Mar 13, 2014. /Lesprom Network/. Cascades Inc. announces its unaudited financial results for the three-month period and the fiscal year ended December 31, 2013. In comparison with the same period last year, sales increased by 6% to $958 million in the 4Q 2013 due to favourable exchange rates, an increase in shipments and higher average selling prices, as the company said in the press release received by Lesprom Network.

Operating income, excluding specific items, increased significantly from $22 million in 4Q 2012 to $57 million for the 4Q 2013.

Net earnings excluding specific items amounted to $18 million ($0.19 per share) in the 4Q 2013 compared to a net loss of $5 million ($0.06 per share) for the same period in 2012. Including specific items, net earnings amounted to $6 million ($0.05 per share) compared to a net loss of $32 million ($0.33 per share) for the same quarter in 2012.

Mario Plourde , President and CEO, had the following comments on the 4Q results: "We are pleased with the 16% improvement of our EBITDA excluding specific items in 2013 which demonstrates that the efforts being pursued under our action plan continue to bear fruit. The results of the last quarter of the year have been solid as a result of improved productivity and more favourable external factors such as a weaker Canadian dollar.

Having significantly increased its EBITDA contribution during the fourth quarter, our Containerboard Group continued to show progress due to an improvement in manufacturing efficiencies. Results were also impacted by a favourable adjustment to its pension liabilities. Our Boxboard Europe Group achieved the greatest EBITDA growth during the 4Q. It continues to do well in a difficult environment and has benefited from credits linked to energy savings projects undertaken at two of its mills. Impacted by favourable exchange rates, the Specialty Products Group's results were stable compared to the previous quarter, even though the fourth quarter is usually a slower quarter. Finally, our Tissue Papers Group recorded a seasonal EBITDA decrease as it did last year and it continues to face a very competitive environment while new capacity is being absorbed by the market.

While facing normal logistical challenges associated with start-ups, the Greenpac mill is continuing to ramp-up as planned. Average daily production during the fourth quarter was 747 tons per day, without adjusting for downtime, and operating income before depreciation was positive for the quarter."

Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres.