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On 8 November Cascades Inc reported net earnings of $16 million ($0.16 per share) for the quarter ended 30 September 2007.
This compares with net earnings of $10 million ($0.12 per share) for the same period in 2006. When excluding specific items, net earnings for the third quarter of 2007 amounted to $9 million ($0.09 per share) compared to net earnings of $17 million ($0.21 per share) for the same quarter in 2006.
Commenting on the quarterly results, president and CEO Alain Lemaire stated: "We are pleased with these results, achieved in the midst of very challenging business conditions. Despite being continuously confronted by increased competition, extreme currency volatility and high fibre costs, we continue to execute well and to deliver specific milestones our strategic plan. With the ongoing support of our employees and quality assets in our packaging and tissue groups, we intend to continue in this direction, making the necessary strategic and operational adjustments that will make us a stronger company going forward."
Sales increased 20% during the third quarter of 2007, amounting to $1.04 billion as a result of acquisitions realized in 2006. Operating income from continuing operations amounted to $30 million compared to $34 million achieved for the same period last year.
Sales increased 23% during the first nine months of 2007 amounting to $3.1 billion as a result of acquisitions realized in 2006. Operating income from continued operations amounted to $112 million compared to $109 million achieved for the same period last year.
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