Thursday, April 30, 2009

International Paper first-quarter profit grew 93% (Sweet Liquor Eases the Pain*)

From MarketWatch:

Bio-fuel tax credit provides a $540 million boots to earnings

International Paper Co. said its first-quarter net income increased by 93%, thanks to a large biofuel tax credit for powering its paper mills with "black liquor," a byproduct of its wood pulping process.

For the recent quarter, the Memphis-based paper company said it earned $257 million, or 61 cents a share, compared with $133 million, or 31 cents a share, in the year-ago period....MORE
*Phil Hartman as Troy McLure.
From The Simpsons, episode 1F05 :
"A few weeks ago, I was a washed-up actor with a drinking problem.
Then Brad Goodman came along and gave me this job and a can of fortified

[drinks from a can]

"Ah...Sweet Liquor Eases the Pain"

-- Troy McClure describes how self-help aided him, "Bart's Inner Child"

From April 17's
The Wonder of Regulation: "Black Liquor Tax Boondoggle
May Net Billions for Papermakers"
It's not exactly comforting to think of the implications for really
grand theft in the carbon biz.