Interfor posts $13.6 million loss in 1Q
Apr 24, 2009. Interfor reported a 1Q loss of $13.6 million or 29 cents per share compared to a loss of $900 thousand or 2 cents per share for the same quarter last year. Sales totalled $77.3 million compared to $114.4 million in the 1Q 2008.
Apr 24, 2009. /Lesprom Network/. International Forest Products Limited (Interfor) said its loss widened in the 1Q as lumber prices and U.S. housing market remain depressed, as The Canadian Press informed Lesprom Network.
Interfor reported a 1Q loss of $13.6 million or 29 cents per share compared to a loss of $900 thousand or 2 cents per share for the same quarter last year. Sales totalled $77.3 million compared to $114.4 million in the 1Q 2008
Lumber sales totalled 122 million board feet versus 113 million last year, and the average selling price was $462 per thousand board feet, a 31% drop from last year. Interfor said SPF lumber prices fell 16% in the quarter "as production curtailments throughout the industry were not sufficient to offset reduced demand."
SPF stands for the spruce, pine and fir softwood species that are processed together. Cedar prices fell 10% to 20%, and Japanese products were down 8% to 10% in the quarter compared to last year, Interfor said.
The company also took a charge of $800,000 or 2 cents per share related to staff severance costs.