Pulp and Paper Canada

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Tembec Q3 earnings down


July 19, 2004
By Pulp & Paper Canada

Tembec’s third quarter earnings are bittersweet. Consolidated gross sales for the quarter ending on June 26 reached…

Tembec’s third quarter earnings are bittersweet. Consolidated gross sales for the quarter ending on June 26 reached a record $1,03 billion, up from $808.9 million for a comparable period last year. However, the company generated a net loss of $12.5 million, or $0.15 per share compared to net earnings of $70.5 million, or $0.82 per share in the third quarter that ended on June 28, 2003.

The company has indicated that operating results of the June quarter were directly in line with its expectations. The company anticipates lumber prices won’t sustain the high levels witnessed in the June quarter and that pulp markets will experience normal, seasonal weakness, while fundamentals will continue to push forward later in the year and into 2005. Tembec also expects the improvement of its paper margins, however, it will remain focused on reducing costs and limiting capital expenditures.

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