RICHMOND, B.C. - Catalyst Paper (TSX:CTL) has reported a $35.8-million loss in the fourth quarter as the recession continues to impact sales at the pulp and paper company.
The Vancouver-area firm said results were worth nine cents per share in the period ended Dec. 31. That compared to a profit of $13.2 million or three cent per share a year earlier.
Sales were $294.3 million for the quarter, and Catalyst did not provide comparable year-ago figures.
For the full year, losses were $58.8 million, or 15 cents per common share, from a $25.6 million loss in 2008, or eight cents per share.
Sales dropped to $1.2 billion from $1.8 billion in 2008, caused by lower demand and weaker prices.
"We bore the full brunt of a global recession and structural changes that are affecting demand for many of our products and the impacts were unrelenting in 2009," said president and chief executive Richard Garneau in a release.
"We overcame a very difficult year by taking extraordinary cost reduction measures and by adopting a leaner manufacturing operation better suited for a smaller paper market. We also took important steps to address liquidity and debt-management."
Catalyst Paper said the pulp and paper market will continue to be challenging this year as both publishers and retail advertisers slash their budgets and turn to other alternatives, like online advertising, instead of traditional flyers.