Fortress Global Enterprises Inc. reported 4Q 2018 operating EBITDA from continuing operations of $4.2 million compared to operating EBITDA from continuing operations of $7.5 million in the previous quarter and operating EBITDA loss from continuing operations of $5.7 million in the prior year comparative period.
The Dissolving Pulp Segment generated operating EBITDA of $6.1 million. The Company invested $0.8 million in the Bioproducts Segment and corporate costs were $1.1 million in the fourth quarter of 2018.
Giovanni Iadeluca, CEO of Fortress Global Enterprises, commented: “Fortress Global Enterprises achieved significant improvements in fiscal 2018 when compared to the previous year. Operating EBITDA from continuing operations increased by $12.7 million and total improvement, excluding the Bioproducts segment, was $14.4 million. Progress was made in productivity, reliability, and quality all while managing a baseline capital expenditure program, leading to our second highest EBITDA total for a 4Q. Our people were the key drivers of performance gains, a direct result of the formal leadership program initiated in 2018 to drive operational improvements. Further progress is anticipated in 2019.”
Fortress Global Enterprises operates its dissolving pulp business at the Fortress Specialty Cellulose mill located in Canada, which also operates in the renewable energy generation sector through its cogeneration facility.
