Home News Financial News Fortress Global Enterprises Reports Second Quarter 2018 Results

Fortress Global Enterprises Reports Second Quarter 2018 Results

Vancouver, British Columbia, August 7, 2018

Second Quarter 2018 Consolidated Results

Fortress Global Enterprises Inc. ("Fortress Global Enterprises" or the "Company") (TSX:FGE) (OTCQX:FTPLF) reported 2018 second quarter operating EBITDA from continuing operations of $2.7 million compared to operating EBITDA loss from continuing operations of $1.4 million in the previous quarter and operating EBITDA from continuing operations of $1.5 million in the prior year comparative period. The Dissolving Pulp Segment generated operating EBITDA of $4.2 million and the Bio-Products Segment generated operating EBITDA loss of $0.5 million. Corporate costs were $1.6 million in the second quarter of 2018.

Chadwick Wasilenkoff, Chief Executive Officer of Fortress Global Enterprises, commented: "This quarter saw significant operational progress which was offset by issues that caused more downtime than planned. We have seen steady progress on the number of digester cooks per day, the tonnes per each of these cooks, and the daily megawatts of power produced. We are confident this progress will continue into the coming quarters which should provide additional economic benefits. We remain confident that we will receive the operating permit for the fifth digester in the third quarter which will help with a step-change improvement. The unplanned downtime enabled the mill to move up some planned third quarter shutdown activity to debottleneck a long term issue in the evaporator/concentrator area of the mill. Results derived from the work performed have proven to show meaningful benefits to date. We also experienced several power outages that affected the region, including our mill. The latest unplanned shuts in July were caused by issues within our recovery boiler which resulted in approximately 7 days of unplanned downtime at the FSC mill. Despite this challenge, the Thurso mill was EBITDA positive for the month. Along with the recovery boiler repair, we were able to accelerate numerous projects that were originally planned for our annual maintenance shut in the fourth quarter. Therefore, we now believe that we can reduce our annual planned shutdown by approximately 50%."

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Source: Fortress Global Enterprise

 
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