Toward the end of the quarter, the results from the Company's combined operating divisions were starting to be indicative of the Company's ongoing business. It is anticipated that the Company will capture further increases in efficiency and volume as these operations continue to ramp up in future quarters.
During the 2Q ended October 31, 2014, the Company recorded revenue of $14,500,262, a 115% increase over the $6,744,916 in revenue recorded for the preceding quarter ended July 31, 2014. EBITDA for the 2Q was $2,850,494 compared with EBITDA of $180,193 in the 1Q, indicating positive cash flow contributions from its newly acquired assets.
The net loss and comprehensive loss for the 2Q amounted to $943,947 or $0.02 per common share, compared to net loss and comprehensive loss $12,405,677 or $0.34 per common share for the preceding quarter. $11,164,853 of the net loss for the 1Q was a result of non-cash charges related to the June 5, 2014 acquisitions. The Company anticipates reversing most of these losses prior to the Company's April 30, 2015 year end and re-allocating them to the Company's balance sheet as the acquired assets are appraised and valued.
In the 2Q, the Company's harvesting operations from its private timberlands and contract logging divisions represented a significant portion of the Company's output. For the three months ended October 31, 2014, the Company harvested approximately 195,400 cubic metres of timber compared to 103,320 cubic metres of timber harvested in the preceding quarter ended July 31, 2014.
During the quarter, the Company's preserving operations were another important revenue and EBITDA contributor. The Company anticipates further growth in the near term from this division. Further, at the end of the quarter, the WoodEx sawmill achieved full operation on a one-shift basis.
The company is also pleased to report EBITDA for November 2014 of approximately $1.76 million.
“Results from all operating divisions are steady and in line with the Company's expectations," stated Mike Jenks, CEO. "And, revenue and margins from the WoodEx sawmill continue to improve. The Company anticipates the mill achieving profitability during the 3Q."
Jemi Fibre is a British Columbia based forest products company.