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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bowater Inc | LSE:BOW | London | Ordinary Share | COM STK US$1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 24.18 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Bowater Inc.
Bowater Announces Fourth Quarter and Full Year 2005 Financial Results
Bowater Incorporated (NYSE: BOW) reported for the year 2005 a net loss of $120.6
million, or $2.10 per diluted share. This compares with a net loss of $87.1
million, or $1.52 per diluted share in 2004. Sales in 2005 totaled $3.5 billion
compared with $3.2 billion in 2004. Excluding impairment and other special
items, the loss for 2005 was $39.6 million, or $0.69 per diluted share, compared
to a 2004 loss of $73.2 million, or $1.28 per diluted share. Bowater had a net
loss of $101.9 million, or $1.78 per diluted share, on sales of $876.4 million
for the fourth quarter of 2005. These results compare with a net loss of $35.2
million, or $0.61 per diluted share, on sales of $823.0 million in the fourth
quarter of 2004. Before special items, the net loss for the fourth quarter of
2005 was $14.4 million, or $0.25 per diluted share, compared with the 2004
fourth quarter net loss before special items of $23.6 million, or $0.41 per
diluted share. Special items in the fourth quarter included a gain on asset
sales of $21.7 million offset by charges of $109.2 million, principally related
to a restructuring at the Thunder Bay, Ontario mill. Specifically, the company
will permanently close the Thunder Bay "A" kraft mill in the second quarter of
2006. This facility produces approximately 210,000 metric tons of market pulp
per year. The closure will improve the financial performance of the site by
reducing the use of high cost wood and energy. It will result in a 20%
employment reduction at the site.
"I regret the impact that our decision at Thunder Bay will have on our
employees, their families and the community. However, this restructuring is
essential for the viability of this site. Also critical is an improved operating
environment in Ontario," said Arnold M. Nemirow, Chairman, President and Chief
Executive Officer. "Although better than 2004, our 2005 financial results were
very disappointing, as we continued to face a stronger Canadian dollar, and
higher energy and wood costs. With this restructuring, as well as the $80
million cost reduction program announced last quarter and better markets, we
expect to continue to improve our financial results in 2006."
FINANCIAL HIGHLIGHTS
(In millions, except per-share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------- -------------------
2005 2004 2005 2004
-------- ------- --------- ---------
Sales $ 876.4 $823.0 $3,483.8 $3,190.3
Net loss $(101.9) $(35.2) $ (120.6) $ (87.1)
Loss per diluted share (in
accordance with GAAP) $ (1.78) $(0.61) $ (2.10) $ (1.52)
Special items, net of tax (per
diluted share):
Sale of assets (gain) loss (0.38) (0.01) (0.72) (0.08)
Foreign exchange (gain) loss (0.01) 0.10 0.08 0.21
Severance 0.22 0.11 0.22 0.11
Impairment and tax charges 1.69 1.82
Adoption of new accounting
standard 0.01 - 0.01 -
-------- ------- --------- ---------
Loss per share excluding special
items $ (0.25) $(0.41) $ (0.69) $ (1.28)
-------- ------- --------- ---------
Fourth quarter special items consisted of a $21.7 million gain related to asset
sales, an asset impairment charge of $69.3 million, primarily related to the
permanent closure at Thunder Bay, tax charges of $27.3 million related to the
elimination of deferred tax assets, primarily associated with the Thunder Bay
operations, a severance charge of $12.8 million, a $0.7 million gain resulting
from currency changes primarily related to the appreciation of the Canadian
dollar and a $0.5 million charge related to the adoption of an accounting
standard related to asset retirement obligations. Additional pension charges
related to the closure of approximately $17.0 million are expected to occur in
2006.
Operating costs for the company's pulp and paper products increased during the
fourth quarter, primarily as a result of rising energy costs and the stronger
Canadian dollar. In addition, repair spending was higher as a result of
maintenance outages. Maintenance downtime at the Coosa Pines, Alabama pulp mill
was longer than anticipated as a result of limited labor availability due to
hurricane reconstruction projects in the region.
Bowater's average transaction price for newsprint rose $13 per metric ton in the
fourth quarter compared to the third quarter, while the company's average
operating costs increased $19 per metric ton. Inventory decreased by 13,900
metric tons. The company curtailed 54,000 metric tons of newsprint production in
the fourth quarter for market and maintenance reasons. In the first quarter, the
company expects to curtail approximately 39,000 metric tons representing
maintenance outages and the continued idling of a machine at Thunder Bay. The
company has informed its North American customers of a $40 per metric ton price
increase effective February 1.
Bowater's average transaction price for coated and specialty papers increased $9
per short ton compared to the third quarter, while the company's average
operating costs increased $14 per short ton. The company has informed its North
American customers of a $60 per short ton price increase, effective February 1,
for certain of its uncoated mechanical grades.
Bowater's average transaction price for market pulp was essentially flat
compared to the third quarter of 2005, while operating costs increased $23 per
metric ton. The company curtailed 24,000 metric tons of market pulp due to
maintenance outages in the quarter and expects to curtail approximately 6,000
tons in the first quarter.
The company's average transaction price for lumber decreased $9 per thousand
board feet compared to the third quarter of 2005. During the quarter, the
company paid countervailing and antidumping duties of approximately $6.2
million. In December, these duties for the company were reduced from 20.15% to
10.81%.
Bowater will host a management conference call to discuss these financial
results at 9:00 a.m. Eastern time, today, January 26, 2006. The conference call
number is 877-209-0397 or 612-332-1213 (international). A webcast of the call
will be available on Bowater's website at www.bowater.com. Interested parties
may follow the on-screen instructions for access to the call and related
information. A replay of the call will be available from 12:30 p.m. Eastern time
today through Thursday, February 2, on the website or by dialing 800-475-6701 or
320-365-3844 (international) and using the access code 813541. Bowater
Incorporated, headquartered in Greenville, SC, is a leading producer of
newsprint, coated mechanical and specialty papers. In addition, the company
makes bleached kraft pulp and lumber products. The company has 12 pulp and paper
mills in the United States, Canada and South Korea and 12 North American
sawmills that produce softwood lumber. Bowater also operates two facilities that
convert a base sheet to coated products. Bowater's operations are supported by
approximately 1.4 million acres of timberlands owned or leased in the United
States and Canada and 30 million acres of timber cutting rights in Canada.
Bowater is one of the world's largest consumers of recycled newspapers and
magazines. Bowater common stock is listed on the New York Stock Exchange and the
Pacific Exchange. A special class of stock exchangeable into Bowater common
stock is listed on the Toronto Stock Exchange (TSX: BWX).
All amounts are in U.S. dollars.
Statements in this news release that are not reported financial results or other
historical information are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. They include, for example,
statements about our business outlook, assessment of market conditions,
strategies, future plans, future sales, prices for our major products, inventory
levels, capital spending and tax rates. These forward-looking statements are not
guarantees of future performance. They are based on management's expectations
that involve a number of business risks and uncertainties, any of which could
cause actual results to differ materially from those expressed in or implied by
the forward-looking statements. The risks and uncertainties relating to the
forward-looking statements in this news release include those described under
the caption "Cautionary Statement Regarding Forward-Looking Information" in
Bowater's annual report on Form 10-K for the year ended December 31, 2004, and
from time to time, in Bowater's other filings with the Securities and Exchange
Commission. Information about industry or general economic conditions contained
in this press release is derived from third party sources that the company
believes are widely accepted and accurate; however, the company has not
independently verified this information and cannot assure its accuracy.
BOWATER INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited, in millions except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
2005 2004 2005 2004
-------- ------- -------- --------
Sales $ 876.4 $ 823.0 $3,483.8 $3,190.3
Cost of sales, excluding
depreciation, amortization
and cost of timber harvested 659.9 614.7 2,540.5 2,346.4
Depreciation, amortization and
cost of timber harvested 83.5 81.1 329.4 335.2
Distribution costs 84.2 83.3 340.3 324.9
Selling and administrative
expense 37.0 52.5 158.0 161.2
Asset impairment (1) 70.7 - 82.6 -
Net gain on fixed assets and
land sales 35.1 1.0 65.8 6.9
-------- ------- -------- --------
Operating income (loss) (23.8) (7.6) 98.8 29.5
Other expense (income):
Interest income (1.6) (1.0) (4.8) (4.2)
Interest expense, net of
capitalized interest 49.8 48.8 199.3 195.3
Foreign exchange loss(gain) (0.5) (3.0) 3.1 (3.0)
Other, net (0.8) (3.8) (8.2) (10.2)
-------- ------- -------- --------
46.9 41.0 189.4 177.9
-------- ------- -------- --------
Loss before income taxes,
minority interests and
cumulative effect of
accounting changes (70.7) (48.6) (90.6) (148.4)
Provision for income tax
expense (benefits) (5) 38.2 (10.1) 39.3 (54.8)
Minority interests in the net
loss of subsidiaries (7.5) (3.3) (9.8) (6.5)
-------- ------- -------- --------
Loss before cumulative effect
of accounting changes (101.4) (35.2) (120.1) (87.1)
Cumulative effect of accounting
changes (2) (0.5) - (0.5) -
-------- ------- -------- --------
Net loss $ (101.9) $ (35.2) $ (120.6) $ (87.1)
======== ======= ======== ========
Basic loss per common share: (3)
Loss before cumulative
effect of accounting
changes (1.77) (0.61) (2.09) (1.52)
Cumulative effect of
accounting changes (0.01) - (0.01) -
-------- ------- -------- --------
Net loss per share (1.78) (0.61) (2.10) (1.52)
======== ======= ======== ========
Average common shares
outstanding (3) 57.4 57.2 57.4 57.2
======== ======= ======== ========
Diluted loss per common share: (3)
Loss before cumulative
effect of accounting
changes (1.77) (0.61) (2.09) (1.52)
Cumulative effect of
accounting changes (0.01) - (0.01) -
-------- ------- -------- --------
Net loss per share (1.78) (0.61) (2.10) (1.52)
======== ======= ======== ========
Average common and common
equivalent shares
outstanding (3) 57.4 57.2 57.4 57.2
======== ======= ======== ========
BOWATER INCORPORATED AND SUBSIDIARIES
(Unaudited, in millions of US dollars)
Consolidated Balance Sheet December 31, December 31,
2005 2004
---------- ----------
Current assets:
Cash and cash equivalents $ 30.1 $ 29.7
Accounts receivable, net 410.1 377.0
Inventories 365.8 327.9
Unrealized gain on hedged transactions 30.0 100.2
Timberlands held for sale (4) 135.8 -
Other current assets 45.3 67.9
---------- ----------
Total current assets 1,017.1 902.7
---------- ----------
Timber and timberlands 85.4 186.2
Fixed assets, net 3,049.1 3,301.1
Goodwill 781.4 819.3
Other assets 233.5 240.7
---------- ----------
$ 5,166.5 $ 5,450.0
========== ==========
Current liabilities:
Accounts payable and accrued
liabilities 490.0 458.4
Short-term bank debt 55.0 73.0
Current installments of long-term debt 22.2 14.0
Dividends payable 11.2 11.2
---------- ----------
Total current liabilities 578.4 556.6
---------- ----------
Long-term debt, net of current installments 2,400.0 2,427.9
Pension, other postretirement benefits and
other long-term liabilities 572.9 495.2
Deferred income taxes 340.8 394.5
Minority interests in subsidiaries 58.9 68.5
Shareholders' equity 1,215.5 1,507.3
---------- ----------
$ 5,166.5 $ 5,450.0
========== ==========
BOWATER INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions of US Dollars)
Twelve Months Ended
December 31,
------------------
2005 2004
-------- --------
Cash flows from operating activities:
Net loss $ (120.6)$ (87.1)
Cumulative effect of accounting changes,
net of tax 0.5 -
Adjustments to reconcile net loss to net cash from
operating activities:
Asset impairment 82.6 -
Depreciation, amortization and cost of timber
harvested 329.4 335.2
Deferred income taxes 30.8 (50.5)
Amortization of unearned compensation 0.1 0.9
Minority interests in net loss of subsidiaries (9.8) (6.5)
Net gain on sale of assets (65.8) (6.9)
Changes in working capital:
Accounts receivable, net (33.1) (16.1)
Inventories (40.1) (34.8)
Income taxes receivable 22.1 (30.4)
Accounts payable and accrued liabilities 13.5 43.2
Income taxes payable - (20.4)
Other, net (40.2) (4.1)
-------- --------
Net cash from operating activities 169.4 122.5
Cash flows from investing activities:
Cash invested in fixed assets, timber and
timberlands (167.4) (84.1)
Disposition of assets, including timber and
timberlands 75.7 12.0
-------- --------
Net cash used for investing activities (91.7) (72.1)
Cash flows from financing activities:
Cash dividends, including minority interests (45.9) (46.0)
Short-term financing 572.0 733.4
Short-term financing repayments (591.0) (866.1)
Long-term financing - 245.9
Payments of long-term debt (14.3) (113.9)
Stock options exercised 1.9 6.6
-------- --------
Net cash used for financing activities (77.3) (40.1)
-------- --------
Net increase in cash and cash equivalents 0.4 10.3
Cash and cash equivalents at beginning of year 29.7 19.4
-------- --------
Cash and cash equivalents at end of year $ 30.1 $ 29.7
======== ========
BOWATER INCORPORATED AND SUBSIDIARIES
Notes to the Press Release and Unaudited Consolidated Financial
Statements
(1) During January, 2006, Bowater announced its plans to permanently
close the Thunder Bay "A" kraft mill in the second quarter of
2006. This decision resulted in a one-time non-cash asset
impairment of $67.2 million during the fourth quarter of 2005. In
addition, Bowater recorded a severance charge of $11.5 million
related to a 20% staffing reduction at this site. During the
three month period ended June 30, 2005, Bowater decided to
permanently shut the older, higher cost No. 1 line at
Benton Harbor. This shut resulted in a one-time non-cash asset
impairment of $11.9 million.
(2) Effective December 31, 2005, Bowater adopted Financial Accounting
Standards Board's Interpretation (FIN) No. 47, "Accounting for
Conditional Asset Retirement Obligations, an interpretaion of
FASB Statement No. 143". FIN 47 provides guidance regarding asset
retirement obligations in which either the timing or method of
settlement is conditional upon a future event. FIN 47 requires
entities to record the fair value of a liability for a conditional
asset retirement obligation in the period in which sufficient
information is available to estimate the liability.
The adoption of FIN 47 resulted in non-cash, after tax cumulative
effect charges of $0.5 million, or $0.01 per diluted share in the
fourth quarter of 2005.
(3) For the calculation of basic and diluted loss per share for the
three and twelve months ended December 31, 2005 and 2004, no
adjustments to net loss are necessary. The effect of dilutive
securities is not included in the computation for the three and
twelve months ended December 31, 2005 and 2004 to prevent
antidilution.
(4) Consists mainly of North American timberlands that are currently
being marketed for sale.
(5) In the fourth quarter of 2005 Bowater recorded a valuation
allowance (tax charge) of $27.3 million (after Minority Interest)
for deferred tax assets in certain Canadian provinces. In
addition, Bowater recorded no tax benefit for net operating
losses generated in these provinces during the 2005 periods
presented.
(6) A reconciliation of certain financial statement line items
reported under generally accepted accounting principles ("GAAP")
to earnings reported before special items is presented below. We
believe that this measure allows investors to more easily compare
our on-going operations and financial performance from period to
period. This measure is not as complete as GAAP earnings;
consequently, investors should rely on GAAP earnings. In addition
to GAAP earnings, we use the other measures that we disclose in
order to provide perspective on our financial performance.
Operating income before special items, as presented in the
following tables, improved by $96.6 million to $128.9 million for
the year ended December 31, 2005 from $32.3 million for the year
ended December 31, 2004.
Three Months Ended December 31, 2005
(unaudited, in millions except per share
amounts)
Adjustment for Special Items
Asset
Land sales Impairment
GAAP as & fixed Foreign & Tax
reported assets exchange Charges
-----------------------------------------
Operating income (loss) $ (23.8) $ (35.1) $ - $ 70.7
Other expense (income)
Interest income (1.6) - - -
Interest expense, net of
capitalized interest 49.8 - - -
Foreign exchange loss (gain) (0.5) - 0.5 -
Other, net (0.8) - - -
-------- -------- -------- ---------
46.9 - 0.5 -
-------- -------- -------- ---------
Income (loss) before income
taxes and minority
interests (70.7) (35.1) (0.5) 70.7
Provision for income tax
expense (benefit) 38.2 (13.4) (0.2) (32.9)
Minority interests in the
net income (loss) of
subsidiaries (7.5) - 0.4 7.0
-------- -------- -------- ---------
Income (loss) before
cumulative effect of
accounting changes (101.4) (21.7) (0.7) 96.6
Cumulative effect of
accounting changes (0.5) - - -
-------- -------- -------- ---------
Net income (loss) $ (101.9) $ (21.7) $ (0.7) $ 96.6
-------- -------- -------- ---------
Diluted shares 57.4 57.4 57.4 57.4
-------- -------- -------- ---------
EPS $ (1.78) $ (0.38) $ (0.01) $ 1.69
-------- -------- -------- ---------
Effective tax rate -54.0%
--------------------------------------
Three Months Ended December 31, 2005
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
GAAP as
Adoption of new adjusted
accounting for Special
Severance standard items
-------------------------------------
Operating income (loss) $ 13.3 $ - $ 25.1
Other expense (income)
Interest income - - (1.6)
Interest expense, net of
capitalized interest - - 49.8
Foreign exchange loss (gain) - - -
Other, net - - (0.8)
-------- ---------- ----------
- - 47.4
-------- ---------- ----------
Income (loss) before income
taxes and minority interests 13.3 - (22.3)
Provision for income tax expense
(benefit) 0.5 - (7.8)
Minority interests in the net
income (loss) of subsidiaries - - (0.1)
-------- ---------- ----------
Income (loss) before cumulative
effect of accounting changes 12.8 - (14.4)
Cumulative effect of accounting
changes - 0.5 -
-------- ---------- ----------
Net income (loss) $ 12.8 $ 0.5 $ (14.4)
-------- ---------- ----------
Diluted shares 57.4 57.4 57.4
-------- ---------- ----------
EPS $ 0.22 $ 0.01 $ (0.25)
-------- ---------- ----------
Effective tax rate 35.3%
------------------------- ----------
Three Months Ended December 31, 2004
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
Land Asset
sales & Impairment
GAAP as fixed Foreign & Tax
reported assets exchange Charges
--------------------------------------
Operating income (loss) $ (7.6) $ (1.0) $ - $ -
Other expense (income)
Interest income (1.0) - - -
Interest expense, net of
capitalized interest 48.8 - - -
Foreign exchange loss (gain) (3.0) - 3.0 -
Other, net (3.8) - - -
------- ------ ------- -------
41.0 - 3.0 -
------- ------ ------- -------
Income (loss) before income
taxes and minority interests (48.6) (1.0) (3.0) -
Provision for income tax
expense (benefit) (10.1) (0.4) (9.1) -
Minority interests in the net
income (loss) of subsidiaries (3.3) 0.2
---------------- ------------------
Net income (loss) $ (35.2) $ (0.6) $ 5.9 $ -
------- ------ ------- -------
Diluted Shares 57.2 57.2 57.2 -
------- ------ ------- -------
EPS $ (0.61) $(0.01) $ 0.10 $ -
------- ------ ------- -------
Effective tax rate 20.8%
-----------------------------------
Three Months Ended December 31, 2004
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
GAAP as
adjusted
Adoption of new for
accounting Special
Severance standard items
-------------------------------------
Operating income (loss) $ 9.7 $ - $ 1.1
Other expense (income)
Interest income - - (1.0)
Interest expense, net of
capitalized interest - - 48.8
Foreign exchange loss (gain) - - -
Other, net - - (3.8)
-------- ----------- ---------
- - 44.0
-------- ----------- ---------
Income (loss) before income
taxes and minority interests 9.7 - (42.9)
Provision for income tax expense
(benefit) 3.4 - (16.2)
Minority interests in the net
income (loss) of subsidiaries - - (3.1)
-------- ----------- ---------
Net income (loss) $ 6.3 $ - $ (23.6)
-------- ----------- ---------
Diluted Shares 57.2 - 57.2
-------- ----------- ---------
EPS $ 0.11 $ - $ (0.41)
-------- ----------- ---------
Effective tax rate 37.8%
-------------------------- ---------
Twelve Months Ended December 31, 2005
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
Land Asset
sales & Impairment
GAAP as fixed Foreign & Tax
reported assets exchange Charges
--------------------------------------
Operating income (loss) $ 98.8 $ (65.8) $ - $ 82.6
Other expense (income)
Interest income (4.8) - - -
Interest expense, net of
capitalized interest 199.3 - - -
Foreign exchange loss (gain) 3.1 - (3.1) -
Other, net (8.2) - - -
------- ------- ------- ---------
189.4 - (3.1) -
------- ------- ------- ---------
Income (loss) before income
taxes and minority interests (90.6) (65.8) 3.1 82.6
Provision for income tax
expense (benefit) 39.3 (24.6) (1.9) (28.6)
Minority interests in the net
income (loss) of subsidiaries (9.8) - 0.2 7.1
------- ------- ------- ---------
Income (loss) before cumulative
effect of accounting changes (120.1) (41.2) 4.8 104.1
Cumulative effect of accounting
changes (0.5) - - -
------- ------- ------- ---------
Net income (loss) $(120.6) $ (41.2) $ 4.8 $ 104.1
------- ------- ------- ---------
Diluted shares 57.4 57.4 57.4 57.4
------- ------- ------- ---------
EPS $ (2.10) $ (0.72) $ 0.08 $ 1.82
------- ------- ------- ---------
Effective tax rate -43.4%
----------------------------------
Twelve Months Ended December 31, 2005
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
Adoption of GAAP as
new adjusted for
accounting Special
Severance standard items
-------------------------------------
Operating income (loss) $ 13.3 $ - $ 128.9
Other expense (income)
Interest income - - (4.8)
Interest expense, net of
capitalized interest - - 199.3
Foreign exchange loss (gain) - - -
Other, net - - (8.2)
---------- ---------- -----------
- - 186.3
---------- ---------- -----------
Income (loss) before income
taxes and minority interests 13.3 - (57.4)
Provision for income tax expense
(benefit) 0.5 - (15.3)
Minority interests in the net
income (loss) of subsidiaries - - (2.5)
---------- ---------- -----------
Income (loss) before cumulative
effect of accounting changes 12.8 - (39.6)
Cumulative effect of accounting
changes - 0.5 -
---------- ---------- -----------
Net income (loss) $ 12.8 $ 0.5 $ (39.6)
---------- ---------- -----------
Diluted shares 57.4 57.4 57.4
---------- ---------- -----------
EPS $ 0.22 $ 0.01 $ (0.69)
---------- ---------- -----------
Effective tax rate 26.7%
------------------------ -----------
Twelve Months Ended December 31, 2004
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
Land Asset
sales & Impairment
GAAP as fixed Foreign & Tax
reported assets exchange Charges
-------------------------------------
Operating income (loss) $ 29.5 $ (6.9) $ - $ -
Other expense (income)
Interest income (4.2) - - -
Interest expense, net of
capitalized interest 195.3 - - -
Foreign exchange loss (gain) (3.0) - 3.0 -
Other, net (10.2) - - -
------- ------ ------- ---------
177.9 - 3.0 -
------- ------ ------- ---------
Income (loss) before income
taxes and minority interests (148.4) (6.9) (3.0) -
Provision for income tax expense
(benefit) (54.8) (2.5) (16.5) -
Minority interests in the net
income (loss) of subsidiaries (6.5) 1.5
--------------- ------------------
Net income (loss) $ (87.1) $ (4.4) $ 12.0 $ -
------- ------ ------- ---------
Diluted Shares 57.2 57.2 57.2 -
------- ------ ------- ---------
EPS $ (1.52) $(0.08) $ 0.21 $ -
------- ------ ------- ---------
Effective tax rate 36.9%
----------------------------------
Twelve Months Ended December 31, 2004
(unaudited, in millions except per
share amounts)
Adjustment for Special Items
GAAP as
adjusted
Adoption of new for
accounting Special
Severance standard items
-------------------------------------
Operating income (loss) $ 9.7 $ - $ 32.3
Other expense (income)
Interest income - - (4.2)
Interest expense, net of
capitalized interest - - 195.3
Foreign exchange loss (gain) - - -
Other, net - - (10.2)
--------- ----------- ---------
- - 180.9
--------- ----------- ---------
Income (loss) before income
taxes and minority interests 9.7 - (148.6)
Provision for income tax expense
(benefit) 3.4 - (70.4)
Minority interests in the net
income (loss) of subsidiaries - - (5.0)
--------- ----------- ---------
Net income (loss) $ 6.3 $ - $ (73.2)
--------- ----------- ---------
Diluted Shares 57.2 - 57.2
--------- ----------- ---------
EPS $ 0.11 $ - $ (1.28)
--------- ----------- ---------
Effective tax rate 47.4%
--------------------------- ---------
A schedule of historical financial and operating statistics is
available upon request and on Bowater's web site (www.bowater.com).
CONTACT: Bowater Incorporated
Media Contact: Gordon R. Manuel, 864-282-9448
Analyst Contact: Duane A. Owens, 864-282-9488
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