Investors, analysts and other interested parties can access Acadian
Timber Corp.'s 2010 Second Quarter Results conference call via
webcast on Thursday, July 29, 2010 at 10:00 a.m. ET at
www.acadiantimber.com or via teleconference at 1-800-319-4610, toll
free in North America. For overseas calls please dial
+1-604-638-5340, at approximately 9:50 a.m. ET. The teleconference
taped rebroadcast can be accessed at 1-800-319-6413 or
+1-604-638-9010 and enter passcode 2826.
Acadian Timber Corp. ("Acadian") (TSX: ADN) today reported
financial and operating results(1) for the three months ended June
26, 2010 (the "second quarter").
"The market for softwood sawlogs was relatively strong during
the second quarter reflecting the dramatic run-up in lumber prices
experienced during the quarter", said Reid Carter, Chief Executive
Officer of Acadian. "Acadian also benefitted from year-over-year
increases in the selling price of hardwood pulpwood. This strong
demand from most of our customers combined with good operating
conditions resulted in a positive performance for Acadian in the
quarter."
For the second quarter of 2010, Acadian generated net sales of
$12.2 million on sales volume of 270.0 thousand m3, which
represents a $6.1 million, or 100% improvement in sales revenue.
This increase was driven primarily by a 72% increase in sales
volume as compared to the second quarter of 2009.
EBITDA of $1.0 million for the second quarter of 2010 was $3.0
million higher than Acadian's EBITDA in the second quarter of 2009,
while EBITDA margin increased to 8% from negative 33% in the
comparable period of 2009.
For the six months ended June 26, 2010, Acadian generated net
sales of $32.6 million on sales volume of 671.0 thousand m3 as
compared to net sales of $32.3 million on sales volume of 584.7
thousand m3 in the comparable period of 2009. EBITDA of $6.8
million during the six months ended June 26, 2010 is $2.0 million
less than the first half of 2009.
(1) This news release makes reference to earnings before
interest, taxes, depletion, depreciation and amortization
("EBITDA") and free cash flow. Management believes that EBITDA and
free cash flow are key performance measures in evaluating Acadian's
operations and are important in enhancing investors' understanding
of the Company's operating performance. As EBITDA and free cash
flow do not have a standardized meaning prescribed by Canadian
GAAP, they may not be comparable to similar measures presented by
other companies. As a result, we have provided in this news release
reconciliations of net income and cash flow from operations, as
determined in accordance with Canadian GAAP, to EBITDA and free
cash flow.
(2) On January 1, 2010, Acadian Timber Income Fund completed a
plan of arrangement which allowed for it's conversion from an
income trust to a corporation. Subsequent to the conversion,
Acadian began operating as Acadian Timber Corp. Comparative results
for the six-month period ended June 27th, 2009 reflect the results
of Acadian Timber Income Fund and results for the first quarter of
2010 reflect the results of Acadian Timber Corp. References to
"dividends", "free cash flow" and "shareholders" reflect
distributions, distributable cash from operations and unitholders,
respectively, of Acadian Timber Income Fund for the comparative
period in 2009.
Review of Operations
2010 Financial and Operating Highlights
Three Months Ended Six Months Ended
--------------------------------------------
(CAD millions except per unit June 26, June 27, June 26, June 27,
information) 2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net sales $ 12.2 $ 6.1 $ 32.6 $ 32.3
EBITDA 1.0 (2.0) 6.8 8.8
Free cash flow (0.3) (2.4) 4.7 7.1
Dividends declared 0.8 3.4 1.9 6.8
Net income (loss)(1) (1.5) (1.6) 1.9 9.5
Per share - fully diluted
Net Income (loss)(1) (0.09) (0.10) 0.11 0.31
Free cash flow (0.02) (0.14) 0.28 0.43
Dividends declared 0.05 0.21 0.11 0.41
Sales volume (000s m3) 270.0 157.3 671.0 584.7
----------------------------------------------------------------------------
(1) Net income includes the impact of future income tax recovery, and
depreciation and depletion expense, which are non-cash items recorded in
each respective period. Net income for the six months ended June 27,
2009 only, included the impact of the revaluation of the Class B
Interest Liability of a subsidiary.
The second quarter of each year is traditionally the weakest due
to limited access to roads and timberlands as the ground thaws.
Higher roadside log inventories carried from the first quarter and
warm dry weather allowed for a quick return to production following
spring break-up.
During the quarter Acadian reached a five year labour agreement
with its New Brunswick union. This agreement provides for modest
wage increases and ensures a stable labour environment through
2015
Included in the net income for the three month period ended June
26, 2010 is a non-cash future income tax expense of $0.4 million
(2009 - recovery of $1.4 million). The future income tax asset of
Acadian is based on differences between the financial reporting and
tax basis of assets and liabilities of its subsidiaries, which have
been measured using the substantially enacted tax rates and laws
that are expected to be in effect at the time the differences are
anticipated to reverse. The reduction in the future income tax
asset, and related expense, recorded during the period is largely a
result of changes in the timing of when the differences are
anticipated to reverse.
The first half of 2009 included a non-cash gain related to the
Class B Interest Liability of a subsidiary. On February 3, 2009, an
affiliate of Brookfield Asset Management Inc. converted all units
representing the Class B Interest Liability into Class A Units of
the Fund on a one-for-one basis. For the six-month period ended
June 27, 2009, the revaluation of this interest resulted in a gain
of $4.7 million. The gain was comprised of a $4.1 million
mark-to-market gain plus an additional $0.6 million foreign
exchange gain due to the weakening of the Canadian currency in the
quarter.
New Brunswick Timberlands
The table below summarizes operating and financial results for
New Brunswick Timberlands.
Three Months Ended June 26, 2010 Three Months Ended June 27, 2009
-----------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (millions) (000s m3) (000s m3) (millions)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 71.6 72.4 $ 3.9 36.3 41.2 $ 2.5
Hardwood 73.0 99.1 5.7 34.0 70.1 3.0
Biomass 50.2 50.1 0.4 33.0 33.0 0.5
----------------------------------------------------------------------------
194.8 221.6 10.0 103.3 144.3 6.0
Other sales (0.2) (0.3)
----------------------------------------------------------------------------
Net sales $ 9.8 $ 5.7
----------------------------------------------------------------------------
EBITDA $ 1.0 $ (0.8)
EBITDA
margin 10% (14)%
----------------------------------------------------------------------------
Six Months Ended June 26, 2010 Six Months Ended June 27, 2009
-----------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (millions) (000s m3) (000s m3) (millions)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 205.8 194.6 $ 10.2 210.5 193.1 $ 11.6
Hardwood 213.9 240.8 13.4 157.8 163.3 8.1
Biomass 108.2 108.1 1.6 96.4 96.4 2.0
----------------------------------------------------------------------------
527.9 543.5 25.2 464.7 452.8 21.7
Other sales 1.0 2.2
----------------------------------------------------------------------------
Net sales $ 26.2 $ 23.9
----------------------------------------------------------------------------
EBITDA $ 6.1 $ 7.0
EBITDA
margin 23% 29%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 72 thousand m3, 99
thousand m3 and 50 thousand m3, respectively, for the second
quarter of 2010. Approximately 36% was sold as sawlogs, 41% as
pulpwood and 23% as biomass. This compares to 31% sold as sawlogs,
46% as pulpwood and 23% as biomass in the second quarter of
2009.
Net sales for the second quarter of 2010 was $9.8 million (2009
- $5.7 million) with an average selling price across all products
of $44.74 per m3 which compares to an average selling price of
$41.49 per m3 during the second quarter of 2009. The year-over-year
increase in the average selling price resulted from very active
hardwood pulpwood markets in 2010 in addition to a higher
proportion of high-value spruce-fir sawlog harvest. Net sales for
the first six months ended June 26, 2010 was $26.2 million, an
increase of $2.3 million over the first half of 2009.
Costs for the second quarter were $8.8 million (2009 - $6.5
million). Variable costs per m3 were 7% lower than the second
quarter of 2009 as a result of shorter hauling distances.
EBITDA for the second quarter was $1.0 million, compared to
negative $0.8 million in the comparable period of 2009. For the six
months ended June 26, 2010, EBITDA was $6.1 million as compared to
$7.0 million for the first half of 2009. EBITDA margin increased to
10%, as compared to negative 14% for the second quarter of 2009,
primarily reflecting the impact of increased sales volume, higher
prices and higher value species mix.
During the second quarter of 2010, NB Timberlands experienced no
recordable safety incidents among employees and one recordable
incident among contractors from which the individual has fully
recovered.
Maine Timberlands
The table below summarizes operating and financial results for
Maine Timberlands.
Three Months Ended June 26, 2010 Three Months Ended June 27, 2009
-----------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (millions) (000s m3) (000s m3) (millions)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 32.9 33.0 $ 1.7 5.0 6.2 $ 0.1
Hardwood 10.9 11.7 0.7 1.9 2.7 0.2
Biomass 3.7 3.7 - 4.1 4.1 -
----------------------------------------------------------------------------
47.5 48.4 2.4 11.0 13.0 0.3
Other sales - 0.1
----------------------------------------------------------------------------
Net sales $ 2.4 $ 0.4
----------------------------------------------------------------------------
EBITDA $ 0.2 $ (0.6)
EBITDA
margin 8% (150)%
----------------------------------------------------------------------------
Six Months Ended June 26, 2010 Six Months Ended June 27, 2009
-----------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (millions) (000s m3) (000s m3) (millions)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 93.9 93.6 $ 4.8 113.8 111.1 $ 7.5
Hardwood 28.2 27.9 1.4 11.7 11.3 0.6
Biomass 6.0 6.0 0.1 9.5 9.5 0.1
----------------------------------------------------------------------------
128.1 127.5 6.3 135.0 131.9 8.2
Other sales 0.1 0.2
----------------------------------------------------------------------------
Net sales $ 6.4 $ 8.4
----------------------------------------------------------------------------
EBITDA $ 1.4 $ 2.7
EBITDA
margin 22% 32%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 33 thousand m3, 12
thousand m3 and 4 thousand m3, respectively, for the second quarter
of 2010. Approximately 49% was sold as sawlogs, 43% as pulpwood and
8% as biomass. This compares to 25% sold as sawlogs, 44% as
pulpwood and 31% as biomass in the second quarter of 2009.
Net sales for the second quarter of 2010 was $2.4 million (2009
- $0.4 million) with an average selling price across all products
of $47.79 per m3 which compares to an average selling price of
$41.28 per m3 during the second quarter of 2009. This variance in
sales price is primarily the result of a higher value product mix
driven by a greater proportion of and higher pricing for hardwood
pulpwood and a significant decrease in the proportion of biomass
sales. A stronger Canadian/U.S. dollar exchange rate
quarter-over-quarter reduced the benefit of these market changes in
Canadian dollar terms. Net sales for the first six months ended
June 26, 2010 was $6.4 million, a decrease of $2.0 million over the
first half of 2009.
Costs for the second quarter were $2.2 million (2009 - $1.0
million). Variable costs per unit increased 45% in Canadian dollar
terms and 16% in U.S. dollar terms. This increase reflects
increased hauling distances as most of the few sales made in the
second quarter of 2009 were made from the woodyard.
EBITDA for the second quarter was $0.2 million, compared to
negative $0.6 in the comparable period of 2009. For the six months
ended June 26, 2010, EBITDA was $1.4 million as compared to $2.7
million for the first half of 2009. EBITDA margin averaged 8% in
the second quarter of 2010 as compared to negative 150% during the
second quarter of 2009, reflecting increased sales volume, higher
prices and the higher value softwood sawlog percentage in the
species mix.
We are pleased to report that during the second quarter of 2010,
Maine Timberlands experienced no recordable safety incidents among
employees or contractors.
Market Outlook
The following Market Outlook contains forward-looking statements
about Acadian Timber Corp.'s market outlook for fiscal 2010.
Reference should be made to the "Forward-looking Statements"
section of this news release. For a description of material factors
that could cause actual results to differ materially from the
forward-looking statements in the following, please see the Risk
Factors section of our management's discussion and analysis
(MD&A) of Acadian Timber Income Fund's most recent Annual
Report and Acadian Timber Corp.'s Annual Information Form available
on our website at www.acadiantimber.com or filed with SEDAR at
www.sedar.com.
Despite the positive influences of low U.S. new home
inventories, continued high home affordability and the run-up in
lumber prices during the second quarter, the market for softwood
sawlogs is expected to continue to experience weak demand and soft
pricing through 2010 and into 2011. This view continues to reflect
the large number of homes in foreclosure or seriously delinquent as
well as the high number of vacant homes. U.S. housing starts are
expected to be below 600,000 in 2010 and then recover modestly in
2011. Acadian has benefited from the return to operation of many of
its softwood sawmilling customers and many of these customers
entered the second quarter with relatively low log inventories
supporting near-term demand; however, for the reasons stated above,
we remain cautious in our outlook for softwood sawlog demand.
Markets for hardwood sawlogs remain stable with modest price
recovery to date in 2010. This stable market situation is expected
to continue for the foreseeable future. Acadian has benefited from
the current strong markets for pulp with demand and pricing
improving over the past three quarters. While consensus
expectations appear to forecast softening pulp markets during the
second half of 2010, Acadian's major hardwood pulpwood customers
are currently operating and taking deliveries and we expect prices
to remain stable through the third quarter with a likely softening
of demand late in the year. Acadian continues to be able to sell
all of its biomass.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.05 per share,
payable on October 15, 2010 to shareholders of record on September
30, 2010.
Acadian Timber Corp. is a leading supplier of primary forest
products in Eastern Canada and the Northeastern U.S. With a total
of 2.4 million acres of land under management, Acadian is the
second largest timberland operator in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of
freehold timberlands in New Brunswick and Maine, and provides
management services relating to approximately 1.3 million acres of
Crown licensed timberlands. Acadian also owns and operates a forest
nursery in Second Falls, New Brunswick. Acadian's products include
softwood and hardwood sawlogs, pulpwood and biomass by-products,
sold to over 110 regional customers.
Acadian's shares are listed for trading on the Toronto Stock
Exchange under the symbol ADN.
For further information, please visit our website at
www.acadiantimber.com.
Forward-Looking Statements
This News Release contains forward-looking information and other
forward-looking statements within the meaning of applicable
Canadian securities laws that involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Acadian Timber Corp. and its
subsidiaries (collectively, "Acadian"), or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. When used in this News Release, such statements may
contain such words as "may," "expect," "believe," "outlook,"
"remain," "anticipate," "continue," "plan," "could," or the
negative of these terms or other similar terminology.
Forward-looking information in this News Release includes, without
limitation, statements regarding management's beliefs, intentions,
results, performance, goals, achievements, future events, plans and
objectives, business strategy, access to capital, liquidity and
trading volumes, dividends, taxes, capital expenditures, projected
costs, and similar statements concerning anticipated future events,
results, achievements, circumstances, performance or expectations
that are not historical facts. These statements reflect
management's current expectations regarding future events and
operating performance are based on information currently available
to management and speak only as of the date of this News Release.
All forward-looking statements in this News Release are qualified
by these cautionary statements. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, should not be unduly
relied upon, and will not necessarily be accurate indications of
whether or not such results will be achieved. Factors that could
cause actual results to differ materially from the results
discussed in the forward-looking statements include, but are not
limited to: general economic and market conditions; product demand;
concentration of customers; commodity pricing; interest rate and
foreign currency fluctuations; seasonality; weather and natural
conditions; regulatory, trade or environmental policy changes;
changes in Canadian income tax law; economic situation of key
customers; and other risks and factors discussed under the heading
"Risk Factors" in each of the Annual Information Form dated March
26, 2010 and the Management Information Circular dated March 26,
2010, and other filings of Acadian with securities regulatory
authorities, which are available on SEDAR at www.sedar.com.
Forward-looking information is based on various material factors
or assumptions, which are based on information currently available
to Acadian. Material factors or assumptions that were applied in
drawing a conclusion or making an estimate set out in the
forward-looking information may include, but are not limited to:
anticipated financial performance; business prospects; strategies;
regulatory developments; exchange rates; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour and services and the ability to
obtain financing on acceptable terms, which are subject to change
based on commodity prices, market conditions for timber and wood
products, and the economic situation of key customers. Readers are
cautioned that the preceding list of material factors or
assumptions is not exhaustive. Although the forward-looking
statements contained in this News Release are based upon what
management believes are reasonable assumptions, Acadian cannot
assure readers that actual results will be consistent with these
forward-looking statements. Certain statements in this New Release
may also be considered "financial outlook" for the purposes of
applicable Canadian securities laws, and such financial outlook may
not be appropriate for purposes other than this News Release. The
forward-looking statements in this News Release are made as of the
date of this News Release, and should not be relied upon as
representing Acadian's views as of any date subsequent to the date
of this News Release. Acadian assumes no obligation to update or
revise these forward-looking statements to reflect new information,
events, circumstances or otherwise, except as may be required by
applicable law.
Acadian Timber Corp.
Interim Consolidated Balance Sheet
(unaudited)
----------------------------------------------------------------------------
As at December 31,
(CAD millions) June 26, 2010 2009
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 1.3 $ 2.1
Accounts receivable and other assets 7.3 6.2
Note receivable - 4.0
Inventory 1.6 1.8
Future income tax asset 1.6 -
----------------------------------------------------------------------------
11.8 14.1
Intangible assets 6.1 6.1
Timberlands, logging roads and fixed assets 186.1 190.0
Future income tax asset 15.1 -
----------------------------------------------------------------------------
$ 219.1 $ 210.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 4.3 $ 4.3
Dividends payable to shareholders 0.8 -
Debt 76.8 -
Deferred credit 1.3 -
----------------------------------------------------------------------------
83.2 4.3
Deferred credit 19.5 -
Future income tax liability 4.7 13.9
Long-term debt - 80.7
Shareholders' equity 111.7 111.3
----------------------------------------------------------------------------
$ 219.1 $ 210.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statement of Comprehensive Income (Loss)
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 26, June 27, June 26, June 27,
CAD millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Net income (loss) $ (1.5) $ (1.6) $ 1.9 $ 9.5
----------------------------------------------------------------------------
Other comprehensive loss
Unrealized foreign currency
translation income (loss) 0.2 (3.0) (0.6) (2.8)
----------------------------------------------------------------------------
Comprehensive income (loss) $ (1.3) $ (4.6) $ 1.3 $ 6.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statement of Operations and Deficit
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 26, June 27, June 26, June 27,
CAD millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Net sales $ 12.2 $ 6.1 $ 32.6 $ 32.3
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 9.6 6.1 22.4 19.8
Selling, administration and other 1.6 2.0 3.4 3.7
Depreciation and depletion 1.1 0.7 3.2 4.3
----------------------------------------------------------------------------
12.3 8.8 29.0 27.8
----------------------------------------------------------------------------
Operating earnings (loss) (0.1) (2.7) 3.6 4.5
Gain on Class B Interest Liability of a
subsidiary - - - (4.7)
Interest:
Interest expense on long-term debt 1.0 0.7 1.8 1.6
Class B Interest Liability of a
subsidiary - - - 0.3
----------------------------------------------------------------------------
Earnings (loss) before income taxes (1.1) (3.4) 1.8 7.3
Income tax recovery (expense)
Current - 0.4 - -
Future (0.4) 1.4 0.1 2.2
----------------------------------------------------------------------------
Net income (loss) for the period (1.5) (1.6) 1.9 9.5
Deficit, beginning of period (20.7) (12.9) (23.0) (20.9)
Shareholders' dividends declared (0.8) (3.4) (1.9) (6.5)
----------------------------------------------------------------------------
Deficit, end of period $ (23.0) $ (17.9) $ (23.0) $ (17.9)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income (loss) per share - basic $ (0.09) $ (0.10) $ 0.11 $ 0.60
Net income (loss) per share - diluted $ (0.09) $ (0.10) $ 0.11 $ 0.31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statement of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 26, June 27, June 26, June 27,
CAD millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Cash provided by (used for):
----------------------------------------------------------------------------
Operating activities
Net income (loss) $ (1.5) $ (1.6) $ 1.9 $ 9.5
Items not affecting cash:
Future income tax expense (recovery) 0.4 (1.4) (0.1) (2.2)
Depreciation and depletion 1.1 0.7 3.2 4.3
Gain on Class B Interest Liability of
a subsidiary - - - (4.7)
----------------------------------------------------------------------------
- (2.3) 5.0 6.9
Net change in non-cash working capital
balances and other (2.5) (0.8) (0.9) (2.8)
----------------------------------------------------------------------------
(2.5) (3.1) 4.1 4.1
----------------------------------------------------------------------------
Investing activities
Additions to timberlands, logging roads
and fixed assets (0.3) (0.1) (0.3) (0.1)
Silviculture expenditures - - - -
----------------------------------------------------------------------------
(0.3) (0.1) (0.3) (0.1)
----------------------------------------------------------------------------
Financing activities
Repayment of credit facility (1.2) - (3.5) -
Dividends paid to shareholders (0.8) (3.4) (1.1) (6.5)
----------------------------------------------------------------------------
(2.0) (3.4) (4.6) (6.5)
----------------------------------------------------------------------------
Decrease in cash and cash equivalents
during the period (4.8) (6.6) (0.8) (2.5)
Cash and cash equivalents, beginning of
period 6.1 13.1 2.1 9.0
----------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 1.3 $ 6.5 $ 1.3 $ 6.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation to EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 26, June 27, June 26, June 27,
CAD millions 2010 2009 2010 2009
----------------------------------------------------------------------------
Net income (loss)(1) $ (1.5) $ (1.6) $ 1.9 $ 9.5
Add (deduct):
Interest expense on debt 1.0 0.7 1.8 1.6
Distribution on Class B Interest
Liability of a subsidiary - - - 0.3
Income tax expense (recovery) 0.4 (1.8) (0.1) (2.2)
Depreciation and depletion 1.1 0.7 3.2 4.3
Non-cash loss (gain) on Class B
Interest Liability of a subsidiary - - - (4.7)
----------------------------------------------------------------------------
EBITDA 1.0 (2.0) 6.8 8.8
Add (deduct):
Interest expense on long-term debt (1.0) (0.7) (1.8) (1.6)
Silviculture and capital expenditures (0.3) (0.1) (0.3) (0.1)
Current income tax recovery - 0.4 - -
----------------------------------------------------------------------------
Free cash flow $ (0.3) $ (2.4) $ 4.7 $ 7.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 0.8 $ 3.4 $ 1.9 $ 6.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net income includes the impact of future income tax recovery, and
depreciation and depletion expense, which are non-cash items recorded in
each respective period. Net income for the six months ended June 27,
2009 only, included the impact of the revaluation of the Class B
Interest Liability of a subsidiary.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications 604-661-9607 rlee@acadiantimber.com
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