Fortress Paper reported 2Q operating EBITDA of $6.3 million

八月 9, 2016
Fortress Paper Ltd. reported 2Q 2016 operating EBITDA of $6.3 million, an increase of $5.2 million and $2.2 million over the previous quarter and prior year comparative period, respectively.

"Management is pleased to report another positive quarter of operating EBITDA, our best consolidated operating EBITDA result since the restart of Thurso after its conversion to a dissolving pulp mill," stated Yvon Pelletier, CEO. 

"Overall results are much improved over the prior quarter and prior year. Although the 2Q results at Thurso were below management's expectations, the trend is positive and encouraging. Despite a decline in average realized US dissolving pulp prices and unfavourable US exchange rates in the 2Q compared to the 1Q, operating costs contributed to a much improved result. The costs were in the low $800 range for June and July with cogeneration revenues back on track for the third quarter. We look for continued improvements at the mill from our lean six sigma project teams, which are already improving costs and reliability at the mill. Landqart continues to meet management's expectations. The Landqart sale leaseback of land and building combined with the LSQ sale have provided for improved balance sheet flexibility to manage obligations and seek opportunities for growth."

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products.



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