Richmond, BC– Catalyst Paper (TSX:CTL) announced today that the United Steelworkers (USW) Local 2688 representing 186 hourly employees at the company’s Snowflake mill have ratified renewal of the labour agreement through to February 28, 2014. The current labour agreement expires February 28, 2011.
Richmond, (BC) – Catalyst Paper (TSX:CTL) posted net earnings of $6.0 million ($0.02 per common share) on sales of $322.3 million during the third quarter of 2010. This contrasts with a net loss of $368.4 million ($0.96 per common share) on sales of $299.4 million in the prior quarter. While second quarter results were significantly impacted by impairment, severances and other closure costs of $302.0 million, improvement in the most recent quarter also reflects better paper market conditions and operational performance.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced several changes to its board of directors which take effect July 30, 2010.
Assuming the role of chairman is Benjamin Duster IV, former chairman of Algoma Steel. Mr. Duster joined the Catalyst board in December 2006 bringing 20 years of Wall Street experience. He is a graduate of Harvard Business and Harvard Law Schools and was admitted to the Illinois Bar in 1985. Mr. Duster is a director on several corporate boards including Jazz Air Holding GP Inc.
Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded a net loss of $368.4 million ($0.96 per common share) on sales of $299.4 million for the second quarter of 2010. Results were significantly impacted by after-tax impairment and closure costs of $302.0 million on the permanent closure of the Elk Falls and Paper Recycling Divisions.
Richmond (BC) – Catalyst Paper (TSX:CTL) announced today that it is permanently closing its Elk Falls paper mill near Campbell River, British Columbia in September. This facility has been indefinitely curtailed since February 2009.
“Today’s news is a disappointing outcome for mill employees and families, for the community, and for our business,” said Catalyst President and CEO Kevin J. Clarke. “The steep decline in commodity paper markets, coupled with uncompetitive labour and tax costs were contributing factors that could not be overcome.”
Richmond, BC – Catalyst Paper (TSX:CTL) announced, today, the appointment of Kevin J. Clarke as President and Chief Executive Officer. Mr. Clarke is a seasoned print industry executive bringing nearly three decades of experience with World Color (Quebecor World) to his new role at Catalyst.
Richmond, (BC) – Catalyst Paper will seek leave to appeal to the Supreme Court of Canada, following dismissal of its appeal concerning the North Cowichan 2009 tax bylaw by the Court of Appeal for British Columbia. In its April 22nd decision, the Appeal Court declined to strike down the tax bylaw while calling the “extreme imbalance” perpetuated by the District of North Cowichan a political problem requiring a policy decision by elected officials.
Powell River, BC – Catalyst Paper and the City of Powell River have inked an agreement in principle to achieve the twin objectives of reducing the Class 4 property tax rate paid by the company’s Powell River mill while assisting the City in reducing significantly its capital expenditures for future municipal service infrastructure.
“Council committed to looking for solutions to the major industry property tax in Powell River,”
said Mayor Stewart Alsgard. “We have held frank, realistic discussions with Catalyst culminating in a very positive outcome that reflects the needs of the community and provides for a way forward under challenging circumstances.”
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that it will restart the second line of pulp production at its Crofton NBSK kraft mill in early May, taking advantage of a stronger market. The first line of pulp production was restarted in October 2009 following a seven-month curtailment of the entire kraft mill due to weak pulp demand and pricing.
Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded a net loss attributable to the company of $4.4 million, or $0.01 per common share in 2009, compared to a net loss attributable to the company of $219.8 million, or $0.65 per common share in 2008.
Effective December 31, 2009, the company adopted U.S. generally accepted accounting principles (US GAAP) for presentation of its 2009 consolidated financial statements. As a consequence, the quarterly consolidated financial statements for 2009 have been restated into US GAAP and are being filed concurrently with the company’s annual consolidated financial statements.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that it resubmitted a proposal to the union that could allow for the restart of the Elk Falls paper mill at a labour cost, all in, of approximately $40 per hour. This reflects current market realities and includes changes to wages and benefits similar to those already implemented with management and staff employees. The company also indicated that, to date, 63 per cent of eligible hourly workers at the Elk Falls operation have elected the severance option arising from indefinite curtailment of the mill since February 2009.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that Richard Garneau, the company’s chief executive officer, will be leaving the company on April 28, 2010, following the company’s annual meeting of shareholders. Mr. Garneau advised the Board of Directors today that for personal reasons he will be moving back to eastern Canada to be closer to his family.
Richmond, BC – Catalyst Paper Corporation (TSX:CTL) today announced that it has amended the terms of its private exchange offer and consent solicitation (the “Exchange Offer”) for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the “Old Notes”).
As a result of this amendment, an amended and restated offering memorandum (the “Amended Offering Memorandum”), reflecting the terms of the amended Exchange Offer, will be made available to Eligible Holders (as defined below) as soon as possible.
Richmond, BC – Catalyst Paper (TSX:CTL) today announced that its Crofton No. 1 paper machine will be curtailed indefinitely due to weak newsprint and directory paper demand. The machine, which produces 140,000 tonnes of commodity grades on an annualized basis, was temporarily idled on December 23, 2009 for the holiday period.
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