May 04, 2021 4:36 PM
“As expected, first quarter operating results were significantly favorable to both the prior year and sequential quarter. The primary driver was a surge in lumber prices, which is expected to continue in the second quarter before moderating later in the year. We also captured higher value from our core High Purity Cellulose business and improved margins in our Paperboard and Pulp & Newsprint segments,” said
First Quarter 2021 Operating Results
Net sales comprised the following for the periods presented:
|
Three Months Ended |
||||||||||
Net sales (in millions) |
|
|
|
|
|
||||||
High Purity Cellulose |
$ |
250 |
|
|
$ |
294 |
|
|
$ |
250 |
|
Forest Products |
147 |
|
|
137 |
|
|
82 |
|
|||
Paperboard |
48 |
|
|
49 |
|
|
50 |
|
|||
Pulp & Newsprint |
39 |
|
|
45 |
|
|
47 |
|
|||
Eliminations |
(19) |
|
|
(17) |
|
|
(19) |
|
|||
Total net sales |
$ |
465 |
|
|
$ |
508 |
|
|
$ |
410 |
|
Operating results comprised the following for the periods presented:
|
Three Months Ended |
||||||||||
Operating income (loss) (in millions) |
|
|
|
|
|
||||||
High Purity Cellulose |
$ |
6 |
|
|
$ |
(3) |
|
|
$ |
(5) |
|
Forest Products |
61 |
|
|
60 |
|
|
(1) |
|
|||
Paperboard |
6 |
|
|
4 |
|
|
5 |
|
|||
Pulp & Newsprint |
(6) |
|
|
(8) |
|
|
(6) |
|
|||
Corporate |
(12) |
|
|
(16) |
|
|
(5) |
|
|||
Total operating income (loss) |
$ |
55 |
|
|
$ |
37 |
|
|
$ |
(12) |
|
High Purity Cellulose
Operating results for the three-months ended
Compared to the fourth quarter of 2020, operating income improved by
Forest Products
The operating results for the three-month period ended
Compared to the fourth quarter of 2020, the operating results improved by
Paperboard
Operating income improved
Compared to the fourth quarter of 2020, operating income improved
Pulp & Newsprint
Operating results for the three-months ended
The operating loss improved by
Corporate
The operating loss for the three-months ended
Compared to the fourth quarter of 2020, the operating loss improved by
Non-Operating Expenses
Interest expense for the three-months ended
On
Income Taxes
The effective tax rate expense for the for the first quarter of 2021 was 172 percent compared to a benefit rate of 6 percent in the same period of 2020. The 2021 effective tax rate differs from the statutory rate of 21 percent primarily due to Global Intangible Low Taxed Income (“GILTI”) on foreign earnings, disallowed interest deductions in the
Cash Flows & Liquidity
For the three-months ended
For the three-months ended
The Company ended the quarter with
Market Assessment
The market assessment represents the Company’s best current estimate of each business in this environment.
High Purity Cellulose
Pricing levels for the Company’s commodity products increased during the first quarter and are forecasted to increase further in the second quarter. Prices for cellulose specialties declined slightly and in line with expectations for the full year. Total High Purity Cellulose volumes are expected to remain stable for the full year, however, we expect a more favorable mix towards cellulose specialties. The annual maintenance outage at the Jesup facility in the second quarter is currently ongoing.
Key costs, including energy and commodity chemical prices have increased rapidly during the first quarter and remain difficult to predict. The Company remains committed to investing in this core business to reduce costs, improve reliability and provide new platforms for growth. The sale of the lumber and newsprint assets discussed below will provide the Company with a key opportunity to reinvest in its core high purity cellulose business and its
Forest Products
On
Prices for lumber continue to strengthen to record levels driven by the exceptional demand in the
Paperboard
Paperboard prices have increased 5 percent from fourth quarter and are expected to increase further, helping offset increases in raw material cost.
Pulp & Newsprint
As previously stated, on
High-yield pulp and newsprint markets have experienced price increases during the first quarter and additional price increases are expected in the near-term. Additionally, the Company continues to manage production at the newsprint facility to minimize costs and improve sales mix while experiencing early success in the expansion of the Envirosmart™ food service bag, which targets the quick service restaurant end-market and used for items such as sandwiches and to-go orders.
Subsequent Events
Sale of lumber and newsprint assets
On
The Purchased Assets include the Company’s six lumber facilities, newsprint facility, inventory and certain real property, machinery, inventory, permits, leases, licenses, pension assets and liabilities and other related assets associated with the successful operations of these businesses. Other assets and liabilities, including accounts receivable, accounts payable, certain retained inventory and rights to softwood lumber duties, generated or incurred through the closing date, are excluded. Since 2017, the Company has paid a total of
In connection with the transaction, the Company will enter into a 20-yr wood chip and residual fiber supply agreement with GreenFirst, securing supply for the Company’s operations at the
As of
In 2020, the assets generated approximately
Final Settlement Reached in Dispute with IESO Relating to Investigation of the Kapuskasing Newsprint Facility
The Company had previously been engaged in litigation with the Market Assessment and Compliance Division (“MACD”) branch of the
Given the parties’ finalization of and entry into the MOS, the Company considers this matter concluded (subject only to the parties’ obligations yet to be performed under the MOS).
Growing RYAM’s
Upon the consummation of the sale of the lumber and newsprint assets, the Company will be focusing on and investing in leveraging its four high purity cellulose plants as biorefineries. The Company believes it is in a unique position, starting with natural, renewably sourced feedstock, to capitalize on the global demand for more sustainable products with its leading cellulose specialties offerings as alternatives for petroleum-based incumbents and specialized assets capable of generating green fuels, bioelectricity and other biomaterials. The Company has executed on several high return projects to enhance the value of these assets, including recent investments in green energy in Tartas,
Conclusion
"With prices currently rising in all of our commodity products, we expect to maintain earnings momentum into the second quarter which will further improve cash flow and liquidity. Additionally, we will capture all earnings in our lumber and newsprint assets until the closing, anticipated in the second half of the year. As we grow our cash balances through the year, we will look to both repay debt and reinvest in our
Conference Call Information
Investors may listen to the conference call by dialing 877-407-8293, no passcode required. For international parties, dial 201-689-8349. A replay of the teleconference will be available one hour after the call ends until
About
Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier Advanced Materials’ future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. All statements made in this earnings release are made only as of the date set forth at the beginning of this release. The Company undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this release. The Company has not filed its Form 10-Q for the quarter ended
Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Report on Form 10-K and our other filings and submissions to the
Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in our filings with the
Non-GAAP Financial Measures
This earnings release and the accompanying schedules contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted free cash flows, adjusted operating income, adjusted net income and adjusted net debt. These non-GAAP measures are reconciled to each of their respective most directly comparable GAAP financial measures beginning on Schedule D of this earnings release. We believe these non-GAAP measures provide useful information to our board of directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We do not consider these non-GAAP measures an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they may exclude significant expenses and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expenses and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management provides reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures. Non-GAAP financial measures should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company.
|
||||||||||||
Condensed Consolidated Statements of Income (Loss) |
||||||||||||
|
||||||||||||
(millions of dollars, except per share information) |
||||||||||||
|
Three Months Ended |
|
||||||||||
|
|
|
|
|
|
|
||||||
|
$ |
465 |
|
|
$ |
508 |
|
|
$ |
410 |
|
|
Cost of Sales |
(381) |
|
|
(451) |
|
|
(399) |
|
|
|||
Gross Margin |
84 |
|
|
57 |
|
|
11 |
|
|
|||
Selling, general & administrative expenses |
(18) |
|
|
(23) |
|
|
(20) |
|
|
|||
Duties |
(7) |
|
|
10 |
|
|
(6) |
|
|
|||
Foreign exchange gains (losses) |
(1) |
|
|
(6) |
|
|
6 |
|
|
|||
Other operating income (expense), net |
(4) |
|
|
(1) |
|
|
(2) |
|
|
|||
Operating Income (Loss) |
55 |
|
|
37 |
|
|
(12) |
|
|
|||
Interest expense |
(18) |
|
|
(17) |
|
|
(15) |
|
|
|||
Interest income and other, net |
— |
|
|
(9) |
|
|
1 |
|
|
|||
Income (Loss) From Continuing Operations Before Income Taxes |
37 |
|
|
11 |
|
|
(27) |
|
|
|||
Income tax benefit (expense) |
(64) |
|
|
(1) |
|
|
2 |
|
|
|||
Equity in income (loss) of equity method investment |
— |
|
|
(1) |
|
|
— |
|
|
|||
Income (Loss) from Continuing Operations |
$ |
(27) |
|
|
$ |
9 |
|
|
$ |
(25) |
|
|
Income (loss) from discontinued operations, net of taxes |
— |
|
|
— |
|
|
1 |
|
|
|||
Net Income (Loss) |
$ |
(27) |
|
|
$ |
9 |
|
|
$ |
(24) |
|
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Common Share: |
|
|
|
|
|
|||||||
Income (loss) from continuing operations |
$ |
(0.43) |
|
|
$ |
0.14 |
|
|
$ |
(0.39) |
|
|
Income from discontinued operations |
— |
|
|
— |
|
|
0.01 |
|
|
|||
Net income (loss) per common share - Basic |
$ |
(0.43) |
|
|
$ |
0.14 |
|
|
$ |
(0.38) |
|
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Common Share: |
|
|
|
|
|
|||||||
Income (loss) from continuing operations |
$ |
(0.43) |
|
|
$ |
0.14 |
|
|
$ |
(0.39) |
|
|
Income from discontinued operations |
— |
|
|
— |
|
|
0.01 |
|
|
|||
Net income (loss) per common share - Diluted |
$ |
(0.43) |
|
|
$ |
0.14 |
|
|
$ |
(0.38) |
|
|
|
|
|
|
|
|
|
||||||
Shares Used for Determining: |
|
|
|
|
|
|
||||||
Basic EPS |
63,430,601 |
|
|
63,344,054 |
|
|
62,982,735 |
|
|
|||
Diluted EPS |
63,430,601 |
|
|
64,478,161 |
|
|
62,982,735 |
|
|
|||
A |
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
|
|||||||
(millions of dollars) |
|||||||
|
|
|
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
107 |
|
|
$ |
94 |
|
Other current assets |
593 |
|
|
540 |
|
||
Property, plant and equipment, net |
1,249 |
|
|
1,275 |
|
||
Other assets |
566 |
|
|
621 |
|
||
|
$ |
2,515 |
|
|
$ |
2,530 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Debt due within one year |
$ |
17 |
|
|
$ |
17 |
|
Other current liabilities |
292 |
|
|
276 |
|
||
Long-term debt and finance lease obligations |
1,065 |
|
|
1,067 |
|
||
Non-current environmental liabilities |
163 |
|
|
163 |
|
||
Other non-current liabilities |
319 |
|
|
312 |
|
||
Total stockholders’ equity |
659 |
|
|
695 |
|
||
|
$ |
2,515 |
|
|
$ |
2,530 |
|
B |
Condensed Consolidated Statements of Cash Flows |
|||||||
|
|||||||
(millions of dollars) |
|||||||
|
Three Months Ended |
||||||
|
|
|
|
||||
Operating Activities: |
|
|
|
||||
Net income (loss) |
$ |
(27) |
|
|
$ |
(24) |
|
Income from discontinued operations |
— |
|
|
(1) |
|
||
Adjustments: |
|
|
|
||||
Depreciation and amortization |
36 |
|
|
38 |
|
||
Other items to reconcile net income to cash provided by operating activities |
66 |
|
|
18 |
|
||
Changes in working capital and other assets and liabilities |
(37) |
|
|
(44) |
|
||
Cash provided by (used for) operating activities- continuing operations |
38 |
|
|
(13) |
|
||
Cash provided by (used for) operating activities- discontinued operations |
— |
|
|
— |
|
||
Cash Provided by (Used for) Operating Activities |
38 |
|
|
(13) |
|
||
|
|
|
|
||||
Investing Activities: |
|
|
|
||||
Capital expenditures |
(20) |
|
|
(13) |
|
||
Investment in equity method investment |
(1) |
|
|
— |
|
||
Proceeds from the sale of assets |
— |
|
|
— |
|
||
Cash Provided by (Used for) Investing Activities |
(21) |
|
|
(13) |
|
||
|
|
|
|
||||
Financing Activities: |
|
|
|
||||
Changes in debt |
(2) |
|
|
6 |
|
||
Common stock repurchased, net of issuances |
(1) |
|
|
— |
|
||
Cash Provided by (Used for) Financing Activities |
(3) |
|
|
5 |
|
||
|
|
|
|
||||
Cash and Cash Equivalents: |
|
|
|
||||
Change in cash and cash equivalents |
14 |
|
|
(20) |
|
||
Net effect of foreign exchange on cash and cash equivalents |
(1) |
|
|
(1) |
|
||
Balance, beginning of year |
94 |
|
|
64 |
|
||
Balance, end of period |
$ |
107 |
|
|
$ |
43 |
|
C |
|
||||||||||||
Sales Volumes and Average Prices |
||||||||||||
|
||||||||||||
|
Three Months Ended |
|
||||||||||
|
|
|
|
|
|
|
||||||
Average Sales Prices: |
|
|
|
|
|
|
||||||
High Purity Cellulose
|
|
|
|
|
|
|
||||||
High Purity Cellulose |
$ |
1,046 |
|
|
$ |
1,016 |
|
|
$ |
963 |
|
|
Forest Products
|
|
|
|
|
|
|
||||||
Lumber |
$ |
888 |
|
|
$ |
669 |
|
|
$ |
407 |
|
|
Paperboard
|
|
|
|
|
|
|
||||||
Paperboard |
$ |
1,111 |
|
|
$ |
1,061 |
|
|
$ |
1,107 |
|
|
Pulp & Newsprint
|
|
|
|
|
|
|
||||||
Pulp |
$ |
474 |
|
|
$ |
445 |
|
|
$ |
463 |
|
|
Newsprint |
$ |
468 |
|
|
$ |
418 |
|
|
$ |
417 |
|
|
|
|
|
|
|
|
|
||||||
Sales Volumes: |
|
|
|
|
|
|
||||||
High Purity Cellulose
|
|
|
|
|
|
|
||||||
High Purity Cellulose |
217 |
|
|
267 |
|
|
235 |
|
|
|||
Forest Products
|
|
|
|
|
|
|
||||||
Lumber |
144 |
|
|
176 |
|
|
149 |
|
|
|||
Paperboard
|
|
|
|
|
|
|
||||||
Paperboard |
43 |
|
|
47 |
|
|
46 |
|
|
|||
Pulp & Newsprint
|
|
|
|
|
|
|
||||||
Pulp |
44 |
|
|
63 |
|
|
52 |
|
|
|||
Newsprint |
25 |
|
|
27 |
|
|
40 |
|
|
|||
D |
|
|||||||||||||||||||||||
Reconciliation of Non-GAAP Measures |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
EBITDA by Segment (a): |
Three Months Ended |
||||||||||||||||||||||
Forest
|
|
Paperboard |
|
Pulp &
|
|
High Purity
|
|
Corporate
|
|
Total |
|||||||||||||
Income (loss) from continuing operations |
$ |
61 |
|
|
$ |
6 |
|
|
$ |
(5) |
|
|
$ |
7 |
|
|
$ |
(96) |
|
|
$ |
(27) |
|
Depreciation and amortization |
2 |
|
|
4 |
|
|
1 |
|
|
28 |
|
|
1 |
|
|
36 |
|
||||||
Interest expense, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
|
|
18 |
|
||||||
Income tax expense (benefit) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
64 |
|
|
64 |
|
||||||
EBITDA |
$ |
63 |
|
|
$ |
10 |
|
|
$ |
(4) |
|
|
$ |
35 |
|
|
$ |
(13) |
|
|
$ |
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
Forest
|
|
Paperboard |
|
Pulp &
|
|
High Purity
|
|
Corporate
|
|
Total |
||||||||||||
Income (loss) from continuing operations |
$ |
(1) |
|
|
$ |
5 |
|
|
$ |
(5) |
|
|
$ |
(5) |
|
|
$ |
(19) |
|
|
$ |
(25) |
|
Depreciation and amortization |
2 |
|
|
4 |
|
|
1 |
|
|
30 |
|
|
— |
|
|
38 |
|
||||||
Interest expense, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15 |
|
|
15 |
|
||||||
Income tax expense (benefit) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
(2) |
|
||||||
EBITDA |
$ |
1 |
|
|
$ |
9 |
|
|
$ |
(4) |
|
|
$ |
26 |
|
|
$ |
(5) |
|
|
$ |
27 |
|
(a) |
EBITDA is defined as income (loss) from continuing operations before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Chief Operating Decision Maker, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. |
|
E |
Reconciliation of Non-GAAP Measures (Continued)
(millions of dollars, except per share information)
|
Three Months Ended |
||||||
Adjusted Free Cash Flows (a): |
|
|
|
||||
Cash provided by operating activities of continuing operations |
$ |
38 |
|
|
$ |
(13) |
|
Capital expenditures, net |
(17) |
|
|
(10) |
|
||
Adjusted Free Cash Flows |
$ |
21 |
|
|
$ |
(23) |
|
(a) |
Adjusted free cash flows is defined as cash provided by (used for) operating activities from continuing operations adjusted for capital expenditures, net of proceeds from sale of assets, excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted free cash flows is not necessarily indicative of the adjusted free cash flows that may be generated in future periods. |
Adjusted Net Debt (a): |
|
|
|
||||
Debt due within one year |
$ |
17 |
|
|
$ |
17 |
|
Long-term debt & finance lease obligation |
1,065 |
|
|
1,067 |
|
||
Total debt |
1,082 |
|
|
1,084 |
|
||
Original issue discount, premiums and debt issuance costs |
11 |
|
|
11 |
|
||
Cash and cash equivalents |
(107) |
|
|
(94) |
|
||
Adjusted Net Debt |
$ |
986 |
|
|
$ |
1,001 |
|
(a) |
Adjusted net debt is defined as the amount of debt after the consideration of the original issue discount, premiums, and debt issuance costs, less cash. Adjusted net debt is a non-GAAP measure of debt and is not necessarily indicative of the adjusted net debt that may occur in future periods. |
|
F |
|
||||||||||||||||||||||||
Reconciliation of Non-GAAP Measures (Continued) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
(millions of dollars, except per share information) |
||||||||||||||||||||||||
|
Three Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income (Loss) and Income (Loss) from Continuing Operations (a): |
$ |
|
Per
|
|
$ |
|
Per
|
|
$ |
|
Per
|
|
||||||||||||
Operating Income (Loss) |
$ |
55 |
|
|
|
|
$ |
37 |
|
|
|
|
$ |
(12) |
|
|
|
|
||||||
Duties reversal |
— |
|
|
|
|
(21) |
|
|
|
|
— |
|
|
|
|
|||||||||
Adjusted Operating Income (Loss) |
$ |
55 |
|
|
|
|
$ |
16 |
|
|
|
|
$ |
(12) |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) from Continuing Operations |
$ |
(27) |
|
|
$ |
(0.43) |
|
|
$ |
9 |
|
|
$ |
0.14 |
|
|
$ |
(25) |
|
|
$ |
(0.39) |
|
|
Pension settlement (gain) loss |
— |
|
|
— |
|
|
(3) |
|
|
(0.04) |
|
|
— |
|
|
— |
|
|
||||||
Duties reversal |
— |
|
|
— |
|
|
(21) |
|
|
(0.32) |
|
|
— |
|
|
— |
|
|
||||||
Loss on debt extinguishment |
— |
|
|
— |
|
|
8 |
|
|
0.12 |
|
|
|
|
— |
|
|
|||||||
Tax effects of adjustments |
— |
|
|
— |
|
|
4 |
|
|
0.07 |
|
|
— |
|
|
— |
|
|
||||||
Adjusted Income (Loss) from Continuing Operations |
$ |
(27) |
|
|
$ |
(0.43) |
|
|
$ |
(3) |
|
|
$ |
(0.03) |
|
|
$ |
(25) |
|
|
$ |
(0.39) |
|
|
(a) |
Adjusted Operating Income (Loss) is defined as operating income adjusted for the duties reversal. Adjusted income (loss) from Continuing Operations is defined as net income (loss) from Continuing Operations adjusted net of tax for non-recurring costs related to duties reversal, pension settlement, and loss on debt extinguishment. Adjusted operating and net income (loss) are not necessarily indicative of results that may be generated in future periods. |
|
G |
Lumber and Newsprint as Reported (millions of dollars) |
|||||||||||||||||||||||||||||
|
Year Ended |
||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
Adjusted EBITDA Reconciliation |
Lumber |
Newsprint |
Total |
|
Lumber |
Newsprint |
Total |
|
Lumber |
Newsprint |
Total |
||||||||||||||||||
Income (loss) from continuing operations |
$ |
81 |
|
$ |
(21) |
|
$ |
60 |
|
|
$ |
(31) |
|
$ |
(6) |
|
$ |
(37) |
|
|
$ |
22 |
|
$ |
34 |
|
$ |
57 |
|
Depreciation and amortization |
11 |
|
2 |
|
13 |
|
|
9 |
|
2 |
|
11 |
|
|
7 |
|
2 |
|
8 |
|
|||||||||
Interest expense |
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|||||||||
Income tax expense (benefit) |
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|||||||||
EBITDA |
92 |
|
(19) |
|
73 |
|
|
(22) |
|
(4) |
|
(26) |
|
|
29 |
|
36 |
|
65 |
|
|||||||||
Duties reversal (a) |
(21) |
|
— |
|
(21) |
|
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|||||||||
Pension settlement (gain) loss (b) |
— |
|
(1) |
|
(1) |
|
|
— |
|
11 |
|
11 |
|
|
— |
|
— |
|
— |
|
|||||||||
Gain on bargain purchase |
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
2 |
|
— |
|
2 |
|
|||||||||
Adjusted EBITDA |
$ |
71 |
|
$ |
(20) |
|
$ |
51 |
|
|
$ |
(22) |
|
$ |
7 |
|
$ |
(15) |
|
|
$ |
31 |
|
$ |
36 |
|
$ |
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales as Reported |
$ |
392 |
|
$ |
47 |
|
$ |
439 |
|
|
299 |
87 |
$ |
386 |
|
|
$ |
356 |
|
$ |
113 |
|
$ |
469 |
|
||||
Eliminations (c) |
(8) |
|
— |
|
(8) |
|
|
(12) |
|
0 |
(12) |
|
|
(15) |
|
$ |
— |
|
(15) |
|
|||||||||
|
$ |
384 |
|
$ |
47 |
|
$ |
431 |
|
|
287 |
87 |
$ |
374 |
|
|
$ |
341 |
|
$ |
113 |
|
$ |
454 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income (loss) |
$ |
80 |
|
$ |
(25) |
|
$ |
55 |
|
|
$ |
(31) |
|
$ |
(1) |
|
$ |
(32) |
|
|
$ |
25 |
|
$ |
27 |
|
$ |
52 |
|
(a) |
In |
|
(b) |
In |
|
(c) |
Eliminations represent sales between the lumber and newsprint businesses. |
|
H |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006286/en/
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