Tembec has announced its second quarter results.
Tembec has announced its second quarter results.
Consolidated sales for the three-month period that wrapped up on March 29 were $593 million. This marks a downturn from the $714 million Tembec reported in the corresponding quarter from 2007. The company generated a net loss of $42 million, or $.049 per share in the months of January and February, and a net loss of $17 million during the month of March.
Results for the second quarter reflect a financial recapitalization that occured on February 29, 2008, which prompted the company to implement ‘fresh start’ accounting as of that date.
Tembec’s pulp segment faired better than its paper and forest segments. The pulp division generated EBITDA of $42 million on sales of $369 million for the quarter, while the paper and forest segments both reported respective negative EBITDAs.
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