Operating income, excluding specific items, decreased from $54 million in the 4Q 2013 to $38 million for the same period in 2014.
Net earnings excluding specific items amounted to $8 million in the 4Q 2014 compared to $18 million for the same period in 2013.
Mario Plourde, President and CEO, had the following comments on the 4Q results: "Even if it ended the year on a weaker note, as expected, 2014 was a year of strategic repositioning during which we completed several initiatives designed to move us towards our stated goals of rationalizing and modernizing our equipment deck. These decisions, while having a negative impact on our financial results for the year, are now behind us and we can now expect improved results going forward. I am particularly encouraged by the performance of our Containerboard Group that benefits from the important investments undertaken over the last few years and from improving market conditions. The Tissue Papers Group continued to be faced with challenging market conditions as well as one-time costs related to the start-up of the new paper machine on the West Coast and the new converting facility in North Carolina . On a sequential basis, the activities of our Specialty Products Group were impacted by lower demand and seasonal downtimes. In Europe, we expected a sequentially improved EBITDA but we were impacted by lower prices and the ramp-up of the new equipment installed at the Santa Giustina mill in Italy.”
Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibre.