Category Archives: Financial News

Last year about 250 former NewPage Port Hawkesbury employees were told they had been overpaid thousands of dollars and needed to pay it back.

The current pension plan administrator, Morneau Shepell, blamed the previous administrator, Aon Hewitt, for the estimated $6 million miscalculation.

Both companies have agreed to present a mediator with their arguments in August.

Continue reading »

EACOM Timber has reported net earnings attributable to shareholders of $1,556,000 on record sales of $70,960,000.

Increased US housing starts had a positive impact on lumber consumption and contributed to a strong pricing environment and higher mill realizations for EACOM Timber.

However, manufacturing costs relative to sales were higher than those incurred in the previous quarter, mostly due to additional costs still being incurred as a result of the fire at Timmins which, since January 1, 2013, are no longer offset through business interruption claims, and to a longer than expected ramp-up at the Elk Lake mill where a substantial capital upgrade was completed late in the fourth quarter of 2012.

Continue reading »

Viridis Energy Inc. has closed the second and final tranche of its $5,000,000 non-brokered private placement announced on April 3, 2013 with the placement of $2,000,000 of units sold under the terms previously disclosed.

The second tranche consisted of 20,000,000 units at a price of $0.10 per unit generating gross proceeds of $2,000,000. Each unit consists of one common share of the company and one-half of one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one common share of Viridis at any time within five years following the issuance of the warrant, subject to certain conditions, at an exercise price of $0.15 per share during the first twelve month period, $0.20 per share during the second twelve month period, $0.25 per share during the third twelve month period, $0.30 per share during the fourth twelve month period, and $0.35 per share during the fifth and final twelve month period. If the average trading price of the company’s common shares is $1.00 or greater for a period of 30 consecutive days, the company can accelerate the expiry period of the warrants by providing written notice of such acceleration by way of news release, such that the exercise period of the warrants will expire on the day that is 30 days after the date of such news release.

All securities issued pursuant to the second tranche of the Private Placement are subject to a hold period, which expires on September 14, 2013. No referral fee or commission was paid on this transaction.

Continue reading »

Conifex Timber has reported a net income of $6.2 million for the first quarter of 2013 compared to a net loss of $3.6 million for the previous quarter and a net loss of $6.5 million for the first quarter of 2012.

Revenues totaled $66.2 million in the first quarter of 2013 compared to $60.0 million in the previous quarter and $47.4 million in the first quarter of 2012.

Lumber shipments totaled 137 million board feet during the first quarter of 2013 and included wholesale lumber shipments of 17 million board feet. Shipments of Conifex produced lumber increased by 9% over the previous quarter and 4% over the first quarter of 2012 but lagged current quarter production volumes by 4% with some of the shortfall attributable to a tightening in rail car supply which has since eased. An increase in unit gross sales and unit net mill realizations of approximately 19% over the previous quarter largely reflected the quarter over quarter movement in average benchmark lumber prices.

Continue reading »

Ainsworth Lumber Co. Ltd. has reported net  income from continuing operations was $36.5 million in the first quarter of 2013 compared to $0.6 million in the first quarter of 2012.  This increase included a $52.9 million increase in gross profit, an $8.1 million gain on derivative financial instrument, and a $6.2 million reduction in finance expense, partially offset by fluctuations in non-cash accounting gains and losses and income tax expense.

Sales in the first quarter of 2013 were $141.8 million compared to $85.1 million in the first quarter of 2012. The $56.7 million increase was mainly due to a 70% increase in realized pricing that was partially offset by a 2% decrease in sales volumes. Adjusted EBITDA for the first quarter of 2013 was $62.5 million compared to adjusted EBITDA of $9.6 million in the same quarter last year.

Ainsworth President and Chief Executive Officer, Jim Lake said, “I am pleased to report very strong first quarter results as we benefited from the early stages of the U.S. housing market recovery and significantly stronger OSB pricing. During the first three months of the year, we generated adjusted EBITDA of $62.5 million which represented an increase of $20.5 million over the previous quarter and our best quarter in seven years. Adjusted EBITDA margins improved to an impressive 44.1% on shipment volumes of 397.0 million square feet (3/8” basis) and sales of $141.8 million. First quarter production of 408.1 million square feet (3/8” basis) was slightly higher than last quarter, and one of the best quarters for combined production from our three operating mills.”

Continue reading »

International Forest Products Ltd. (Interfor) has reported net earnings of $15.2 million in the first quarter of 2013.

These results compare with a net loss of $3.9  million in the fourth quarter of 2012 and a loss of $6.7 million in the first quarter of last year.

EBITDA for the quarter, adjusted to exclude the effects of share-based compensation and other items(2), was $37.1 million compared with $19.3 million in the fourth quarter and $7.0 million in the first quarter last year.

Continue reading »

Acadian Timber Corp. has posted its financial results for the first quarter of 2013, ending on March 30, 2013.

Acadian generated net sales of $18.3 million on sales volume of 339 thousand m3, which represents a $0.4 million, or 2%, decrease in net sales compared to the same period in 2012.

Historically, Acadian’s first quarter has accounted for more than 40% of annual sales. However, as in the prior year, results for the first quarter were impacted by the vendor managed inventory program (“VMI”) with one of our larger softwood sawlog customers.

Continue reading »

Western Forest Products is reporting a net income of $22.8 million in the first quarter of 2013, on sales of $233.8 million, compared to a net income of $14.3 million for the previous quarter, and a net income of $1.7 for the same quarter last year.

EBITDA is $31.9 million for the first quarter, compared to EBITDA of $14.3 million for the fourth quarter of 2012 and $9.4 million for the first quarter of 2012.

“This was the best quarter in company history as we delivered $31.9 million of operating EBITDA. Improved log and lumber markets supported by solid execution from our team led to these record results. We ended the quarter in a sound financial position: no net debt and liquidity of $207 million. With our strong balance sheet we are more capable than ever to reinvest in our business, and consider other capital allocation alternatives that will enhance long term shareholder value,” said Don Demens, Chief Executive Officer.

Continue reading »

Catalyst Paper has posted a net loss of $9.8 million in the first quarter of 2013.

Before specific items, the loss was $11.6 million.

In the previous quarter, the company posted a loss of $35.2 million.

Continue reading »

Canfor Corporation is reporting a net income attributable to shareholders of $61.9 million for the first quarter of 2013, compared to $21.31 million for the fourth quarter of 2012 and a shareholder net loss of $18.01 million for the first quarter of 2012.

The shareholder net income for the first quarter of 2013 included various items affecting comparability with prior periods as well as certain required IFRS accounting adjustments related to the company’s 50% interest in Canfor-LP OSB Limited Partnership, which had an overall positive impact on the company’s results of $8.4 million. After adjusting for such items, the company’s adjusted shareholder net income for the first quarter of 2013 was $70.3 million, up $50.0 million, from an adjusted shareholder net income of $20.3 million, for the fourth quarter of 2012, and an adjusted shareholder net loss of $24.1 million, for the first quarter of 2012.

Canfor reported operating income of $100.0 million (adjusted $111.0 million) for the first quarter of 2013, more than double the $49.0(1) million recorded for the fourth quarter of 2012.

Continue reading »