Conifex Timber Inc. reported results for the 2Q ended June 30, 2017. Adjusted EBITDA in the 2Q 2017, which excludes countervailing duty (“CVD”) deposits of $4.6 million, was a record $14.8 million, compared to $6.1 million in the 1Q 2017 and $9 million in the 2Q 2016. Revenues totaled $116.4 million in the 2Q 2017, an improvement of 16% over the prior quarter and 12% over the same quarter last year.
Operating income, which includes preliminary CVD deposits of $4.6 million on lumber shipments to the U.S., improved to $6.4 million compared to $1.5 million in the previous quarter and $5.1 million in the same quarter last year.
Net income for the 2Q 2017 was $4.2 million, compared to a net loss of $1.4 million in the previous quarter and a normalized net income of $2.8 million in the 2Q 2016.
Conifex and its subsidiaries’ primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.