Cascades Inc. (CAS.TO) reported that its first-quarter net loss attributable to shareholders was C$8 million or C$0.09 per share, compared to net income of C$3 million or C$0.03 per share in the same quarter last year.
The net loss excluding specific items amounted to C$4 million or C$0.04 per share in the first quarter of 2013 compared to net earnings of C$1 million or C$0.01 per share for the same period in 2012.
Operating income excluding specific items, for the quarter declined to C$24 million from C$26 million last year, mainly as a result of lower selling prices which negated lower raw material costs and higher volume contribution.
Sales for the quarter rose to C$914 million from C$891 million in the prior year quarter, as of result of higher volumes, the net impact of business acquisitions over divestitures and closures and favorable exchange rates which more than offset lower average selling prices.
The Board of Directors of Cascades declared a quarterly dividend of C$0.04 per share to be paid June 6, 2013 to shareholders of record at the close of business on May 24, 2013.
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