"I am pleased to report that Western achieved a very successful 1Q 2014. Our adjusted EBITDA of $32.8 million is a 1Q record for our Company and our safety performance was the best quarterly result ever. Our positive results were supported by the successful implementation of key components of our 2014 business plan, including increasing log purchases for additional lumber production and further refining our product lines," said Don Demens, President and CEO.
Lumber revenue in the 1Q 2014 was $173.9 million, 11% higher than in the 1Q 2013. This increase was driven principally by higher realized prices combined with a 2% increase in shipment volume.
Log revenue in the 1Q 2014 was $55.2 million, a decline of $8 million, or 13%, from the 1Q 2013. The benefits of increased log pricing in the 1Q 2014 over the same quarter a year ago were more than offset by the impact of a decline in the volume of log shipments this quarter, as well as an adverse product mix change over the respective quarters. Log sale volumes declined by 111,000 cubic metres, or 16%, in the 1Q of this year compared to the same quarter last year.
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic metres of timber of which approximately 6.2 million cubic metres is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and three remanufacturing plants.
