CPLP Has Record-Setting 2nd Quarter

Thursday, July 22, 2010 04:00 AM

Prince George, B.C. - Canfor Pulp Limited Partnership has announced record sales for the second quarter of 2010.

For the period ending June 30th, CPLP sales totalled $247.6-million dollars -- up $8.1-million from the first quarter of the year and $42.6-million higher than the same period last year.

The Partnership also generated record earnings before interest, taxes, depreciation and amortization (EBITDA) of $63.7-million in the quarter -- a jump of almost $20-million dollars over the first quarter and a huge surge beyond the mere $7.2-million recorded in Q2 2009.

A conference call with Partnership Executives to discuss the second quarter is planned for later this morning, but, in a news release, CPLP's improved results are being attributed to higher prices for its pulp and paper products...partially offset by the stronger Canadian dollar, higher freight costs and lower shipments.

The Partnership's Prince George mills achieved production records in the quarter for both total tonnes and average daily production. A scheduled maintenance outage was completed at Intercon during the quarter, reducing production by approximately 10-thousand tonnes. Another scheduled maintenance is planned for Northwood Pulp Mill in the third quarter with a similar effect on production. No maintenance outages are planned for the fourth quarter.

And the future continues to look bright for CPLP as moves forward on two recently approved Green Transformation programs totaling $15.6-million dollars. (click here for previous story)

The Partnership was allocated $122-million for such projects and plans to submit further projects for approval over the balance of 2010, which are expected to provide both economic and environmental benefits to its operations.

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Posted on Thursday, July 22, 2010 04:00 AM in News by 250 News

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Comments

Posted by: Denaljo on July 22 2010 5:25 AM

$122 million of Tax Payers money for nothing! Gotta love 'FREE" enterprise.

Posted by: socredible on July 22 2010 7:48 AM

What were the earning AFTER "EBITDA"? Now in the black, or still in the red?

Posted by: Dragonmaster on July 22 2010 8:25 AM

"The Partnership was allocated $122-million"

Is that what they call free taxpayer dollars handed out to corporations these days?

Why do we put up with it?

Posted by: Junco on July 22 2010 9:20 AM

Time for stockholders to bail and lock in their gains.

Posted by: Retired on July 22 2010 10:20 AM

Free enterprise is alive and well when it comes to downloading at the public trough.

Why do we put up with it? Because we are part of the problem.
Cheers

Posted by: doneright on July 22 2010 11:55 AM

Watch all the crying about how poor they are when it comes to contract time.

Posted by: mythoughts on July 22 2010 12:44 PM

Wish everyone could just for once see the positives of this. It's great news for CPLP, their employees and the community. Just think of all the money that will be spent in PG. It's people with good paying jobs that spend money, not the unemployed. CPLP is in business to make money, not lose it. If the government hands them out some money, more power to them to take it. I know all of us would. How many are collecting welfare, EI, GST cheques, Child Tax Credits. It's all the same and we'd all take it if offered. Read the last line again... "expected to provide both economic and environmental benefits".

Posted by: lost it all on July 22 2010 2:10 PM

So mythoughts, do you think the government should hand out welfare to corporations?

I think you missed the point on the anger above regarding corporate welfare. It is not the corporation that is at fault for taking free money, it is a government for handing it out.

Of course you are right mythoughts, free money is free money and we all would take it. It is the giver of the free money that needs to have it's head examined.

Posted by: interceptor on July 22 2010 4:34 PM

I challenge any of the negative whiners on O250 to announce thier line of work and then try to explain how they do not live off of the lumber and pulp industry as the money trickles down.

Posted by: lost it all on July 22 2010 5:38 PM

I am a log hauler, and am tired of my taxes used to subsidize business, any business. I get no welfare, I see no reason why a biger business than my own should.

Posted by: mythoughts on July 23 2010 6:44 AM

It's because the U.S. did something similar for their pulp mills so we had to do something to keep ours competitive. Besides, it's helping cleaning up the environment. It's no financial benefit for the pulp mills to clean up the air...in fact it costs them money so why would they do it unless offered a grant to do it. Isn't that what all the air-care fairies have been whinning about. Well, now you are getting what you want. Can't have it both ways.