Despite pressures imposed by the high Canadian dollar, Cascades has managed to remain profitable. The company has r…
Despite pressures imposed by the high Canadian dollar, Cascades has managed to remain profitable. The company has reported net earnings of $23 million ($0.28 per share) or $16 million of net earnings excluding specific items(2) ($0.20 per share) for the fiscal year ended December 31, 2004. This compares with net earnings of $55 million ($0.66 per share) or net earnings excluding specific items(2) of $16 million ($0.19 per share) for the same period in 2003. Sales(1) increased 8.6% to $3.3 billion from $3 billion in 2003.
"Throughout 2004 we were faced with some of the most challenging business conditions our industry has gone through in recent memory. However, Cascades was able to maintain its level of earnings and cash flow despite the appreciation of the Canadian dollar and the increased fibre and energy costs which were only partly offset by higher selling prices," commented president and CEO Alain Lemaire. "Additional volumes in the U.S. resulting from recent acquisitions in our packaging and tissue businesses and ongoing improvement in production efficiencies have contributed significantly to our ability to maintain this stability.
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