The Company had earnings before items of $41 million ($1.25 per share) for the third quarter of 2013 compared to earnings before items1 of $16 million ($0.48 per share) for the second quarter of 2013 and earnings before items of $67 million ($1.87 per share) for the third quarter of 2012.
Third quarter 2013 items:
- Loss on sale of business of $19 million ($12 million after tax); and
- Negative impact of purchase accounting of $2 million ($2 million after tax).
Second quarter 2013 items:
- Litigation settlement of $49 million ($46 million after tax);
- Closure and restructuring charges of $18 million ($13 million after tax); and
- Charge of $5 million ($3 million after tax) related to the impairment and write-down of property, plant and equipment.
Third quarter 2012 items:
- Closure and restructuring costs of $2 million ($1 million after tax).
Our third quarter results were driven by improved productivity in our pulp business and continued growth in our personal care business," said John D. Williams, President and Chief Executive Officer. "Pulp and paper plays a vital role as the cash-generation platform in our journey to expand into higher-growth opportunities, and we are focused on running the business as efficiently as possible to ensure that we continue to extract maximum value from our assets.
“During the quarter, we finished the reconfiguration of our Kamloops pulp mill following the closure of a pulp line and a recovery boiler, and we continue to look for opportunities to further improve our output. Additionally, closing the sale of the Ariva U.S. business marked further progress in our transformation as we work to drive enhanced value for our shareholders.
Mr. Williams added, "Our personal care business continues its earnings progression with the ongoing integration of the recent AHP acquisition. While third quarter results were negatively impacted by an inventory adjustment at a large retail customer, we are enthusiastic about the long-term prospects for personal care and remain on track to deliver more than $200 million of EBITDA by 2017 with our existing platform."
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