Increases in Eacom’s Q1 results
May 23, 2013 – Eacom Timber Corporation reported 18 per cent increased sales from its first quarter results for 2013, and produced 129 million board feet of lumber.
During the first quarter of 2013, housing starts in the U.S. averaged 969,000 units, up seven per cent from the previous quarter and 36 per cent from the first quarter of 2012. In Canada, housing starts are averaging 178,000 units, down 13 per cent from both the previous quarter and the first quarter of 2012.
• Recorded net earnings attributable to shareholders of $1.6 million in the first quarter of 2013.
• Recorded a negative adjusted EBITDA of $0.9 million in the first quarter of 2013.
• Concluded the negotiation of a global settlement with its insurer for the fire at its Timmins mill.
The improvement in the U.S. housing activity had a positive impact on lumber consumption and contributed to a strong pricing environment and higher mill realizations for the Eacom.
Eacom recorded sales of $70 million for the quarter, up 18 per cent against sales of $60 million in the previous quarter and sales of almost $60 million in the corresponding quarter of 2012.
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