Conifex Timber Inc. reported results for 1Q ended March 31, 2017. Adjusted EBITDA in the 1Q 2017 was $6.1 million, compared to $9.3 million in the 4Q 2016 and $6.8 million in the 1Q 2016, as the company said in the press release received by Lesprom Network.
Revenues of $100.3 million in the 1Q 2017 were generally consistent with the comparative quarters.
Net loss for the 1Q 2017 was $1.4 million, or $0.06 per basic share, compared to net income of $5.1 million or $0.24 per basic and diluted share in the previous quarter and net income of $28.5 million or $1.35 per basic and $1.24 diluted share in the 1Q 2016.
Net income for the 1Q 2016 included a net gain on the sale of assets of $29 million resulting from the redemption of our outstanding payment-in-kind note. Excluding this unusual item and the aforementioned gain on settlement of the insurance claim, normalized net income was $2.6 million in the previous quarter and net loss was $0.5 million in the 1Q 2016.
Conifex Timber Inc. and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
