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.

Key Facts
Catalyst Distinction
Debt Investment
Events & Presentations
Investor Resources
Contact

Corporate Overview

We manufacture diverse specialty printing papers, newsprint and pulp for retailers, publishers and commercial printers
We have an annual production capacity of 1.8 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, BC, Canada
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 (2)	111,000	194,000	335,000
Port Alberni, BC (2)	338,000	-	-
Powell River, BC (3)	480,000	-	-
Snowflake, AZ (2) ²	60,000	277,000	-

¹ Total pulp capacity at Crofton is 395,000 tonnes, of which 335,000 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 (% of 2011 sales $)		Sales by Market (% tonnes 2011)
Specialty Printing Papers	55%	Specialty Printing Papers	57%	United States	55%
Newsprint	26%	Newsprint	23%	Canada	13%
Market Pulp	19%	Market Pulp	20%	Latin America	7%
Total Tonnes	1,795,000			Asia & Australasia	25%

Performance Highlights

Social		Q1 2012	Q4 2011	Q1 2011
Lost time injuries/ 200,000 hours worked; Target = 1.10		0.22	0.67	3.51
Medical incidents/ 200,000 hours worked; Target = 2.26 (includes both lost time and less serious incidents)		2.19	2.46	6.31
Financial ($MM, except EPS and exchange)		Q1 2012	Q4 2011	Q1 2011
Sales		$315.8	$319.8	$303.6
Net earnings (loss) attributable to company		(25.6)	(708.0)	(12.9)
- before specific items		(9.6)	(41.7)	(23.6)
EBITDA		18.1	2.8	15.9
- before restructuring costs		23.3	8.7	15.9
Free Cash Flow		(3.5)	(26.4)	(5.5)
Total Liquidity		67.9	96.7	167.4
Capital Spending		1.9	6.2	2.3
Net earnings (loss) per share attributable to the company's common shareholders - basic and diluted (in dollars)		(0.07)	(1.85)	(0.03)
US$/CDN$ Exchange, average spot rate		0.999	0.977	1.015
Commercial (000 tonnes)		Q1 2012	Q4 2011	Q1 2011
Total Sales		427.1	406.6	399.4
Production & Capacity Utilization	Production
	Specialties	209.6	238.2	214.3
	Newsprint	131.0	109.3	124.8
	Pulp	85.5	73.5	71.3
	Curtailment
	Specialties	5.5	-	-
	Newsprint	-	39.7	34.5
	Pulp	-	-	-
Environmental		Q1 2012	Q4 2011	Q1 2011
Greenhouse Gases (kg C0₂e/t)¹		638	618	550

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.

Quick Downloads

Q1 2012 Managements Discussion & Analysis

Q1 2012 Financial Statements

Catalyst Key Facts

2011 Annual Report

2011 Sustainability Report

Governance

Learn More

EARNINGS RELEASE Calendar

Q1 Earnings Release May 10 2012

Q2 Earnings Release August 1 2012

Q3 Earnings Release October 30 2012

Q4 Earnings Release tbc

Dates Subject to Change

Request Information Package

Debt Investment

	DIP Facility	ABL Facility
	2012	2011
Capital Resources ($ millions)	Q1	Q4	Q3	Q2	Q1
Borrowing base	$142.1¹	$151.8²	$167.3²	$134.3²	$174.1²
Letters of credit	(17.8)	(32.2)	(27.7)	(28.1)	(25.5)
Amount drawn, net	(77.8)	(48.0)	(31.5)	-	-
Minimum excess availability	-	-	-	-	(35.0)
Available to be drawn³	46.5	71.6	108.1	106.2	113.6
Cash on hand	19.3	25.1	17.8	30.2	53.8
Restricted cash⁴	2.1	-	-	-	-
Total Liquidity	67.9	$96.7	$125.9	$136.4	$167.4

¹ Borrowing base for the DIP Facility includes reserves of $3.2 million for pension, $3.6 million for employees, $2.0 million for landlord waivers, $1.5 million for insured receivables dilution, $2.0 million for credit insurance deductibles, and $1.5 million for CCAA charges in priority to DIP charge.

² Borrowing base for the ABL Facility included a reserve of $0.4 million at December 31, 2011 for unpaid property taxes and associated penalties (Q3 2011 - $0.4 million, Q2 2011 - $4.5 million, Q1 2011 - $4.4 million).

³ The DIP Facility and ABL Facility in place prior to the CCAA proceedings are subject to certain financial covenants as disclosed in our interim consolidated financial statements for the three months ended March 31, 2012 in note 14, Long-term debt.

⁴ Restricted cash consists of $1.6 million frozen funds that will be netted against the amount withdrawn on the DIP Facility and $0.5 million in frozen proceeds on the sale of certain assets at our discontinued paper recycling operation.

Long-Term Debt ($ millions)		At March 31, 2011	At December 31, 2011	At December 31, 2010
Recourse	Senior notes - 8.625% due June 2011	-	-	$25.9
	Senior notes - 7.375% due March 2014	251.6	256.4	251.6
	Senior secured notes - 11.0% due December 2016	280.2	285.2	278.9
	Modification - difference in carrying value of 8.625% and 11.0% senior secured notes on exchange	30.0	31.2	36.2
	Class B senior secured notes - 11.0% due December 2016	97.0	98.5	94.3
	Revolving asset-based loan facility of up to $175.0 million due May 2016	-	48.0	-
	Debtor-in-possession loan facility of up to $175.0 million due August 2013	77.8	-	-
	Capital lease obligation	9.0	9.2	10.2
Non-recourse	First mortgage bonds - 6.447% due July 2016	95.0	95.0	95.0
Non-recourse	Subordinated promissory notes	18.8	18.8	18.8
Total Debt		$859.4	$842.3	$810.9
Less Current Portion		(7.0)	(466.8)	27.0
Less Debt Classified as Liabilities Subject to Compromise		(658.8)	-	-
Total Long-Term Debt		$193.6	$375.5	$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

As the mix of online media gets more complicated and fragmented, on-paper communication provides unique advantages including ease of use, widespread availability, sustainable and reliable production, and permanence.

Efficiency and Track Record

Excellent supply chain logistics and proximity to key markets for both inputs and sales enable Catalyst operations to deliver product on-time and on-quality while achieving freight and inventory management efficiency – measured in material miles, dunnage and delivery windows.

Product Range and Innovation

As a convenient one-stop supplier for commercial printers, retail advertisers and direct marketers, we continually extend and optimize our product line. Catalyst is the only manufacturer in western North America that can provide commodity through to coated and uncoated specialty paper grades.

Sustainability Expertise

Catalyst made large-scale greenhouse gas reductions early, was first to introduce manufactured carbon-neutral paper for the mass market and is recognized for transparency relating to environmental performance and reporting. We’re skilled in addressing stakeholder and environmental risks and opportunities.

Manufacturing Base

Our mills are powered by renewable energy and electricity self-sufficiency and are in freight logical proximity to fibre sources. Catalyst is a preferred choice for customers in western North America, with the streamlined multi-mode transportation capability to reach key continental and offshore markets.

Decisive Action

True to its name, Catalyst has shown management tenacity in decisive and timely actions to address business conditions. Whether that means production curtailment, operational consolidation or leadership on industry policy matters, we are adapting to ever-changing realities and will continue to do so.

Events and Presentations

2012

Q1

2011