Conifex Timber Announced First Quarter 2021 Financial Results

SEATTLE (Scrap Monster): Vancouver, B.C.-based Conifex Timber Inc. reported results for the first quarter ended March 31, 2021.

The company recognized net income from continuing operations of $4.5 million, or $0.10 per share during Q1 2021. This compares with $2.2 million or $0.05 per share in the previous quarter and a net loss of $8.2 million or $0.18 per share in the corresponding quarter a year before.

Conifex Timber produced approximately 51.0 million board feet, at operating rates of nearly 85% of annualized capacity. The company had produced 48.3 million board feet of lumber in the prior quarter and 38.2 million board feet of lumber in the first quarter 2020. The shipments of Conifex produced lumber recorded notable decline by 23% quarter-on-quarter to total 37.8 million board feet. The reduced shipments were mainly due to railcar supply challenges. Meantime, the revenues from lumber products amounted to $40.5 million during the quarter.

As of 31^st March, 2021, Conifex Timber recorded total liquidity of $16.4 million, lower when compared with o $21.2 million at December 31, 2020. The overall debt reported marginal decline from $63.4 million at December 31, 2020 to $61.9 million at March 31, 2021.

The company expects lumber markets to remain strong in 2021, aided by rising demand from U.S. housing starts and continued strength in the repair and remodelling sector.

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