Investor Relations
Catalyst Paper produces a broad range of communication papers for commercial printing, retail advertising and direct marketing applications. With mills strategically located to serve North American and Pacific Rim markets, prudent fiscal management, and ongoing social and environmental performance and transparency, Catalyst is well regarded as a competitive and customer-focused operator. Learn more about what sets us apart.
Corporate Overview
- We manufacture diverse specialty printing papers, newsprint and pulp for retailers, publishers and commercial printers
- We have an annual production capacity of 1.9 million tonnes
- We are:
- The largest producer of mechanical printing paper in western North America, and the fourth largest on the continent
- The only western North American producer of coated mechanical paper and soft calender paper
- Among the largest producers of directory paper in the world
- We offer extensive recycled production at our Snowflake, AZ mill, and our Sage line of environmentally friendly specialty papers made at our BC mills
- We are headquartered in Richmond, British Columbia, Canada and our common shares trade on the TSX (CTL)
- We respond to both the Carbon Disclosure Project and the Forest Footprint Disclosure Project and are included in the Jantzi Social Index®
- All of our mills are Forest Stewardship Council (FSC) chain-of-custody certified. Also, our BC mills are certified to the PEFC chain-of-custody standard.
Manufacturing Facilities
(no. of machines) |
Specialty Printing Papers |
Newsprint |
NBSK Market Pulp1 |
|
Crofton, BC (3) |
145,000 |
291,000 |
310,000 |
|
Port Alberni, BC (2) |
338,000 |
- |
- |
|
Powell River, BC (3) |
449,000 |
30,000 |
- |
|
Snowflake, AZ (2) 2 |
48,000 |
289,000 |
- |
1 Total pulp capacity at Crofton is 370,000 tonnes, of which 310,000 tonnes are designated as market pulp with the remainder of 60,000 tonnes being consumed internally.
2 100% recycled production
Production Capacity |
Sales by Segment
|
Sales by Market
|
|||
|
Specialty Printing Papers |
52% |
Specialty Printing Papers |
57% |
United States |
56% |
|
Newsprint |
32% |
Newsprint |
25% |
Canada |
12% |
|
Market Pulp |
16% |
Market Pulp |
18% |
Latin America |
9% |
|
Total Tonnes |
1,900,000 |
Asia & Australasia |
22% |
||
|
Europe & Other |
1% |
||||
Performance Highlights
Social |
Q3 2011 |
Q2 2011 |
Q3 2010 |
||
| Lost time injuries/ 200,000 hours worked; Target = 1.57 | 0.71 | 1.37 | 2.75 | ||
| Medical incidents/ 200,000 hours worked; Target = 3.20 (includes both lost time and less serious incidents) |
3.79 | 4.10 | 4.58 | ||
Financial ($MM, except EPS and exchange) |
Q3 2011 |
Q2 2011 |
Q3 2010 |
||
| Sales | $340.3 | $297.8 | $322.3 | ||
| Net earnings (loss) attributable to company | (205.7) | (47.4) | 6.0 | ||
| - before specific items | (14.1) | (46.9) | (9.6) | ||
| EBITDA | 26.8 | (3.9) | 34.2 | ||
| - before specific items | 26.8 | (3.9) | 34.5 | ||
| Free Cash Flow | 1.4 | (28.3) | 11.0 | ||
| Total Liquidity | 125.9 | 136.4 | 183.9 | ||
| Capital Spending | 5.6 | 5.6 | 2.4 | ||
| Net earnings (loss) per share attributable to the company's common shareholders - basic and diluted (in dollars) | (0.54) | (0.13) | 0.02 | ||
| US$/CDN$ Exchange, average spot rate | 1.020 | 1.033 | 0.962 | ||
Commercial (000 tonnes) |
Q3 2011 |
Q2 2011 |
Q3 2010 |
||
| Total Sales | 439.8 | 393.0 | 412.1 | ||
| Production & Capacity Utilization | Production | ||||
| Specialties | 230.0 | 200.9 | 226.6 | ||
| Newsprint | 111.6 | 111.7 | 120.1 | ||
| Pulp | 86.7 | 83.5 | 71.0 | ||
| Curtailment | |||||
| Specialties | - | - | - | ||
| Newsprint | 39.8 | 36.3 | 35.3 | ||
| Pulp | - | - | - | ||
Environmental |
Q3 2011 |
Q2 2011 |
Q3 2010 |
||
| Greenhouse Gases (kg C02e/t)1 | 610 | 540 | 640 | ||
1 GHG intensity measures are based on production totals including internally produced and consumed pulp and product not meeting quality requirements for sale. Q1 2011 value has been corrected to adjust for an over-statement of landfill emissions.
All figures in Canadian dollars.
Governance
Learn More
Earnings Conference Call
EARNINGS RELEASE Calendar
Dates Subject to Change
Debt Investment
Capital Resources ($ millions) |
Q3 2011 |
Q2 2011 |
Q3 2010 |
| Borrowing base 1 | $167.3 | $134.3 | $161.7 |
| Letters of credit | (27.7) | (28.1) | (25.1) |
| Amount drawn, net | (31.5) | - | - |
| Minimum excess availability | - | - | (35.0) |
| Available to be drawn 2 | 108.1 | 106.2 | 101.6 |
| Cash on hand | 17.8 | 30.2 | 82.3 |
| Total Liquidity | $125.9 | $136.4 | $183.9 |
1 The borrowing base at September 30, 2011 includes a reserve of $0.4 million for unpaid property taxes and associated penalties (Q2 2011 - $4.5 million, Q1 2011 - $4.4 million)
2 Our ABL Facility is subject to certain financial covenants as disclosed in our interim consolidated financial statements for the three and nine months ended September 30, 2011 in note 11, Long-term debt.
Long-Term Debt ($ millions) |
At September 30, 2011 |
At December 31, 2010 |
|
Recourse |
Senior notes - 8.625% due June 2011 | $- | $25.9 |
| Senior notes - 7.375% due March 2014 | 262.0 | 251.6 | |
| Senior secured notes - 11.0% due December 2016 | 291.3 | 278.9 | |
| Modification - difference in carrying value of 8.625% and 11.0% senior secured notes on exchange | 32.5 | 36.2 | |
| Class B senior secured notes - 11.0% due December 2016 | 100.5 | 94.3 | |
| Revolving asset-based loan facility of up to $175.0 million due May 2016 | 31.5 | - | |
| Capital lease obligation | 9.5 | 10.2 | |
Non-recourse |
First mortgage bonds - 6.447% due July 2016 | 95.0 | 95.0 |
| Subordinated promissory notes | 18.8 | 18.8 | |
Total Debt |
$841.1 | $810.9 | |
Less Current Portion |
1.0 | 27.0 | |
Total Long-Term Debt |
$840.1 | $783.9 | |
All figures in Canadian dollars.
Bonds Analysts
Any opinions, estimates or forecasts regarding Catalyst's performance made or provided by these analysts are the analysts' alone, and do not represent opinions, estimates or forecasts of Catalyst or its management. Catalyst does not express any representation, warranty or opinion with respect to any of the opinions, estimates or forecasts of any of these analysts.
Bond Analysts |
Analyst |
Phone number |
| Barclays Capital | Jeffrey Harlib | (212) 526-3891 |
| Credit Suisse First Boston | Bruce Klein | (212) 538-3289 |
| Goldman Sachs | Joe Stivaletti | (212) 902-3299 |
| JP Morgan | Christopher Miller | (212) 270-3211 |
| Oppenheimer & Co. | Hoai Ngo | (212) 885-4756 |
| RBC Capital Markets | William Hoffmann | (212) 428-2362 |
What distinguishes Catalyst Paper?
Reliability of Paper
Efficiency and Track Record
Product Range and Innovation
Sustainability Expertise
Manufacturing Base
Decisive Action
Equity Investment
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Equity Analysts
Any opinions, estimates or forecasts regarding Catalyst's performance made or provided by these analysts are the analysts' alone, and do not represent opinions, estimates or forecasts of Catalyst or its management. Catalyst does not express any representation, warranty or opinion with respect to any of the opinions, estimates or forecasts of any of these analysts.
Equity Analysts |
Analyst |
Phone number |
| Jantzi-Sustainalytics | Annie White | (416) 861-0403 ext 24 |
| RBC Capital Markets | Paul Quinn | (604) 257-7048 |
| Salman Partners | Mike Richmond | (604) 622-5563 |
| Scotia Capital | Benoit LaPrade | (514) 287-3627 |
Events and Presentations
2011
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2010
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2009
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2008
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Quarterly Reports
Other Filings
Contact Us
Brian Baarda
Vice-President, Finance & CFO
604-247-4710
Lyn Brown
Vice-President Marketing & Corporate Responsibility
604-247-4713
Email contact form
Alistair MacCallum
Vice-President Treasurer & Controller
604-247-4037
Account Transfer Info
For address changes or to request information on electronic deposit of dividends, stock transfers or lost certificates, please contact our transfer agent and registrar. CIBC Mellon Trust Company has principal offices in Vancouver, Toronto and Montreal.
Vancouver
CIBC Mellon Trust Company
1066 West Hastings Street
Suite 1600
Vancouver, B.C.
V6E 3X1
Telephone: 604-688-4330
Toronto
CIBC Mellon Trust Company
320 Bay Street
P.O. Box 1
Toronto, Ontario
M5H 4A6
Telephone: 416-643-5000
Montreal
CIBC Mellon Trust Company
2001 University Street
16th Floor
Montreal, Quebec
H3A 2A6
Telephone: 514-285-3600








