BOW Bowater Inc

    Bowater Inc.

        Bowater Announces First Quarter 2006 Financial Results

Bowater Incorporated (NYSE: BOW) reported a net loss of $18.8 million, or $0.33
per diluted share, on sales of $893.2 million for the first quarter of 2006.
These results compare with net income of $0.9 million, or $0.02 per diluted
share, on sales of $837.0 million in the first quarter of 2005. First quarter
2006 special items, net of tax, consisted of a $17.9 million gain related to
asset sales, a $13.5 million charge related to tax adjustments, and other net
charges of $4.1 million. Before these special items, the net loss for the first
quarter of 2006 was $19.1 million, or $0.33 per diluted share, compared with the
2005 first quarter net loss before special items of $12.6 million, or $0.22 per
diluted share. "A stronger Canadian dollar, seasonally weak coated pricing, and
higher labor related expenses affected first quarter results," said Arnold M.
Nemirow, Chairman, President and Chief Executive Officer. "We look forward to
both steadily improving markets and a better cost structure throughout the year.
Also, our timberland sale program is ahead of schedule and is expected to
significantly exceed our target of $300 million."

FINANCIAL HIGHLIGHTS (In millions, except per-share amounts)

                                                         Three Months
                                                            Ended
                                                           March 31,
                                                        --------------
                                                          2006   2005
                                                        --------------
Sales                                                   $893.2 $837.0
Net income (loss)                                       $(18.8)$  0.9

Earnings (loss) per diluted share (in accordance with
 GAAP)                                                  $(0.33)$ 0.02
Special items, net of tax (per diluted share):
   Sale of assets (gain) loss                           $(0.31)$(0.13)
   Tax adjustments                                        0.24      -
   Foreign exchange (gain) loss                          (0.03) (0.11)
   Severance charge                                       0.05      -
   Adoption of accounting standard                        0.05      -
                                                        --------------
Loss per share excluding special items                  $(0.33)$(0.22)
                      

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