Catalyst Paper recently reported significantly improved third quarter 2015 results after investing in capital expenditures in the first half of the year to strengthen its North American operating platform and create a solid foundation for delivering sustainable improved financial results.
Adjusted earnings before tax, depreciation and amortization (EBITDA) in the third quarter was $38.8 million and adjusted EBITDA before specific items was $39.4 million compared to adjusted EBITDA of negative $19.2 million and adjusted EBITDA before specific items of $9.7 million in the second quarter of 2015.
In the third quarter, the company recorded a net loss of $12.9 million (primarily due to a foreign exchange loss on the translation of U.S. denominated debt) and net earnings of $6.6 million before specific items. This compares to a net loss of $32.4 million and a net loss of $13.8 million before specific items in the second quarter. Free cash flow generated in the third quarter was $23.4 million and the liquidity available at the end of the third quarter was $86.2 million.
“We are pleased with the progress we made in the third quarter,” said Joe Nemeth, President & Chief Executive Officer. “We believe our results are a concrete step towards delivering positive, sustainable earnings levels.”
