Cascades Reports Q1 Results

Cascades Inc., Kingsey Falls, Quebec, reports net earnings of $22 million (Canadian) for the quarter ended March 31. This compares with net earnings of $6 million for the same period in 2006. When excluding specific items, net earnings for the first quarter of 2007 amounted to $5 million compared to net earnings of $6 million for the same quarter in 2006.

“First-quarter results were significantly impacted by the sudden increase in recovered paper costs and the unexpected halt in production at the coated recycled boxboard mill in Toronto,” states Alain Lemaire, president and CEO of Cascade. “Despite these negative events, we were able to deliver stable earnings quarter-over-quarter as a result of improved prices. Also, with the support of our employees, we continued to focus on cost reduction.”

Sales increased 26 percent during the first quarter of 2007, amounting to $1.027 billion as a result of acquisitions realized in 2006. Operating income amounted to $55 million, compared to $31 million achieved for the same period last year.

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