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Guru Trades

CYT Guru Trades in

Q2 2015

CYT Guru Trades in Q2 2015

Pioneer Investments 90,903 sh (New)
Mario Gabelli 12,000 sh (unchged)
Steven Cohen Sold Out
Jim Simons Sold Out
Ray Dalio Sold Out
John Burbank 2,000,000 sh (-13.04%)
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Q3 2015

CYT Guru Trades in Q3 2015

Paul Tudor Jones 242,349 sh (New)
Mario Gabelli 207,620 sh (+1630.17%)
Pioneer Investments 90,652 sh (-0.28%)
John Burbank 1,000,000 sh (-50.00%)
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Q4 2015

CYT Guru Trades in Q4 2015

Pioneer Investments Sold Out
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Business Description

Industry: Chemicals » Specialty Chemicals  
Compare:NYSE:NEU, NYSE:OLN, OTCPK:KSANF, OTCPK:OCLDY, OTCPK:PTPIF, NYSE:GRA, OTCPK:COIHY, OTCPK:CLZNY, OTCPK:LNXSF, OTCPK:OCINY, NYSE:CBT, OTCPK:TINLY, NYSE:PAH, NYSE:CC, NYSE:SXT, OTCPK:JMPLF, OTCPK:HXPLF, NYSE:RPM, OTCPK:ARKAY, OTCPK:ALFFF » details
Traded in other countries:CZM.Germany,
Headquarter Location:USA


Cytec Industries Inc was incorporated as an independent public company in Delaware in December 1993. It is a specialty materials and chemicals company. Its products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics. Its segments include Aerospace Materials, Industrial Materials, In Process Separation, and Additive Technologies. Its Aerospace Materials segment is a provider of technologically advanced materials for aerospace markets. Its product lines are Advanced composites, Structural and film adhesives, and Carbon fibers. It markets Aerospace Materials products and services directly to its customers using sales and technical support team. It is a supplier for military fixed wing programs, such as the F-35 Joint Strike Fighter and F-18 fighter jet programs, where advanced composites generally account for a higher percentage of structural weight. Advanced composites are exceptionally strong and lightweight materials (prepregs and resin infusion systems) it manufactures from high performance fibers (like carbon fiber) with epoxy, bismaleimide, phenolic, polyimide and other resins formulated or purchased by the Company. Structural and film adhesives are used for bonding and surfacing both metal and composite aircraft components. It also manufactures specialty adhesive forms for complex composites assemblies, such as honeycomb and sandwich structures and special surfacing films to provide aircraft lightning strike protection. It began construction on a new standard modulus carbon fiber line in South Carolina in early 2008. Its Industrial Materials segment provides Structural materials and Process materials. In Industrial Materials, it markets its products through a direct sales force for the structural materials and process materials product lines. Structural materials product line includes the development, manufacturing and supply of advanced composite materials for a diverse range of industries such as motorsports, automotive, defense, rail, tooling, recreation, alternative energy and other markets. Process materials product line includes the development, manufacture, and supply of vacuum bagging and other process materials to the composites industry and other markets, providing a wide range of materials and technical support to a growing number of international customers. Its In Process Separation segment provides Mining chemicals, and Phosphines. It markets In Process Separation chemicals through specialized sales and technical service staffs for each of its product lines. Mining chemicals product line is primarily used in applications to separate desired minerals from host ores. Phosphine specialties are utilized for a variety of applications. Its Additive Technologies segment provides Polymer additives, Specialty additives, and Formulated resins. It markets Additive Technologies chemicals through specialized sales and technical service staffs for each of its product lines. I

Top Ranked Articles about Cytec Industries Inc

Catalyst Paper Corporation's Principal Securityholders and KGI Enter Into a Support Agreement for a Potential Acquisition of Catalyst Paper

RICHMOND, BRITISH COLUMBIA--(Marketwired - Jun 30, 2016) - Catalyst Paper Corporation (TSX:CYT) ("Catalyst" or the "Company") today announced that it has been advised that the four largest shareholders of the Company holding or controlling approximately 79% of the Company's outstanding common shares, that include Mudrick Capital Management, L.P., Cyrus Capital Partners, LP, Oaktree Capital Management, LP and Stonehill Capital Management LLC (collectively, the "Principal Securityholders") have entered into a support agreement with Kejriwal Group International ("KGI"). The Principal Securityholders have filed Schedule 13D with the United States Securities and Exchange Commission setting out the details of the support agreement. The support agreement has been entered into between KGI and the Principal Securityholders following previously disclosed discussions. The Company is not a party to the support agreement, nor has it been a party to the discussions that led to it. The Principal Securityholders have committed to support and vote in favour of a transaction to be implemented by way of a plan of arrangement under the Canada Business Corporations Act, the terms of which would include:

common shares held by minority shareholders would be acquired for C$6.00 per share, subject to a maximum aggregate payment of C$18 million;
common shares held by the Principal Securityholders would be exchanged for interests in a new junior convertible term loan;
existing PIK toggle senior secured notes due 2017 would be exchanged for interests in a new 5-year US$260.5 million term loan;
existing credit facilities, including the Company's ABL Facility, would have their maturities extended, or be refinanced; and
trade and other obligations remaining unaffected.

The support agreement among KGI and the Principal Securityholders includes material conditions and other provisions including satisfactory due diligence by KGI to occur over a period of up to 75 days, the refinancing or maturity extensions of the existing credit facilities of Catalyst, securityholder, regulatory and court approvals, and funding at closing. The support agreement contemplates an outside date to complete the transaction of November 30, 2016, subject to extension. The Board of Directors has not yet entered into any discussions regarding the potential transaction with KGI or agreed to the contemplated process and timeline set forth in the support agreement. The Board of Directors is encouraged by KGI's proposal and will be pleased to review and evaluate the proposed transaction and the process contemplated by the support agreement with the assistance of legal and financial advisors. There can be no assurance that any agreement to implement the transaction will be entered into between KGI and Catalyst, and on what terms, that any of the material conditions to the transaction will be satisfied, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. Interested stakeholders may access the Principal Stakeholders' filings, including the support agreement, from time to time with the U.S. Securities and Exchange Commission by visiting EDGAR on the SEC website at www.sec.gov/edgar.shtml. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and has been ranked by Corporate Knights magazine for 10 consecutive years as one of the 50 Best Corporate Citizens in Canada. Forward-Looking Statements Certain statements in this news release, including, without limitation, the statements describing a proposed transaction involving the securities of Catalyst and the terms thereof, the impact of the transaction on the obligations of Catalyst, the timeline for the transaction and the capital that could be provided to the Company pursuant to the transaction, are forward-looking statements within the meaning of Canadian and United States securities laws. These forward-looking statements are based on certain assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including (i) that the terms relating to the potential transaction set out in the support agreement are subject to the execution of definitive agreements among KGI and Catalyst, the completion of due diligence by KGI satisfactory to it, completion of funding by KGI, the agreements and consents of third party lenders and other stakeholders, regulatory approvals and other material conditions, (ii) the results of negotiations among KGI and Catalyst relating to a potential transaction and the actual terms thereof, (iii) the failure to complete a definitive transaction or to satisfy any regulatory requirement, closing condition or consent that may be required in connection with any potential transaction, and (iv) other factors beyond the control of Catalyst. Accordingly, there can be no assurance that any transaction referred to in such forward-looking statements will be entered into or completed. These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, Catalyst does not intend to or assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.





Gerrie Kotze
Corporate Controller
(604) 247-4425
Eduarda Hodgins
Director, OD & Communications
(604) 247-4369




Read more...
2016 Second Quarter Conference Call

RICHMOND, BRITISH COLUMBIA--(Marketwired - Jun 29, 2016) - Catalyst Paper Corporation (TSX:CYT) will hold a conference call on Thursday, July 28, 2016 at 8:00 a.m. PDT / 11:00 a.m. EDT to review the Company's 2016 second quarter results. Joe Nemeth, President & Chief Executive Officer, and Frank De Costanzo, Senior Vice President & Chief Financial Officer, will host the call. The second quarter report will be released on Wednesday, July 27th after market close and will be available on the Reports page of Catalyst Paper's website at catalystpaper.com/investors. To participate in the conference call, please dial: 877-291-4570 (North America Toll Free) or 647-788-4919 (Greater Toronto Area and International) Following the call, the earnings presentation and webcast will be archived on the Events and Presentations page of Catalyst Paper's website at catalystpaper.com/investors. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and has been ranked by Corporate Knights magazine for the 10th consecutive year as one of the 50 Best Corporate Citizens in Canada.





Catalyst Paper Corporation
Eduarda Hodgins
Director, Organization Development & Communications
604-247-4369
[email protected]




Read more...
Catalyst Paper Named One of Canada's Top Corporate Citizens, 10th Year in a Row

RICHMOND, BRITISH COLUMBIA--(Marketwired - Jun 7, 2016) - Catalyst Paper (TSX:CYT) today announced that it has been named for the 10th consecutive year as one of the Best 50 Corporate Citizens in Canada by Corporate Knights Magazine, which reports on corporate sustainability and transparency. "We are proud to be acknowledged for the 10th consecutive year as one of Canada's Best Corporate Citizens," said Joe Nemeth, President & Chief Executive Officer. "This designation acknowledges the investments we have made to put our sustainability values and commitment into practice." The Best 50 Corporate Citizens in Canada are selected by Corporate Knights Magazine on the basis of their performance against 12 key sustainability indicators, including greenhouse gas production, percentage of taxes paid, health and safety performance, and pension fund quality. The award recognizes Catalyst's ongoing focus on strengthening its leadership role in sustainable business practices and its commitment to building respectful and constructive relationships with stakeholders. In 2015, Catalyst demonstrated its environmental sustainability commitment through ongoing achievements, including maintaining certified fibre sourcing and chain of custody transparency, supporting the Great Bear Rainforest Land Use Objectives Order, investing in green-energy generation and implementing carbon reduction policies and practices. Catalyst is proud of its performance and track record, and its commitment to transparently sharing information in its annual Sustainability Reports. The company's 2015 Sustainability Report, which is presented according to the Global Reporting Index, provides a transparent record of Catalyst's performance across multiple dimensions, including environmental results, as well as the social and economic contribution of its operations in the communities where the company's employees live and work. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.





Catalyst Paper Corporation
Frank De Costanzo
Senior Vice President & Chief Financial Officer
(604) 247-4014
Eduarda Hodgins
Director Organization Development & Communications
(604) 247-4369




Read more...
U.S. Senator Susan Collins (R-ME) Tours Catalyst Paper's Rumford Mill; Supports Mill Revitalization Efforts

RICHMOND, BRITISH COLUMBIA--(Marketwired - Jun 2, 2016) - Catalyst Paper today welcomed United States Senator Susan Collins to the company's pulp and paper mill in Rumford, Maine. Senator Collins toured the Rumford mill to meet with senior management and employees, and demonstrate her support for ongoing efforts to revitalize operations to support the mill's long-term sustainability. "Maine's pulp and paper industry is part of our heritage, our present, and our future," said Senator Collins. "Catalyst's Rumford mill is an important contributor to the economic health of our state. The mill employs approximately 640 hardworking men and women and is vital to Rumford and the surrounding communities in western Maine. I will continue to strongly advocate for federal policies to support Maine's paper mills and help preserve these high-quality jobs."
Over the past year, the Rumford mill has made significant progress in its effort to revitalize its financial and operational performance. The mill recently re-started No. 12 Paper Machine, added 32 jobs to the facility and supported the commercialization of "Rumford Offset", a new uncoated freesheet grade of paper. Catalyst appreciates Senator Collins' support on the countervailing duty issue related to the export of supercalandered paper to the United States. After Catalyst was assessed an "all-others" duty rate, which was not reflective of its own business circumstances, Senator Collins urged the United States Department of Commerce to prioritize an individual investigation of Catalyst through an expedited review process, which is now in progress. "Catalyst values Senator Collins' efforts to protect jobs, and to support a healthy and thriving manufacturing sector in the State of Maine," said Joe Nemeth, President & Chief Executive Officer. Senator Collins was joined on today's tour by Catalyst senior leaders, Joe Nemeth, President & Chief Executive Officer, Frank De Costanzo, Senior Vice President & Chief Financial Officer, Greg Maule, Senior Vice President, Operations, Len Posyniak, Senior Vice President, Human Resources & Corporate Services, Sean Curran, Senior Vice President, Sales & Marketing and Randy Chicoine, Vice President & General Manager of the Rumford mill. Catalyst acquired Rumford Pulp and Paper in January 2015 and invested nearly $16 million last year in the mill, including the upgrade of Recovery Boiler C. Rumford produces 500,000 tons of paper products and 460,000 tons of pulp on an annual basis. As one of the region's largest employers, the mill delivers regional economic spin-off benefits of approximately $317 million. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.





Media Contact:
Tony Lyons
Director, Fiber Supply & Public Policy
207-369-2615 or 904-460-6604
[email protected]




Read more...
Principal Stakeholders and KGI Enter into a Letter of Intent for a Potential Acquisition of Catalyst Paper

RICHMOND, BRITISH COLUMBIA--(Marketwired - May 23, 2016) - Catalyst Paper Corporation (TSX:CYT) ("Catalyst" or the "Company") announced today that its board of directors has received a copy of an expression of intent among Kejriwal Group International ("KGI") and the four largest shareholders of the Company holding or controlling approximately 79% of its outstanding common shares, including Mudrick Capital Management, L.P., Cyrus Capital Partners, LP, Oaktree Capital Management, LP and Stonehill Capital Management LLC (collectively, the "Principal Securityholders"). The Principal Securityholders have completed Schedule 13D filings with the United States Securities and Exchange Commission, including a copy of the expression of interest.
The expression of intent contemplates a timeline during which KGI and the Principal Securityholders will pursue a transaction the indicative terms of which include that:

common shares would be acquired for C$6.00 per share, except those held by the Principal Securityholders which would be exchanged for interests in a new junior convertible term loan;



existing credit facilities would have their maturities extended, or be refinanced;



existing PIK toggle senior secured notes due October 2017 would be exchanged for interests in a new 5-year US$260.5 million term loan;



KGI would commit to equity investments on or after closing of (i) C$25 million in the Company and (ii) C$35 million in a newly formed guarantor of the new term loans entered into as part of the transaction; and



trade and other obligations would remain unaffected.



The board of directors has indicated that it is encouraged by KGI's proposal which could provide the Company with a significant amount of capital which further enhances and accelerates Catalyst's planned growth initiatives. The board of directors will be pleased to review and evaluate any proposal which may result from the expression of intent among KGI and the Principal Securityholders. There can be no assurance that any definitive proposal will be made, that any agreement will be executed and on what terms, or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. Interested stakeholders may access the Principal Stakeholders' filings from time to time with the U.S. Securities and Exchange Commission by visiting EDGAR on the SEC website at www.sec.gov/edgar.shtml. About Catalyst Paper
Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada. Forward-Looking Statements Certain statements in this news release, including, without limitation, the statements describing a proposed transaction involving the securities of Catalyst and the terms thereof, the impact of the transaction on the obligations of Catalyst, the capital that could be provided to the Company pursuant to the transaction and the resulting enhancement and acceleration of its planned growth initiatives, are forward-looking statements within the meaning of Canadian and United States securities laws. These forward-looking statements are based on certain assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including (i) that the term sheet relating to the potential transaction is subject to the execution of definitive agreements, the completion of due diligence by KGI satisfactory to it, the agreements and consents of third party lenders and other stakeholders, and other material conditions, (ii) the results of negotiations relating to a potential transaction and the actual terms thereof, (iii) the failure to complete a definitive transaction or to satisfy any regulatory requirement, closing condition or consent that may be required in connection with any potential transaction, and (iv) other factors beyond the control of Catalyst. Accordingly, there can be no assurance that any transaction referred to in such forward-looking statements will be entered into or completed. These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, Catalyst does not intend to or assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.





Catalyst Paper Corporation
Frank De Costanzo
Senior Vice President & Chief Financial Officer
(604) 247-4014




Read more...
Powell River G13 Turbine Project Wins National Energy Conservation Leadership Award

RICHMOND, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Catalyst Paper (TSX:CYT) today announced that its Powell River mill has won the prestigious Canadian Industry Program for Energy Conservation (CIPEC) Leadership Award. Powell River was recognized in the category of Energy Performance Management in recognition of its successful installation of the G13 Turbine. The G13 Turbine, which was installed in 2015, converts waste steam to electricity, increasing the mill's power output by 8 megawatts, enough to power almost 7,000 homes. The $24 million project was developed in partnership with BC Hydro and was completed in the fall of 2015. "This award recognizes the tremendous efforts of our team to reduce costs, create efficiency and support our commitment to environmental sustainability," said Fred Chinn, Vice President & General Manager, Powell River Mill. "It's a critical part of our effort to revitalize the mill for the future to ensure our long-term sustainability." Award recipients were selected by the Industry Division of Natural Resources Canada's Office of Energy Efficiency. G13 was selected because it demonstrates achievements in energy efficiency and environmental stewardship, and is well aligned with the Government of Canada's commitment to advancing its clean growth agenda. "I would like to commend Catalyst Paper on their CIPEC Leadership Award. Their innovative Powell River Mill project demonstrates how new technologies help reduce the environmental impacts of energy production and output," said Kim Rudd, Parliamentary Secretary to the Minister of Natural Resources. "Their commitment to improving environmental sustainability and energy efficiency is impressive and a great example to other manufacturers." The award was presented on May 17 at an awards dinner in Niagara Falls, Ontario as part of the Energy Summit 2016 conference. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.





Catalyst Paper
Eduarda Hodgins
Director, Organization Development & Communications
604-247-4369
[email protected]




Read more...
Catalyst Paper Announces Voting Results for the Election of Directors

RICHMOND, BRITISH COLUMBIA--(Marketwired - May 11, 2016) - Catalyst Paper (TSX:CYT) today announced the voting results of the Annual General Meeting held May 10, 2016 in Richmond, BC. Shareholders voted in favour of all the items of business before the meeting including the election of all director nominees as follows:






Votes by Ballot




Outcome of Vote

Votes For

Votes Withheld

% of

Votes

Cast For


The election of the following nominees as directors of the Issuer for the ensuing year or until their successors are elected or appointed

Carried



















(a) John Brecker



11,859,104

6,626

99.94


(b) Todd Dillabough



11,859,104

6,626

99.94


(c) Walter A. Jones



11,859,104

6,626

99.94


(d) Leslie T. Lederer



11,859,104

6,626

99.94


(e) Jill Leversage



11,859,104

6,626

99.94


(f) Joe Nemeth



11,859,104

6,626

99.94


(g) Pierre Raymond



11,859,104

6,626

99.94



Detailed voting results for the meeting are available on SEDAR at www.sedar.com. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.





Catalyst Paper
Frank De Costanzo
Senior Vice President & Chief Financial Officer
(604) 247-4014




Read more...
Catalyst Paper Increases Its Asset-Based Lending Credit Facility

RICHMOND, BRITISH COLUMBIA--(Marketwired - May 9, 2016) - Catalyst Paper Corporation (TSX:CYT) announced today the amendment of its Asset-Based Lending credit facility (ABL facility). The amendment included an increase of the maximum revolving credit commitments by $25 million to $250 million. The ABL facility lenders are CIBC as Administrative Agent, Wells Fargo Capital Finance Corporation of Canada (Wells Fargo), Export Development Canada (EDC) and Bank of Montreal (BMO). "The amendment increases the company's flexibility to pursue growth in value-added niche markets while continuing to drive cost improvements," said Joe Nemeth, President & Chief Executive Officer. "This strategy of bottom line cost reduction and top line growth is foundational to Catalyst's future transformation." Catalyst has a long-term relationship with CIBC, Wells Fargo and EDC, and we are pleased to welcome BMO as a lender to the facility and strategic financial partner. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada.





Catalyst Paper Corporation
Frank De Costanzo
Senior Vice President & Chief Financial Officer
604-247-4014
[email protected]




Read more...
Catalyst Announces First Quarter Results

RICHMOND, BRITISH COLUMBIA--(Marketwired - May 9, 2016) - Catalyst Paper (TSX:CYT) today announced results for the first quarter ended March 31, 2016. Adjusted earnings before tax, depreciation and amortization (EBITDA) was $17.1 million and adjusted EBITDA before specific items was $17.7 million in the first quarter, compared to adjusted EBITDA of $15.1 million and adjusted EBITDA before specific items of $19.8 million in the fourth quarter of 2015. In the first quarter, the company reported $16.9 million in net earnings and a net loss before specific items of $5.1 million, compared to a net loss of $26.3 million and a net loss of $10.0 before specific items in the fourth quarter of 2015. First quarter earnings benefited from a $22.6 million foreign exchange gain on the translation of U.S. dollar denominated debt. Catalyst's free cash flow was negative $1.7 million, an improvement from negative $11.4 million in the previous quarter. We ended the first quarter with liquidity of $84.0 million. "In light of the continuing price erosion in some of our products, we are ramping up our programs to reduce costs, improve existing product mix and grow new specialty paper sales," said Joe Nemeth, President & Chief Executive Officer. Quarter Highlights Operating results benefited from cost savings driven primarily by Revitalization Programs even though we were challenged by maintenance-related issues in the quarter. Our Revitalization Programs were successfully implemented at three of our mill locations in 2015. The program has now been extended to our two remaining mills and in addition to our corporate group to ensure this program is an enterprise-wide initiative. Production on Rumford's No. 12 Paper Machine resumed in the quarter after being indefinitely curtailed on September 1, 2015. This decision reflects proactive action by management to more fully leverage integrated capabilities at Rumford. The machine will be dedicated to the production of coated paper and Rumford Offset, a newly developed uncoated free sheet product. Our progress in safety in the first quarter was overshadowed by the employee fatality that occurred at the Crofton mill in January. We remain diligently focused on improving our performance, and strengthening our safety culture and behaviours. Selected Financial Information










2016

2015





(In millions of Canadian dollars, except

where otherwise stated)
Q1

Total

Q4

Q3

Q2

Q1



Sales
$
510.4

$
1,991.1

$
510.8

$
542.6

$
458.4

$
479.3



Operating earnings (loss)

2.7


(12.7
)

(2.2
)

23.8


(34.0
)

(0.3
)


Depreciation and amortization

14.4


61.4


17.3


15.0


14.8


14.3



Adjusted EBITDA

17.1


48.7


15.1


38.8


(19.2
)

14.0




- before specific items

17.7


86.7


19.8


41.2


9.7


16.0



Net earnings (loss)

16.9


(49.4
)

(26.3
)

(12.9
)

(32.4
)

22.2




- before specific items

(5.1
)

(28.0
)

(10.0
)

8.4


(13.8
)

(12.6
)


Adjusted EBITDA margin

3.3%


2.4%


3.0%


7.2%


(4.2%
)

2.9%




- before specific items

3.5%


4.4%


3.9%


7.6%


2.1%


3.3%



Net earnings (loss) per share (in dollars)





















- basic and diluted
$
1.17

$
(3.41
)
$
(1.82
)
$
(0.89
)
$
(2.23
)
$
1.53




- before specific items

(0.35
)

(1.93
)

(0.69
)

0.58


(0.95
)

(0.87
)


(In thousands of tonnes)




















Sales

542.8


2,134.3


541.9


570.8


511.1


510.5



Production

533.7


2,136.8


545.6


558.2


494.8


538.2

























Market Conditions Market demand for traditional printing and writing papers continues to decline. Reduced paper use, driven by the proliferation of digital options and resulting oversupply, has led to lower prices and declining demand across almost all grades, with coated groundwood and directory grades experiencing the severest declines. Despite challenging market conditions, we are successfully generating strong sales volume in the Company's targeted market niches. In the first quarter, sales volume of coated freesheet products increased by 20 per cent, compared to the same quarter in the previous year. Our efforts in entering higher-value markets have been driven by improved brand recognition, consistent product quality, an unmatched environmental pedigree and superior customer service. Increase to Asset Based Credit Facility On May 9, 2016, the company amended its revolving asset based loan facility (ABL Facility). The amendment included an increase of the maximum revolving credit commitments by $25.0 million to $250.0 million. The ABL Facility lenders are CIBC as Administrative Agent, Wells Fargo Capital Finance Corporation of Canada, Export Development Canada and Bank of Montreal. Outlook In the second quarter, we expect continued demand and pricing pressure in all grades with the exception of newsprint and NBSK pulp that are benefiting from recent price increases. Energy costs in our British Columbia mills will increase as a result of a four per cent hydroelectricity rate increase in British Columbia effective April 1, 2016. We will continue to be innovative in ways to mitigate this increase. We also face the continued imposition of countervailing duties on the export to the United States of supercalendered paper and are working through the U.S. Department of Commerce's expedited review process. We believe the Revitalization Programs' focus on cost reduction, combined with our efforts to optimize product mix and increase new specialty paper sales, will serve to lessen the effects of these external pressures. Planned second quarter maintenance outages at Crofton and Powell River, combined with the impact of the main waterline breach at the Crofton mill in mid-April, will negatively impact maintenance and production costs in the second quarter. Further Quarterly Results Materials This release, along with the full Management Discussion & Analysis, Financial Statements and accompanying notes are available on our web site at www.catalystpaper.com/Investors. This material is also filed with SEDAR in Canada and EDGAR in the United States. About Catalyst Paper Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With five mills across North America, Catalyst has annual production capacity of 2.3 million tonnes. Catalyst is headquartered in Richmond, British Columbia, Canada, and is ranked by Corporate Knights magazine as one of the 50 Best Corporate Citizens in Canada. Forward-Looking Statement Certain statements in this news release, including, without limitation, the statements: that ramping up certain programs will result in cost reduction, improved product mix and growth of new specialty paper sales; regarding the intended production mix of R12; regarding expected demand and pricing pressures in Q2; regarding increased energy costs in Q2 and related mitigation efforts; regarding the expected impact of Catalyst's Revitalization Programs, production mix strategy and expected increase in the sales of new specialty paper on certain external pressures; and the expected impact of planned Q2 maintenance outages at Crofton and Powell River and a waterline breach at Crofton, are forward-looking statements within the meaning of Canadian and United States securities laws. These forward-looking statements reflect management's current views and are based on certain assumptions including, without limitation, assumptions as to future economic conditions, demand for products, levels of advertising, product pricing, ability to achieve operating and labour cost reductions, currency fluctuations, production flexibility and related courses of action, responses from applicable regulatory entities and other factors management believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including those risks and uncertainties identified under the heading "Risks and Uncertainties" in Catalyst's Management's Discussion and Analysis contained in Catalyst's annual report for the year ended December 31, 2015 available on the company's website at www.catalystpaper.com/investors and at www.sedar.com.





Catalyst Paper Corporation
Frank De Costanzo
Senior Vice President & Chief Financial Officer
(604) 247-4014




Read more...

Ratios

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industry
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Dividend & Buy Back

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industry
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history
Dividend Yield % 0.67
CYT's Dividend Yield % is ranked lower than
85% of the 1115 Companies
in the Global Specialty Chemicals industry.

( Industry Median: 1.83 vs. CYT: 0.67 )
Ranked among companies with meaningful Dividend Yield % only.
CYT' s Dividend Yield % Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0.67
Current: 0.67
0
0.67
Dividend Payout Ratio 0.28
CYT's Dividend Payout Ratio is ranked higher than
60% of the 743 Companies
in the Global Specialty Chemicals industry.

( Industry Median: 0.32 vs. CYT: 0.28 )
Ranked among companies with meaningful Dividend Payout Ratio only.
CYT' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0.28
Current: 0.28
0
0.28
Forward Dividend Yield % 0.67
CYT's Forward Dividend Yield % is ranked lower than
87% of the 1079 Companies
in the Global Specialty Chemicals industry.

( Industry Median: 1.94 vs. CYT: 0.67 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 0.67
CYT's 5-Year Yield-on-Cost % is ranked higher than
84% of the 1281 Companies
in the Global Specialty Chemicals industry.

( Industry Median: 2.30 vs. CYT: 0.67 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
CYT' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0.67
Current: 0.67
0
0.67

Valuation & Return

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industry
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More Statistics

Revenue (TTM) (Mil) $2,005
EPS (TTM) $ 1.73
Short Percentage of Float3.18%
52-Week Range $42.50 - 75.20
Shares Outstanding (Mil)71.55

Analyst Estimate

Dec15 Dec16 Dec17
Revenue (Mil $) 2,023 2,151 2,404
EPS ($) 3.27 3.60 3.95
EPS without NRI ($) 3.27 3.60 3.95
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)
» More Articles for CYT

Headlines

Articles On GuruFocus.com
Catalyst Paper Corporation's Principal Securityholders and KGI Enter Into a Support Agreement for a Jun 30 2016 
2016 Second Quarter Conference Call Jun 29 2016 
Catalyst Paper Named One of Canada's Top Corporate Citizens, 10th Year in a Row Jun 07 2016 
U.S. Senator Susan Collins (R-ME) Tours Catalyst Paper's Rumford Mill; Supports Mill Revitalization Jun 02 2016 
Principal Stakeholders and KGI Enter into a Letter of Intent for a Potential Acquisition of Catalyst May 23 2016 
Powell River G13 Turbine Project Wins National Energy Conservation Leadership Award May 18 2016 
Catalyst Paper Announces Voting Results for the Election of Directors May 11 2016 
Catalyst Paper Increases Its Asset-Based Lending Credit Facility May 09 2016 
Catalyst Announces First Quarter Results May 09 2016 
John Burbank comments on Cytec Industries Mar 05 2015 

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