Conifex Timber Announced Q1 2020 Results
Rubber and Wood | 2020-05-15 07:48:22
The Mackenzie sawmill produced approximately 38.2 million board feet of lumber.
By Paul Ploumis
SEATTLE (Scrap Monster): Vancouver, B.C.-based Conifex Timber Inc. announced results for the first quarterly period ended 31st March, 2020.
During Q1 2020, the company incurred a net loss from continuing operations of $8.2 million, or $0.18 per share. The revenues totalled $30.6 million. Conifex Timber reported operating losses of $6.8 million in the first quarter of 2020. The adjusted EBITDA was $0.5 million, compared with negative $3.9 million in the prior quarter.
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The Mackenzie sawmill produced approximately 38.2 million board feet of lumber. The production remained consistent with the prior quarter, but declined sharply by 28% from the corresponding quarter in 2019. The shipments of lumber produced by Conifex totalled 37.6 million board feet, significantly lower by 52% from the prior year quarter. The revenues from lumber products recorded 61% year-on-year decline to $20.9 million. The unit log costs at Mackenzie sawmill increased by over 3%.
As at the end of the initial quarter of the year, Conifex Timber reported total liquidity of $12.1 million and overall debt of $66.3 million.
Ken Shields, Chairman and CEO noted that the company is well positioned to withstand the economic challenges BC lumber producers face resulting from the COVID-19 pandemic. The Mackenzie sawmill is likely to achieve annualized operating rates of around 80% during the current year, he added.
