For the six months ended June 30, 2013, the Company's shareholder net income was $172.2 million, or $1.21 per share, compared to a shareholder net loss of $15.4 million, or $0.11 per share, reported for the first half of 2012.
The shareholder net income for the 2Q 2013 included various items affecting comparability with prior periods, which had an overall net positive impact on the Company's results of $22.6 million, or $0.16 per share.
After adjusting for such items, the Company's adjusted shareholder net income for the 2Q 2013 was $87.7 million, or $0.61 per share, up $17.4 million, or $0.12 per share, from an adjusted shareholder net income of $70.3 million, or $0.49 per share, for the 1Q 2013. Adjusted shareholder net income for the 2Q 2012 was $9.2 million, or $0.07 per share.
The Company reported operating income of $128.2 million for the 2Q 2013, compared to operating income of $100.0 million for the 1Q. The positive variance reflected improved results in the lumber segment mostly as a result of increased shipments and, to a lesser extent, lower manufacturing costs.
Commenting on the second quarter performance, Canfor's President and CEO, Don Kayne, said, "While North American prices showed a sharp correction after their highs earlier in the year, the second quarter's lumber results were encouraging and reflect our continued commitment to being a top-quartile customer-focused supplier of lumber products in global markets. Our pulp segment again delivered solid results in fairly challenging markets; the scheduled outages were completed on schedule and set us up well for the balance of the year."
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with interests in BC, Alberta, Quebec, and North and South Carolina. The Company produces primarily softwood lumber and also produces specialized wood products and bleached chemi-thermo mechanical pulp (BCTMP).