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Resolute Forest Products Inc. (RFP) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Resolute Forest Products Inc.

CIK: 1393066 Ticker: RFP

Exhibit 99.1

 

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Resolute Reports Preliminary Fourth Quarter and 2017 Results

 

    Q4 GAAP net income of $13 million or $0.14 per share / 2017 GAAP net loss of $84 million or $0.93 per share
    Adjusted EBITDA of $102 million / $364 million for the full year
    Higher realized pricing across most segments
    Further $51 million of debt repaid in the quarter
    Selection and appointment of Yves Laflamme as president and CEO, succeeding Richard Garneau

MONTRÉAL, CANADA, February 1, 2018 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended December 31, 2017, of $13 million, or $0.14 per share, compared to a net loss of $45 million, or $0.50 per share, in the same period in 2016. Sales were $898 million in the quarter, an increase of $9 million from the fourth quarter of 2016. Excluding special items, the company reported net income of $14 million, or $0.15 per share, compared to a net loss, excluding special items, of $7 million, or $0.08 per share, in the fourth quarter of 2016.

For the year, the company reported a GAAP net loss of $84 million, or $0.93 per share, compared to a net loss of $81 million, or $0.90 per share, in 2016. Sales were $3.5 billion, down 1%, from the previous year. Excluding special items, the company reported net income of $12 million, or $0.13 per share, compared to a net loss of $12 million, or $0.13 per share, in 2016.

“An otherwise solid quarter was impacted by the ongoing restructuring at our Calhoun paper operations, as well as maintenance outages at several locations. Also, the appreciation in our share price in the quarter, and company performance increased our share-based compensation expense,” said Richard Garneau, president and chief executive officer. “Overall, we are pleased with the performance of our lumber and newsprint segments, as well as our pulp business, which realized one of its best quarters.”

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

Resolute also today announced the selection and appointment of Yves Laflamme as the company’s new president and chief executive officer, and a member of the Board of Directors, succeeding Richard Garneau.

Operating Income Variance Against Prior Period

Consolidated

The company recorded operating income of $54 million in the quarter, an improvement of $6 million compared to the third quarter of 2017. The company’s operating results benefitted from higher selling prices across most segments ($29 million), a gain on the disposition of assets of our Mokpo (South Korea) paper mill, and lower closure-related costs. Despite higher shipments in market pulp and newsprint, overall volumes decreased, reflecting lower shipments of specialty papers following the closure of two paper machines at Calhoun (Tennessee), and seasonally lower volumes in wood products. Operating results were also unfavorably affected by higher planned maintenance costs, and seasonally higher fuel expenses, and fiber costs. As a result of the company’s performance and the 119% increase in share price in the quarter, an $8 million increase in share-based compensation expense was recorded in the fourth quarter.


The following information was filed by Resolute Forest Products Inc. (RFP) on Thursday, February 1, 2018 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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Resolute Forest Products Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Resolute Forest Products Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (details)
Accounts Payable And Accrued Liabilities (tables)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) - Accumulated Other Comprehensive Income (loss) By Component (net Of Tax) (details)
Accumulated Other Comprehensive Income (loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (loss) (details)
Acquisition Of Atlas Inc.
Acquisition Of Atlas Inc. - Additional Information (details)
Acquisition Of Atlas Inc. - Pro Forma Information (details)
Acquisition Of Atlas Inc. Acquisition Of Atlas Inc. (tables)
Amortizable Intangible Assets, Net
Amortizable Intangible Assets, Net (tables)
Amortizable Intangible Assets, Net - Additional Information (details)
Amortizable Intangible Assets, Net - Additional Information (parenthetical) (details)
Amortizable Intangible Assets, Net - Summary Of Amortizable Intangible Assets, Net (details)
Amortizable Intangible Assets, Net - Summary Of Amortizable Intangible Assets, Net (parenthetical) (details)
Closure Costs, Impairment And Other Related Charges
Closure Costs, Impairment And Other Related Charges (details)
Closure Costs, Impairment And Other Related Charges (tables)
Closure Costs, Impairment And Other Related Charges - Additional Information (details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (details)
Condensed Consolidated Financial Information - Additional Information (details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (tables)
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (details)
Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Cash Flows (details)
Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Operations And Comprehensive (loss) Income (details)
Fixed Assets, Net
Fixed Assets, Net (details)
Fixed Assets, Net (tables)
Fixed Assets, Net Fixed Assets, Net (parenthetical) (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Balance Of Tax Attributes And Their Dates Of Expiration (details)
Income Taxes - Balance Of Tax Attributes And Their Dates Of Expiration (parenthetical) (details)
Income Taxes - Deferred Income Taxes (details)
Income Taxes - Income (loss) Before Income Taxes By Taxing Jurisdiction (details)
Income Taxes - Income Tax (provision) Benefit (details)
Income Taxes - Reconciliation Of Beginning And Ending Amounts Of Unrecognized Tax Benefits (details)
Income Taxes - Reconciliation Of Statutory Tax Benefit (provision) To Income Tax Benefit (provision) (details)
Inventories, Net
Inventories, Net (details)
Inventories, Net (tables)
Inventories, Net - Additional Information (details)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Debt Redemption Schedule (details)
Long-term Debt - Debt Redemption Schedule - Additional Information (details)
Long-term Debt - Long Term Debt Including Current Portion (details)
Long-term Debt - Long-term Debt Including Current Portion - 2023 Notes (details)
Long-term Debt - Long-term Debt Including Current Portion - Abl Credit Facility (details)
Long-term Debt - Long-term Including Current Portion - Other Debt (details)
Long-term Debt - Senior Secured Credit Facility (details)
Net (loss) Income Per Share
Net (loss) Income Per Share (tables)
Net (loss) Income Per Share - Schedule Of Weighted-average Outstanding Stock Options And Nonvested Equity-classified Rsus, Dsus And Psus (details)
Net Gain On Disposition Of Assets
Net Gain On Disposition Of Assets Net Gain On Disposition Of Assets (details)
Operating Leases And Purchase Obligations
Operating Leases And Purchase Obligations (tables)
Operating Leases And Purchase Obligations - Additional Information (details)
Operating Leases And Purchase Obligations - Schedule Of Future Minimum Rental Payments For Operating Leases And Commitments For Purchase Obligations (details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (tables)
Organization And Basis Of Presentation - Nature Of Operations (details)
Organization And Basis Of Presentation - Summary Of Less Than Wholly-owned Consolidated Subsidiaries (details)
Other Income (expense), Net
Other Income (expense), Net (tables)
Other Income (expense), Net - (details)
Other Income (expense), Net - Additional Information (details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (tables)
Pension And Other Postretirement Benefit Plans - Additional Information (details)
Pension And Other Postretirement Benefit Plans - Assumed Health Care Cost Trend Rates Used To Determine Benefit Obligations (details)
Pension And Other Postretirement Benefit Plans - Components Of Net Periodic Benefit Cost Relating To Pension And Opeb Plans (details)
Pension And Other Postretirement Benefit Plans - Effect Of One-percentage Point Change In Assumed Health Care Cost Trend Rate (details)
Pension And Other Postretirement Benefit Plans - Expected Benefit Payments And Future Contributions (details)
Pension And Other Postretirement Benefit Plans - Fair Value Of Plan Assets Held By Pension Plans (details)
Pension And Other Postretirement Benefit Plans - Summary Of Amounts Recognized In Our Consolidated Balance Sheets (details)
Pension And Other Postretirement Benefit Plans - Summary Of Change In Plan Assets (details)
Pension And Other Postretirement Benefit Plans - Summary Of Changes In Benefit Obligations (details)
Pension And Other Postretirement Benefit Plans - Weighted-average Assumptions Used To Determine Projected Benefit Obligations And Net Periodic Benefit Cost (details)
Pension And Other Postretirement Benefit Plans Pension And Other Postretirement Benefit Plans - Additional Information (parenthetical) (details)
Quarterly Information
Quarterly Information (tables)
Quarterly Information - Schedule Of Unaudited Quarterly Financial Data (details)
Segment Information
Segment Information (tables)
Segment Information - Schedule Of Segment Reporting Information (details)
Segment Information - Schedule Of Segment Reporting Information - Additional Information (details)
Segment Information - Summary Of Long-lived Assets, By Country (details)
Segment Information - Summary Of Sales By Country (details)
Segment Information - Summary Of Sales By Country (parenthetical) (details)
Share Capital
Share Capital (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (details)
Share-based Compensation - Psu Activity (details)
Share-based Compensation - Rsu And Dsu Activity (details)
Share-based Compensation - Stock Options Activity (details)
Subsequent Event
Subsequent Event Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (details)
Ticker: RFP
CIK: 1393066
Form Type: 10-K Annual Report
Accession Number: 0001393066-18-000003
Submitted to the SEC: Thu Mar 01 2018 5:14:33 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Paper Mills

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