EACOM Timber reports 2Q EBITDA of $2.9 million
Aug 17, 2012. EACOM Timber recorded a positive EBITDA of $2.9 million for the 2Q ended June 30, 2012, against a negative EBITDA of $5.3 million in the previous quarter and a negative EBITDA of $9.9 million in the corresponding quarter of 2011.
Aug 17, 2012. /Lesprom Network/. EACOM Timber Corporation announces its 2Q results for the three-month period ended June 30, 2012. A significant improvement in housing activity had a positive impact on lumber consumption during the quarter, contributing to a stronger pricing environment and higher mill realizations for the Company. As a result, EACOM Timber recorded a positive EBITDA of $2.9 million for the 2Q ended June 30, 2012, against a negative EBITDA of $5.3 million in the previous quarter and a negative EBITDA of $9.9 million in the corresponding quarter of 2011, as the company said in the press release received by Lesprom Network.
For the quarter ended June 30, 2012, the net loss attributable to shareholders amounted to $709,000 or $0.00 per common share, against net earnings of $6.3 million or $0.01 per common share in the previous quarter and a net loss of $13.7 million or $0.03 per common share in the corresponding quarter of 2011. The previous quarter results included a gain of $14.3 million on disposal of property, plant and equipment destroyed by fire.
During the 2Q, the Company recorded sales of $65.3 million, up 9% against sales of $60 million in the previous quarter but down 8% against sales of $71.2 million in the corresponding quarter of 2011. The Company's sales include both lumber and by-product sales. During the quarter, the Company shipped 133 million board feet of lumber (128 million board feet in the previous quarter and 160 million board feet in the corresponding quarter of 2011) and 119,000 oven-dried metric tons of by-products (120,000 oven-dried metric tons in the previous quarter and 140,000 oven-dried metric tons in the corresponding quarter of 2011). Compared to the corresponding quarter of 2011, shipments reflect lower production volumes.
The business activities of EACOM Timber Corporation consist of the manufacturing, marketing and distribution of lumber, wood chips and wood-based value-added products, and the management of forest resources.