Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income of $7 million (excluding special items), or $0.07 per share, for the quarter ended June 30, 2015, compared to net income of $17 million (excluding special items), or $0.18 per share, in the same period in 2014. Sales were $926 million in the quarter, down $165 million, or 15%, from the second quarter of 2014. GAAP net loss was $4 million, or $0.04 per share, compared to a net loss of $2 million, or $0.02 per share, in the second quarter of 2014. "Our continued focus on costs helped to deliver solid results considering the challenges that continue to pressure our industry," said Richard Garneau, president and chief executive officer. "Our competitive and diversified platform allowed us to weather the tough conditions, including the cyclical headwinds we faced in our growth businesses – market pulp and wood products – as well as increasing difficulty in paper grades, especially newsprint. We are working to maintain our competitive edge by focusing on the proven Resolute operating model in everything we do and pushing to optimize our asset base in order to maximize the utilization of our most cost-effective mills."
In early March 2020, we informed you that our IT systems had been affected by malware. During this period, we faced some challenges running a manual operating system to fulfill our customer orders and commitments. Today, we have full visibility of our order fulfillment process and expect to return to the excellent customer service levels to which you are accustomed.
We previously provided you with an update of our temporary capacity reduction plan in light of the exceptional intersection of events that have negatively impacted our operations in recent times. Despite certain ongoing machine curtailments, we have developed a dependable production schedule and optimized our grade portfolio to fit customer demand and to allow for flexibility of our paper machines that continue to run. This flexibility allows us to continue to produce a diversified portfolio of printing & writing grades that include:
✓ Full Coated grade portfolio (Advance, Ascent, Pacificote, Electracote Brite, Electracote)
✓ Electraset (UFS) in basis weights ranging from 45 lb. to 60 lb.
✓ Electrastar 80 in a 35# basis weight
✓ Electrabrite 65 and Electrabrite 70
✓ Electracal (HWSO) plus the addition of 35 lb. to this grade offering
✓ Newsprint and Directory
In spite of all these challenges, we are open for business with the most diverse grade portfolio in North America. Our portfolio allows us to continue to be your One Stop Shop for coated groundwood, uncoated Freesheet, SC, Machine Finished uncoated, newsprint and directory papers. We are committed to our printing & writing market space and look forward to reestablishing Catalyst as your paper source going forward. Thanks for your patience and continued support.