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Resolute Forest Products Inc. (RFP) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Resolute Forest Products Inc.

CIK: 1393066 Ticker: RFP

Exhibit 99.1

 

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PRESS RELEASE

US $

Resolute Reports Preliminary Fourth Quarter and 2020 Results

 

   

Q4 GAAP net loss of $52 million / net income of $10 million for 2020

 

   

Adjusted EBITDA of $129 million in the quarter / $338 million for the full year

 

   

Net debt down by $93 million to $448 million / year-end liquidity at $693 million

 

   

Repurchased 2.1 million shares in Q4 / 6.9 million (8%) in 2020

 

   

Completed private offering of $300 million 4.875% senior unsecured notes

MONTRÉAL, CANADA, February 4, 2021 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported a net loss for the quarter ended December 31, 2020, of $52 million, or $0.63 per share, compared to a net loss of $71 million, or $0.79 per share, in the same period in 2019. Sales were $769 million in the quarter, an increase of $101 million from the year-ago period. Excluding special items, the company reported net income of $45 million, or $0.55 per diluted share, compared to a net loss of $53 million, or $0.59 per share, in the fourth quarter of 2019.

For the year, the company reported GAAP net income of $10 million, or $0.12 per diluted share, compared to a net loss of $47 million, or $0.51 per share, in 2019. Sales were $2.8 billion, down by 4% from the previous year. Excluding special items, the company reported net income of $56 million, or $0.65 per diluted share, compared to a net loss of $46 million, or $0.50 per share, in 2019.

We’re pleased with the performance of our wood products segment and its ability to drive bottom-line impact from strong end-markets like what we’ve seen in the second half of 2020 with the rebound in U.S. housing starts and robust demand for repair and remodeling activity,” said Yves Laflamme, president and chief executive officer. “The strong pricing for lumber and a release of working capital allowed us to generate almost $160 million of cash from operations in the quarter and helped to make up for challenging conditions in our pulp and paper segments, which are still recovering from the economic effects of the pandemic. Last quarter we took advantage of our strong financial performance to repurchase an additional 2.1 million shares of our common stock, for a total of 8% this year, and we recently refinanced our $375 million of outstanding 5.875% notes due 2023 with $300 million in new 4.875% notes due 2026 on very favorable terms and conditions.

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

 

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The following information was filed by Resolute Forest Products Inc. (RFP) on Thursday, February 4, 2021 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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Inside Resolute Forest Products Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
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 (Loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Tables)
Accounts Payable And Accrued Liabilities - Summary (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Loss) By Component (Net Of Tax) (Details)
Accumulated Other Comprehensive Loss - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Amortizable Intangible Assets, Net
Amortizable Intangible Assets, Net (Tables)
Amortizable Intangible Assets, Net - Narrative (Details)
Amortizable Intangible Assets, Net - Summary (Details)
Business Acquisition
Business Acquisition (Tables)
Business Acquisition - Narrative (Details)
Business Acquisition - Pro Forma Information (Details)
Business Acquisition - Purchase Price Allocation (Details)
Closure Costs, Impairment And Other Related Charges
Closure Costs, Impairment And Other Related Charges (Tables)
Closure Costs, Impairment And Other Related Charges - Narrative (Details)
Closure Costs, Impairment And Other Related Charges - Summary (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Unrecorded Unconditional Purchase Obligations (Details)
Fixed Assets, Net
Fixed Assets, Net (Tables)
Fixed Assets, Net - Components Of Fixed Assets, Net (Details)
Fixed Assets, Net - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Balance Of Tax Attributes And Their Dates Of Expiration (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 - Narrative (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 (Tables)
Inventories, Net - Narrative (Details)
Inventories, Net - Summary (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Abl Credit Facility (Details)
Long-Term Debt - Debt Maturities (Details)
Long-Term Debt - Loan Facility (Details)
Long-Term Debt - Long Term Debt Including Current Portion (Details)
Long-Term Debt - Other Debt (Details)
Long-Term Debt - Senior Secured Credit Facility (Details)
Long-Term Debt - Senior Unsecured Notes (Details)
Net Gain On Disposition Of Assets
Net Gain On Disposition Of Assets - Narrative (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Schedule Of Weighted-Average Outstanding Stock Options And Nonvested Equity-Classified Rsus, Dsus And Psus (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Components Of Lease Expense (Details)
Operating Leases - Maturities Of Operating Lease Liabilities (Details)
Operating Leases - Narrative (Details)
Operating Leases - Supplemental Balance Sheet Information (Details)
Operating Leases - Supplemental Cash Flow Information (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 (Expense) Income, Net
Other (Expense) Income, Net (Tables)
Other (Expense) Income, Net - Summary (Details)
Other Assets
Other Assets - Narrative (Details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (Tables)
Pension And Other Postretirement Benefit Plans - Amounts Recognized In Our Consolidated Balance Sheets (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 - Change In Plan Assets (Details)
Pension And Other Postretirement Benefit Plans - Changes In 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 - 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 - Narrative (Details)
Pension And Other Postretirement Benefit Plans - Weighted-Average Assumptions Used To Determine Projected Benefit Obligations And Net Periodic Benefit Cost (Details)
Quarterly Information (Unaudited)
Quarterly Information (Unaudited) (Tables)
Quarterly Information (Unaudited) - Summary (Details)
Segment Information
Segment Information (Tables)
Segment Information - Long-Lived Assets, By Country (Details)
Segment Information - Narrative (Details)
Segment Information - Sales By Country (Details)
Segment Information - Segment Reporting Information (Details)
Share Capital
Share Capital - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Psu Activity (Details)
Share-Based Compensation - Rsu And Dsu Activity (Details)
Share-Based Compensation - Stock Options Activity (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Ticker: RFP
CIK: 1393066
Form Type: 10-K Annual Report
Accession Number: 0001393066-21-000006
Submitted to the SEC: Mon Mar 01 2021 5:05:53 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Paper Mills

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