Catalyst Paper Corporation recorded a net loss of C$26.6 million ($20.5 million) and a net loss before specific items of C$27.3 million ($21 million) in the 2Q 2016. This compared to net earnings of C$16.9 million ($13 million) and a net loss before specific items of C$5.1 million ($3.9 million) in the previous quarter, as the company said in the press release received by Lesprom Network.
Adjusted Earnings Before Interest Tax Depreciation and Amortization (adjusted EBITDA) was negative C$5.3 million ($4 million) and adjusted EBITDA before specific items was negative C$1.1 million ($0.8 million) in the 2Q.
This compares to adjusted EBITDA of C$17.1 million ($13.2 million) and adjusted EBITDA before specific items of C$17.7 million ($13.6 million) in the previous quarter. Liquidity declined from $84 million ($64.6 million) as of March 31 to C$74.5 million ($57.3 million) as of June 30, 2016.
Year to date adjusted EBITDA of C$11.8 million ($9 million) was C$17 million ($13 million) higher than the negative C$5.2 million ($4 million) adjusted EBITDA reported in the same period last year.
"Although 2Q results were disappointing, operating results in the first half of 2016 were significantly better compared to the same period last year," said Joe Nemeth, President & CEO. "Our progress demonstrates that we are effectively driving down costs and growing the top line - key strategies that are foundational to our company's transformation."
Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe.
