Fortress Paper Ltd. reported a 2014 third quarter EBITDA loss of $1.5 million. Excluding Fortress Optical Features Ltd. operations which were sold during the quarter, EBITDA loss for the Company was $1.0 million. The Dissolving Pulp Segment generated EBITDA loss of $1.2 million and the Security Paper Products Segment generated EBITDA of $1.1 million. Corporate costs contributed $1.4 million to EBITDA loss.
The Company is encouraged by the Fortress Specialty Cellulose mill results in the quarter ended September 30, 2014. EBITDA for the Dissolving Pulp Segment for the quarter ended September 30, 2014 was $3.0 million higher when compared to the second quarter of 2014, and $5.4 million higher compared to the third quarter of 2013.
The Company sold 37,592 air dried metric tonnes ("ADMT") of dissolving pulp and 17,607 ADMT of north bleached hardwood kraft pulp ("NBHK") in the third quarter of 2014. Although the dissolving pulp market conditions continue to be challenging, production efficiencies and cash costs have improved during the quarter and relative to comparative periods.
The Landqart mill continues to implement new initiatives to improve efficiencies and profitability. EBITDA for the Security Paper Products Segment for the quarter ended September 30, 2014 was $1.5 million higher when compared to the second quarter of 2014, and $0.5 million lower compared to the third quarter of 2013.
