Western Forest Products says “2011 was a good year”
Western Forest Products Inc. has reported net income of $5.3 million in the fourth quarter of 2011 on sales of $220.7 million, compared to a net income reported for the fourth quarter of 2010 of $20.1 million on sales of $172.6 million.
“2011 was a good year for Western with EBITDA increasing 32% from 2010 to $62 million,” said Dominic Gammiero, Chairman and Chief executive Officer. “Even though markets for some of our products remain historically weak, our repositioned cost structure allowed our timberlands and lumber manufacturing businesses to operate at significantly higher rates than 2010. The improved financial results and resulting balance sheet will allow the Company to continue to implement our strategic capital plan.”
For the entire year of 2011, Western Forest Products has reported net income of $24.0 million, compared to a net income of $41.1 million in 2010.
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