TMBCF: Tembec Shareholders may receive, as elected, in respect of each Tembec Share held, either: (i) $4.75 in cash; or (ii) 0.2542 of a share of Rayonier AM common stock (each whole share of Rayonier AM common stock, a “Rayonier AM Share”), subject to proration. Fractional shares will be paid in cash.
MONTREAL, Nov. 17, 2016 /CNW Tembec/ - Consolidated sales for the three-month period ended September 24, 2016, were $389 million, as compared to $373 million in the same quarter a year ago. The Company generated net earnings of $12 million or $0.12 per share in the September 2016 quarter compared to a net loss of $32 million or $0.32 per share in the September 2015 quarter. Operating earnings before depreciation, amortization and other items (adjusted EBITDA) was $57 million for the three-month period ended September 24, 2016, as compared to adjusted EBITDA of $36 million a year ago and adjusted EBITDA of $26 million in the prior quarter.
For the fiscal year ended September 24, 2016, consolidated sales were $1.5 billion as compared to $1.4 billion in the prior year. The Company generated net earnings of $20 million or $0.20 per share compared to a net loss of $150 million or $1.50 per share in fiscal 2015. The prior year loss included a non-cash loss of $81 million related to the translation of US dollar denominated debt. Adjusted EBITDA was $148 million compared to $70 million in the prior year. Operating earnings increased from $31 million to $99 million.
800 René-Lévesque Boulevard West
Montreal, QC H3B 1X9
Tembec Inc. produces and sells forest products in North America and France. It operates through Forest Products, Specialty Cellulose Pulp, Paper Pulp, and Paper segments. The company produces and sells a range of forest products comprising spruce, pine, and fir dimensional lumber products for residential and commercial construction markets, as well as the industrial markets, which include manufacturers of trusses, sidings, pallets, and other products; hardwood lumber; and sawmills and forest wood chips. It also offers hardwood high-yield pulps for coated and uncoated paper, paperboard and linerboard, and tissue and toweling applications. In addition, the company provides specialty cellulose, which is used in a range of applications in cosmetics, pharmaceuticals, personal care, food, coatings, electronics, and energy industries. Further, it produces and sells coated bleached board for use in commercial printing and publishing, packaging, graphic corrugated container, point-of-purchase display, and litho-laminated packaging applications; and newsprint for publishers of daily newspapers and commercial printers, as well as controlled bulk paper for mass-market paperback book publishers and commercial printers. Additionally, the company provides chemical products consisting of resins and lignosulfonates. Tembec Inc. was founded in 1972 and is headquartered in Montreal, Canada.