Catalyst Paper Cuts Loss Despite Weak Markets

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter were $11.2 million, up from $7.2 million in the final quarter of 2012. Adjusted EBITDA was not impacted by restructuring costs in either quarter.

"The Chinese economic rebound has driven pulp shipments and prices up," said Catalyst President and CEO Kevin J. Clarke. "But we had much tougher conditions on the paper side of the business, with a 10 percent drop in North American demand for newsprint and a 15 percent decrease in directory paper. Labour costs also tipped up due to unforeseen maintenance requirements. The fact that we improved EBITDA indicates how much better positioned we are after last year's restructuring."

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