The Company reported revenue of $265.6 million in the 4Q 2015, as compared to $232.6 million for the 4Q 2014. An improved log and lumber sales mix and a 16% increase in lumber production, as compared to the same quarter last year, drove the Company's 4Q revenue growth.
For the year ended December 31, 2015, Western generated adjusted EBITDA of $117.1 million on annual revenue of $1,081.9 million. This compares to adjusted EBITDA of $108.5 million on revenue of $1,036.9 million in the prior year.
"Our ability to increase production of specialty lumber products supported adjusted EBITDA growth of 8% and enabled us to surpass $1 billion in sales despite challenging commodity log and lumber markets. We successfully accelerated the implementation of our strategic capital program and advanced our business optimization initiatives, the benefit of which led to more consistent financial results in 2015," said Don Demens, President and CEO. "We continue to position Western for the future while maintaining our balanced approach to capital allocation - reinvesting in our business, paying down debt, and returning profits to shareholders through our quarterly dividend program."
Net income of $9.9 million was reported for the 4Q 2015, as compared to $12.9 million for the 4Q 2014.
Net income of $73.7 million was reported for the year ending December 31, 2015, as compared to $68.4 million for the prior year. Net income in 2015 included a $9.1 million gain attributable to the Company's sale of its former Squamish pulp mill assets.
Western is an integrated Canadian forest products company, and is the largest coastal British Columbia woodland operator and lumber producer.
