Acadian Timber Corp. (“Acadian”) reported financial and operating results for the three months ended March 30, 2019. During the 1Q 2019, Acadian generated sales of $30.9 million, compared to $32.9 million in the 1Q 2018, as the company said in the press release received by Lesprom Network.
Adjusted EBITDA of $8.9 million during the 1Q 2019 was in-line with the prior year period. The Adjusted EBITDA margin for the quarter was 29%, higher than 27% in the prior year period due to improved log selling prices and lower relative operating costs, partially offset by the impact of lower log sales volumes.
Net income of $6.2 million, or $0.37 per share, was $4.2 million higher than the prior year period of $2 million, or $0.12 per share.
“Operating rates for Acadian’s primary sawmill and pulp and paper customers remained strong through the first quarter of the year” said Mark Bishop, CEO of Acadian. Mr. Bishop further noted that “while our operations during the quarter were negatively impacted by unseasonably cold weather which interrupted harvesting and transportation activities, log demand remains firm and we anticipate meeting our target harvest and sales volumes for the full year.”
Acadian Timber Corp. is a leading supplier of primary forest products in Eastern Canada and the Northeastern U.S. With a total of 2.4 million acres of land under management, Acadian is one of the largest timberland operators in New Brunswick and Maine.
