Clearwater Paper Reports $53M Loss in Third Quarter
Clearwater Paper lost $53 million in its third quarter, primarily due to a non-cash impairment of goodwill. The loss includes a $45 million accounting adjustment related to the sale of its tissue operations to Sofidel America Corp. for $1.06 billion last year.
This is an accounting exercise. Our stock price (market value of Clearwater Paper) has dropped, and, given the sale of tissue, our book value has increased.
The company's stock prices have dropped, partly due to the oversupply of solid bleached board. The increase in book value was driven by the almost $300 million gain on the sale of the tissue division, according to Virginia Aulin, vice president of public affairs for Clearwater Paper.
Author's summary: Clearwater Paper reports a $53 million loss in Q3 due to accounting adjustments.
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