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Coated Free Sheet Paper From China, Indonesia, and Korea - page 111 / 198

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Net sales

$834

$825

$858

$865

$889

COGS

765

797

803

810

796

Gross profit

69

28

55

55

93

SG&A expenses

65

57

55

55

58

Operating income (loss)

5

(29)

1

0

35

Table VI-1--Continued Coated free sheet paper: Results of operations of U.S. producers, fiscal years 2003-05, January- September 2005, and January-September 2006

Fiscal year

January-September

2003

2004

2005 2005 2006

COGS

91.7

96.6

93.6

93.6

89.6

Gross profit

8.3

3.4

6.4

6.4

10.4

SG&A expenses

7.7

6.9

6.4

6.4

6.5

Operating income (loss)

0.5

(3.5)

0.1

0.0

3.9

Ratio to net

sales (percent)

Number of

firms reporting

Item

Unit value (per short ton)

Operating losses

5

4

6

5

2

Data

9

9

10

10

10

Source: Compiled from data submitted in response to Commission questionnaires.

Selected financial data, by firm, are presented in table VI-2. Between 2003 and 2005, the operating results of the *** turned from profits to losses, largely because of increased unit costs. During the same period, the operating results of *** all improved measurably, *** largely because of reduced unit costs, and *** largely because of increased unit revenues. When comparing interim 2006 results to interim 2005 results, *** of the ten producers reported improved profitability (in terms of both operating income and margin ratio), while the remaining four producers reported deteriorating operations results

between the two interim periods.4 5

Most notable improvements were reported by ***, all of which

reported increased unit sales prices and decreased unit costs. Average operating income margins decreased from 2003 to 2004 and increased from 2004 to 2005, and also increased from interim 2005 to interim 2006.

Table VI-2 Coated free sheet paper: Results of operations of U.S. producers, by firm, fiscal years 2003-05, January-September 2005, and January-September 2006

****

  • *

    *

*

4

***

5

***

. .

VI-3

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