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Coated Free Sheet Paper From China, Indonesia, and Korea - page 109 / 198

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PART VI: FINANCIAL CONDITION OF U.S. PRODUCERS

BACKGROUND

Ten producers1 provided financial results for their operations on CFS paper. The responding producers are believed to represent the substantial majority of U.S. production.2 *** .

OPERATIONS ON COATED FREE SHEET PAPER

Results of operations of the U.S. producers on their CFS paper operations are presented in table VI-1 which includes data on a per-short ton basis as well as operating income (loss) to net sales ratios.3

The financial results of the producers fluctuated from 2003 to 2005. While the quantity and value sold increased continuously between 2003 and 2005 and the two interim periods, operating income turned into an operating loss from 2003 to 2004, due to the decrease in per-unit sale values and increased per- unit total costs/expenses. The operating loss became a profit in 2005 as per-unit sales values increased measurably while per-unit total cost only increased slightly during this period. Sales quantity and value both increased somewhat from interim 2005 to interim 2006 and operating income increased between the two interim periods, as average unit sales values again increased (from $865 to $889 per short ton) while average unit total cost decreased (from $866 to $854). While the operating income margin increased from 2004 to 2005, the operating income margin for 2005 (0.1 percent) was below the 0.5 percent margin in 2003. The operating income margin for January-September 2006 was approximately 3.9 percent, an improvement from the negative 0.03 percent operating loss for January-September 2005.

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. . The producers with a fiscal year ending other than December 31 are *** *** ***

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VI-1

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