Bowater Announces Third Quarter 2007 Financial Results



    GREENVILLE, S.C., November 6 /CNW/ - Bowater Incorporated, a wholly owned
subsidiary of AbitibiBowater Inc. (NYSE:   ABH)(TSX:ABH), today reported a net
loss for the third quarter of 2007 of $142.1 million, or $2.47 per diluted
share, on sales of $814.7 million. These results compare with a net loss of
$216.1 million, or $3.76 per diluted share, on sales of $875.9 million for the
third quarter of 2006.

    "In the third quarter, a combination of a rapidly strengthening Canadian
dollar and our decision to curtail paper production, negatively impacted our
operating results," said David J. Paterson, Chairman, President and Chief
Executive Officer. "In addition, there were several significant charges
including an arbitration award and severances. However, with our merger with
Abitibi now complete, I look forward to achieving significant synergies and
positioning the new company to better face the challenging market conditions."

    Third quarter 2007 special items, net of tax, consisted of the following
items: a $11.3 million gain related to asset sales, a $28.4 million charge
related to an arbitration award, a $21.5 million charge related to tax
adjustments, a $14.1 million charge for severance and merger-related costs and
a $29.0 million loss relating to foreign currency changes. Excluding these
special items, the net loss for the quarter would have been $60.4 million, or
$1.05 per diluted share, compared with third quarter 2006 net loss before
special items of $12.3 million, or $0.20 per diluted share. A reconciliation
of these items is contained in note 7 to this release.

    SEGMENT DETAIL

    Newsprint

    For the third quarter, newsprint had an operating loss of $39.5 million
compared to an operating loss of $10.7 million for the second quarter. The
company's average transaction price decreased $19 per metric ton. Average
operating costs increased $38 per metric ton compared to the second quarter as
a result of the strengthening Canadian dollar and approximately 67,000 metric
tons of production curtailments. The Canadian dollar strengthening in the
third quarter raised costs compared to the second quarter in the newsprint
product line by about $6.5 million. The company incurred costs of
approximately $4 million as a result of the curtailments. Shipments for the
first nine months of 2007 were 12% lower than the same period of 2006. The
company is implementing a North American $25 per metric ton price increase as
previously announced.

    Coated Papers

    Operating earnings for the third quarter increased by $8.8 million from
the second quarter to $13.1 million. The company's average transaction price
for coated papers increased $21 per short ton during the quarter while average
operating costs decreased $17 per short ton. Coated paper inventories
decreased 30% in the quarter. The company has informed its customers of a $60
per short ton price increase effective with new orders as of October 22 and
for existing orders with shipments after December 1, 2007. This price increase
is in addition to the $60 per short ton price announcement for October 1,
2007.

    Specialty Papers

    Specialty papers had an operating loss of $19.8 million compared to an
operating loss of $11.4 million for the second quarter. The company's average
transaction price increased $5 per short ton during the quarter, while average
operating costs increased $48 per short ton as a result of 36,000 short tons
of production curtailments and the stronger Canadian dollar. The company is
implementing price increases for various grades of specialty papers.

    Market Pulp

    Operating earnings for market pulp increased to $29.3 million in the
third quarter. The average market pulp transaction price for the company
increased $24 per metric ton. Average operating costs decreased $12 per metric
ton compared to the second quarter. In the third quarter, the company
completed a major capital project at the Coosa Pines, Alabama fluff pulp
facility, improving quality and increasing production capacity. The company
has informed its customers of a $30 per metric ton price increase in fluff
pulp and a $20 per metric ton price increase in hardwood pulp, both effective
October 1, 2007.

    Lumber

    For the third quarter, lumber had an operating loss of $10.6 million
compared to a loss of $7.3 million for the second quarter. The average lumber
transaction price for the company increased $19 per thousand board feet while
average operating costs increased $39 per thousand board feet compared to the
second quarter. The company continues to curtail lumber production as a result
of soft demand.

    Earnings Conference Call

    Management will hold a conference call to discuss these financial results
today at 10:00 a.m. Eastern time, November 6, 2007. The conference call number
is 1-866-898-9626 or 514-868-1042. A webcast of the call will be available at
www.abitibibowater.com. Interested parties may follow the on-screen
instructions for access to the webcast and related information. A replay of
the call will be available on AbitibiBowater's website.

    About AbitibiBowater

    AbitibiBowater produces a wide range of newsprint and commercial printing
papers, market pulp and wood products. It is the eighth largest publicly
traded pulp and paper manufacturer in the world. Following the required
divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will
own or operate 31 pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 80 countries, the company is among the
world's largest recyclers of newspapers and magazines, and has more
third-party certified sustainable forest land than any other company in the
world. The company's shares trade under the stock symbol ABH on both the New
York Stock Exchange and the Toronto Stock Exchange.

    All amounts are in U.S. dollars.

    Forward-Looking Statements

    Statements in this news release that are not reported financial results
or other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. They include,
for example, statements about our ability to realize synergies from the
combination of Abitibi-Consolidated Inc. and Bowater Incorporated, the
anticipated timing of and the progress of integration efforts related to the
combination, our competitive position, the impact of recently announced price
increases, and our business outlook, strategies and assessment of market
conditions. Forward-looking statements may be identified by the use of
forward-looking terminology such as the words "expect", "will", "believe",
"anticipate", and other terms with similar meaning indicating possible future
events or actions or potential impact on the business or stockholders of
AbitibiBowater.

    These forward-looking statements are not guarantees of future
performance. They are based on management's assumptions, beliefs, and
expectations, all of which involve a number of business risks and
uncertainties that could cause actual results to differ materially. These
risks and uncertainties include, but are not limited to, negative industry
conditions and further growth in alternative media, actions of competitors,
Canadian dollar exchange rates, the demand for higher margin coated and
uncoated mechanical paper and the costs of raw materials such as energy,
chemicals and fiber. In addition, with respect to forward-looking statements
relating to the combination of Abitibi-Consolidated and Bowater, the following
factors, among others could cause actual results to differ materially from
those set forth in the forward-looking statements: the risk that the
businesses will not be integrated successfully or that the anticipated
improved financial performance, product quality, and product development will
not be achieved; the risk that other combinations within the industry or other
factors may limit our ability to improve our competitive position; the risk
that the cost savings and other expected synergies from the transaction may
not be fully realized or may take longer to realize than expected; and
disruption from the transaction making it more difficult to maintain
relationships with customers, employees or suppliers. Additional factors are
listed from time to time in AbitibiBowater's filings with the Securities and
Exchange Commission and the Canadian securities regulatory authorities,
including those factors contained in the company's registration statement on
Form S-3 filed on October 29, 2007, under the caption "Risk Factors." All
forward-looking statements in this news release are expressly qualified by
information contained in the company's filings with the Securities and
Exchange Commission and the Canadian securities regulatory authorities.
AbitibiBowater disclaims any obligation to update or revise these
forward-looking statements.

    Any information about industry or general economic conditions contained
in this news release is derived from third party sources that the company
believes are widely accepted and accurate; however, the company has not
independently verified this information and cannot assure its accuracy.

    
                             BOWATER INCORPORATED
                    CONSOLIDATED STATEMENTS OF OPERATIONS
              (Unaudited, in millions except per share amounts)


                                       Three Months        Nine Months
                                           Ended              Ended
                                       September 30,      September 30,
                                     ----------------- -------------------
                                        2007     2006      2007      2006
                                     -------- -------- --------- ---------
    Sales                            $ 814.7  $ 875.9  $2,384.9  $2,668.5
    Costs and expenses:
    Cost of sales, excluding
     depreciation, amortization and
     cost of timber harvested          672.3    650.7   1,912.3   2,028.6
    Depreciation, amortization and
     cost of timber harvested           79.5     80.8     239.1     243.1
    Distribution costs                  83.9     83.4     242.0     249.8
    Selling and administrative
     expenses                           49.8     47.9     144.8     127.2
    Impairment of assets (1)               -    246.4         -     246.4
    Legal settlement (2)                28.4        -      28.4         -
    Net gain on disposition of
     assets (3)                        (17.1)   (54.0)   (139.6)   (154.5)
                                     -------- -------- --------- ---------

    Operating loss                     (82.1)  (179.3)    (42.1)    (72.1)
                                     -------- -------- --------- ---------

    Other income (expense):
    Interest income                      2.2      2.0       5.7       4.1
    Interest expense                   (47.3)   (50.8)   (141.9)   (149.5)
    Foreign exchange (loss) gain       (17.4)     0.7     (37.0)     (2.3)
    Other, net                          (0.9)     2.2      (3.5)      7.9
                                     -------- -------- --------- ---------
                                       (63.4)   (45.9)   (176.7)   (139.8)
                                     -------- -------- --------- ---------
    Loss before income taxes,
     minority interests and
     cumulative effect of accounting
     change                           (145.5)  (225.2)   (218.8)   (211.9)

    Income tax benefit (provision)
     (4)                                 0.4      9.9     (19.2)    (29.5)
    Minority interests, net of tax
     (3)                                 3.0     (0.8)     (2.1)     (1.5)
                                     -------- -------- --------- ---------

    Loss before cumulative effect of
     accounting change                (142.1)  (216.1)   (240.1)   (242.9)
    Cumulative effect of accounting
     change, net of tax (5)                -        -         -      (2.6)
                                     -------- -------- --------- ---------

    Net loss                         $(142.1) $(216.1) $ (240.1) $ (245.5)
                                     -------- -------- --------- ---------


    Basic loss per common share: (6)

       Loss before cumulative effect
        of accounting change         $ (2.47) $ (3.76) $  (4.18) $  (4.23)
       Cumulative effect of
        accounting change, net of
        tax                                -        -         -     (0.05)
                                     -------- -------- --------- ---------

        Net loss per share           $ (2.47) $ (3.76) $  (4.18) $  (4.28)
                                     -------- -------- --------- ---------

    Diluted loss per common share:
     (6)

       Loss before cumulative effect
        of accounting change         $ (2.47) $ (3.76)    (4.18)    (4.23)
       Cumulative effect of
        accounting change, net of
        tax                                -        -         -     (0.05)
                                     -------- -------- --------- ---------

        Net loss per share           $ (2.47) $ (3.76) $  (4.18) $  (4.28)
                                     -------- -------- --------- ---------

       Average number of basic and
        diluted shares outstanding
        (6)                             57.5     57.4      57.4      57.4
                                     -------- -------- --------- ---------
    

    
                             BOWATER INCORPORATED
                         CONSOLIDATED BALANCE SHEETS
                     (Unaudited, in millions of dollars)


                                                September 30, December 31,
                                                    2007          2006
                                                ------------- ------------
    Current assets:
        Cash and cash equivalents                    $   83.9     $   98.9
        Accounts receivable, net                        456.7        444.5
        Inventories                                     366.8        349.8
        Timberlands held for sale (3)                     4.8         18.7
        Other current assets                             68.5         47.1
                                                ------------- ------------
            Total current assets                        980.7        959.0
                                                ------------- ------------
    Timber and timberlands                               58.8         60.8
    Fixed assets, net                                 2,737.3      2,877.9
    Goodwill                                            590.7        590.2
    Other assets                                        142.6        158.0
                                                ------------- ------------
        Total assets                                 $4,510.1     $4,645.9
                                                ------------- ------------

    Current liabilities:
        Current installments of long-term debt       $   21.7     $   14.9
        Short-term bank debt                             72.0            -
        Accounts payable and accrued
         liabilities                                    466.1        431.2
                                                ------------- ------------
            Total current liabilities                   559.8        446.1
                                                ------------- ------------
    Long-term debt, net of current installments       2,243.9      2,251.6
    Pension and other postretirement benefit
     obligations                                        641.1        651.1
    Other long-term liabilities                          72.1         92.5
    Deferred income taxes                               349.3        313.0
    Minority interests in subsidiaries                   77.7         59.0
    Shareholders' equity                                566.2        832.6
                                                ------------- ------------
        Total liabilities and shareholders'
         equity                                      $4,510.1     $4,645.9
                                                ------------- ------------
    

    
                             BOWATER INCORPORATED
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Unaudited, in millions of dollars)

                                                         Nine Months Ended
                                                           September 30,
                                                         -----------------
                                                            2007     2006
                                                         -------- --------
    Cash flows from operating activities:
    Net loss                                             $(240.1) $(245.5)
    Adjustments to reconcile net loss to net cash from
     operating activities:
    Cumulative effect of accounting change, net of tax
     (5)                                                       -      2.6
    Share-based compensation                                10.1      1.8
    Depreciation, amortization and cost of timber
     harvested                                             239.1    243.1
    Impairment and other related charges (1)                   -    246.4
    Deferred income taxes                                   31.4     21.6
    Minority interests, net of tax (3)                       2.1      1.5
    Pension contributions, net of pension benefit costs    (26.6)   (25.9)
    Net gain on disposition of assets (3)                 (139.6)  (154.5)
    Changes in working capital:
      Accounts receivable                                  (12.1)   (51.4)
      Inventories                                          (17.0)     6.8
      Income tax receivables and payables                    0.1     11.2
      Accounts payable and accrued liabilities              34.6     21.2
    Other, net                                               4.1    (10.6)
                                                         -------- --------
              Net cash (used in) provided by operating
               activities                                 (113.9)    68.3
                                                         -------- --------

    Cash flows from investing activities:
    Cash invested in fixed assets, timber and
     timberlands                                           (72.6)  (138.0)
    Disposition of assets, including timber and
     timberlands                                           166.6    296.5
    Direct acquisition costs related to the proposed
     merger with Abitibi-Consolidated Inc.                 (17.2)       -
                                                         -------- --------
              Net cash provided by investing activities     76.8    158.5
                                                         -------- --------

    Cash flows from financing activities:
    Cash dividends                                         (34.9)   (34.7)
    Short-term financing                                    80.0    370.9
    Short-term financing repayments                         (8.0)  (432.5)
    Repurchase of long-term debt                               -    (17.5)
    Payments of long-term debt                             (15.0)   (22.3)
                                                         -------- --------
              Net cash provided by (used for) financing
               activities                                   22.1   (136.1)
                                                         -------- --------

    Net (decrease) increase in cash and cash
     equivalents                                           (15.0)    90.7

    Cash and cash equivalents at beginning of year          98.9     30.1
                                                         -------- --------
    Cash and cash equivalents at end of year             $  83.9  $ 120.8
                                                         -------- --------
    

    
    BOWATER INCORPORATED
    Notes to the Press Release and Unaudited Consolidated Financial
     Statements

    (1) During the third quarter of 2006, Bowater realigned its
     organizational structure to move from a divisional organization to a
     functional organization that supports and focuses on its multi-
     product line manufacturing and sales across its mill base. As a
     result of this organizational realignment, Bowater now manages its
     business based on the products it manufactures and sells to its
     external customers, and therefore, its reportable segments and
     goodwill reporting units changed. Prior to the reallocation of
     goodwill to its new reporting units, Bowater performed an interim
     test for impairment. As a result of this review, Bowater recorded a
     charge of $200 million attributable to an impairment of goodwill at
     its Thunder Bay facility. A non-cash asset impairment charge
     attributable to this facility was also recorded in the third quarter
     of 2006 as discussed below.

    Based on the continued decline of North American newsprint consumption
     through the third quarter of 2006, Bowater could no longer foresee
     the restart of paper machine No. 3 at its Thunder Bay facility, which
     had been idled since 2003. Accordingly, Bowater recorded a non-cash
     asset impairment charge of $18.9 million. Also during the third
     quarter of 2006, Bowater decided to close its Benton Harbor
     operation. The close resulted in a review of the facility's long-
     lived assets for impairment. As a result, Bowater recorded a non-cash
     asset impairment charge of $23.5 million. An additional $4.0 million
     was also recorded for lease costs, contract termination costs and
     severance. Inventory write-downs totaling $0.4 million were recorded
     in cost of sales.

    (2) On September 7, 2007, Bowater received a decision in an
     arbitration related to the 1998 sale to Weyerhaeuser Company
     ("Weyerhaeuser") of its former pulp and paper facility in Dryden,
     Ontario. As reported in Bowater's Annual Report on form 10-K, Bowater
     and Weyerhaeuser have been arbitrating a claim regarding the cost of
     certain environmental matters related to the mill. The arbitrators
     awarded Weyerhaeuser approximately $42.9 million (CDN $44.0 million),
     including interest. As a result of the arbitrators's decision, which
     is binding upon Bowater and not subject to appeal, Bowater recorded a
     pre-tax charge of $28.4 million (CDN $29.1 million) during the third
     quarter of 2007.

    (3) During the third quarter of 2007, Bowater sold approximately
     11,400 acres of timberlands primarily located in Tennessee, and
     during the first three quarters of 2007, Bowater sold approximately
     119,200 acres of timberlands primarily located in Tennessee and
     Canada. One of Bowater's consolidated subsidiaries, which is owned
     49% by a minority interest, sold approximately 25,000 acres of the
     119,200 acres and recorded a pre-tax gain on the sale of land of
     $22.8 million during the first three quarters of 2007. During the
     third quarter of 2006, Bowater sold approximately 23,000 acres of
     timberlands, and during the first three quarters of 2006, Bowater
     sold approximately 519,000 acres of timberlands, its Degelis sawmill
     and its Baker Brook sawmill. As of September 30, 2007, Bowater has
     approximately 17,600 acres of timberlands classified as held for
     sale.

    (4) During the third quarter and the first three quarters of 2007,
     income tax benefits and tax credits of $34.1 million and $71.4
     million, respectively, arising primarily from operating losses at
     certain Canadian operations were entirely offset by tax charges to
     increase Bowater's tax valuation allowance, which was initially
     established in December 2005. During the third quarter and the first
     three quarters of 2006, income tax benefits and credits of $18.2
     million and $73.8 million, respectively, also arising from operating
     losses at certain Canadian operations were entirely offset by tax
     charges to increase the tax valuation allowance. Also during the
     third quarter of 2007, Bowater recorded a tax benefit of $5.3 million
     due to the fact that its U.S. statute of limitations for the tax year
     2003 had closed and the tax reserves associated with that year were
     no longer needed. On January 1, 2007, Bowater adopted FASB
     Interpretation No. 48, Accounting for Uncertainty in Income Taxes --
     An Interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48
     clarifies the accounting for the uncertainty in income taxes
     recognized by prescribing the threshold a tax position is required to
     meet before being recognized in the financial statements. As a result
     of the implementation of FIN 48, Bowater decreased its liability for
     unrecognized tax benefits by $2.3 million, which was accounted for as
     a decrease to its January 1, 2007 retained deficit balance. The
     reduction represents the cumulative effect of adoption on prior
     periods.

    (5) Effective January 1, 2006, Bowater adopted FASB Statement No.
     123R, "Share Based Payment" ("SFAS No. 123R"). SFAS No. 123R requires
     the measurement of all employee share-based payments, including
     grants of employee stock options, using a fair-value-based method and
     the recording of such expense in our consolidated statements of
     income. The adoption of SFAS No. 123R resulted in a cumulative effect
     adjustment, net of tax, of $2.6 million, or $0.05 per diluted share,
     in 2006.

    (6) For the calculation of basic and diluted loss per share for the
     three and nine months ended September 30, 2007 and 2006, no
     adjustments to net loss are necessary. The effect of dilutive
     securities is not included in the computation for the three and nine
     months ended September 30, 2007 and 2006 as the effect would be anti-
     dilutive.

    (7) A reconciliation of certain financial statement line items
     reported under generally accepted accounting principles ("GAAP") to
     Bowater's use of non-GAAP measures of operating income (loss), net
     loss and loss per share reported before special items is presented in
     the tables below. Bowater believes that these measures allow
     investors to more easily compare its ongoing operations and financial
     performance from period to period. These non-GAAP measures should be
     considered in addition to and not as a substitute for measures of
     financial performance prepared in accordance with GAAP. Consequently,
     investors should rely on GAAP operating loss, net loss and loss per
     share. Non-GAAP measures included in our press release include:

    Operating income (loss) before special items - is defined as operating
     loss from our consolidated statement of operations adjusted for
     special items. Internally, the Company uses a non-GAAP operating
     income (loss) measure as an indicator of a segment's performance and
     excludes impairment charges, severance charges, gains on dispositions
     of assets and other discretionary charges or credits from GAAP
     operating income. Therefore, this non-GAAP presentation is consistent
     with Bowater's internal presentation. This non-GAAP measure should be
     used in addition to and not as a substitute for operating loss
     provided in Bowater's consolidated statement of operations. Bowater
     believes that this non-GAAP measure is useful because it is
     consistent with its internal presentation and performance analysis
     and allows investors to more easily compare the Company's ongoing
     operations and financial performance from period to period.

    Net loss before special items - is defined as net loss from Bowater's
     consolidated statement of operations adjusted for the special items
     discussed above plus foreign exchange losses, the impact of the
     adoption of new accounting standards, net of tax, and the adjustment
     for tax charges that have been taken against the income tax benefits
     arising primarily from operating losses at certain of Bowater's
     Canadian operations (refer to Note 4 above). The adjustment for these
     items is consistent with Bowater's internal presentation, and the tax
     adjustment is provided for our investors to reflect a more
     appropriate effective tax rate. This non-GAAP measure should be used
     in addition to and not as a substitute for net loss provided in
     Bowater's consolidated statement of operations. Bowater believes that
     this non-GAAP measure is useful because it is consistent with its
     internal presentation and allows investors to more easily compare the
     Company's ongoing operations and financial performance from period to
     period.

    Loss per share (EPS) before special items - is defined as diluted EPS
     calculated based on the net loss before special items. This non-GAAP
     measure should be used in addition to and not as a substitute for
     Bowater's loss per share calculated in accordance with GAAP as
     provided in the consolidated statements of operations. Bowater
     believes that this non-GAAP measure is useful because it is
     consistent with its internal presentation and allows investors to
     more easily compare the Company's EPS from ongoing operations and
     financial performance from period to period.
    

    

                                                Operating   Net
                                                 (loss)    (loss)
    Three Months Ended September 30, 2007         income   income  EPS
    (unaudited, in millions except per share
     amounts)
    ----------------------------------------------------------------------

    GAAP as reported                             $ (82.1) $(142.1) $(2.47)

    Adjustments for special items:
    Sale of assets                                 (17.1)   (11.3)  (0.19)
    Legal settlement                                28.4     28.4    0.49
    Severance and merger-related costs              17.6     14.1    0.25
    Foreign exchange                                   -     29.0    0.50
    Tax adjustments                                    -     21.5    0.37

    GAAP as adjusted for special items           $ (53.2) $ (60.4) $(1.05)

    ----------------------------------------------------------------------

    ----------------------------------------------------------------------

                                                Operating   Net
                                                 (loss)    (loss)
    Three Months Ended September 30, 2006         income   income    EPS
    (unaudited, in millions except per share
     amounts)
    ----------------------------------------------------------------------

    GAAP as reported                             $(179.3) $(216.1) $(3.76)

    Adjustments for special items:
    Sale of assets                                 (54.0)   (33.2)  (0.58)
    Impairment of assets                           246.8    236.7    4.13
    Severance                                        6.9      4.5    0.08
    Foreign exchange                                   -      1.5    0.03
    Tax adjustments                                    -     (5.7)  (0.10)

    GAAP as adjusted for special items           $  20.4  $ (12.3) $(0.20)

    ----------------------------------------------------------------------

    ----------------------------------------------------------------------

                                                Operating   Net
                                                 (loss)    (loss)
    Nine Months Ended September 30, 2007          income   income    EPS
    (unaudited, in millions except per share
     amounts)
    ----------------------------------------------------------------------

    GAAP as reported                             $ (42.1) $(240.1) $(4.18)

    Adjustments for special items:
    Sale of assets                                (139.6)   (89.2)  (1.55)
    Legal settlement                                28.4     28.4    0.49
    Severance and merger-related costs              47.1     37.8    0.66
    Foreign exchange                                   -     61.2    1.07
    Tax adjustments                                    -     51.4    0.89

    GAAP as adjusted for special items           $(106.2) $(150.5) $(2.62)

    ----------------------------------------------------------------------

    ----------------------------------------------------------------------

                                                Operating   Net
                                                 (loss)    (loss)
    Nine Months Ended September 30, 2006          income   income    EPS
    (unaudited, in millions except per share
     amounts)
    ----------------------------------------------------------------------

    GAAP as reported                             $ (72.1) $(245.5) $(4.28)

    Adjustments for special items:
    Sale of assets                                (154.5)   (96.8)  (1.69)
    Impairment of assets                           246.8    236.7    4.13
    Severance                                       11.3      7.4    0.13
    Adoption of new accounting standard                -      2.6    0.05
    Foreign exchange                                   -     20.4    0.35
    Tax adjustments                                    -     26.3    0.46

    GAAP as adjusted for special items           $  31.5  $ (48.9) $(0.85)

    ----------------------------------------------------------------------

    A schedule of historical financial and operating statistics is
     available upon request and on Bowater's web site (www.bowater.com).
    




For further information:

For further information: Bowater Incorporated Media Contact: Seth
Kursman, 514-845-4591 or Analyst Contact: Duane A. Owens, 864-282-9488

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