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Resolute Forest Products Inc. (RFP) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Resolute Forest Products Inc.

CIK: 1393066 Ticker: RFP

Exhibit 99.1

 

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Resolute Reports Preliminary Second Quarter 2018 Results

 

   

Q2 GAAP net income of $72 million or $0.77 per diluted share

   

Adjusted EBITDA of $172 million, up 59% from first quarter

   

Debt repayment of $105 million; liquidity at $517 million

   

Supercalendered paper cash duty deposits of $60 million to be returned with interest

MONTRÉAL, CANADA, August 2, 2018 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended June 30, 2018, of $72 million, or $0.77 per diluted share, compared to a net loss of $74 million, or $0.82 per share, in the same period in 2017. Sales were $976 million in the quarter, an increase of $118 million from the year-ago period. Excluding special items, the company reported net income of $66 million, or $0.71 per share, compared to a net loss, excluding special items, of $3 million, or $0.03 per share, in the second quarter of 2017.

Overall positive price momentum and improved operational performance led to record profitability this quarter. Our strong financial results allowed repayment of $105 million of debt during the quarter, significantly improving our balance sheet and leverage,” said Yves Laflamme, president and chief executive officer. “We are also very pleased that the countervailing duty order on supercalendered paper has recently been revoked, resulting in a $60 million refund of duty deposits over the coming months.

A new four-year collective agreement was also ratified, shortly after the end of the second quarter, with the company’s largest Canadian union, Unifor, covering 1,000 employees at six of its sawmills. Earlier in the year, Resolute reached a new four-year collective agreement covering 1,100 employees at eight of the company’s Canadian pulp and paper mills.

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


The following information was filed by Resolute Forest Products Inc. (RFP) on Thursday, August 2, 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-Q Quarterly 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:

  • Voting Procedures
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  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Resolute Forest Products Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
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)
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 (Details)
Condensed Consolidated Financial Information - Additional Information (Details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Tables)
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details)
Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Cash Flows (Details)
Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Operations And Comprehensive Income (Loss) (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost Relating To Pension And Opeb Plans (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (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 - 2023 Notes (Details)
Long-Term Debt - Abl Credit Facility (Details)
Long-Term Debt - Capital Lease Obligation (Details)
Long-Term Debt - Long-Term Debt Including Current Portion (Details)
Long-Term Debt - Senior Secured Credit Facility (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
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 - New Accounting Pronouncements (Policies)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Segment Reporting Information (Details)
Segment Information - Schedule Of Segment Reporting Information - Additional Information (Details)
Ticker: RFP
CIK: 1393066
Form Type: 10-Q Quarterly Report
Accession Number: 0001393066-18-000008
Submitted to the SEC: Thu Aug 09 2018 5:04:16 PM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: Paper Mills

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