Conifex Timber Inc. reported results for the Q4 and year ended December 31, 2022. EBITDA from continuing operations was $2.3 million for the quarter and $46.7 million for the year, compared to EBITDA of $1.0 million in the Q4 2021 and $51.8 million for the year. Net income was $24.5 million or $0.61 per share for the year versus net income in the preceding year of $0.60 per share. Q4 2022 revenue decreased to $26.7 million, compared to $59.9 million in Q4 2021.
Summary of 2022 Results
Consolidated net earnings during 2022, Conifex Timber generated net income of $24.5 million or $0.61 per share. Net income was $27.2 million in 2021 or $0.60 per share. FY 2022 revenue decreased to $ 231.3 million, compared to $ 250.5 million in 2021.
While power plant was not operational during the second half of 2022, the Company realized the benefit of expected business interruption insurance proceeds and a recovery of softwood lumber duties reflecting the difference between the cash deposit rates and the published final rates for lumber shipments to the United States in 2019 and 2020.
Lumber production was 165.9 million board feet in 2022, reflecting an annualized operating rate of 69%. Lumber production was impacted by a reduction in our operating schedule to a one-shift basis for a sixweek period beginning in August to address unsustainable inventory levels due to rail transportation challenges
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.
