Interfor Reports Year-End and Q4'16 Results

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

Interfor Reports Year-End and Q4'16 Results

Record EBITDA(1) of $200 million in 2016; $51 million in Q4'16

Strong Free Cash Flow/Debt Reduction of $163 million in 2016; $57 million in Q4'16

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 9, 2017) - INTERFOR CORPORATION ("Interfor" or "the Company") (TSX:IFP) recorded net earnings in Q4'16 of $26.6 million, or $0.38 per share, compared to $15.1 million, or $0.22 per share in Q3'16 and a loss of $3.5 million, or $0.05 per share in Q4'15. Adjusted net earnings1 (which takes into account the effects of share-based compensation expense and non-recurring items) in Q4'16 were $17.7 million or $0.25 per share, compared to $20.7 million, or $0.30 per share in Q3'16 and $4.5 million, or $0.06 per share in Q4'15.

Adjusted EBITDA was $51.3 million on sales of $442.3 million in Q4'16 versus $58.1 million on sales of $457.6 million in Q3'16.

For the year, net earnings were $65.6 million, or $0.94 per share, compared to a loss of $30.4 million or $0.44 per share in 2015. Adjusted EBITDA was a record $199.6 million, eclipsing the previous record set in 2014.

Notable items in the quarter included:

  • Strong Cash Flow and Proceeds from Tacoma Sale contributes to $57.4 million in Net Debt Reduction
    • Interfor generated $49.0 million in cash from operations, after considering working capital changes in Q4'16.
    • The sale of the former sawmill property in Tacoma, WA closed in Q4'16 with cash proceeds of US$31.5 million. The net proceeds are approximately US$20.4 million after taking account of transaction costs and the US$10.0 million due to the former owner that was paid in January, 2017.
    • Capital spending was $19.8 million in Q4'16.
    • The resulting free cash flow contributed to a reduction in net debt to $289.6 million, or 26.9% of invested capital. For the year, net debt was reduced by $162.8 million.
  • Mixed Lumber Prices and Lower C$
    • Key benchmark lumber prices were mixed in Q4'16. The Southern Pine Composite increased US$11 to US$393 per mfbm as stronger prices for 2x4 and 2x8 more than offset weaker prices for 2x6, 2x10 and 2x12. At the same time, the Western SPF Composite and KD H-F Stud 2x4 9' benchmarks declined US$6 to US$305 per mfbm and US$18 to US$318 per mfbm respectively.
    • The C$ weakened by 2.2% to US$0.750 quarter-over-quarter thereby offsetting, in part, the drop in SPF and H-F prices.
  • Seasonal Operating Schedules Impact Production and Sales Volumes
    • In Q4'16, Interfor reduced its operating schedules across several regions in line with normal seasonal practice. Lumber production of 607 million board feet was 21 million board feet lower than the preceding quarter. Sales of Interfor-produced lumber were 598 million board feet in Q4'16 versus 627 million board feet in Q3'16.
    • In Q4'16, the B.C. and Northwest regions accounted for 209 million board feet (which equated to operating rates of 92% in the B.C. Interior and 47% on the B.C. Coast) and 137 million board feet (which equated to an operating rate of 86%) of production respectively in Q4'16 compared with 238 million board feet and 141 million board feet respectively in Q3'16. Operating rates in the South region were up slightly in Q4'16, with production increasing to 260 million board feet (which equated to an operating rate of 78%) from 248 million board feet in the preceding quarter.
    • In addition, severe winter weather conditions adversely impacted operations in B.C. and the Northwest during late December and continued into January, impacting productivity and conversion costs in those regions.
  • Progress on Optimization Initiatives Sets the Foundation to Capture Target EBITDA Gains
    • In early 2016, Interfor launched a Business Optimization Initiative to capture additional margin opportunities across the Company's operating platform, with a particular focus on the South region, where $35 million in annualized EBITDA gains were targeted by year-end 2017.
    • Good progress was made during Q4'16 with productivity levels across the South region up 9% versus Q1'16 and lumber recovery up more than 5%. Good progress is being made as well on the initiative to improve product mix and grade recovery.
    • The Company believes the target uplift in EBITDA will be realized over the course of 2017, as operating rates in the South region increase to 90% or more, which is expected by Q4'17.

1 Refer to Non-GAAP Measures section

Summary of Quarterly Results(1)
2016 2015
Unit Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Financial Performance (Unaudited)
Total sales $MM 442.3 457.6 458.8 433.9 411.4 430.8 429.7 415.4
Lumber $MM 363.5 374.8 371.1 348.9 325.0 343.3 352.2 340.7
Logs, residual products and other $MM 78.8 82.8 87.7 85.0 86.4 87.5 77.5 74.7
Operating earnings (loss) $MM 22.3 20.1 30.0 3.5 (6.3 ) (11.6 ) (25.8 ) 7.8
Net earnings (loss) $MM 26.6 15.1 23.2 0.8 (3.5 ) (6.1 ) (20.6 ) (0.2 )
Net earnings (loss) per share, basic and diluted $/share 0.38 0.22 0.33 0.01 (0.05 ) (0.09 ) (0.29 ) (0.00 )
Adjusted net earnings (loss)(2) $MM 17.7 20.7 17.5 2.7 4.5 (16.6 ) (10.3 ) 3.5
Adjusted net earnings (loss) per share, basic and diluted (2) $/share 0.25 0.30 0.25 0.04 0.06 (0.24 ) (0.15 ) 0.05
Adjusted EBITDA(2) $MM 51.3 58.1 56.9 33.4 35.8 11.5 12.7 31.8
Shares outstanding - end of period million 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0
Shares outstanding - weighted average million 70.0 70.0 70.0 70.0 70.0 70.0 70.0 67.8
Operating Performance
Lumber production million fbm 607 628 637 618 568 618 672 639
Total lumber sales million fbm 619 647 658 637 615 686 719 632
Lumber sales - Interfor produced million fbm 598 627 634 609 586 663 688 607
Lumber sales - wholesale and commission million fbm 21 20 24 28 29 23 31 25
Lumber - average selling price (3) $/thousand fbm 588 580 564 548 529 500 490 539
Average USD/CAD exchange rate (4) 1 USD in CAD 1.3341 1.3050 1.2886 1.3732 1.3354 1.3089 1.2297 1.2412
Closing USD/CAD exchange rate (4) 1 USD in CAD 1.3427 1.3117 1.3009 1.2971 1.3840 1.3394 1.2474 1.2683
Notes:
(1) Figures in this table may not add due to rounding.
(2) Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company's consolidated financial statements.
(3) Gross sales before export taxes.
(4) Based on Bank of Canada foreign exchange rates.

Liquidity

Balance Sheet

Interfor strengthened its financial position throughout 2016, with strong cash flow generated from operations and proceeds received from the monetization of the Tacoma sawmill property used to repay debt and fund capital projects. Net debt at December 31, 2016 was $289.6 million, or 26.9% of invested capital, representing a decrease of $162.8 million from the level of net debt at December 31, 2015.

A strengthening of the Canadian Dollar against the U.S. Dollar by 3.0% contributed $16.1 million to the net debt reduction in 2016 over 2015 as all debt held was denominated in U.S. Dollars.

For the 3 months ended December 31, For the year ended December 31,
Thousands of dollars 2016 2015 2016 2015
Net debt
Net debt, period opening, CAD $ 346,929 $ 461,474 $ 452,303 $ 202,553
Net drawing (repayment) on credit facilities, CAD (66,178 ) (19,207 ) (143,882 ) 182,949
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD 9,678 14,592 (16,056 ) 65,391
Decrease (increase) in cash and equivalents, CAD (878 ) (4,556 ) (2,814 ) 1,410
Net debt, period ending, CAD $ 289,551 $ 452,303 $ 289,551 $ 452,303
Net debt components by currency
U.S. Dollar debt, period opening, USD $ 274,709 $ 345,957 $ 338,699 $ 190,000
Net drawing (repayment) on credit facilities, USD (44,709 ) (7,258 ) (108,699 ) 148,699
U.S. Dollar debt, period ending, USD 230,000 338,699 230,000 338,699
Spot rate, period end 1.3427 1.3840
U.S. Dollar debt expressed in CAD 308,821 468,759
Canadian Dollar debt, including bank indebtedness, CAD - -
Canadian Dollar operating line, CAD - -
Total debt, CAD 308,821 468,759
Cash and cash equivalents, CAD (19,270 ) (16,456 )
Net debt, period ending, CAD $ 289,551 $ 452,303

Capital Resources

The following table summarizes Interfor's credit facilities and availability as of December 31, 2016:



Thousands of Canadian dollars
Operating Line		 Revolving Term Line Senior Secured Notes U.S. Operating Line Total
Available line of credit $ 65,000 $ 200,000 $ 268,540 $ 67,135 $ 600,675
Maximum borrowing available $ 65,000 $ 200,000 $ 268,540 $ 65,627 $ 599,167
Less:
Drawings - 40,281 268,540 - 308,821
Outstanding letters of credit included in line utilization 10,026 - - 3,296 13,322
Unused portion of facility $ 54,974 $ 159,719 $ - $ 62,331 $ 277,024
Add cash and cash equivalents 19,270
Available liquidity at Dec. 31, 2016 $ 296,294

As of December 31, 2016, the Company had commitments for capital expenditures totaling $7.9 million for both maintenance and discretionary capital projects.

Interfor continues to maintain its disciplined focus on monitoring discretionary capital expenditures, optimizing inventory levels and matching production with offshore and domestic demand.

As at December 31, 2016, the Company had net working capital of $136.1 million and available liquidity of $296.3 million, including cash and borrowing capacity on operating and term line facilities. These resources, in addition to cash generated from operations, will be used to support working capital requirements, debt servicing commitments and capital expenditures. We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.

Non-GAAP Measures

This release makes reference to the following non-GAAP measures: Adjusted net earnings (loss), Adjusted net earnings (loss) per share, EBITDA, Adjusted EBITDA, Pre-tax return on total assets and Net debt to invested capital, 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 prepared (unaudited for interim periods) in accordance with IFRS:

For the 3 months ended
Dec. 31 Dec. 31 Sept. 30, For the year ended Dec. 31
Thousands of Canadian dollars except number of shares and per share amounts 2016 2015 2016 2016 2015 2014
Adjusted Net Earnings (Loss)(1)
Net earnings (loss) $ 26,550 $ (3,507 ) $ 15,093 $ 65,643 $ (30,386 ) $ 40,690
Add:
Restructuring costs and capital asset write-downs 2,281 2,866 1,492 7,280 12,829 24,129
Other foreign exchange loss (gain) (1,072 ) (473 ) (792 ) (1,468 ) 1,651 2,651
Long term incentive compensation expense (recovery) 199 9,335 8,321 4,551 (5,431 ) 23,933
Other income (14,452 ) (863 ) (7 ) (14,094 ) (757 ) 37
Beaver sawmill post-closure wind-down costs 128 6 6 145 365 1,083
Tacoma sawmill post-acquisition losses and closure costs (13 ) 698 94 764 11,009 -
Income tax effect of above adjustments 4,895 (2,564 ) (1,408 ) 2,008 (9,311 ) (10,951 )
Recognition of previously unrecognized deferred tax assets (769 ) (983 ) (2,134 ) (6,171 ) 1,136 (20,902 )
Adjusted net earnings (loss) $ 17,747 $ 4,515 $ 20,665 $ 58,658 $ (18,895 ) $ 60,670
Weighted average number of shares - basic and diluted ('000) 70,030 70,030 70,030 70,030 69,488 66,005
Adjusted net earnings (loss) per share $ 0.25 $ 0.06 $ 0.30 $ 0.84 $ (0.27 ) $ 0.92
Adjusted EBITDA
Net earnings (loss) $ 26,550 $ (3,507 ) $ 15,093 $ 65,643 $ (30,386 ) $ 40,690
Add:
Depreciation of plant and equipment 18,534 18,482 18,624 76,092 71,492 55,167
Depletion and amortization of timber, roads and other 7,833 10,734 9,441 34,895 37,478 28,912
Restructuring costs and capital asset write-downs 2,281 2,866 1,492 7,280 12,829 24,129
Finance costs 4,074 5,459 4,379 18,602 17,569 8,915
Other foreign exchange loss (gain) (1,072 ) (473 ) (792 ) (1,468 ) 1,651 2,651
Income tax expense (recovery) 7,236 (6,943 ) 1,445 7,207 (24,017 ) (16,230 )
EBITDA 65,436 26,618 49,682 208,251 86,616 144,234
Add:
Long term incentive compensation expense (recovery) 199 9,335 8,321 4,551 (5,431 ) 23,933
Other income (14,452 ) (863 ) (7 ) (14,094 ) (757 ) 37
Beaver sawmill post-closure wind-down costs 128 6 6 145 363 1,075
Tacoma sawmill post-acquisition losses and closure costs (13 ) 698 94 764 10,928 -
Adjusted EBITDA $ 51,298 $ 35,794 $ 58,096 $ 199,617 $ 91,719 $ 169,279
Pre-tax return on total assets
Operating earnings (loss) before restructuring costs $ 24,617 $ (3,461 ) $ 21,610 $ 83,170 $ (23,111 ) $ 60,192
Total assets(2) 1,326,792 1,383,751 1,337,569 1,345,722 1,229,160 946,325
Pre-tax return on total assets(3) 7.4% (1.0% ) 6.5% 6.2% (1.9% ) 6.4%
Net debt to invested capital
Net debt
Total debt $ 308,821 $ 468,759 $ 365,321 $ 308,821 $ 468,759 $ 220,419
Cash and cash equivalents (19,270 ) (16,456 ) (18,392 ) (19,270 ) (16,456 ) (17,866 )
Total net debt $ 289,551 $ 452,303 $ 346,929 $ 289,551 $ 452,303 $ 202,553
Invested capital
Net debt $ 289,551 $ 452,303 $ 346,929 $ 289,551 $ 452,303 $ 202,553
Shareholders' equity 786,667 725,254 745,333 786,667 725,254 636,480
Total invested capital $ 1,076,218 $ 1,177,557 $ 1,092,262 $ 1,076,218 $ 1,177,557 $ 839,033
Net debt to invested capital(4) 26.9% 38.4% 31.8% 26.9% 38.4% 24.1%
Notes:
(1) Certain historical periods have been recast to exclude the recognition of previously unrecognized deferred tax assets from Adjusted net earnings.
(2) Total assets at period beginning for three month periods; average of opening and closing total assets for twelve month periods.
(3) Annualized rate.
(4) Net debt to invested capital as of the period end.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
For the three months and years ended December 31, 2016 and 2015 (unaudited)
(thousands of Canadian dollars except earnings per share) 3 Months 3 Months Year Year
Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2015
Sales $ 442,308 $ 411,411 $ 1,792,712 $ 1,687,375
Costs and expenses:
Production 381,556 366,083 1,550,912 1,554,975
Selling and administration 9,569 10,236 43,092 46,756
Long term incentive compensation expense (recovery) 199 9,335 4,551 (5,431 )
Export taxes - 2 - 5,216
Depreciation of plant and equipment 18,534 18,482 76,092 71,492
Depletion and amortization of timber, roads and other 7,833 10,734 34,895 37,478
417,691 414,872 1,709,542 1,710,486
Operating earnings (loss) before restructuring costs 24,617 (3,461 ) 83,170 (23,111 )
Restructuring costs (2,281 ) (2,866 ) (7,280 ) (12,829 )
Operating earnings (loss) 22,236 (6,327 ) 75,890 (35,940 )
Finance costs (4,074 ) (5,459 ) (18,602 ) (17,569 )
Other foreign exchange gain (loss) 1,072 473 1,468 (1,651 )
Other income 14,452 863 14,094 757
11,450 (4,123 ) (3,040 ) (18,463 )
Earnings (loss) before income taxes 33,786 (10,450 ) 72,850 (54,403 )
Income tax expense (recovery)
Current 104 304 853 614
Deferred 7,132 (7,247 ) 6,354 (24,631 )
7,236 (6,943 ) 7,207 (24,017 )
Net earnings (loss) $ 26,550 $ (3,507 ) $ 65,643 $ (30,386 )
Net earnings (loss) per share, basic and diluted $ 0.38 $ (0.05 ) $ 0.94 $ (0.44 )
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three months and years ended December 31, 2016 and 2015 (unaudited)
3 Months 3 Months Year Year
Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2015
Net earnings (loss) $ 26,550 $ (3,507 ) $ 65,643 $ (30,386 )
Other comprehensive income (loss):
Items that will not be recycled to Net earnings (loss):
Defined benefit plan actuarial gains (losses), net of tax 4,497 (611 ) 1,509 (629 )
Items that are or may be recycled to Net earnings (loss):
Foreign currency translation differences for foreign operations (net of tax) 8,359 10,451 (7,851 ) 56,475
Gain (loss) in fair value of interest rate swaps (5 ) 347 (51 ) (71 )
Total items that are or may be recycled to Net earnings (loss) 8,354 10,798 (7,902 ) 56,404
Total other comprehensive income (loss), net of tax 12,851 10,187 (6,393 ) 55,775
Comprehensive income $ 39,401 $ 6,680 $ 59,250 $ 25,389
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months and years ended December 31, 2016 and 2015 (unaudited)
(thousands of Canadian dollars) 3 Months 3 Months Year Year
Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2015
Cash provided by (used in):
Operating activities:
Net earnings (loss) $ 26,550 $ (3,507 ) $ 65,643 $ (30,386 )
Items not involving cash:
Depreciation of plant and equipment 18,534 18,482 76,092 71,492
Depletion and amortization of timber, roads and other 7,833 10,734 34,895 37,478
Income tax expense (recovery) 7,236 (6,943 ) 7,207 (24,017 )
Finance costs 4,074 5,459 18,602 17,569
Other assets 89 112 (217 ) 639
Reforestation liability (1,133 ) 1,472 559 1,612
Other liabilities and provisions (204 ) 4,388 789 (8,252 )
Stock options 104 34 334 189
Reversal of write-down of plant and equipment - - - (1,195 )
Write-down of plant and equipment 1,154 2,672 2,172 2,812
Unrealized foreign exchange losses (gains) 596 4 596 (337 )
Other income (14,453 ) (863 ) (14,095 ) (758 )
50,380 32,044 192,577 66,846
Cash generated from (used in) operating working capital:
Trade accounts receivable and other 7,192 3,574 (2,666 ) 8,748
Inventories (2,077 ) 3,969 (2,338 ) 48,717
Prepayments and other 187 1,027 704 3,017
Trade accounts payable and provisions (6,725 ) 5,865 11,702 (24,986 )
Income taxes paid 24 (330 ) (707 ) (965 )
48,981 46,149 199,272 101,377
Investing activities:
Additions to property, plant and equipment (13,173 ) (20,114 ) (50,393 ) (93,832 )
Additions to logging roads (5,910 ) (5,215 ) (24,631 ) (26,133 )
Additions to timber and other intangible assets (694 ) (123 ) (1,682 ) (1,500 )
Acquisitions - - - (223,263 )
Proceeds on disposal of property, plant and equipment 41,121 7,867 41,437 12,509
Proceeds on disposal of investments - - 10,342 -
Investments and other assets (424 ) (1,345 ) (11,324 ) (1,033 )
20,920 (18,930 ) (36,251 ) (333,252 )
Financing activities:
Issuance of capital stock, net of share issue expenses - - - 63,196
Interest payments (3,741 ) (4,871 ) (17,174 ) (16,186 )
Debt refinancing costs (103 ) (14 ) (1,112 ) (292 )
Change in operating line components of long-term debt (2,867 ) (19,208 ) (11,663 ) 10,057
Additions to long term debt 28,974 - 56,974 362,582
Repayments of long term debt (92,285 ) - (189,193 ) (189,691 )
(70,022 ) (24,093 ) (162,168 ) 229,666
Foreign exchange gain on cash and cash equivalents held in a foreign currency
999
1,430
1,961
799
Increase (decrease) in cash 878 4,556 2,814 (1,410 )
Cash and cash equivalents, beginning of period 18,392 11,900 16,456 17,866
Cash and cash equivalents, end of period $ 19,270 $ 16,456 $ 19,270 $ 16,456
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2016 and 2015 (unaudited)
(thousands of Canadian dollars) Dec. 31, Dec. 31,
2016 2015
Assets
Current assets:
Cash and cash equivalents $ 19,270 $ 16,456
Trade accounts receivable and other 95,059 95,218
Income taxes receivable 222 459
Inventories 154,535 155,740
Prepayments and other 14,016 15,512
Other investments and assets 2,911 -
Assets held for sale - 27,836
286,013 311,221
Employee future benefits 2,471 1,570
Other investments and assets 2,341 3,191
Property, plant and equipment 730,981 777,590
Logging roads and bridges 20,739 20,611
Timber licences 69,273 72,429
Other intangible assets 19,017 23,601
Goodwill 156,502 160,914
Deferred income taxes 14,311 18,669
$ 1,301,648 $ 1,389,796
Liabilities and Shareholders' Equity
Current liabilities:
Trade accounts payable and provisions $ 138,029 $ 130,840
Reforestation liability 11,609 11,052
Income taxes payable 317 398
149,955 142,290
Reforestation liability 25,931 25,074
Long term debt 308,821 468,759
Employee future benefits 8,136 8,391
Provisions and other liabilities 21,290 20,028
Deferred income taxes 848 -
Equity:
Share capital 555,388 553,559
Contributed surplus 7,999 7,665
Translation reserve 69,574 77,425
Hedge reserve 11 62
Retained earnings 153,695 86,543
786,667 725,254
$ 1,301,648 $ 1,389,796
Approved on behalf of the Board:
"L. Sauder" "D.W.G. Whitehead"
Director Director

FORWARD-LOOKING STATEMENTS

This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "believes", "will", "should", "expects", "annualized" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, and other factors referenced herein and in Interfor's Annual Report available on www.sedar.com and www.interfor.com. The forward-looking information and statements contained in this release are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.

ABOUT INTERFOR

Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of approximately 3 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.

The Company's 2016 audited consolidated financial statements and Management's Discussion and Analysis are available at www.sedar.com and www.interfor.com.

There will be a conference call on Friday, February 10, 2017 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company's release of its fourth quarter and fiscal 2016 financial results.

The dial-in number is 1-866-233-4795. The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 12, 2017. The number to call is 1-888-203-1112, Passcode 4717817.

Interfor Corporation
John A. Horning
Executive Vice President and Chief Financial Officer
(604) 689-6829
Interfor Corporation
Marty Juravsky
Senior Vice President, Corporate Development and Strategy
(604) 689-6873

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).
LinkedIn
StockTwits
Twitter