Conifex Timber Inc. (“Conifex”) reported results for the 1Q ended March 31, 2019. Adjusted EBITDA was negative $2.7 million for the quarter, which represented an improvement of $4.5 million over the 4Q 2018, attributable to an improvement in lumber segment EBITDA of $1.9 million and in corporate and unallocated items EBITDA of $2.6 million.
Conifex Timber’s revenues totaled $133.7 million in the 1Q 2019, a 2% decline from the prior quarter and an improvement of 43% over the same quarter last year. Compared to the 1Q 2018, revenue growth was largely derived from the addition of its US mills and partially offset by lower shipments and unit sales realizations from its British Columbia mills.
During the 1Q 2019, the company incurred a net loss of $11.9 million, or $0.25 per share, compared to a net loss of $23 million or $0.49 per share in the previous quarter and net income of $2.5 million or $0.10 per share in the 1Q 2018.
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.
