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Resolute Forest Products Inc. (RFP) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Resolute Forest Products Inc.

CIK: 1393066 Ticker: RFP

Exhibit 99.1

 

LOGO

PRESS RELEASE

US $

Resolute Reports Preliminary Second Quarter 2020 Results

 

   

Q2 GAAP net income of $6 million / $0.07 per diluted share

 

   

Adjusted EBITDA of $37 million

 

   

Reduced debt by $191 million; liquidity up $47 million to $396 million

 

   

Successful integration of recently-acquired U.S. sawmills

MONTRÉAL, CANADA, July 30, 2020 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended June 30, 2020, of $6 million, or $0.07 per diluted share, compared to net income of $25 million, or $0.27 per diluted share, in the same period in 2019. Sales were $612 million in the quarter, a decrease of $143 million from the year-ago period. Excluding special items, the company reported a net loss of $22 million, or $0.25 per share, compared to net income of $11 million, or $0.12 per diluted share, in the second quarter of 2019.

“The Covid-19 pandemic and ensuing economic slowdown have brought with them unprecedented challenges and business uncertainty,” said Yves Laflamme, president and chief executive officer. “I am grateful for the commitment of our employees, contractors and suppliers, and their loyalty and hard work: they pulled together, allowing us to operate as an essential business, true to our commitment to world-class safety while remaining committed to a job well done. Despite the challenging business environment, except for the low-interest term loan used to finance the acquisition of the U.S. sawmills, we repaid all of the borrowings we drew in Q1, and our liquidity improved to nearly $400 million. On the business side, we’ve seen stronger pulp pricing and higher lumber shipments in the second quarter, offset by a weaker paper segment, which reflects lower demand levels since the onset of the pandemic and our resulting capacity adjustments. We’re pleased with the integration of our recently-acquired U.S. sawmills and we’re excited about their prospects.”

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

Operating Income Variance Against Prior Period

Consolidated

The company reported operating income of $6 million in the second quarter. The $14 million improvement over the previous quarter reflects the favorable impact of the weaker Canadian dollar ($11 million), stronger pulp pricing ($9 million) and higher lumber shipments ($9 million), offset by lower paper and pulp shipments ($18 million) and softer quarter-over-quarter lumber pricing ($5 million), despite a late quarter increase in pricing.

 

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The following information was filed by Resolute Forest Products Inc. (RFP) on Thursday, July 30, 2020 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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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)
Business Acquisition
Business Acquisition (Tables)
Business Acquisition - Pro Forma Information (Details)
Business Acquisition - Purchase Price Allocation (Details)
Business Acquisition Business Acquisition (Policies)
Commitments And Contingencies
Commitments And Contingencies (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)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 2023 Notes (Details)
Long-Term Debt - Abl Credit Facility (Details)
Long-Term Debt - Long-Term Debt Including Current Portion (Details)
Long-Term Debt - Parenthetical (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 (Policies)
Organization And Basis Of Presentation - Nature Of Operations (Details)
Other Income (Expense), Net
Other Income (Expense), Net (Details)
Other Income (Expense), Net (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Segment Reporting Information (Details)
Segment Information - Schedule Of Segment Reporting Information - Additional Information (Details)
Share Capital
Share Capital (Details)
Ticker: RFP
CIK: 1393066
Form Type: 10-Q Quarterly Report
Accession Number: 0001393066-20-000008
Submitted to the SEC: Mon Aug 10 2020 4:49:39 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: Paper Mills

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