Interfor reported 2Q net loss of $5.3 million
Aug 05, 2011. International Forest Products Limited (Interfor) reported a net loss of $5.3 million for the 2Q 2011. Included in the Company's accounts for the quarter was the effect of unrecognized tax assets of $2.2 million and other one-time items of $0.2 million.
Aug 05, 2011. /Lesprom Network/. International Forest Products Limited (Interfor) reported a net loss of $5.3 million for the 2Q 2011. Included in the Company's accounts for the quarter was the effect of unrecognized tax assets of $2.2 million and other one-time items of $0.2 million.
Excluding these items, Interfor recorded a net loss of $2.9 million compared to a net loss of $0.5 million in the immediately preceding quarter and a loss of $0.6 million in the 2Q 2010.
EBITDA for the quarter (adjusted to exclude one-time items and "other income") was $11.6 million, down $1.1 million from the 1Q and down $1.7 million from the 2Q 2010.
Lumber production in the 2Q was 325 million board feet, down 7 million board feet versus the first quarter as log availability affected operating rates at a number of the Company's mills in the quarter. Sales volumes, including wholesale activities, increased 21 million board feet to 324 million board feet versus 313 million board feet in the 1Q.
Sales to China increased to 39% of the Company's non-wholesale shipments versus 28% in the 1Q as shipping capacity was added to address the issues which impacted shipments in the 1Q.
Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon, including two sawmills in the Coastal region of British Columbia, three in the B.C. Interior, two in Washington and two in Oregon.