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Bear Island Paper Company Posts Q2 Loss

Wednesday, August 06, 2003

Press release from the issuing company

GREENWICH, Conn.--Aug. 5, 2003-- Bear Island Paper Company, L.L.C., a wholly owned subsidiary of Brant-Allen Industries, Inc., today reported a net loss of $ 3,273,000 for the second quarter ended June 30, 2003, compared to a net loss of $ 4,867,000 for the second quarter of 2002. Results for the quarter ended June 30, 2003, were favorably impacted by a non-operational gain in Other Income of $ 712,000. Loss from operations for the second quarter of 2003 and 2002 was $369,000 and $1,679,000, respectively. Gross sales for the three months ended June 30, 2003 and 2002 were $ 26,553,000 and $ 26,902,000, respectively. Results for the quarter ended June 30, 2003 compared with the second quarter of 2002 were favorably impacted by a 10% increase in average per ton selling prices of newsprint offset in part by a 10% decrease in newsprint volume sold and a 4% increase in manufacturing costs on a per ton basis. For the six months ended June 30, 2003, the Company reported a net loss of $ 8,416,000 compared to a net loss of $ 10,322,000 for the same period in 2002. Results for the six months ended June 30, 2003, were favorably impacted by a non-operational gain in Other Income of $ 712,000. Loss from operations for the six months ended June 30, 2003 and 2002 was $ 2,367,000 and $ 4,018,000, respectively. Gross sales for the six months ended June 30, 2003 and 2002 were $ 51,638,000 and $ 51,798,000, respectively. Results for the six months ended June 30, 2003 compared with the same period in 2002 were favorably impacted by a 5% increase in per ton selling prices of newsprint, offset in part by a 5% decrease in volume of newsprint sold and a 2% increase in manufacturing costs on a per ton basis. 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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