Conifex Timber’s revenues were $132.7 million in the 4Q 2017, $120.3 million in the previous quarter and $102 million in the 4Q 2016, as the company said in the press release received by Lesprom Network.
Conifex Timber recorded operating earnings of $14.7 million in the 4Q 2017 compared to $8.8 million in the previous quarter and $6.7 million in the same quarter last year.
Net income for the 4Q 2017 was $8 million, or $0.30 per diluted share. The company recorded net income of $6.2 million or $0.23 per diluted share in the previous quarter and $5.1 million or $0.24 per diluted share in the 4Q 2016. Adjusted EBITDA was $17.5 million for the 4Q 2017, $12.1 million in the previous quarter and $9.3 million for the 4Q 2016.
FY 2017 revenues totaled $469.7 million in 2017 compared to $409.3 million in 2016. Conifex Timber recorded operating income of $31.4 million in 2017 compared to $18.2 million in 2016. The improvement was primarily due to stronger sales realizations on higher lumber prices.
Net income for the year ended December 31, 2017 was $17 million or $0.67 per diluted share compared to normalized net income of $6.3 million or $0.30 per diluted share for the prior year. Current year net income was adversely impacted by negative year-over-year variances in foreign exchange translation loss of $0.9 million and loss from lumber derivative instruments of $2.1 million. Adjusted EBITDA was $46 million for 2017, an improvement of 37% from $33.6 million reported for 2016.
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.
