Conifex Timber's net loss in 2019 was $30.4 million on revenues of $157.4 million compared to a net loss of $7.3 million in 2018 on revenues of $379.1 million. The lower revenues were attributable mostly to its lumber segment which recorded reduced shipments reflecting lower operating rates at its BC mills, a decline in sales realizations and a decrease in wholesale lumber shipments.
Conifex Timber recorded an operating loss of $41.4 million in the lumber segment in 2019 and operating earnings of $19.1 million in 2018.
Adjusted EBITDA was negative $24 million in 2019 and positive $32.4 million in 2018 with the year-over-year variance largely attributable to the lumber segment.
Consolidated net loss for 2019 was $200.2 million and included a net loss of $169.8 million from discontinued operations, including an impairment loss allocated to goodwill of $143.1 million. Consolidated net loss for 2018 was $7.1 million, including net income of $0.2 million from discontinued operations.
Conifex Timber incurred a net loss of $10.2 million in the 4Q 2019, $11.6 million in the previous quarter and $20.2 million in the 4Q 2018. Revenues were $27.7 million in the 4Q 2019, $22.9 million in the previous quarter and $76.0 million in the 4Q 2018.
Conifex Timber recorded operating losses of $11.5 million in the 4Q 2019, $8.6 million in the previous quarter and $7.8 million in the 4Q last year.
Adjusted EBITDA from continuing operations was negative $3.9 million for the 4Q 2019, negative $7 million in the previous quarter and negative $5 million for the 4Q 2018.
Consolidated net loss in the 4Q 2019 was $162.6 million and included a net loss of $152.4 million from discontinued operations.
Conifex 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. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets.
