Conifex Timber 2Q revenues up 72%

Conifex Timber Inc. reported results for the 2Q ended June 30, 2018. EBITDA in the 2Q 2018, which excludes countervailing and anti-dumping duty deposits of $8.2 million, was a record $20.8 million, compared to $9.3 million in the 1Q 2018 and $10.2 million in the 2Q 2017.

Revenues totaled $200.3 million in the 2Q 2018, an improvement of 53% over the prior quarter and 72% over the same quarter last year. The revenue growth over the comparative quarters was mainly attributable to an increase in lumber segment revenues. The commencement of commercial operations in April 2018 at its El Dorado Mill contributed approximately 8% of total revenues.

Net income for the 2Q 2018 was $9.2 million, or $0.35 per share, compared to net income of $2.5 million or $0.10 per share in the previous quarter and $4.2 million or $0.16 per share in the 2Q 2017.

Year to date net income was $11.7 million, or $0.44 per share compared to $2.8 million or $0.12 per share for the same period last year. Net income for the first half of 2018 included deferred income tax expense of $4.2 million. There were no income tax expenses recorded for the first six months of 2017.

EBITDA was $30.1 million for the six month period ended June 30, 2018 compared to $16.3 million for the six month period ended June 30, 2017.

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.