Conifex Timber Declared Superior Results in Q3 2020

The lumber production for the quarter totalled 48 million board feet.

SEATTLE (Scrap Monster): Conifex Timber Inc. reported results for the third quarter ended September 30, 2020.

During the third quarter of 2020, the company generated net income from continuing operations of $2.0 million, or $0.04 per share. This compares with net loss of $11.6 million or $0.25 per share in the third quarter of 2019. The revenues totalled $37.6 million, an increase of 64% from the prior year quarter. Conifex Timber recorded operating income of $7.0 million in the third quarter of 2020, compared to operating losses of $8.6 million in the corresponding quarter a year before. The adjusted EBITDA stood at $7.6 million, said the company press release.

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The lumber production for the quarter totalled 48 million board feet. The shipments of Conifex produced lumber totalled 39.2 million board feet. The shipments of  lumber increased by 361% from the prior quarter. Also, the revenues from lumber products, at $31.2 million, represented a surge of 90% from the prior year quarter. The higher revenues were attributable to the restart and ramp-up of operations at its Mackenzie sawmill and higher lumber prices.

The company hopes to achieve annualized operating rates of approximately 90% in the fourth quarter of 2020.

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