Huge charge hits IP Q1


5 May 2006 – Stamford (CT): International Paper has reported a loss of $1.2 billion, or $2.52 per share, compared to profit of $77 million, or EPS of $0.16 the year earlier.
IP took a $1.3 billion charge for its coated and heavier grade kraft papers operations, which it is divesting as part of a transformation plan. After adjustments, the company said its Q1 profit would have been $0.19 per share.
Sales in the quarter rose to $5.67 billion from $5.59 billion in 2005.