TimberWest Forest reported 1Q EBITDA of $16.2 million

May 20, 2011. /Lesprom Network/. Higher volumes and prices in Asia and lower costs resulted in much stronger operating results for TimberWest Forest Corp. in the 1Q 2011. The Company reported EBITDA of $16.2 million for the quarter, a $12.8 million increase over 1Q 2010. Distributable cash for the quarter was $9.1 million, a $12 million improvement over the Distributable Cash loss $2.9 million in 1Q, 2010, as the company said in a press release received by Lesprom Network. The Company augmented its private timberland holdings on Vancouver Island with the acquisition of 7,678 hectares (18,973 acres) of private land from Western Forest Products Inc. for $22.4 million during the quarter. These lands are largely adjacent to existing operations and the Company believes the acquisition is very accretive to unitholder value. Also, given the ongoing improvements in Asian log markets, CEO Paul McElligott, said, "This acquisition was particularly well timed. We have made excellent progress integrating these lands into our operation with road building and timber harvesting activities already underway in the 2Q." TimberWest Forest Corp. is uniquely positioned as western Canada's largest private timber and land management company. The Company owns in fee simple approximately 327,000 hectares or 808,000 acres of private land and is in the business of selling timber products and real estate.