Cascades, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported sales of CAD 982 million against CAD 944 million a year ago. Operating income was CAD 38 million against CAD 29 million a year ago. Profit before income taxes was CAD 3 million against CAD 8 million a year ago. Net earnings from continuing operations including non-controlling interest for the period were CAD 3 million against CAD 4 million a year ago. Net earnings attributable to shareholders for the period were CAD 2 million against CAD 5 million a year ago. Diluted earnings per share were CAD 0.03 against CAD 0.05 a year ago. Net cash provided from operating activities was CAD 15 million against net cash used in operating activities of CAD 33 million a year ago. Purchase of property, plant and equipment was CAD 31 million against CAD 33 million a year ago. Excluding specific items EBITDA of CAD 83 million compared to CAD 84 million in second quarter of 2013. Including specific items EBITDA of CAD 82 million compared to CAD 77 million in second quarter of 2012. In comparison with the same period last year, sales increased by 4% to CAD 982 million as a result of higher volumes in the U.S. and favorable exchange rates which more than offset lower average selling prices.

For the six months, the company reported sales of CAD 1,896 million against CAD 1,835 million a year ago. Operating income was CAD 58 million against CAD 58 million a year ago. Loss before income taxes was CAD 4 million against profit before income taxes of CAD 12 million a year ago. Net loss from continuing operations including non-controlling interest for the period was CAD 5 million against net earnings from continuing operations including non-controlling interest for the period of CAD 8 million a year ago. Net loss attributable to shareholders for the period was CAD 6 million against net earnings attributable to shareholders for the period of CAD 8 million a year ago. Diluted loss per share was CAD 0.06 against diluted earnings per share of CAD 0.08 a year ago. Net cash provided from operating activities was CAD 37 million against net cash used in operating activities of CAD 57 million a year ago. Purchase of property, plant and equipment was CAD 75 million against CAD 81 million a year ago. Net debt increased by CAD 94 million to CAD 1,675 million due to the exchange rate, seasonal working capital requirements and the purchase of additional shares of Reno de Medici.

The Board of Directors of Cascades nominated Mr. George Kobrynsky as Lead Director replacing Mr. Robert Chevrier who held this position until last May.