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Resolute Forest Products Inc. (RFP) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Resolute Forest Products Inc.

CIK: 1393066 Ticker: RFP

Exhibit 99.1

PRESS RELEASE

US $

RESOLUTE REPORTS PRELIMINARY FOURTH QUARTER AND 2013 RESULTS

 

    Q4 adjusted EBITDA of $110 million; $377 million in 2013

 

    Excluding special items, 2013 net earnings of $1.13 per share; $0.34 per share in Q4

 

    GAAP net loss of $6.75 per share in 2013, due mainly to tax charge; $0.03 per share in Q4

 

    Net pension & OPEB liability decreased by $672 million

MONTREAL, CANADA, February 6, 2014 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income, excluding special items ($746 million), of $107 million for the year ended December 31, 2013, up 24% compared to 2012, on sales of $4.5 billion, unchanged from prior year. Earnings per share, excluding special items ($7.88 per share), were $1.13, up 28% compared to 2012. GAAP net loss was $639 million in 2013, or $6.75 per share, compared to net income of $1 million, or $0.01 per share, in 2012.

In the fourth quarter of 2013, the Company reported net income, excluding special items ($35 million), of $32 million, or $0.34 per share, up 13% from the fourth quarter of 2012. GAAP net loss was $3 million in the quarter, or $0.03 per share, compared to a loss of $45 million, or $0.47 per share, in the fourth quarter of 2012. Sales were $1.2 billion, up 2% from the fourth quarter of 2012.

“In 2013, 45% of adjusted EBITDA came from our market pulp and wood products businesses,” said Richard Garneau, president and chief executive officer. “Because of our diversified asset base, improvements in market pulp and wood products made up for a challenging year in paper grades. We’ve taken important steps to grow these businesses with acquisitions and investment commitments, while at the same time optimizing paper assets to maximize capacity utilization and margins. We also continued to focus on costs to improve earnings power.

Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are reconciled below.

CONSOLIDATED OPERATING INCOME VARIANCE

The Company recorded an operating loss of $2 million in 2013, compared to an operating loss of $28 million in 2012. Lower overall pricing and shipments offset improvements in manufacturing costs ($30 million) and the weaker Canadian dollar ($40 million). Although pricing and volumes improved in wood products and market pulp, they were overshadowed by this year’s market weakness in paper grades. Manufacturing costs improved because of the Company’s asset optimization and mill restructuring initiatives and the effect of external power sales from new cogeneration facilities, offset in part by higher maintenance costs, higher fuel energy costs because of natural gas pricing and increased fiber costs. Overall shipment volumes rose compared to 2012, largely because of the acquisition of Fibrek Inc. in May of 2012. Closure costs, impairment and other related charges were $96 million lower due to the timing of asset optimization and mill restructuring initiatives. Selling, general and administrative expenses rose in the year ($17 million), largely because of credits recorded in 2012.


The following information was filed by Resolute Forest Products Inc. (RFP) on Thursday, February 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I - Condensed Financial Statements And Notes
Schedule I - Condensed Financial Statements And Notes - Condensed Balance Sheets (details)
Schedule I - Condensed Financial Statements And Notes - Condensed Statements Of Cash Flows (details)
Schedule I - Condensed Financial Statements And Notes - Condensed Statements Of Operations, Retained Earnings And Comprehensive Loss (details)
Schedule I - Condensed Financial Statements And Notes - Financing Arrangements (details)
Schedule I - Condensed Financial Statements And Notes - Organization And Basis Of Presentation (details)
Schedule I - Condensed Financial Statements And Notes - Transactions With Related Parties - Additional Information (details)
Schedule I - Condensed Financial Statements And Notes - Transactions With Related Parties - Interest Expense (details)
Schedule I - Condensed Financial Statements And Notes - Transactions With Related Parties - Notes Payable (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In (deficit) Equity
Consolidated Statement Of Changes In (deficit) Equity (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive (loss) Income (parenthetical)
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (tables)
Accounts Payable And Accrued Liabilities - Schedule Of Accounts Payable And Accrued Liabilities (detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (detail)
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (parenthetical) (detail)
Accumulated Other Comprehensive Loss - Reclassifications Out Of Accumulated Other Comprehensive Loss (detail)
Acquisition Of Fibrek Inc - Additional Information (detail)
Acquisition Of Fibrek Inc - Pro Forma Results Of Operations (detail)
Acquisition Of Fibrek Inc - Schedule Of Business Acquisition By Acquisition Fair Value Of Consideration Transferred (detail)
Acquisition Of Fibrek Inc - Schedule Of Business Acquisition By Acquisition Fair Value Of Consideration Transferred (parenthetical) (detail)
Acquisition Of Fibrek Inc - Summary Of Allocation Of Purchase Price To Fair Value Of Assets Acquired And Liabilities Assumed (detail)
Acquisition Of Fibrek Inc - Summary Of Allocation Of Purchase Price To Fair Value Of Assets Acquired And Liabilities Assumed (parenthetical) (detail)
Acquisition Of Fibrek Inc.
Acquisition Of Fibrek Inc. (tables)
Amortizable Intangible Assets, Net
Amortizable Intangible Assets, Net (tables)
Amortizable Intangible Assets, Net - Additional Information (detail)
Amortizable Intangible Assets, Net - Summary Of Amortizable Intangible Assets, Net (detail)
Closure Costs, Impairment And Other Related Charges
Closure Costs, Impairment And Other Related Charges (tables)
Closure Costs, Impairment And Other Related Charges - Closure Costs, Impairment And Other Related Charges (detail)
Closure Costs, Impairment And Other Related Charges - Closure Costs, Impairment And Other Related Charges (parenthetical) (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Condensed Consolidated Financial Information - Additional Information (detail)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (tables)
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (detail)
Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Cash Flows (detail)
Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Operations And Comprehensive (loss) Income (detail)
Fixed Assets, Net
Fixed Assets, Net (tables)
Fixed Assets, Net - Schedule Of Fixed Assets, Net (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Balance Of Tax Attributes And Their Dates Of Expiration (detail)
Income Taxes - Balance Of Tax Attributes And Their Dates Of Expiration (parenthetical) (detail)
Income Taxes - Deferred Income Taxes (detail)
Income Taxes - Income (loss) Before Income Taxes By Taxing Jurisdiction (detail)
Income Taxes - Income Tax (provision) Benefit (detail)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (detail)
Income Taxes - Reconciliation Of Statutory Tax (provision) Benefit To Income Tax Benefit (provision) (detail)
Inventories Net - Additional Information (detail)
Inventories, Net
Inventories, Net (tables)
Inventories, Net - Components Of Inventories (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Long Term Debt Including Current Portion (detail)
Long-term Debt - Senior Notes (details)
Long-term Debt Long-term Debt - Abl Credit Facility (details)
Long-term Debt Long-term Debt - Debt Instrument Redemption (details)
Long-term Debt Long-term Debt - Other Debt (details)
Net (loss) Income Per Share
Net (loss) Income Per Share (tables)
Net (loss) Income Per Share - Additional Information (detail)
Net (loss) Income Per Share - Weighted-average Number Of Common Shares Outstanding (detail)
Net Gain On Disposition Of Assets
Net Gain On Disposition Of Assets - Additional Information (details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (tables)
Organization And Basis Of Presentation - Change In Accounting Policy On Consolidated Balance Sheets (details)
Organization And Basis Of Presentation - Change In Accounting Policy On Consolidated Statements Of Operations (details)
Organization And Basis Of Presentation - Nature Of Operations (details)
Organization And Basis Of Presentation - Summary Of Exception In Wholly-owned Consolidated Subsidiaries (detail)
Other (expense) Income, Net
Other (expense) Income, Net (detail)
Other (expense) Income, Net (tables)
Other (expense) Income, Net Other (expense) Income, Net (parenthetical) (details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (tables)
Pension And Other Postretirement Benefit Plans - Additional Information (detail)
Pension And Other Postretirement Benefit Plans - Assumed Health Care Cost Trend Rates Used To Determine Benefit Obligations (detail)
Pension And Other Postretirement Benefit Plans - Changes In Level 3 Pension Plan Assets (detail)
Pension And Other Postretirement Benefit Plans - Components Of Net Periodic Benefit Cost Relating To Pension And Opeb Plans (detail)
Pension And Other Postretirement Benefit Plans - Effect Of One-percentage Point Change In Assumed Health Care Cost Trend Rates (detail)
Pension And Other Postretirement Benefit Plans - Expected Benefit Payments And Future Contributions (detail)
Pension And Other Postretirement Benefit Plans - Fair Value Of Plan Assets Held By Pension Plans (detail)
Pension And Other Postretirement Benefit Plans - Summary Of Amounts Recognized In Our Consolidated Balance Sheets (detail)
Pension And Other Postretirement Benefit Plans - Summary Of Change In Plan Assets (detail)
Pension And Other Postretirement Benefit Plans - Summary Of Changes In Benefit Obligations (detail)
Pension And Other Postretirement Benefit Plans - Summary Of Special Events That Impacted Net Periodic Benefit Costs As Curtailment Or Settlement (detail)
Pension And Other Postretirement Benefit Plans - Weighted-average Assumptions Used To Determine Projected Benefit Obligations And Net Periodic Benefit Cost (detail)
Quarterly Information
Quarterly Information (tables)
Quarterly Information - Schedule Of Unaudited Quarterly Financial Data (detail)
Quarterly Information - Special Items Included In Operating Income (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Schedule Of Segment Reporting Information (detail)
Segment Information - Schedule Of Segment Reporting Information (parenthetical) (detail)
Segment Information - Summary Of Long-lived Assets, Excluding Goodwill, Intangible Assets And Deferred Tax Assets, By Country (detail)
Segment Information - Summary Of Sales By Countries Based On Location Of Customers (detail)
Share Capital
Share Capital - Additional Information (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Activity Of Rsus And Dsus (detail)
Share-based Compensation - Activity Of Rsus And Dsus (parenthetical) (detail)
Share-based Compensation - Activity Of Stock Options (detail)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Weighted - Average Assumptions (detail)
Subsequent Event
Subsequent Event - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Timberland And Operating Leases And Purchase Obligations
Timberland And Operating Leases And Purchase Obligations (tables)
Timberland And Operating Leases And Purchase Obligations - Additional Information (detail)
Timberland And Operating Leases And Purchase Obligations - Summary Of Operating Leases And Commitments For Purchase Obligations (detail)
Ticker: RFP
CIK: 1393066
Form Type: 10-K Annual Report
Accession Number: 0001393066-14-000003
Submitted to the SEC: Mon Mar 03 2014 4:38:03 PM EST
Accepted by the SEC: Mon Mar 03 2014
Period: Tuesday, December 31, 2013
Industry: Paper Mills

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