Adjusted EBITDA of $6.1 million for the 4Q 2013 was $1 million higher than in the 4Q 2012, while Adjusted EBITDA margin remained unchanged from the same period of last year at 28%.
"Acadian's financial performance for the 4Q was strong with good production and improved pricing for all of our products," said Reid Carter, CEO of Acadian. "We continued to actively pursue business development opportunities during the quarter in support of Acadian's growth strategy."
Operating earnings for the period at $6 million increased $1 million reflecting higher sales volumes and log selling prices. Net income totaled $3.4 million, or $0.20 per share, for the 4Q down $0.4 million or $0.02 per share from the same period in 2012. The decrease in net income is primarily attributable to a $1.7 million rise in the unrealized foreign exchange loss on long-term debt due to the impact of the weaker Canadian dollar on the U.S. dollar denominated debt.
For the year ended December 31, 2013, Acadian generated net sales of $74.4 million on sales volume of 1,383 thousand m3 as compared to net sales of $68.8 million on sales volume of 1,304 thousand cubic metres in the comparable period of 2012. Adjusted EBITDA of $17.5 million during the year ended December 31, 2013 increased $1 million from the same period of 2012.
Acadian Timber Corp. is a leading supplier of primary forest products in Eastern Canada and the Northeastern U.S. With a total of 2.4 million acres of land under management, Acadian is the second largest timberland operator in New Brunswick and Maine.
