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Bear Island Paper Reports Q2 Loss of $4.8 Million

Tuesday, July 30, 2002

Press release from the issuing company

GREENWICH, Conn.--July 29, 2002--Bear Island Paper Company, L.L.C., a wholly owned subsidiary of Brant-Allen Industries, Inc., today reported a net loss of $4,867,000 for the second quarter ended June 30, 2002, compared to a net profit of $1,913,000 for the second quarter of 2001. Income (Loss) from operations for the second quarter of 2002 and 2001 was $(1,679,000) and $ 5,190,000, respectively. Gross sales for the three months ended June 30, 2002 and 2001 were $26,902,000 and $ 32,564,000, respectively. Results for the quarter ended June 30, 2002 compared with the second quarter of 2001 were negatively impacted by a 28% decrease in average per ton selling prices of newsprint, offset in part by a 15% increase in newsprint volume sold. Results were favorably impacted by a 9% decrease in manufacturing costs on a per ton basis for the quarter ended June 30, 2002, when compared to the same period in 2001. For the six months ended June 30, 2002, the Company reported a net loss of $ 10,322,000 compared to a net profit of $ 1,903,000 for the same period in 2001. Income (Loss) from operations for the six months ended June 30, 2002 and 2001 was $ (4,018,000) and $ 8,563,000, respectively. Gross sales for the six months ended June 30, 2002 and 2001 were $ 51,798,000 and $ 61,887,000, respectively. Results for the six months ended June 30, 2002 compared with the same period in 2001 were negatively impacted by a 26% decrease in average per ton selling prices of newsprint, offset by a 13% increase in newsprint volume sold. Results were favorably impacted by a decrease in manufacturing costs, on a per ton basis of 7 %. Bear Island Paper Company is a producer of high quality newsprint suitable for four-color printing whose customers include leading newspaper publishers in the United States.

 

 

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