Conifex Timber Suffered Net Loss From Operations in 2020

The revenues from lumber products stood at $101.7 million during the year.

SEATTLE (Scrap Monster): Vancouver, B.C.-based Conifex Timber Inc. reported results for the fourth quarter and year ended December 31, 2020.

The company generated net loss from continuing operations of $6.8 million, or $0.14 per share in 2020. This compares with a net loss from continuing operations of $30.4 million or $0.65 per share in 2019. The financial results of lumber operations were materially impacted by the curtailment of its Mackenzie sawmill. The shipments of Conifex produced lumber recorded decline by 37% from 2019 to total 134.4 million board feet in 2020. The revenues from lumber products stood at $101.7 million during the year.

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During Q4 2020, Conifex generated net income from continuing operations of $2.2 million, or $0.05 per share, compared to a loss of $10.2 million or $0.22 per share in the fourth quarter of 2019. The challenging logging conditions impacted its lumber operating results. It produced 48.3 million board feet of lumber during the quarter. The shipments of Conifex produced lumber totalled 49.1 million board feet, whereas revenues from lumber products were $43.7 million.

The company looks forward to material improvement in financial results in the first half of 2021, mainly on account of resumption of power plant operations, steady lumber production and continued strength in lumber market conditions, said Ken Shields, CEO.

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