"Despite the challenges that we faced in our second quarter, we delivered another strong performance. Increased shipments and an improved sales mix drove our revenue to its highest level in seven years," said Don Demens, President and CEO. "We believe that gradually improving market conditions and the efficiencies from our strategic capital investments, have positioned our Company for continued growth."
Net income for the 2Q 2014 was $29.2 million ($0.07 per diluted share) compared to a net income reported for the 1Q 2014 of $23.6 million ($0.06 per diluted share) and a net income reported in the 2Q 2013 of $35.5 million ($0.07 per diluted share).
Western reported adjusted EBITDA of $40.9 million for the 2Q 2014, an $8.1 million improvement over the prior quarter and a $4 million decline from the 2Q 2013.
Adjusted EBITDA margin of 13.8% in the 2Q 2014 was consistent with the prior quarter. Revenue in the 2Q 2014 is the highest quarterly revenue reported in seven years, and reflects improved product pricing, increased lumber and log shipments, an improved product mix, and the benefit of a weaker Canadian dollar.
Net income for the 2Q 2014 was $29.2 million, or $0.07 per share as compared to net income of $35.5 million, or $0.08 per share, for the same period of 2013, and to $23.6 million, or $0.06 per share, for the previous quarter.
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic metres of timber of which approximately 6.2 million cubic metres is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and three remanufacturing plants.