Domtar in the black (May 22, 2007)
May 22, 2007 By Pulp & Paper Canada
MONTREAL, QC Although Domtar Corporation is planning to further delay the filing of it s10-Q Form with the U.S. S…
MONTREAL, QC Although Domtar Corporation is planning to further delay the filing of it s10-Q Form with the U.S. Securities and Exchange Commission to complete the accounting for the merger of its paper business with Weyerhaeusers paper operations, the news is generally positive.
Domtar reported preliminary net profits of $49 million US or 14 cents a diluted share, for the first quarter of this year, reversing a net loss of $747 million in the first quarter last year. The company, which merged with the paper business of US forestry giant Weyerhaeuser this year, said sales increased to $1.05 billion US from $829 million.
Due to the complexities involved in preparing the consolidated financial statements reflecting the combination of the Weyerhaeuser Fine Paper Business and related assets and Domtar as of March 7, 2007, the Company requires additional time to complete its interim report for the quarter ended April 1, 2007.
Domtar completed the $1.35 billion cash purchase in March to create the largest manufacturer and marketer of uncoated freesheet paper in North America.
The company intends to file its Form 10-Q on or before May 21, 2007.
Source: Domtar Corporation and The Gazette (Montreal)
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