Adjusted EBITDA of $429 million and Net Earnings of $270 million With Record Production, Shipments and Sales
BURNABY, British Columbia, Aug. 04, 2022 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded Net earnings in Q2’22 of $269.9 million, or $4.92 per share, compared to $397.0 million, or $6.69 per share in Q1’22 and $419.2 million, or $6.45 per share in Q2’21. Adjusted net earnings in Q2’22 were $280.2 million compared to $392.5 million in Q1’22 and $433.5 million in Q2’21.
Adjusted EBITDA was $428.6 million on record sales of $1.4 billion in Q2’22 versus $570.1 million on sales of $1.3 billion in Q1’22.
Notable items in the quarter:
Interfor Appoints New Director
At its meeting today, the Interfor Board appointed Tom Temple of Kingston, Washington as a director of the Company. Mr. Temple, who is 65, is the former VP, Wood Products and Southern Resources of PotlatchDeltic, a diversified forest products company. Mr. Temple’s appointment increased the number of directors from ten to eleven, while deepening the Board’s operations and sales expertise in the U.S. in line with the Company’s Board succession plan.
Sustainability Performance
On April 22, 2022, Interfor released its fifth annual Sustainability Report, which provides detailed information on the Company’s commitments and actions, including a number of new targets and enhanced metrics. Sustainability is at the core of Interfor’s culture and integrated within its strategy, and the targets set represent an ongoing commitment to take strong action to enhance performance. Interfor’s Sustainability Report can be found at www.interfor.com.
Outlook
North American lumber markets over the near term are expected to be volatile as the economy continues to adjust to inflationary pressures, higher interest rates, supply chain constraints and labour shortages.
Interfor expects that over the mid-term, lumber markets will continue to benefit from favourable underlying supply and demand fundamentals. Positive demand factors include the advanced age of the U.S. housing stock, a shortage of available housing and various demographic factors, while growth in lumber supply is expected to be limited by extended capital project completion and ramp-up timelines and constrained overall fibre availability.
Interfor’s strategy of maintaining a diversified portfolio of operations in multiple regions allows the Company to both reduce risk and maximize returns on capital over the business cycle. Interfor is well positioned with its strong balance sheet and significant available liquidity to continue pursuing its strategic plans despite ongoing economic and geo-political uncertainty globally.
Financial and Operating Highlights1
For the 3 months ended | For the 6 months ended | ||||||
Jun. 30 | Jun. 30 | Mar. 31 | Jun. 30 | Jun. 30 | |||
Unit | 2022 | 2021 | 2022 | 2022 | 2021 | ||
Financial Highlights2 | |||||||
Total sales | $MM | 1,389.1 | 1,099.7 | 1,349.0 | 2,738.1 | 1,949.0 | |
Lumber | $MM | 1,190.8 | 1,012.9 | 1,212.5 | 2,403.3 | 1,775.3 | |
Logs, residual products and other | $MM | 198.3 | 86.8 | 136.5 | 334.8 | 173.7 | |
Operating earnings | $MM | 385.9 | 568.3 | 512.7 | 898.5 | 923.9 | |
Net earnings | $MM | 269.9 | 419.2 | 397.0 | 666.9 | 683.7 | |
Net earnings per share, basic | $/share | 4.92 | 6.45 | 6.69 | 11.68 | 10.45 | |
Adjusted net earnings3 | $MM | 280.2 | 433.5 | 392.5 | 672.6 | 704.2 | |
Adjusted net earnings per share, basic3 | $/share | 5.11 | 6.67 | 6.61 | 11.78 | 10.76 | |
Operating cash flow per share (before working capital changes)3 | $/share | 3.98 | 7.46 | 6.38 | 10.45 | 13.17 | |
Adjusted EBITDA3 | $MM | 428.6 | 611.3 | 570.1 | 998.7 | 1,003.4 | |
Adjusted EBITDA margin3 | % | 30.9% | 55.6% | 42.3% | 36.5% | 51.5% | |
Total assets | $MM | 3,269.5 | 2,409.4 | 3,081.4 | 3,269.5 | 2,409.4 | |
Total debt | $MM | 372.6 | 365.1 | 403.1 | 372.6 | 365.1 | |
Net debt3 | $MM | 102.0 | (490.7) | 340.2 | 102.0 | (490.7) | |
Net debt to invested capital3 | % | 4.6% | (46.1%) | 15.8% | 4.6% | (46.1%) | |
Annualized return on capital employed3 | % | 52.9% | 110.8% | 86.6% | 69.4% | 96.2% | |
Operating Highlights | |||||||
Lumber production | million fbm | 1,016 | 716 | 917 | 1,933 | 1,402 | |
Lumber sales | million fbm | 1,082 | 714 | 843 | 1,925 | 1,380 | |
Lumber - average selling price4 | $/thousand fbm | 1,104 | 1,419 | 1,410 | 1,240 | 1,286 | |
Average USD/CAD exchange rate5 | 1 USD in CAD | 1.2768 | 1.2282 | 1.2662 | 1.2715 | 1.2470 | |
Closing USD/CAD exchange rate5 | 1 USD in CAD | 1.2886 | 1.2394 | 1.2496 | 1.2886 | 1.2394 |
Notes:
Liquidity
Balance Sheet
Interfor’s Net debt at June 30, 2022 was $102.0 million, or 4.6% of invested capital, representing an increase of $264.9 million from the level of Net debt at December 31, 2021.
As at June 30, 2022 the Company had net working capital of $607.1 million and available liquidity of $726.5 million, based on the full borrowing capacity under its $500 million Revolving Term Line.
The Revolving Term Line and Senior Secured Notes are subject to financial covenants, including a net debt to total capitalization ratio and an EBITDA interest coverage ratio.
Management believes, based on circumstances known today, that Interfor has sufficient working capital and liquidity to fund operating and capital requirements for the foreseeable future.
For the 3 months ended Jun. 30, | For the 6 months ended Jun. 30, | ||||
Thousands of Dollars | 2022 | 2021 | 2022 | 2021 | |
Net debt | |||||
Net debt, period opening | $340,180 | $(235,966) | $(162,886) | $(75,432) | |
Repayment of Senior Secured Notes | (7,005) | (6,671) | (7,005) | (6,671) | |
Revolving Term Line net drawings | (35,000) | - | (3,850) | - | |
Impact on U.S. Dollar denominated debt from weakening (strengthening) CAD | 11,513 | (5,473) | 7,800 | (10,183) | |
(Increase) decrease in cash and cash equivalents | (201,899) | (251,402) | 276,304 | (413,569) | |
Impact on U.S. Dollar denominated cash and cash equivalents from strengthening (weakening) CAD | (5,798) | 8,830 | (8,372) | 15,173 | |
Net debt, period ending | $101,991 | $(490,682) | $101,991 | $(490,682) |
On December 17, 2021, the Company completed an early renewal and expansion of its Revolving Term Line. The commitment under the facility was increased by $150 million to a total of $500 million, and the term was extended from March 2024 to December 2026.
Capital Resources
The following table summarizes Interfor’s credit facilities and availability as of June 30, 2022:
Revolving | Senior | ||
Term | Secured | ||
Thousands of Canadian Dollars | Line | Notes | Total |
Available line of credit and maximum borrowing available | $500,000 | $372,620 | $872,620 |
Less: | |||
Drawings | - | 372,620 | 372,620 |
Outstanding letters of credit included in line utilization | 44,083 | - | 44,083 |
Unused portion of facility | $455,917 | $ - | 455,917 |
Add: | |||
Cash and cash equivalents | 270,629 | ||
Available liquidity at June 30, 2022 | $726,546 |
Interfor’s Revolving Term Line matures in December 2026 and its Senior Secured Notes have maturities principally in the years 2024-2030.
As of June 30, 2022, the Company had commitments for capital expenditures totaling $196.2 million for both maintenance and discretionary capital projects.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net debt to invested capital, Operating cash flow per share (before working capital changes), and Annualized return on capital employed which are used by the Company and certain investors to evaluate operating performance and financial position. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company’s audited consolidated financial statements (unaudited for interim periods) prepared in accordance with IFRS:
For the 3 months ended | For the 6 months ended | |||||
Jun. 30 | Jun. 30 | Mar. 31 | Jun. 30 | Jun. 30 | ||
Thousands of Canadian Dollars except number of shares and per share amounts | 2022 | 2021 | 2022 | 2022 | 2021 | |
Adjusted Net Earnings | ||||||
Net earnings | $269,881 | $419,241 | $397,031 | $666,913 | $683,728 | |
Add: | ||||||
Asset write-downs and restructuring costs | 1,088 | 2,213 | 3,198 | 4,286 | 2,355 | |
Other foreign exchange loss (gain) | 20,299 | 4,645 | (12,823) | 7,476 | 6,991 | |
Long-term incentive compensation expense (recovery) | (10,403) | 11,145 | 3,671 | (6,732) | 18,815 | |
Other expense (income) excluding business interruption insurance | 3,085 | 1,045 | (395) | 2,690 | (951) | |
Post closure wind-down costs | - | 251 | - | - | 475 | |
Income tax effect of above adjustments | (3,787) | (4,991) | 1,794 | (1,993) | (7,220) | |
Adjusted net earnings | $280,163 | $433,549 | $392,476 | $672,640 | $704,193 | |
Weighted average number of shares - basic ('000) | 54,874 | 64,984 | 59,357 | 57,103 | 65,453 | |
Adjusted net earnings per share | $5.11 | $6.67 | $6.61 | $11.78 | $10.76 | |
Adjusted EBITDA | ||||||
Net earnings | $269,881 | $419,241 | $397,031 | $666,913 | $683,728 | |
Add: | ||||||
Depreciation of plant and equipment | 41,647 | 22,717 | 33,113 | 74,760 | 44,191 | |
Depletion and amortization of timber, roads and other | 9,154 | 6,669 | 9,124 | 18,279 | 13,637 | |
Finance costs | 4,357 | 4,437 | 5,169 | 9,524 | 8,961 | |
Income tax expense | 89,474 | 138,922 | 132,026 | 221,500 | 225,178 | |
EBITDA | 414,513 | 591,986 | 576,463 | 990,976 | 975,695 | |
Add: | ||||||
Long-term incentive compensation expense (recovery) | (10,403) | 11,145 | 3,671 | (6,732) | 18,815 | |
Other foreign exchange loss (gain) | 20,299 | 4,645 | (12,823) | 7,476 | 6,991 | |
Other expense (income) excluding business interruption insurance | 3,085 | 1,045 | (395) | 2,690 | (951) | |
Asset write-downs and restructuring costs | 1,088 | 2,213 | 3,198 | 4,286 | 2,355 | |
Post closure wind-down costs | - | 251 | - | - | 475 | |
Adjusted EBITDA | $428,582 | $611,285 | $570,114 | $998,696 | $1,003,380 | |
Sales | $1,389,050 | $1,099,670 | $1,349,038 | $2,738,087 | $1,948,977 | |
Adjusted EBITDA margin | 30.9% | 55.6% | 42.3% | 36.5% | 51.5% | |
Net debt to invested capital | ||||||
Net debt | ||||||
Total debt | $372,620 | $365,106 | $403,112 | $372,620 | $365,106 | |
Cash and cash equivalents | (270,629) | (855,788) | (62,932) | (270,629) | (855,788) | |
Total net debt | $101,991 | $(490,682) | $340,180 | $101,991 | $(490,682) | |
Invested capital | ||||||
Net debt | $101,991 | $(490,682) | $340,180 | $101,991 | $(490,682) | |
Shareholders' equity | 2,106,097 | 1,554,205 | 1,817,371 | 2,106,097 | 1,554,205 | |
Total invested capital | $2,208,088 | $1,063,523 | $2,157,551 | $2,208,088 | $1,063,523 | |
Net debt to invested capital1 | 4.6% | (46.1%) | 15.8% | 4.6% | (46.1%) | |
Operating cash flow per share (before working capital changes) | ||||||
Cash provided by operating activities | $393,806 | $484,723 | $281,214 | $675,020 | $769,803 | |
Cash (generated from) used in operating working capital | (175,586) | (249) | 97,567 | (78,019) | 92,355 | |
Operating cash flow (before working capital changes) | $218,220 | $484,474 | $378,781 | $597,001 | $862,158 | |
Weighted average number of shares - basic ('000) | 54,874 | 64,984 | 59,357 | 57,103 | 65,453 | |
Operating cash flow per share (before working capital changes) | $3.98 | $7.46 | $6.38 | $10.45 | $13.17 | |
Annualized return on capital employed | ||||||
Net earnings | $269,881 | $419,241 | $397,031 | $666,913 | $683,728 | |
Add: | ||||||
Finance costs | 4,357 | 4,437 | 5,169 | 9,524 | 8,961 | |
Income tax expense | 89,474 | 138,922 | 132,026 | 221,500 | 225,178 | |
Earnings before income taxes and finance costs | $363,712 | $562,600 | $534,226 | $897,937 | $917,867 | |
Capital Employed | ||||||
Total assets | $3,269,508 | $2,409,388 | $3,081,351 | $3,269,508 | $2,409,388 | |
Current liabilities | (421,383) | (285,081) | (472,686) | (421,383) | (285,081) | |
Less: | ||||||
Current portion of long-term debt | 6,980 | 6,713 | 6,769 | 6,980 | 6,713 | |
Current portion of lease liabilities | 14,776 | 11,758 | 15,014 | 14,776 | 11,758 | |
Capital employed, end of period | $2,869,881 | $2,142,778 | $2,630,448 | $2,869,881 | $2,142,778 | |
Capital employed, beginning of period | 2,630,448 | 1,915,146 | 2,303,177 | 2,303,177 | 1,672,103 | |
Average capital employed | $2,750,164 | $2,028,962 | $2,466,812 | $2,586,529 | $1,907,441 | |
Earnings before income taxes and finance costs divided by average capital employed | 13.2% | 27.7% | 21.7% | 34.7% | 48.1% | |
Annualization factor | 4.0 | 4.0 | 4.0 | 2.0 | 2.0 | |
Annualized return on capital employed | 52.9% | 110.8% | 86.6% | 69.4% | 96.2% |
Note: 1 Net debt to invested capital as of the period end.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||
For the three and six months ended June 30, 2022 and 2021 (unaudited) | ||||
(thousands of Canadian Dollars except earnings per share) | Three Months | Three Months | Six Months | Six Months |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Sales | $1,389,050 | $1,099,670 | $2,738,087 | $1,948,977 |
Costs and expenses: | ||||
Production | 899,289 | 457,329 | 1,633,118 | 889,496 |
Selling and administration | 16,102 | 12,136 | 33,730 | 25,015 |
Long-term incentive compensation expense (recovery) | (10,403) | 11,145 | (6,732) | 18,815 |
U.S. countervailing and anti-dumping duty deposits | 46,311 | 19,171 | 82,128 | 31,561 |
Depreciation of plant and equipment | 41,647 | 22,717 | 74,760 | 44,191 |
Depletion and amortization of timber, roads and other | 9,154 | 6,669 | 18,279 | 13,637 |
1,002,100 | 529,167 | 1,835,283 | 1,022,715 | |
Operating earnings before write-downs and restructuring costs | 386,950 | 570,503 | 902,804 | 926,262 |
Asset write-downs and restructuring costs | 1,088 | 2,213 | 4,286 | 2,355 |
Operating earnings | 385,862 | 568,290 | 898,518 | 923,907 |
Finance costs | (4,357) | (4,437) | (9,524) | (8,961) |
Other foreign exchange loss | (20,299) | (4,645) | (7,476) | (6,991) |
Other income (expense) | (1,851) | (1,045) | 6,895 | 951 |
(26,507) | (10,127) | (10,105) | (15,001) | |
Earnings before income taxes | 359,355 | 558,163 | 888,413 | 908,906 |
Income tax expense (recovery): | ||||
Current | 92,828 | 135,140 | 215,408 | 218,313 |
Deferred | (3,354) | 3,782 | 6,092 | 6,865 |
89,474 | 138,922 | 221,500 | 225,178 | |
Net earnings | $269,881 | $419,241 | $666,913 | $683,728 |
Net earnings per share | ||||
Basic | $4.92 | $6.45 | $11.68 | $10.45 |
Diluted | $4.90 | $6.43 | $11.64 | $10.42 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
For the three and six months ended June 30, 2022 and 2021 (unaudited) | ||||
(thousands of Canadian Dollars) | Three Months | Three Months | Six Months | Six Months |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net earnings | $269,881 | $419,241 | $666,913 | $683,728 |
Other comprehensive income (loss): | ||||
Items that will not be recycled to Net earnings: | ||||
Defined benefit plan actuarial gain (loss), net of tax | (1,064) | 1,110 | 1,722 | 5,582 |
Items that are or may be recycled to Net earnings: | ||||
Foreign currency translation differences for foreign operations, net of tax | 52,624 | (8,876) | 27,895 | (17,763) |
Total other comprehensive income (loss), net of tax | 51,560 | (7,766) | 29,617 | (12,181) |
Comprehensive income | $321,441 | $411,475 | $696,530 | $671,547 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
For the three and six months ended June 30, 2022 and 2021 (unaudited) | ||||
(thousands of Canadian Dollars) | Three Months | Three Months | Six Months | Six Months |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash provided by (used in): | ||||
Operating activities: | ||||
Net earnings | $269,881 | $419,241 | $666,913 | $683,728 |
Items not involving cash: | ||||
Depreciation of plant and equipment | 41,647 | 22,717 | 74,760 | 44,191 |
Depletion and amortization of timber, roads and other | 9,154 | 6,669 | 18,279 | 13,637 |
Deferred income tax expense (recovery) | (3,354) | 3,782 | 6,092 | 6,865 |
Current income tax expense | 92,828 | 135,140 | 215,408 | 218,313 |
Finance costs | 4,357 | 4,437 | 9,524 | 8,961 |
Other assets | (2,447) | 655 | (2,487) | 224 |
Reforestation liability | (1,665) | (1,187) | 71 | (691) |
Provisions and other liabilities | (12,798) | 6,392 | (25,708) | 6,887 |
Stock options | 213 | 167 | 454 | 363 |
Write-down of plant and equipment | 1,117 | 2,035 | 2,340 | 2,035 |
Unrealized foreign exchange gain (loss) | (6,338) | 5,406 | (4,530) | 8,417 |
Other income (expense) | 1,851 | 1,045 | (6,895) | (951) |
Income taxes paid | (176,226) | (122,025) | (357,220) | (129,821) |
218,220 | 484,474 | 597,001 | 862,158 | |
Cash generated from (used in) operating working capital: | ||||
Trade accounts receivable and other | 83,534 | (4,741) | 18,883 | (72,600) |
Inventories | 60,506 | (8,873) | 36,072 | (33,225) |
Prepayments | (3,260) | (1,428) | (3,422) | (4,776) |
Trade accounts payable and provisions | 34,806 | 15,291 | 26,486 | 18,246 |
393,806 | 484,723 | 675,020 | 769,803 | |
Investing activities: | ||||
Additions to property, plant and equipment | (60,939) | (36,263) | (111,962) | (62,594) |
Additions to roads and bridges | (4,214) | (4,312) | (4,059) | (7,197) |
Acquisitions | 1,592 | - | (536,087) | (73,630) |
Proceeds on disposal of property, plant and equipment | 10,181 | 283 | 11,371 | 5,976 |
Investment in GreenFirst Forest Products Inc. | (55,648) | - | (55,648) | - |
Net proceeds from (additions to) deposits and other assets | (224) | 725 | 168 | 882 |
(109,252) | (39,567) | (696,217) | (136,563) | |
Financing activities: | ||||
Issuance of share capital, net of expenses | - | 401 | 377 | 2,346 |
Share repurchases | (32,929) | (49,435) | (227,237) | (69,738) |
Dividend paid | - | (130,625) | - | (130,625) |
Interest payments | (4,314) | (4,161) | (9,326) | (8,419) |
Lease liability payments | (3,333) | (3,263) | (7,803) | (6,564) |
Debt refinancing costs | (74) | - | (263) | - |
Term line net repayments | - | - | (2,209) | - |
Additions to long-term debt | - | - | 328,720 | - |
Repayments of long-term debt | (42,005) | (6,671) | (337,366) | (6,671) |
(82,655) | (193,754) | (255,107) | (219,671) | |
Foreign exchange gain (loss) on cash and cash equivalents held in a foreign currency | 5,798 | (8,830) | 8,372 | (15,173) |
Increase (decrease) in cash | 207,697 | 242,572 | (267,932) | 398,396 |
Cash and cash equivalents, beginning of period | 62,932 | 613,216 | 538,561 | 457,392 |
Cash and cash equivalents, end of period | $270,629 | $855,788 | $270,629 | $855,788 |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||
June 30, 2022 and December 31, 2021 (unaudited) | ||
(thousands of Canadian Dollars) | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $270,629 | $538,561 |
Trade accounts receivable and other | 265,220 | 147,764 |
Income tax receivable | 19 | 12,776 |
Inventories | 461,864 | 250,481 |
Prepayments | 30,728 | 16,125 |
1,028,460 | 965,707 | |
Employee future benefits | 20,392 | 8,338 |
Deposits and other assets | 192,952 | 52,221 |
Right of use assets | 33,195 | 33,547 |
Property, plant and equipment | 1,472,014 | 1,067,754 |
Roads and bridges | 34,250 | 27,101 |
Timber licences | 104,189 | 106,136 |
Goodwill and other intangible assets | 383,367 | 342,291 |
Deferred income taxes | 689 | 415 |
$3,269,508 | $2,603,510 | |
Liabilities and Shareholders’ Equity | ||
Current liabilities: | ||
Bank indebtedness | $ - | $2,202 |
Trade accounts payable and provisions | 340,049 | 218,825 |
Current portion of long-term debt | 6,980 | 6,868 |
Reforestation liability | 15,920 | 16,670 |
Lease liabilities | 14,776 | 12,239 |
Income taxes payable | 43,658 | 64,838 |
421,383 | 321,642 | |
Reforestation liability | 29,612 | 29,250 |
Lease liabilities | 20,388 | 26,850 |
Long-term debt | 365,640 | 366,605 |
Employee future benefits | 9,579 | 9,069 |
Provisions and other liabilities | 23,474 | 43,686 |
Deferred income taxes | 293,335 | 170,435 |
Equity: | ||
Share capital | 436,352 | 484,721 |
Contributed surplus | 4,986 | 4,694 |
Translation reserve | 86,315 | 58,420 |
Retained earnings | 1,578,444 | 1,088,138 |
2,106,097 | 1,635,973 | |
$3,269,508 | $2,603,510 |
Approved on behalf of the Board:
“L. Sauder” | “T.V. Milroy” | ||
Director | Director | ||
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future. Statements containing forward-looking information may include words such as: will, could, should, believe, expect, anticipate, intend, forecast, projection, target, outlook, opportunity, risk or strategy. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s second quarter and annual Management’s Discussion and Analysis under the heading “Risks and Uncertainties”, which are available on www.interfor.com and under Interfor’s profile on www.sedar.com. Material factors and assumptions used to develop the forward-looking information in this release include volatility in the selling prices for lumber, logs and wood chips; the Company’s ability to compete on a global basis; the availability and cost of log supply; natural or man-made disasters; currency exchange rates; changes in government regulations; Indigenous reconciliation; the Company’s ability to export its products; the softwood lumber trade dispute between Canada and the U.S.; environmental impacts of the Company’s operations; labour disruptions; information systems security; and the existence of a public health crisis. Unless otherwise indicated, the forward-looking statements in this release are based on the Company’s expectations at the date of this release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 4.7 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
The Company’s unaudited condensed consolidated interim financial statements and Management’s Discussion and Analysis for Q2’22 are available at www.sedar.com and www.interfor.com.
There will be a conference call on Friday, August 5, 2022 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its second quarter 2022 financial results.
The dial-in number is 1-888-396-8049. The conference call will also be recorded for those unable to join in for the live discussion and will be available until September 5, 2022. The number to call is 1-877-674-7070, Passcode 637113#.
For further information:
Richard Pozzebon, Senior Vice President and Chief Financial Officer
(604) 422-3400