SEC FILINGS

Item 6. Selected Financial Data

The following table presents summary historical consolidated financial information for each of the last five years. The selected financial information for 2006, 2005 and 2004 under the captions “Income Statement Data,” “Segment Sales Information” and “Financial Position” shown below has been derived from our audited Consolidated Financial Statements included in Item 8 of this Form 10-K. Prior year segment sales information has been recast to conform to our new reportable segments. See Note 25 to our Consolidated Financial Statements. This table should be read in conjunction with Items 7 and 8 of this Form 10-K. The data set forth below may not be indicative of Bowater’s future financial condition or results of operations (see Item 1A “Risk Factors”).

(In millions, except per-share amounts)		2006				2005				2004				2003				2002
Income Statement Data
Sales		$	3,529.8			$	3,483.8			$	3,190.3			$	2,721.1			$	2,581.1
Operating income (loss)(1)			41.2				98.8				29.5				(100.9)				(95.7)
Net loss			(138.3)				(120.6)				(87.1)				(205.0)				(142.4)
Diluted loss per common share			(2.41)				(2.10)				(1.52)				(3.60)				(2.50)
Dividends declared per common share(2)			0.80				0.80				0.80				0.80				0.80
Segment Sales Information
Coated papers		$	612.2			$	625.3			$	494.9			$	384.0			$	300.2
Specialty papers			569.7				476.8				409.5				342.4				312.9
Newsprint(3)			1,437.6				1,428.8				1,340.8				1,236.1				1,199.2
Market pulp			559.4				534.3				543.3				489.9				498.7
Lumber			331.6				385.1				370.2				237.1				243.5
Other			19.3				33.5				31.6				31.6				26.6
		$	3,529.8			$	3,483.8			$	3,190.3			$	2,721.1			$	2,581.1
Financial Position
Timber and timberlands(4)		$	60.8			$	85.4			$	186.2			$	184.1			$	212.0
Fixed assets, net		$	2,877.9			$	3,049.1			$	3,301.1			$	3,557.3			$	3,645.6
Total assets		$	4,645.9			$	5,152.4			$	5,450.0			$	5,615.8			$	5,599.5
Long-term debt, including current installments		$	2,266.5			$	2,422.2			$	2,441.9			$	2,305.8			$	2,121.7
Total debt		$	2,266.5			$	2,477.2			$	2,514.9			$	2,506.3			$	2,370.7
Additional Information
Return on average common equity			(13.5)	%			(8.9)	%			(5.6)	%			(12.2)	%			(7.5)	%
Cash flow from operations		$	182.3			$	169.4			$	122.5			$	20.3			$	41.2
Cash invested in fixed assets, timber and timberlands		$	199.1			$	167.4			$	84.1			$	216.3			$	238.7
Book value per common share		$	14.50			$	21.19			$	26.31			$	28.25			$	30.84
Employees			7,400				8,000				8,100				8,200				8,600

(1)		Operating income (loss) includes a net gain on disposition of assets of $185.7 million, $65.8 million, $6.9 million, $124.0 million and $85.7 million for the years 2006, 2005, 2004, 2003 and 2002, respectively. Operating income (loss) for 2006, 2005 and 2002 includes impairment and other related charges of $252.5 million, $82.6 million and $28.5 million, respectively. Operating income includes a lumber duties refund of $92.5 million in 2006.
(2)		Dividends were declared quarterly.
(3)		Newsprint sales do not include shipments from Ponderay Newsprint Company, an unconsolidated subsidiary.
(4)		We sold approximately 535,200 acres, 29,900 acres, 3,200 acres, 90,500 acres and 124,700 acres of timberlands in 2006, 2005, 2004, 2003 and 2002, respectively, the proceeds from which was used to pay down our debt.