Western reports second quarter results
Western Forest Products Inc. announced results for the second quarter of 2012. The Company reported EBITDA of $20.4 million for the second quarter of 2012 compared to EBITDA of $9.3 million for the first quarter of 2012 and $21.2 million for the second quarter of 2011.
Q2 2012 HIGHLIGHTS
-- EBITDA of $20.4 million, up from the $9.3 earned million in Q1 2012
-- Top line revenues grew by 16% compared to Q2 2011 on increased lumber
and log shipment volumes
-- Announced a $6.7 million investment in auto grading technology for our
Alberni Pacific sawmill
-- Balance sheet and liquidity positions continue to improve with net debt
to capitalization at 8% and $175.5 million in total available liquidity
-- Completed the sale of TFL 60 for net proceeds of $12.2 million
-- Completed the refinancing of our existing revolving term loan facility
to $110.0 million, on improved terms
"Operationally the second quarter was executed well. Sales volumes, production, and productivity all improved. Despite weather impacts we maximized margin available by expediting the delivery of logs to our sawmills, producing the mix of lumber products demanded by our customers. Prices in the export log, pulp log, and sawmill by-product markets were significantly lower than last year and demand from Japan was slightly weaker. Despite these challenges our focus on margin delivered our eleventh straight quarter of positive EBITDA," said Dominic Gammiero, Chairman and Chief Executive Officer.
Net income for the second quarter of 2012 was $12.3 million ($0.03 per share), on sales of $253.1 million, which compared to a net income reported in the second quarter of 2011 of $11.4 million ($0.02 per share) and a net income reported for the first quarter of 2012 of $1.9 million ($nil per share).