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Fortress Global Enterprises Inc. (“Fortress Global Enterprises” or the “Company”) (TSX:FGE) (OTCQX:FTPLF) reported 2018 second quarter operating EBITDA from continuing operations of $2.7 million compared to operating EBITDA loss from continuing operations of $1.4 million in the previous quarter and operating EBITDA from continuing operations of $1.5 million in the prior year comparative period. The Dissolving Pulp Segment generated operating EBITDA of $4.2 million and the Bio-Products Segment generated operating EBITDA loss of $0.5 million. Corporate costs were $1.6 million in the second quarter of 2018.
Chadwick Wasilenkoff, Chief Executive Officer of Fortress Global Enterprises, commented: “This quarter saw significant operational progress which was offset by issues that caused more downtime than planned. We have seen steady progress on the number of digester cooks per day, the tonnes per each of these cooks, and the daily megawatts of power produced. We are confident this progress will continue into the coming quarters which should provide additional economic benefits. We remain confident that we will receive the operating permit for the fifth digester in the third quarter which will help with a step-change improvement. The unplanned downtime enabled the mill to move up some planned third quarter shutdown activity to debottleneck a long term issue in the evaporator/concentrator area of the mill. Results derived from the work performed have proven to show meaningful benefits to date. We also experienced several power outages that affected the region, including our mill. The latest unplanned shuts in July were caused by issues within our recovery boiler which resulted in approximately 7 days of unplanned downtime at the FSC mill. Despite this challenge, the Thurso mill was EBITDA positive for the month. Along with the recovery boiler repair, we were able to accelerate numerous projects that were originally planned for our annual maintenance shut in the fourth quarter. Therefore, we now believe that we can reduce our annual planned shutdown by approximately 50%.”
Second Quarter 2018 Segment Results
The Dissolving Pulp Segment generated operating EBITDA of $4.2 million for the quarter ended June 30, 2018, compared to operating EBITDA of $0.2 million for the quarter ended March 31, 2018 and operating EBITDA of $3.5 million for the prior year comparative period. The ramp up and optimization of the fifth digester continued in the second quarter of 2018. The receipt of the requisite permit required for commercial operation was previously expected by the end of the second quarter and is now expected in the third quarter of 2018 as we work through the permitting process. The fifth digester is expected to result in approximately 17,000 tonnes increased annualized production once operating as projected. Production volumes in the second quarter of 2018 increased approximately 12% from the first quarter of 2018.
The Bio-Products Segment generated operating EBITDA loss of $0.5 million. During the second quarter of 2018, the company successfully integrated the operations of S2G Biochemicals Inc. and made significant progress on our xylitol demonstration plant project planned for the Fortress Specialty Cellulose mill site. On May 1, 2018, the board of Sustainable Development Technologies Canada approved $10.4 million of grant funding for the project, subject to finalization of definitive agreements. In parallel, the Company secured support from the Government of Québec through Investissement Québec for an approximately $5 million equity investment for a 49% ownership position in Fortress Xylitol Inc., a new subsidiary established in Québec to install and operate the xylitol demonstration plant, and a further conditional loan of $2 million. Furthermore, on July 27, 2018, Natural Resources Canada announced that the Company’s xylitol demonstration plant proposal was one of the shortlisted semi-finalists for its flagship Clean Growth Program. The Company is targeting to execute definitive agreements in the third quarter of 2018. Further announcements for the balance of funding are expected in the second half of 2018.
more detail at: https://fortresspaper.com/wp-content/uploads/2018/08/Fortress-Global-Enterprises-Announces-Second-Quarter-2018-Results.pdf