Conifex Timber generated net income from continuing operations of $2.2 million, or $0.05 per share in 4Q 2020, compared to net income from continuing operations of $2 million, or $0.04 per share in the previous quarter and a loss of $10.2 million or $0.22 per share in the 4Q 2019.

Lumber

Conifex Timber reports adjusted EBITDA of $6.8 million in 4Q 2020

Conifex Timber reports adjusted EBITDA  of $6.8 million in 4Q 2020

Image: Ken Shields, CEO of Conifex Timber Inc.

Conifex Timber Inc. reported results for the 4Q and year ended December 31, 2020.

Adjusted EBITDA from continuing operations was $6.8 million for the 4Q 2020, which reflected continued positive results from lumber operations, offset partially by the power plant disruption in early December. Power plant operations resumed at full capacity in late February following a concerted effort to procure and install new replacement equipment despite Covid-19 related challenges with global logistics and employee mobility.

Conifex Timber generated a net loss from continuing operations of $6.8 million, or $0.14 per share in 2020, compared to a net loss from continuing operations of $30.4 million or $0.65 per share in 2019

“Following a challenging start to 2020, we safely and successfully resumed operations at the Mackenzie sawmill and benefited from the unprecedented strength in lumber markets in the second half of the year,” said Ken Shields, CEO. “With the resumption of power plant operations in February 2021, steady lumber production and continued strength in lumber market conditions, we expect a material improvement in financial results in the first half of 2021.”

Conifex Timber generated net income from continuing operations of $2.2 million, or $0.05 per share in 4Q 2020, compared to net income from continuing operations of $2 million, or $0.04 per share in the previous quarter and a loss of $10.2 million or $0.22 per share in the 4Q 2019.

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.