Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $29 million for the three-month period ended September 27, 2014, as compared to adjusted EBITDA of $24 million a year ago and adjusted EBITDA of $30 million in the prior quarter.
For the fiscal year ended September 27, 2014, consolidated sales were $1.5 billion, unchanged from the prior year. The Company generated net earnings of $9 million compared to a net loss of $39 million in fiscal 2013. Adjusted EBITDA was $90 million compared to $97 million in the prior year.
The Specialty Cellulose Pulp segment generated adjusted EBITDA of $16 million on sales of $123 million for the quarter ended September 2014, compared to adjusted EBITDA of $19 million on sales of $126 million in the prior quarter. The pulp sales increase of $1 million was due to higher shipments of specialty grades.
The Forest Products segment generated adjusted EBITDA of $11 million on sales of $113 million for the quarter ended September 2014, compared to adjusted EBITDA of $5 million on sales of $108 million in the prior quarter. Sales increased by $5 million due to higher selling prices. Lumber shipments were equal to 83% of capacity versus 84% in the prior quarter.
The Paper Pulp segment generated nil adjusted EBITDA on sales of $73 million for the quarter ended September 2014, compared to adjusted EBITDA of $3 million on sales of $102 million in the prior quarter. The $29 million decrease in sales was due to lower shipments and selling prices.
The Paper segment generated adjusted EBITDA of $7 million on sales of $86 million for the quarter ended September 2014, compared to adjusted EBITDA of $8 million on sales of $89 million in the prior quarter.
Tembec is a manufacturer of forest products – lumber, pulp, paper and specialty cellulose – and a global leader in sustainable forest management practices.