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Fibrek posts fourth quarter loss after year-ago profit

By The Canadian Press  | February 23, 2012
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MONTREAL - Pulp producer Fibrek Inc. (TSX:FBK) posted a loss in its fourth quarter after earning a profit in the same period a year earlier.

The Montreal-based company said it recorded a net loss of $79.9 million or 51 cents per share for the quarter ended Dec. 31, compared to a net profit of $2.6 million or two cents per share a year earlier.

Quarterly revenue came in at $119 million compared to $131.5 million a year ago.

Fibrek said the reduction in revenue was largely attributed to lower sales volumes and some lower sales prices.

The company noted that it recorded an impairment charge of $63 million in the fourth quarter of 2011 relating to an insider bid from Resolute Forest Products (TSX:ABH), the former AbitibiBowater.

Fibrek has since struck a friendly deal to be acquired by Mercer International Inc. which offered a cash and share bid topping the $130 million offer from Resolute Forest Products.

The company also pointed out that in the fourth quarter of 2010, it saw a $5.5 million gain relating to a distribution of Abitibi shares.

For the entire year of 2011, Fibrek posted a net loss of $64 million or 49 cents per share, compared with net earnings of $16.6 million or 15 cents per share in 2010.

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