Conifex Timber Inc. reported results for the Q1 ended March 31, 2023. EBITDA was negative $6.9 million for the quarter compared to EBITDA of $20.1 million in the Q1 2022. Net loss was $8.1 million or $0.20 per share for the quarter versus net income of $11.4 million or $0.28 per share in the year-earlier quarter. The results reflect reduced operating earnings on lower lumber prices and reduced shipments reflecting transportation challenges which impacted lumber production.
The Company's lumber production in the Q1 2023 totalled approximately 41.2 million board feet, representing operating rates of approximately 69% of annualized capacity. Lumber production in the quarter reflected a ten-day temporary curtailment to address unsustainable inventory levels. In the previous quarter, 27.9 million board feet of lumber was produced, which reflected a two-week curtailment of its Mackenzie sawmill, as well as production being affected by overall depressed operating rates. Lumber production of 47.1 million board feet or approximately 79% of operating capacity in the Q1 2022 benefited from continuous sawmill operations through the quarter and the easing of COVID-19 shift reductions.
Revenues from lumber products were $27.0 million in the Q1 2023 representing an increase of 14% from the previous quarter and a decrease of 56% from the Q1 2022. Compared to the previous quarter, higher shipment volumes offset the softer mill net realizations on lower lumber market prices. The revenue decrease in the current quarter over the same period in the prior year was largely the result of both weaker benchmark lumber prices and decreased lumber shipments.
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.
