Cascades posts net earnings of $34 million

Cascades has posted results for its 6th consecutive quarter of improved results. Net earnings of $0.35 per share ($34 million) were posted compared to a net loss of $0.07 per share ($7 million) in the third quarter of 2008.

Commenting on the quarterly results, Mr. Alain Lemaire, President and Chief Executive Officer stated: "We delivered very strong third quarter results in a challenging environment. Compared to the previous quarter, we experienced some selling price erosion and we faced the rapid rise of our recycled fibre costs and the Canadian dollar. However, our shipments increased by 5% and we were able to control our fixed and other variable costs to deliver the highest EBITDA in the Company's history. Moreover, we continue to generate strong free cash flow and pay down debt."

In comparison with the same period last year, sales decreased by 6% to $974 million reflecting a drop in all our selling prices, an 8% fall in shipments, partly offset by the depreciation of the Canadian dollar.

Through the Pulp & Paper Green Transformation Program of the Canadian Government, Cascades expects to receive $6.1 million in investment credits to apply against energy and environmental efficiency projects through March 31, 2012.

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Cascades posts a sixth consecutive quarter of improved results (Cascades)