For the Year

(In millions, except per-share data, ratios and shareholders)

2002

2001

Sales

$

2,581.1

$

2,454.3

Operating income (loss)⁽¹⁾

$

(95.7

)

$

313.4

Net income (loss)

$

(142.4

)

$

70.5

Diluted earnings (loss) per common share

$

(2.50

)

$

1.32

Average common and common equivalent shares outstanding

56.9

53.3

Dividends declared per common share

$

0.80

$

0.80

Total assets

$

5,590.3

$

5,761.0

Total shareholders’ equity

$

1,755.5

$

2,022.0

Percent return on average common equity⁽¹⁾

(7.5)%

3.7%

Total debt

$

2,370.7

$

2,242.7

Total debt as a percentage of total capitalization⁽²⁾

55.5%

50.4%

Current ratio

0.97

0.80

Capital expenditures, including timberlands

$

238.7

$

246.8

Shareholders of record (common stock and exchangeable shares)

5,500

5,900

Common stock price range

31.00–55.80

$

40.30–58.75

*All amounts are in US dollars

1) Operating income (loss) includes net gain on sale of assets of $85.7 million and an impairment charge of $28.5 million for 2002.
    In 2001, operating income includes net gain on sale of assets of $163.3 million.

2) This ratio excludes the revaluation of debt due to acquisitions totaling $94.1 million and $102.3 million for 2002 and 2001,
    respectively.

© 2003 Bowater, Inc.