Canal reports $2.34 million operating profit for Aug. 3 to Aug. 30

By Caroline Salls

Pittsburgh, Sept. 24 - Canal Corp. reported a $2.34 million operating profit for the period of Aug. 3 to Aug. 30 on zero net sales, according to its monthly operating report filed with the Securities and Exchange Commission.

In comparison, the company posted a $4.24 million operating loss for the five weeks ended Aug. 2, also on zero net sales.

The net loss for the August period was $119,396, narrowing from a $6.73 million July net loss.

Canal had cash and cash equivalents of $7.98 million at Aug. 30, down from $9.03 million at Aug. 2.

Canal was formerly Chesapeake Corp., a Richmond, Va.-based manufacturer and supplier of specialty paperboard packaging products. The company filed for bankruptcy on Dec. 29, 2008 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-36642.

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