AbitibiBowater - Latest Financial Information

AbitibiBowater is reporting a net quarterly loss of $511 million.

Excerpts from AbitibiBowater's Financial Filings:

Sales decreased $639 million, or 36.9%, from $1,730 million in the third quarter of 2008 to $1,091 million in the third quarter of 2009. The decrease was primarily due to significantly lower shipments of newsprint, coated papers, specialty papers and wood products, as well as significantly lower average transaction prices for newsprint, coated papers, specialty papers and market pulp.

In the third quarter of 2009, all of our paper product lines experienced significant demand declines due to trends in the newsprint industry and global economic conditions. North American newsprint consumption continued to decline in the third quarter of 2009 due to a significant decline in circulation and advertising. Demand for coated mechanical papers continued to decline in the third quarter of 2009 primarily due to sharp declines in advertising. In the third quarter of 2009, the specialty papers’ industry experienced declines in North American demand for standard uncoated mechanical papers, lightweight or directory grades and supercalendered high gloss papers. Global demand for market pulp increased slightly during the third quarter of 2009, primarily due to increased demand from China and Latin America. Our wood products segment continues to be negatively impacted by lower demand due to a weak U.S. housing market.

Further capacity curtailments for 2010 may become necessary if North American newsprint demand declines or if global conditions worsen for all of our product lines. In our wood products business segment, we expect our 2009 operating rate to continue at extremely low levels and we will continue to take curtailment and other actions to minimize the financial impact as a result of the economic conditions.

Source: AbitibiBowater via Sedar