(AP) A one-time gain from the sale of assets gave Bowater Inc., the nation’s second-largest newsprint maker, positive results for the first quarter of 2002.
The company said Tuesday that it earned $12.3 million, or 22 cents a share, based on a one-time gain of $75 million from the sale of assets. That compares with earnings of $37.7 million, or 72 cents a share, for the same period a year earlier.
Without the one-time gain, the company said it would have lost the equivalent of 58 cents a share.
The company said newsprint prices continued their decline — dropping 9% from the fourth quarter 2001. The company also said it had reduced newsprint production during the quarter by 70,000 metric tons.
“In the first quarter, our operating results continued to be affected by a weak but improving advertising environment,” said Arnold M. Nemirow, chairman, president, and chief executive.