted to $50 million in comparison to $75 million in the same period of last year.
In the second quarter of 2010, these specific items impacted our operating income and/or net earnings (before tax):
- $6 million unrealized loss on financial instruments (impact on
operating income and net earnings);
- $6 million foreign exchange gain on long-term debt and financial
instruments (impact on net earnings).
For further details, see the two following tables on GAAP and non-GAAP measures reconciliation.
Third quarter outlook
---------------------
Mr. Alain Lemaire, President and Chief Executive Officer added: "Looking forward to the next quarter, we expect that the sequential improvement in profitability will carry on as a result of the continuous implementation of selling price increases in many of our operations. Also, the favourable seasonality associated with the third quarter leads us to anticipate a stronger demand for most of our products. In fact, despite some scheduled downtime for maintenance, we anticipate our operating rates to remain at high levels. In terms of input costs, we should start to benefit from the drop in pricing of old corrugated containers (OCC), the main grade of recycled fibres consumed by Cascades, which peaked in March. All in all, we remain confident for the coming months, particularly for our containerboard operations."
Dividend on common shares and normal course issuer bid
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The Board of Directors of Cascades declared a quarterly dividend of $0.04 per share to be paid September 17, 2010 to shareholders of record at the close of business on September 3, 2010. This dividend paid by Cascades is an "eligible dividend" as per the Income Tax Act (Bill C-28, Canada). In addition, in the second quarter of 2010, in accordance with its normal course issuer bid program, Cascades purchased for cancellation 325,463 shares at an average price of $6.66 representing an aggregate amount of approximately $2.2 million. In the first half of the year, Cascades purchased for cancellation 563,181 shares at an average price of $7.29 representing an aggregate amount of approximately $4.1 million
Supplemental information on non-GAAP measures
---------------------------------------------
Operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations are not measures of performance under Canadian GAAP. The Company includes operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations because they are measures used by management to assess the operating and financial performance of the Company's operating segments. Additionally, the Company believes that these items provide additional measures often used by investors to assess a company's operating performance and its ability to meet debt service requirements. However, operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations do not represent, and should not be used as a substitute for net earnings or cash flows from operating activities as determined in accordance with Canadian GAAP, and they are not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. In addition, our definition of operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations may differ from those of other companies. Cash flow from operations is defined as cash flow from operating activities as determined in accordance with Canadian GAAP excluding the change in working capital components.
Operating income before depreciation and amortization excluding specific items, earnings before interests, taxes, depreciation and amortization excluding specific items, operating income excluding specific items, net earnings excluding specific items, net earnings per common share excluding specific items and cash flow from operations excluding specific items are non-GAAP measures. The Company believes that it is useful for investors to be aware of specific items that have adversely or positively affected its GAAP measures, and that the above mentioned non-GAAP measures provide investors with a measure of performance with which to compare its results between periods without regard to these specific items. The Company's measures excluding specific items have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation.
Specific items are defined to include charges for impairment of assets, charges for facility or machine closures, debt restructuring charges, gains or losses on sale of business unit, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, foreign exchange gains or losses on long-term debt and other significant items of an unusual or non-recurring nature.
Net earnings attributable, which is a performance measure defined by Canadian GAAP is reconciled below to operating income, operating income excluding specific items and operating income before depreciation excluding specific items or earnings before interests, taxes, depreciation and amortization excluding specific items:
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(in millions of Canadian dollars) Q2/2010 Q2/2009 Q1/2010
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Net earnings attributable to shareholders for
the period 21 30 -
Non-controlling interest 1 - -
Share of results of significantly influenced
companies - (2) (2)
Provision for (recovery of) income taxes 7 17 (3)
Foreign exchange loss (gain) on long-term
debt and financial instruments (6) 5 1
Loss on long-term debt refinancing - - 3
Financing expense 27 25 28
---------------------------
Operating income 50 75 27
Specific items :
Loss on disposal and others - 1 -
Closure and restructuring costs - 3 -
Unrealized loss (gain) on financial
instruments 6 (13) (4)
---------------------------
6 (9) (4)
---------------------------
Operating income - excluding specific items 56 66 23
Depreciation and amortization 51 55 55
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Operating income before depreciation and
amortization (OIBD or EBITDA) - excluding
specific items 107 121 78
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The following table reconciles net earnings attributable to shareholders for the period and net earnings per share attributable to shareholders for the period to net earnings attributable to shareholders for the period excluding specific items and net earnings per share attributable to shareholders for the period excluding specific items:
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(in millions of Net earnings (loss) Net earnings (loss)
Canadian dollars, attributable to per share attributable
except amounts shareholders to shareholders
per share) for the period for the period(1)
---------------------------------------------- --------------------------
Q2/2010 Q2/2009 Q1/2010 Q2/2010 Q2/2009 Q1/2010
--------------------------- --------------------------
As per GAAP 21 30 - $0.22 $0.30 $ -
Specific items :
Loss on disposal
and others - 1 - $ - $ - $ -
Closure and
restructuring
costs - 3 - $ - $0.02 $ -
Unrealized loss
(gain) financial
instruments 6 (13) (4) $0.05 $(0.09) $(0.03)
Loss on long-term
debt refinancing - - 3 $ - $ - $0.02
Foreign exchange
loss (gain) on
long-term debt
and financial
instruments (6) 5 1 $(0.05) $0.05 $0.01
Tax effect on
specific items - 2 -
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- (2) - $ - $(0.02) $ -
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Excluding
specific items 21 28 - $0.22 $0.28 $ -
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Note 1 - specific amounts per share are calculated on an after-tax basis.
The following table reconciles cash flow provided by operating activities to cash flow (adjusted) from operations excluding specific items:
---------------------------
Cash flow from operations
(in millions of Canadian dollars, ---------------------------
except amounts per share) Q2/2010 Q2/2009 Q1/2010
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Cash flow provided by operating activities 17 82 33
Changes in non-cash working capital components 54 (1) 5
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Cash flow (adjusted) from operations 71 81 38
Specific items :
Loss on disposal and others - 1 -
Loss on long-term debt refinancing - - 3
Closure and restructuring costs, net of
current income tax - 3 -
---------------------------
Excluding specific items 71 85 41
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Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Company employs close to 12,500 employees, who work in more than 100 units located in North America and Europe. Its management philosophy, its more than 45 years of experience in recycling and its continued efforts in research and development are strengths that enable Cascades to create new products for its customers. Cascades' shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.
Certain statements in this release, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Company's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Company's Securities and Exchange Commission filings.
Consolidated Balance Sheets
(in millions of Canadian dollars)
As at As at
June 30, December 31,
2010 2009
-----------------------------
Assets (unaudited)
Current assets
Cash and cash equivalents 22 19
Accounts receivable 606 543
Inventories 527 520
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1,155 1,082
Property, plant and equipment 1,848 1,912
Intangible assets 158 165
Other assets 318 317
Goodwill 317 316
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3,796 3,792
-----------------------------
-----------------------------
Liabilities and Equity
Current liabilities
Bank loans and advances 79 83
Accounts payable and accrued liabilities 532 505
Current portion of long-term debt 10 10
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621 598
Long-term debt 1,486 1,459
Other liabilities 387 410
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2,494 2,467
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Equity attributable to the Shareholders
Capital stock 496 499
Contributed surplus 13 14
Retained earnings 713 700
Accumulated other comprehensive income 58 91
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1,280 1,304
Non-controlling interest 22 21
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Total equity 1,302 1,325
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3,796 3,792
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-----------------------------
Consolidated Statements of Earnings
(in millions of Canadian dollars, except per share amounts)
(unaudited)
For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
2010 2009 2010 2009
------------------------------------------------------
Sales 998 981 1,940 1,951
Cost of sales and
expenses
Cost of sales
(excluding
depreciation and
amortization) 791 750 1,557 1,502
Depreciation and
amortization 51 55 106 109
Selling and
administrative
expenses 101 108 199 216
Losses on
disposal and
others - 1 - 1
Impairment and
other
restructuring
costs - 3 - 8
Loss (gain) on
financial
instruments 5 (11) 1 (9)
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948 906 1,863 1,827
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Operating income 50 75 77 124
Financing expense 27 25 55 52
Loss on refinancing
of long-term debt - - 3 -
Gain on purchases
of senior notes - - - (14)
Foreign exchange
loss (gain) on
long-term debt
and financial
instruments (6) 5 (5) 5
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29 45 24 81
Provision for
income taxes 7 17 4 22
Share of results
of significantly
influenced
companies - (2) (2) (7)
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Net earnings
including
non-controlling
interest for the
period 22 30 22 66
Non-controlling
interest 1 - 1 (1)
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Net earnings
attributable to
Shareholders for
the period 21 30 21 67
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Basic and diluted
net earnings per
common share $0.22 $0.30 $0.22 $0.68
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Weighted average
number of common
shares
outstanding 96,895,355 97,467,651 96,990,471 97,960,461
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Consolidated Statements of Equity
(in millions of Canadian dollars)
(unaudited)
For the 6-month period ended June 30,
2010
--------------------------------------------------------------
Total
Accu- equity
mulated attribu- Non-
Re- other table control-
Contri- tained- compre- to the ling
Capital buted ear- hensive Share- inte- Total
stock surplus nings income holders rest equity
--------------------------------------------------------------
Balance -
Beginning
of period 499 14 700 91 1,304 21 1,325
Comprehen-
sive
income
(loss):
Net
earnings
for the
period - - 21 - 21 1 22
Change in
other
compre-
hensive
income
(loss) - - - (33) (33) - (33)
--------------------------
Comprehen-
sive
income
(loss) for
the period (12) 1 (11)
--------------------------
Dividends - - (8) - (8) - (8)
Redemption
of common
shares (3) (1) - - (4) - (4)
--------------------------------------------------------------
Balance -
End of
period 496 13 713 58 1,280 22 1,302
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For the 6-month period ended June 30,
2009
--------------------------------------------------------------
Total
Accu- equity
mulated attribu- Non-
Re- other table control-
Contri- tained- compre- to the ling
Capital buted ear- hensive Share- inte- Total
stock surplus nings income holders rest equity
--------------------------------------------------------------
Balance -
Beginning
of period 506 9 656 85 1,256 22 1,278
Comprehen-
sive
income:
Net
earnings
(loss)
for the
period - - 67 - 67 (1) 66
Change in
other
comprehen-
sive
income
(loss) - - - (3) (3) - (3)
--------------------------
Comprehen-
sive
income
(loss) for
the period 64 (1) 63
--------------------------
Dividends - - (8) - (8) - (8)
Redemption
of common
shares (5) 3 - - (2) - (2)
--------------------------------------------------------------
Balance -
End of
period 501 12 715 82 1,310 21 1,331
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Consolidated Statements of Comprehensive Income (Loss)
(in millions of Canadian dollars)
(unaudited)
For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
2010 2009 2010 2009
------------------------------------------------------
Net earnings
including non-
controlling
interest for the
period 22 30 22 66
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Other comprehensive
income (loss)
Translation
adjustments
Change in foreign
currency
translation of
self-sustaining
foreign
subsidiaries 20 (61) (15) (44)
Change in foreign
currency
translation
related to
hedging
activities (24) 39 (8) 25
Income taxes 3 (5) 1 (3)
Cash flow hedges
Change in fair
value of foreign
exchange forward
contracts (6) 28 (2) 29
Change in fair
value of
interest rate
swap agreements (1) - (3) -
Change in fair
value of
commodity
derivative
financial
instruments 1 3 (11) -
Income taxes 1 (10) 5 (10)
------------------------------------------------------
(6) (6) (33) (3)
------------------------------------------------------
Comprehensive
income (loss)
including non-
controlling
interest for the
period 16 24 (11) 63
------------------------------------------------------
Less: Comprehensive
income (loss)
attributable to
non-controlling
interest 1 - 1 (1)
------------------------------------------------------
Comprehensive
income (loss)
attributable to
Shareholders 15 24 (12) 64
------------------------------------------------------
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Consolidated Statements of Cash Flows
(in millions of Canadian dollars)
(unaudited)
For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
2010 2009 2010 2009
------------------------------------------------------
OPERATING
ACTIVITIES FROM
CONTINUING
OPERATIONS
Net earnings
attributable to
Shareholders for
the period 21 30 21 67
Adjustments for
Depreciation and
amortization 51 55 106 109
Losses on
disposal and
others - 1 - 1
Impairment and
other
restructuring
costs - - - 3
Unrealized loss
(gain) on
financial
instruments 6 (13) 2 (14)
Gain on
purchases of
senior notes - - - (14)
Foreign exchange
loss (gain) on
long-term debt
and financial
instruments (6) 5 (5) 5
Future income
taxes (2) 2 (12) (1)
Share of results
of significantly
influenced
companies - (2) (2) (7)
Non-controlling
interest 1 - 1 (1)
Others - 3 (2) 1
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71 81 109 149
Change in non-cash
working capital
components (54) 1 (59) -
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17 82 50 149
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INVESTING
ACTIVITIES FROM
CONTINUING
OPERATIONS
Purchases of
property, plant
and equipment (22) (30) (56) (70)
Increase in other
assets (3) (8) (5) (11)
Business
acquisitions - - (3) -
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(25) (38) (64) (81)
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FINANCING
ACTIVITIES FROM
CONTINUING
OPERATIONS
Bank loans and
advances 2 13 - (19)
Change in revolving
credit facilities 16 (57) 201 (45)
Purchases of senior
notes (4) (4) (165) (18)
Variance of other
long-term debt (1) 3 - 25
Payments of other
long-term debt - (4) (5) (5)
Early settlement of
foreign exchange
contracts - 8 - 8
Redemption of
common shares (2) - (4) (2)
Dividends (4) (4) (8) (8)
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7 (45) 19 (64)
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Change in cash and
cash equivalents
during the period
from continuing
operations (1) (1) 5 4
Change in cash and
cash equivalents
from discontinued
operations - - (2) (3)
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Net change in cash
and cash
equivalents
during the period (1) (1) 3 1
Translation
adjustments on
cash and cash
equivalents - - - -
Cash and cash
equivalents -
Beginning of
period 23 13 19 11
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Cash and cash
equivalents -
End of period 22 12 22 12
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Selected Segmented Information
(in millions of Canadian dollars)
(unaudited)
For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
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Sales
Packaging products
Boxboard
Manufacturing 180 178 357 358
Converting 162 181 315 362
Intersegment
sales (23) (23) (43) (48)
----------------------------------------------------
319 336 629 672
Containerboard
Manufacturing 148 130 282 261
Converting 217 221 411 430
Intersegment
sales (94) (76) (167) (153)
----------------------------------------------------
271 275 526 538
Specialty products
Industrial
packaging 49 45 95 92
Consumer
packaging 20 21 38 41
Specialty papers 78 78 156 161
Recovery and
recycling 76 46 151 84
Intersegment
sales (3) (2) (5) (4)
----------------------------------------------------
220 188 435 374
Intersegment
sales (28) (15) (57) (28)
----------------------------------------------------
782 784 1,533 1,556
Tissue papers
Manufacturing and
converting 220 207 418 418
Intersegment sales
and other (4) (10) (11) (23)
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Total 998 981 1,940 1,951
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For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
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Operating income
(loss) before
depreciation and
amortization
Packaging products
Boxboard
Manufacturing 13 13 22 25
Converting 17 16 32 28
Others (1) - (2) (2)
----------------------------------------------------
29 29 52 51
Containerboard
Manufacturing 15 26 25 61
Converting 26 11 47 18
Others (3) 2 (3) (5)
----------------------------------------------------
38 39 69 74
Specialty
products
Industrial
packaging 6 5 13 10
Consumer
packaging 2 3 3 6
Specialty
papers 5 10 10 20
Recovery and
recycling 7 3 12 -
Others - 1 - (1)
----------------------------------------------------
20 22 38 35
----------------------------------------------------
87 90 159 160
Tissue papers
Manufacturing
and converting 23 42 42 81
Corporate (9) (2) (18) (8)
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Operating income
before depreciation
and amortization 101 130 183 233
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Depreciation and
amortization
Boxboard (15) (19) (29) (38)
Containerboard (17) (16) (36) (32)
Specialty
products (9) (9) (18) (17)
Tissue papers (9) (9) (20) (18)
Corporate and
eliminations (1) (2) (3) (4)
----------------------------------------------------
(51) (55) (106) (109)
----------------------------------------------------
Operating income 50 75 77 124
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For the 3-month periods For the 6-month periods
ended June 30, ended June 30,
2010 2009 2010 2009
----------------------------------------------------
Purchases of property,
plant and equipment
Packaging products
Boxboard
Manufacturing 3 7 7 13
Converting 3 6 6 13
----------------------------------------------------
6 13 13 26
Containerboard
Manufacturing 5 4 9 7
Converting 3 2 8 4
----------------------------------------------------
8 6 17 11
Specialty
products
Industrial
packaging 1 - 1 1
Consumer
packaging 1 1 2 1
Specialty
papers 2 1 3 3
Recovery and
recycling 1 5 2 12
----------------------------------------------------
5 7 8 17
----------------------------------------------------
19 26 38 54
Tissue papers
Manufacturing and
converting 3 8 11 15
Corporate 2 1 5 2
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Total purchases 24 35 54 71
Disposal of property,
plant and equipment (1) (2) (3) (3)
-------------------------------------------------------------------------
23 33 51 68
Purchases of property,
plant and equipment
included in accounts
payable
Beginning of period 7 9 13 14
End of period (8) (12) (8) (12)
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Total investing
activities 22 30 56 70
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For further information: Media: Hubert Bolduc, Vice-President, Communications and Public Affairs, 514 912-3790; Investors: Didier Filion, Director, Investor relations, 514 282-2697; Source: Allan Hogg, Vice-President and Chief Financial Officer
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