Cascades reports first quarter results

KINGSEY FALLS, QC, May 13 /CNW Telbec/ - Cascades Inc. (CAS on the Toronto stock exchange), a leader in recovery and the manufacturing of green packaging and tissue paper products, announces its financial results for the three months ended March 31, 2010.

(All amounts in this press release are in Canadian dollars unless otherwise indicated.)

    
    First quarter highlights
    ------------------------

    -   Strong rebound in shipments, up 12% compared to the first quarter of
        2009 (excluding the impact of the acquisition of the tissue assets of
        Atlantic Packaging).

    -   As expected, short-term pressure on profitability in the first
        quarter due to the sharp and significant rise of recycled fibre and
        pulp costs.

    -   Net earnings of $0.00 per share compared to net earnings excluding
        specific items of $0.22 per share and $0.38 per share including
        specific items in the same period of last year.

    -   Operating income before depreciation and amortization (EBITDA)
        excluding specific items of $78 million compared to $107 million in
        Q1 2009.

    -   Cash flow from operations of $41 million compared to $70 million in
        the first quarter of last year.

    -   Net debt down almost $300 million compared to March 31, 2009,
        including $25 million in the first three months of the year.

    -   Purchase of $US159 million of our senior notes maturing in 2013 year-
        to-date in 2010; approximately $US18 million remain outstanding.

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

    Financial Summary
    -----------------

    Selected consolidated information
    (in millions of Canadian dollars,             ---------------------------
     except amounts per share)                     Q1/2010  Q1/2009  Q4/2009
    -------------------------------------------   ---------------------------
    Sales                                              942      970      952
    Excluding specific items(1)
      Operating income before depreciation and
       amortization (OIBD or EBITDA)                    78      107      110
      Operating income                                  23       53       54
      Net earnings attributable to shareholders
       for the period                                    -       21       26
         per common share                              $ -    $0.22    $0.27
      Cash flow from operations (adjusted)              41       70       77
    As reported
    Operating income before depreciation and
     amortization (OIBD or EBITDA)(1)                   82      103       70
    Operating income                                    27       49       14
    Net earnings (loss) attributable to
     shareholders for the period                         -       37      (41)
      per common share                                 $ -    $0.38   $(0.42)
    Cash flow from operations (adjusted)(1)             38       68       62
    -------------------------------------------------------------------------
    Note 1 - see the supplemental information on non-GAAP measures note.
    

Commenting on the first quarter results, Mr. Alain Lemaire, President and Chief Executive Officer stated: "As anticipated, our results were pressured in the first quarter as the Canadian dollar continued to rally and the spread between our selling prices and our raw material costs tightened considerably.

However, we remain in good position as we continued to optimize our cost structure and we started to gradually implement selling price increases in most of our sectors. Also, the cost of certain grades of recycled fibre peaked in March, volumes and orders remained on their upward trend and we continued to proactively manage our cash flow. We should therefore progressively benefit from greatly improved business conditions in the second quarter."

    
    Results analysis for the three-month period ended March 31, 2010
    ----------------------------------------------------------------
    

In comparison with the same period last year, sales decreased by 3% to $942 million resulting from lower selling prices and the appreciation of the Canadian dollar partly offset by a 12% increase in shipments (excluding the impact of the acquisition of the tissue assets of Atlantic Packaging).

Net earnings excluding specific items amounted to $0 ($0.00 per share) in the first quarter of 2010 compared to $21 million ($0.22 per share) for the same period of last year. Including specific items, net earnings amounted to $0 ($0.00 per share) compared to $37 million ($0.38 per share) for the same quarter in 2009.

The operating income excluding specific items amounted to $23 million compared to $53 million in Q1 2009. Weaker energy and certain variable costs, the optimization of our cost structure as well as improved operating rates were more than offset by the negative effect of lower selling prices, higher raw material costs and the stronger Canadian dollar. When including specific items, operating income amounted to $27 million in comparison to $49 million in the same period of last year.

In the first quarter of 2010, these specific items impacted our operating income and/or net earnings (before tax):

    
    -   $4 million unrealized gain on financial instruments (impact on
        operating income and net earnings);
    -   $3 million loss on long-term debt refinancing (impact on net
        earnings);
    -   $1 million foreign exchange loss on long-term debt and financial
        instruments (impact on net earnings).
    

See the two following tables for more details on GAAP and non-GAAP measures reconciliation.

    
    Second quarter outlook
    ----------------------
    

Mr. Alain Lemaire, President and Chief Executive Officer added: "We expect a rebound in profitability mostly as a result of the significant momentum in pricing. Many of our operations will benefit from the selling price increases that were implemented during the first quarter and some recently announced additional hikes should be realized in the coming months. Also, the strong demand that we currently acknowledge in almost all our sectors as well as the usual seasonal pickup should continue to positively impact our operational efficiency and financial results.

On the cost front, energy prices are currently lower than in the first three months of the year. In addition, the publication price of old corrugated containers (OCC), the main grade of recycled fibres consumed by Cascades, is down since its peak in March. All in all, we remain confident for the coming months, especially for our packaging operations."

    
    Dividend on common shares and normal course issuer bid
    ------------------------------------------------------
    

The Board of Directors of Cascades declared a quarterly dividend of $0.04 per share to be paid June 11, 2010 to shareholders of record at the close of business on May 28, 2010. This dividend paid by Cascades is an "eligible dividend" as per the Income Tax Act (Bill C-28, Canada). In addition, in the first quarter of 2010, in accordance with its normal course issuer bid program, Cascades purchased for cancellation 237,718 shares at an average price of $8.14 representing an aggregate amount of approximately $1.9 million.

Supplemental information on non-GAAP measures

Operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations are not measures of performance under Canadian GAAP. The Company includes operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations because they are measures used by management to assess the operating and financial performance of the Company's operating segments. Additionally, the Company believes that these items provide additional measures often used by investors to assess a company's operating performance and its ability to meet debt service requirements. However, operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations do not represent, and should not be used as a substitute for net earnings or cash flows from operating activities as determined in accordance with Canadian GAAP, and they are not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. In addition, our definition of operating income before depreciation and amortization, earnings before interests, taxes, depreciation and amortization, operating income and cash flow from operations may differ from those of other companies. Cash flow from operations is defined as cash flow from operating activities as determined in accordance with Canadian GAAP excluding the change in working capital components.

Operating income before depreciation and amortization excluding specific items, earnings before interests, taxes, depreciation and amortization excluding specific items, operating income excluding specific items, net earnings excluding specific items, net earnings per common share excluding specific items and cash flow from operations excluding specific items are non-GAAP measures. The Company believes that it is useful for investors to be aware of specific items that have adversely or positively affected its GAAP measures, and that the above mentioned non-GAAP measures provide investors with a measure of performance with which to compare its results between periods without regard to these specific items. The Company's measures excluding specific items have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation.

Specific items are defined to include charges for impairment of assets, charges for facility or machine closures, debt restructuring charges, gains or losses on sale of business unit, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, foreign exchange gains or losses on long-term debt and other significant items of an unusual or non-recurring nature.

Net earnings (loss) attributable, which is a performance measure defined by Canadian GAAP is reconciled below to operating income (loss), operating income excluding specific items and operating income before depreciation excluding specific items or earnings before interests, taxes, depreciation and amortization excluding specific items:

    
                                                  ---------------------------
    (in millions of Canadian dollars)              Q1/2010  Q1/2009  Q4/2009
    -------------------------------------------------------------------------

    Net earnings (loss) attributable to
     shareholders for the period                         -       37      (41)
    Non-controlling interest                             -       (1)       -
    Share of results of significantly influenced
     companies                                          (2)      (5)      (7)
    Provision for (recovery of) income taxes            (3)       5      (16)
    Foreign exchange loss on long-term debt and
     financial instruments                               1        -       37
    Gain on purchase of senior notes                     -      (14)       -
    Loss on long-term debt refinancing                   3        -       17
    Financing expense                                   28       27       24
                                                  ---------------------------

    Operating income                                    27       49       14
    Specific items :
    Impairment loss                                      -        3       42
    Closure and restructuring costs                      -        2        2
    Unrealized gain on financial instruments            (4)      (1)      (4)
                                                  ---------------------------
                                                        (4)       4       40
                                                  ---------------------------

    Operating income - excluding specific items         23       53       54

    Depreciation and amortization                       55       54       56
                                                  ---------------------------

    Operating income before depreciation and
     amortization (OIBD or EBITDA) - excluding
     specific items                                     78      107      110
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

The following table reconciles net earnings (loss) attributable to shareholders for the period and net earnings (loss) per share attributable to shareholders for the period to net earnings (loss) attributable to shareholders for the period excluding specific items and net earnings (loss) per share attributable to shareholders for the period excluding specific items:

    
                       --------------------------  --------------------------
    (in millions of        Net earnings (loss)         Net earnings (loss)
     Canadian dollars,       attributable to         per share attributable
     except amounts           shareholders               to shareholders
     per share)              for the period             for the period(1)
    ---------------------------------------------  --------------------------
                        Q1/2010  Q1/2009  Q4/2009  Q1/2010  Q1/2009  Q4/2009
                       --------------------------  --------------------------
    As per GAAP               -       37      (41)     $ -    $0.38   $(0.42)
    Specific items :
    Impairment loss           -        3       42      $ -    $0.02    $0.32
    Closure and
     restructuring
     costs                    -        2        2      $ -    $0.02    $0.02
    Unrealized gain
     financial
     instruments             (4)      (1)      (4)  $(0.03)  $(0.01)  $(0.03)
    Loss on long-term
     debt refinancing         3        -       17    $0.02      $ -    $0.11
    Gain on purchase
     of senior notes          -      (14)       -      $ -   $(0.13)     $ -
    Foreign exchange
     loss on long-term
     debt and financial
     instruments              1        -       37    $0.01      $ -    $0.32
    Share of results of
     significantly
     influenced
     companies                -       (2)      (3)     $ -   $(0.02)  $(0.03)
    Adjustment of
     statutory tax rate       -       (4)      (2)     $ -   $(0.04)  $(0.02)
    Tax effect on
     specific items           -        -      (22)
                       --------------------------  --------------------------
                              -      (16)      67      $ -   $(0.16)   $0.69
                       --------------------------  --------------------------

    Excluding specific
     items                    -       21       26      $ -    $0.22    $0.27
    ---------------------------------------------  --------------------------
    ---------------------------------------------  --------------------------
    Note 1 - specific amounts per share are calculated on an after-tax basis.
    

The following table reconciles cash flow provided by operating activities to cash flow (adjusted) from operations excluding specific items:

    
                                                  ---------------------------
                                                    Cash flow from operations
    (in millions of Canadian dollars,             ---------------------------
     except amounts per share)                     Q1/2010  Q1/2009  Q4/2009
    -------------------------------------------------------------------------

    Cash flow provided by operating activities          33       67       91
    Changes in non-cash working capital components       5        1      (29)
                                                  ---------------------------
    Cash flow (adjusted) from operations                38       68       62
    Specific items :
    Loss on long-term debt refinancing                   3        -       13
    Closure and restructuring costs, net of
     current income tax                                  -        2        2
                                                  ---------------------------

    Excluding specific items                            41       70       77
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Company employs close to 12,500 employees, who work in more than 100 units located in North America and Europe. Its management philosophy, its more than 45 years of experience in recycling and its continued efforts in research and development are strengths that enable Cascades to create new products for its customers. Cascades' shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.

Certain statements in this release, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Company's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Company's Securities and Exchange Commission filings.

    
    Consolidated Balance Sheets
    (in millions of Canadian dollars)

                                                         As at         As at
                                                      March 31,  December 31,
                                                          2010          2009
                                                  ---------------------------
    Assets                                          (unaudited)

    Current assets
    Cash and cash equivalents                               23            19
    Accounts receivable                                    566           543
    Inventories                                            525           520
    -------------------------------------------------------------------------
                                                         1,114         1,082
    Property, plant and equipment                        1,859         1,912
    Intangible assets                                      158           165
    Other assets                                           318           317
    Goodwill                                               315           316
    -------------------------------------------------------------------------
                                                         3,764         3,792
                                                  ---------------------------
                                                  ---------------------------

    Liabilities and Equity

    Current liabilities
    Bank loans and advances                                 78            83
    Accounts payable and accrued liabilities               539           505
    Current portion of long-term debt                       10            10
    -------------------------------------------------------------------------
                                                           627           598
    Long-term debt                                       1,443         1,459
    Other liabilities                                      402           410
    -------------------------------------------------------------------------
                                                         2,472         2,467
                                                  ---------------------------

    Commitments and Contingencies
    Equity attributable to the Shareholders
    Capital stock                                          498           499
    Contributed surplus                                     13            14
    Retained earnings                                      696           700
    Accumulated other comprehensive income                  64            91
    -------------------------------------------------------------------------
                                                         1,271         1,304
    Non-controlling interest                                21            21
    -------------------------------------------------------------------------
    Total equity                                         1,292         1,325
    -------------------------------------------------------------------------

                                                         3,764         3,792
                                                  ---------------------------
                                                  ---------------------------


    Consolidated Statements of Earnings (Loss)
    (in millions of Canadian dollars, except per share amounts)
    (unaudited)

                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------

    Sales                                                  942           970
    Cost of sales and expenses
    Cost of sales (excluding depreciation and
     amortization)                                         766           752
    Depreciation and amortization                           55            54
    Selling and administrative expenses                     98           108
    Impairment and other restructuring costs                 -             5
    Loss (gain) on financial instruments                    (4)            2
    -------------------------------------------------------------------------
                                                           915           921
    -------------------------------------------------------------------------
    Operating income                                        27            49

    Financing expense                                       28            27
    Loss on refinancing of long term debt                    3             -
    Gain on purchases of senior notes                        -           (14)
    Foreign exchange loss on long-term debt and
     financial instruments                                   1             -
    -------------------------------------------------------------------------
                                                            (5)           36
    Provision for (recovery of) income taxes                (3)            5
    Share of results of significantly influenced
     companies                                              (2)           (5)
    -------------------------------------------------------------------------
    Net earnings including non-controlling
     interest for the period                                 -            36
    Non-controlling interest                                 -            (1)
    -------------------------------------------------------------------------
    Net earnings attributable to Shareholders
     for the period                                          -            37
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted net earnings per common
     share                                                  $-         $0.38
                                                  ---------------------------
                                                  ---------------------------

    Weighted average basic number of Cascades'
     common shares outstanding                      97,086,643    98,458,747
                                                  ---------------------------
                                                  ---------------------------


    Consolidated Statements of Comprehensive Income (Loss)
    (in millions of Canadian dollars)
    (unaudited)


                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------

    Net earnings including non-controlling
     interest for the period                                 -            36
                                                  ---------------------------

    Other comprehensive income (loss)
      Translation adjustments
      Change in foreign currency translation of
       self-sustaining foreign subsidiaries                (35)           17
      Change in foreign currency translation
       related to hedging activities                        16           (14)
      Income taxes                                          (2)            2
      Cash flow hedges
      Change in fair value of foreign exchange
       forward contracts                                     4             1
      Change in fair value of interest rate
       swap agreements                                      (2)            -
      Change in fair value of commodity
       derivative financial instruments                    (12)           (3)
      Income taxes                                           4             -
                                                  ---------------------------
                                                           (27)            3
                                                  ---------------------------
    Comprehensive income (loss) including
     non-controlling interest for the period               (27)           39
                                                  ---------------------------

    Less: Comprehensive income attribuable
     to non-controlling interest:                           -            (1)
                                                  ---------------------------
    Comprehensive income (loss) attributable
     to Shareholders                                       (27)           40
                                                  ---------------------------
                                                  ---------------------------


    Consolidated Statements of Equity
    (in millions of Canadian dollars)
    (unaudited)

                                       For the 3-month period ended March 31,
                                                                        2010
                  -----------------------------------------------------------
                                            Accu-    Total
                                         mulated    equity
                                           other   attribu-
                         Contri-     Re-  compre-    table       Non-
                          buted  tained  hensive    to the   control-
                  Capital   sur-    ear-  income     Share-     ling   Total
                    stock  plus   nings    (loss)  holders  interest  equity
                  -----------------------------------------------------------
    Balance -
     Beginning of
     period           499     14     700      91     1,304        21   1,325
    Comprehensive
     income (loss):
      Net earnings
       for the
       period           -     -       -        -         -         -       -
      Change in
       other
       comprehensive
       income (loss)    -     -       -      (27)      (27)        -     (27)
                                                   --------------------------
    Comprehensive
     income (loss)
     for the period                                    (27)        -     (27)
                                                   --------------------------

    Dividends           -     -      (4)       -        (4)        -      (4)
    Redemption of
     common shares     (1)   (1)      -        -        (2)        -      (2)
                  -----------------------------------------------------------
    Balance - End
     of period        498    13     696       64     1,271        21   1,292
                  -----------------------------------------------------------
                  -----------------------------------------------------------

                                       For the 3-month period ended March 31,
                                                                        2009
                  -----------------------------------------------------------
                                                     Total
                                            Accu-   equity
                                         mulated   attribu-
                         Contri      Re-   other     table       Non-
                          buted  tained   compre-   to the   control-
                  Capital   sur-    ear- hensive     Share-     ling   Total
                    stock  plus   nings   income   holders  interest  equity
                  -----------------------------------------------------------
    Balance -
     Beginning of
     period           506     9     656       85     1,256        22   1,278
    Comprehensive
     income:
      Net earnings
       for the
       period           -     -      37        -        37        (1)     36
      Change in
       other
       comprehensive
       income           -     -       -        3         3         -       3
                                                   --------------------------
    Comprehensive
     income for
     the period                                         40        (1)     39
                                                   --------------------------

    Dividends           -     -      (4)       -        (4)        -      (4)
    Redemption of
     common shares     (5)    3       -        -        (2)        -      (2)
                  -----------------------------------------------------------
    Balance - End
     of period        501    12     689       88     1,290        21   1,311
                  -----------------------------------------------------------
                  -----------------------------------------------------------


    Consolidated Statements of Cash Flows
    (in millions of Canadian dollars)
    (unaudited)

                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------

    OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
    Net earnings attributable to Shareholders
     for the period                                          -            37
    Adjustments for
      Depreciation and amortization                         55            54
      Impairment and other restructuring costs               -             3
      Unrealized gain on financial instruments              (4)           (1)
      Gain on purchases of senior notes                      -           (14)
      Foreign exchange loss on long-term debt
       and financial instruments                             1             -
      Future income taxes                                  (10)           (3)
      Share of results of significantly
       influenced companies                                 (2)           (5)
      Non-controlling interest                               -            (1)
      Others                                                (2)           (2)
    -------------------------------------------------------------------------
                                                            38            68
    Change in non-cash working capital components           (5)           (1)
    -------------------------------------------------------------------------
                                                            33            67
    -------------------------------------------------------------------------
    INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
    Purchases of property, plant and equipment             (34)          (40)
    Increase in other assets                                (2)           (3)
    Business acquisitions                                   (3)            -
    -------------------------------------------------------------------------
                                                           (39)          (43)
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
    Bank loans and advances                                 (2)          (32)
    Change in revolving credit facilities                  185            12
    Purchases of senior notes                             (161)          (14)
    Increase in other long-term debt                         1            22
    Payments of other long-term debt                        (5)           (1)
    Redemption of common shares                             (2)           (2)
    Dividends                                               (4)           (4)
    -------------------------------------------------------------------------
                                                            12           (19)
    -------------------------------------------------------------------------
    Change in cash and cash equivalents during
     the period from continuing operations                   6             5

    Change in cash and cash equivalents from
     discontinued operations                                (2)           (3)
    -------------------------------------------------------------------------
    Net change in cash and cash equivalents
     during the period                                       4             2
    Translation adjustments on cash and cash
     equivalents                                             -             -
    Cash and cash equivalents - Beginning of period         19            11
    -------------------------------------------------------------------------

    Cash and cash equivalents - End of period               23            13
                                                  ---------------------------
                                                  ---------------------------


    Selected Segmented Information
    (in millions of Canadian dollars)
    (unaudited)

                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------

    Sales
    Packaging products
      Boxboard
        Manufacturing                                      177           180
        Converting                                         153           181
        Intersegment sales                                 (20)          (25)
                                                  ---------------------------
                                                           310           336
      Containerboard
        Manufacturing                                      134           131
        Converting                                         194           209
        Intersegment sales                                 (73)          (77)
                                                  ---------------------------
                                                           255           263
      Specialty products
        Manufacturing                                       83            86
        Converting                                          59            61
        Recovery and deinked pulp                           92            59
        Intersegment sales                                 (19)          (20)
                                                  ---------------------------
                                                           215           186

        Intersegment sales                                 (29)          (13)
                                                  ---------------------------
                                                           751           772
    Tissue papers
      Manufacturing and converting                         198           211

    Intersegment sales and other                            (7)          (13)
    -------------------------------------------------------------------------
    Total                                                  942           970
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------
    Operating income (loss) before depreciation
     and amortization
    Packaging products
      Boxboard
        Manufacturing                                        9            12
        Converting                                          15            12
        Others                                              (1)           (2)
                                                  ---------------------------
                                                            23            22
      Containerboard
        Manufacturing                                       10            35
        Converting                                          21             7
        Others                                               -            (7)
                                                  ---------------------------
                                                            31            35

      Specialty products
        Manufacturing                                        6             9
        Converting                                           6             5
        Recovery and deinked pulp                            6             -
        Others                                               -            (1)
                                                  ---------------------------
                                                            18            13

                                                  ---------------------------
                                                            72            70
    Tissue papers
      Manufacturing and converting                          19            39

    Corporate                                               (9)           (6)
    -------------------------------------------------------------------------
    Operating income before depreciation and
     amortization                                           82           103
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Depreciation and amortization
      Boxboard                                             (14)          (19)
      Containerboard                                       (19)          (16)
      Specialty products                                    (8)           (8)
      Tissue papers                                        (11)           (9)
      Corporate and eliminations                            (3)           (2)
                                                  ---------------------------
                                                           (55)          (54)
                                                  ---------------------------
    Operating income                                        27            49
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                     For the 3-month periods
                                                              ended March 31,
                                                          2010          2009
                                                  ---------------------------

    Purchases of property, plant and equipment
    Packaging products
      Boxboard
        Manufacturing                                        4             6
        Converting                                           3             7
                                                  ---------------------------
                                                             7            13
      Containerboard
        Manufacturing                                        4             3
        Converting                                           5             2
                                                  ---------------------------
                                                             9             5
      Specialty products
        Manufacturing                                        1             1
        Converting                                           1             1
        Recovery and deinked pulp                            1             8
                                                  ---------------------------
                                                             3            10

                                                  ---------------------------
                                                            19            28
    Tissue papers
      Manufacturing and converting                           8             7

    Corporate                                                3             1
    -------------------------------------------------------------------------
    Total purchases                                         30            36

    Disposal of property, plant and equipment               (2)           (1)
    -------------------------------------------------------------------------
                                                            28            35

    Purchases of property, plant and equipment
     included in accounts payable
      Beginning of period                                   13            14
      End of period                                         (7)           (9)
    -------------------------------------------------------------------------
    Total investing activities                              34            40
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

SOURCE Cascades Inc.

For further information: For further information: MEDIA: Hubert Bolduc, Vice-President, Communications and Public Affairs, (514) 912-3790; INVESTORS: Didier Filion, Director, Investor relations, (514) 229-5303; Source: Christian Dubé, Vice-President and Chief Financial Officer


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