All figures in Canadian dollars unless otherwise noted
Investors, analysts and other interested parties can access
Acadian Timber Corp.'s 2011 Second Quarter Results conference call
via webcast on Thursday, July 28, 2011 at 11:00 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" or the "Company") (TSX: ADN)
today reported financial and operating results(1) for the three
months ended June 25, 2011 (the "second quarter").
"The market for hardwood and softwood sawlogs and pulpwood was
relatively strong during the second quarter with demand and pricing
for hardwood pulpwood being particularly strong", said Reid Carter,
Chief Executive Officer of Acadian. "Regional operating levels
continued to be positive with most sawmills operating and many on
two shifts and all of Acadian's pulp and paper customers operating
at close to full production during the second quarter."
For the second quarter of 2011, Acadian generated net sales of
$11.7 million on sales volume of 243 thousand m(3), which
represents a $0.4 million, or 3%, decrease in net sales compared to
the same period in 2010.
EBITDA of $0.6 million for the second quarter of 2011 was $0.4
million lower than in the second quarter of 2010, while EBITDA
margin decreased to 5% from 8% in the same period of last year.
For the six months ended June 25, 2011, Acadian generated net
sales of $33.5 million on sales volume of 669 thousand m(3) as
compared to net sales of $32.6 million on sales volume of 671
thousand m(3) in the comparable period of 2010. EBITDA of $7.9
million during the six months ended June 25, 2011 is $1.2 million
higher than the first half of 2010 reflecting the strong first
quarter 2011 results.
(1)This news release makes reference to earnings before
interest, taxes, depreciation and amortization, and fair value
adjustments ("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 International Financial Reporting Standards ("IFRS"),
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 IFRS, to EBITDA and free cash
flow.
Review of Operations
Financial and Operating Highlights
Three Months Ended Six Months Ended
---------------------------------------------
(CAD thousands, except per June 25, June 26, June 25, June 26,
share information) 2011 2010 2011 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m(3)) 242.7 270.0 669.1 671.0
Net sales $ 11,723 $ 12,137 $ 33,479 $ 32,595
EBITDA 608 971 7,873 6,710
Free cash flow (37) (391) 7,015 4,588
Dividends declared 3,451 836 6,902 1,952
Net income (loss)(1) (261) 565 2,673 25,645
Per share - fully diluted
Net income (loss)(1) (0.02) 0.03 0.16 1.53
Free cash flow - (0.02) 0.42 0.27
Dividends declared 0.20 0.05 0.41 0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)Net income (loss) includes the impact of deferred income tax,
depreciation and amortization expense, and fair value adjustments which
are non-cash items recorded in each respective period and, for 2010
only, the gain resulting from Acadian's corporate conversion on January
1, 2010.
International Financial Reporting Standards
Effective fiscal 2011, Acadian's financial results are reported
in accordance with International Financial Reporting Standards
("IFRS"). Comparative figures in this press release, previously
presented in GAAP, have been adjusted to conform to IFRS.
Operating Results
Acadian traditionally experiences very low levels of operating,
marketing and selling activity during the second quarter of each
year owing to spring break-up which causes much of the
infrastructure to be temporarily inoperable. Cold weather early in
the first quarter of 2011 allowed Acadian's New Brunswick
operations to continue to harvest into early April allowing log
sales to continue into the early part of the quarter. However, this
benefit was offset by wet weather late in the quarter delaying
production start-up following spring break-up, thereby reducing the
total sales volume for the period.
New Brunswick Timberlands
The table below summarizes operating and financial results for
New Brunswick Timberlands.
Three Months Ended June 25, Three Months Ended June 26,
2011 2010
--------------------------------------------------------------
Harvest Sales Harvest Sales
(000s (000s Results (000s (000s Results
m(3)) m(3)) (thousands) m(3)) m(3)) (thousands)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Softwood 88.9 96.3 $ 5,131 71.6 72.4 $ 3,888
Hardwood 87.6 91.6 5,315 73.0 99.1 5,633
Biomass 34.2 34.2 472 50.2 50.1 393
---------------------------------------------------------------------------
210.7 222.1 10,918 194.8 221.6 9,914
Other sales (301) (190)
---------------------------------------------------------------------------
Net sales $ 10,617 $ 9,724
---------------------------------------------------------------------------
EBITDA $ 1,139 $ 905
EBITDA margin 11% 9%
---------------------------------------------------------------------------
Six Months Ended June 25, 2011 Six Months Ended June 26, 2010
---------------------------------------------------------------
Harvest Sales Harvest Sales
(000s (000s Results (000s (000s Results
m(3)) m(3)) (thousands) m(3)) m(3)) (thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 254.8 252.6 $ 12,714 205.8 194.6 $ 10,208
Hardwood 225.2 218.2 12,921 213.9 240.8 13,346
Biomass 103.9 103.9 1,635 108.2 108.1 1,575
----------------------------------------------------------------------------
583.9 574.7 27,270 527.9 543.5 25,129
Other sales 1,278 1,026
----------------------------------------------------------------------------
Net sales $ 28,548 $ 26,155
----------------------------------------------------------------------------
EBITDA $ 7,494 $ 5,981
EBITDA margin 26% 23%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 96 thousand m(3),
92 thousand m(3) and 34 thousand m(3), respectively, for the second
quarter of 2011. Approximately 37% was sold as sawlogs, 48% as
pulpwood and 15% as biomass. This compares to 36% sold as sawlogs,
41% as pulpwood and 23% as biomass in the second quarter of
2010.
Net sales for the second quarter of 2011 was $10.6 million (2010
- $9.7 million) with an average selling price across all products
of $49.18 per m(3) which compares to an average selling price of
$44.74 per m(3) during the second quarter of 2010. The
year-over-year increase in the average selling price resulted from
improved spruce-fir sawlog demand and strong hardwood pulpwood
markets. Net sales for the first six months ended June 25, 2011
were $28.5 million, an increase of $2.4 million over the first half
of 2010.
Costs for the second quarter were $9.5 million (2010 - $8.8
million). Variable costs per m(3) were 4% higher than the second
quarter of 2010 as a result of sales made to more distant markets,
particularly for hardwood pulpwood.
EBITDA for the second quarter was $1.1 million, compared to $0.9
million in the comparable period of 2010. For the six months ended
June 25, 2011, EBITDA was $7.5 million as compared to $6.0 million
for the first half of 2010. EBITDA margin increased to 11%, as
compared to 9% for the second quarter of 2010, primarily reflecting
the impact of increased proportion of softwood sawlog sales volume
and higher prices for pulpwood.
During the second quarter of 2011, 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 25, Three Months Ended June 26,
2011 2010
---------------------------------------------------------------
Harvest Sales Harvest Sales
(000s (000s Results (000s (000s Results
m(3)) m(3)) (thousands) m(3)) m(3)) (thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 11.7 11.8 $ 627 32.9 33.0 $ 1,623
Hardwood 5.8 6.7 380 10.9 11.7 638
Biomass 2.1 2.1 13 3.7 3.7 52
----------------------------------------------------------------------------
19.6 20.6 1,020 47.5 48.4 2,313
Other sales 86 100
----------------------------------------------------------------------------
Net sales $ 1,106 $ 2,413
----------------------------------------------------------------------------
EBITDA $ (148) $ 257
EBITDA margin (13)% 11%
----------------------------------------------------------------------------
Six Months Ended June 25, 2011 Six Months Ended June 26, 2010
----------------------------------------------------------------------------
Harvest Sales Harvest Sales
(000s (000s Results (000s (000s Results
m(3)) m(3)) (thousands) m(3)) m(3)) (thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 70.0 70.0 $ 3,685 93.9 93.6 $ 4,755
Hardwood 16.4 17.8 1,045 28.2 27.9 1,394
Biomass 6.6 6.6 57 6.0 6.0 122
----------------------------------------------------------------------------
93.0 94.4 4,787 128.1 127.5 6,271
Other sales 144 169
----------------------------------------------------------------------------
Net sales $ 4,931 $ 6,440
----------------------------------------------------------------------------
EBITDA $ 1,081 $ 1,423
EBITDA margin 22% 22%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 12 thousand m(3),
7 thousand m(3) and 2 thousand m(3), respectively, for the second
quarter of 2011. Approximately 50% was sold as sawlogs, 40% as
pulpwood and 10% as biomass. This compares to 49% sold as sawlogs,
43% as pulpwood and 8% as biomass in the second quarter of
2010.
Net sales for the second quarter of 2011 were $1.1 million (2010
- $2.4 million) with an average selling price across all products
of $49.61 per m(3) which compares to an average selling price of
$47.79 per m(3) during the second quarter of 2010. This variance in
sales price was primarily attributable to greater demand for
sawlogs of all species groups. A stronger Canadian/U.S. dollar
exchange rate year-over-year reduced the benefit of these market
changes in Canadian dollar terms. Sales volume was limited due a
poor weather conditions in the region resulting in a late start
from spring break up. Net sales for the first six months ended June
25, 2011 were $4.9 million, a decrease of $1.5 million over the
first half of 2010.
Costs for the second quarter were $1.3 million (2010 - $2.2
million). Variable costs per m(3) decreased 6% in Canadian dollar
terms and 2% in U.S. dollar terms. This decrease reflects increased
sales to closer markets in the second quarter of 2011.
EBITDA for the second quarter was negative $0.1 million,
compared to positive $0.3 million in the comparable period of 2010.
For the six months ended June 25, 2011, EBITDA was $1.1 million as
compared to $1.4 million for the first half of 2010.
EBITDA margin averaged negative 13% in the second quarter of
2011 as compared to positive 11% during the second quarter of 2010,
although this negative margin simply reflects the low sales volume
which resulted in lower contribution to fixed costs.
We are pleased to report that during the second quarter of 2011,
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 2011.
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 of
Acadian's most recent Annual Report and Annual Information Form
available on our website at www.acadiantimber.com or filed with
SEDAR at www.sedar.com.
Signals for recovery of the U.S. housing continue to be very
weak suggesting that any robust recovery of this market remains
somewhat distant. However, Acadian continues to benefit from most
of its softwood sawmilling customers maintaining active operations
and, as a result, demand for spruce-fir sawlogs continues to be
strong causing our outlook to be cautiously optimistic for the
remainder of 2011. Markets for Acadian's other softwood species are
mixed, with demand for hemlock being very strong while markets for
white pine and cedar are softer. Spruce-fir comprises the majority
of softwood sawlog sales.
Markets for hardwood sawlogs remain stable and appear to have a
similar outlook for the foreseeable future.
Markets for both softwood and hardwood pulp logs are strong with
demand and pricing continuing to improve. While consensus
expectations appear to forecast softening pulp markets during the
second half of 2011, Acadian's major hardwood pulpwood customers
are currently operating and actively competing for deliveries
suggesting prices will remain stable through the third quarter with
a possible softening of demand late in the year. Acadian continues
to be able to sell all of its biomass, although more optimistic
expectations for growth of this market have moderated with current
low natural gas prices and little expectation of new economic
incentives for conversion to renewable fuels in the United
States.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share,
payable on October 14, 2011 to shareholders of record on September
30, 2011.
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 100 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," "will," "intend," "should," "expect,"
"believe," "outlook," "predict," "remain," "anticipate,"
"estimate," "potential," "continue," "plan," "could," "might,"
"project," "targeting" 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 which 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
28, 2011 and the Management Information Circular dated March 28,
2011, and other filings of Acadian made 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 News 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 Statement of Net Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 25, June 26, June 25, June 26,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net sales $ 11,723 $ 12,137 $ 33,479 $ 32,595
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 9,237 9,603 22,224 22,446
Selling, administration and other 1,682 1,547 3,187 3,425
Depreciation and amortization 135 121 272 241
----------------------------------------------------------------------------
11,054 11,271 25,683 26,112
----------------------------------------------------------------------------
Operating earnings 669 866 7,796 6,483
Interest expense, net (737) (1,097) (1,677) (1,856)
Interest:
Fair value adjustments 1,235 1,415 (398) 1,427
Unrealized exchange loss on long-
term debt (450) - (987) -
Reforestation (293) (46) (293) (46)
Gain on sale of timberlands 97 30 98 32
Gain on corporate conversion - - - 21,086
----------------------------------------------------------------------------
Earnings before income taxes 521 1,168 4,539 27,126
Deferred tax expense (782) (603) (1,866) (1,481)
----------------------------------------------------------------------------
Net income (loss) for the period $ (261)$ 565 $ 2,673 $ 25,645
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income (loss) per share - basic $ (0.02)$ 0.03 $ 0.16 $ 1.53
Net income (loss) per share -
diluted $ (0.02)$ 0.03 $ 0.16 $ 1.53
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statement of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 25, June 26, June 25, June 26,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income (loss) $ (261)$ 565 $ 2,673 $ 25,645
----------------------------------------------------------------------------
Other comprehensive income (loss)
Unrealized foreign currency
translation income (loss) 704 533 (232) (900)
Amortization of derivatives
designated as hedges (77) - (222) -
----------------------------------------------------------------------------
Comprehensive income $ 366 $ 1,098 $ 2,219 $ 24,745
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at June 25, December 31, January 1,
(CAD thousands) 2011 2010 2010
----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 6,546 $ 7,333 $ 2,053
Accounts receivable and other
assets 7,852 7,252 6,265
Inventory 1,403 990 2,289
Derivative asset - 1,557 -
Note receivable - - 4,001
----------------------------------------------------------------------------
15,801 17,132 14,608
Timber 214,725 216,181 216,751
Property, plant and equipment 34,075 34,508 36,275
Investment property 875 875 875
Intangible Assets 6,140 6,140 6,140
Deferred income tax asset 5,906 7,522 -
----------------------------------------------------------------------------
$ 277,522 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 4,978 $ 4,483 $ 4,275
Dividends payable to
shareholders 3,451 837 -
Debt - 73,752 -
----------------------------------------------------------------------------
8,429 79,072 4,275
Long-term debt 70,470 - 80,739
Deferred income tax liability 18,972 18,952 34,553
Shareholders' equity 179,651 184,334 155,082
----------------------------------------------------------------------------
$ 277,522 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statement of Cash Flows
(unaudited)
---------------------------------------------------------------------------
Three Months Ended Six Months Ended
---------------------------------------------------------------------------
June 25, June 26, June 25, June 26,
(CAD thousands) 2011 2010 2011 2010
---------------------------------------------------------------------------
Cash provided by (used for):
---------------------------------------------------------------------------
Operating activities
Net income (loss) $ (261)$ 565 $ 2,673 $ 25,645
Items not affecting cash:
Deferred tax expense 782 603 1,866 1,481
Depreciation and amortization 135 121 272 241
Fair value adjustments (1,235) (1,415) 398 (1,427)
Unrealized exchange loss on long
term debt 450 - 987 -
Interest expense, net 737 1,097 1,677 1,856
Interest paid (639) (1,097) (844) (1,856)
Gain on sale of timberlands (97) (30) (98) (32)
Gain on corporate conversion - - - (21,086)
---------------------------------------------------------------------------
(128) (156) 6,931 4,822
Net change in non-cash working
capital balances and other (1,265) (2,337) 721 (722)
---------------------------------------------------------------------------
(1,393) (2,493) 7,652 4,100
---------------------------------------------------------------------------
Financing activities
Borrowings, net of repayments - (1,200) (3,031) (3,500)
Deferred financing costs - - (1,205) -
Dividends paid to shareholders (3,450) (836) (4,287) (1,115)
---------------------------------------------------------------------------
(3,450) (2,036) (8,523) (4,615)
---------------------------------------------------------------------------
Investing activities
Additions to timber, property, plant
and equipment (8) (263) (16) (264)
Proceeds from sale of timberlands 99 28 100 30
---------------------------------------------------------------------------
91 (235) 84 (234)
---------------------------------------------------------------------------
Decrease in cash and cash
equivalents during the period (4,752) (4,764) (787) (749)
Cash and cash equivalents, beginning
of period 11,298 6,068 7,333 2,053
---------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 6,546 $ 1,304 $ 6,546 $ 1,304
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Reconciliation to EBITDA and Free
Cash Flow
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 25, June 26, June 25, June 26,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income (loss)(1) $ (261)$ 565 $ 2,673 $ 25,645
Add (deduct):
Interest expense, net 737 1,097 1,677 1,856
Deferred tax expense 782 603 1,866 1,481
Depreciation and amortization 135 121 272 241
Fair value adjustments (1,235) (1,415) 398 (1,427)
Unrealized exchange loss on long-
term debt 450 - 987 -
Gain on corporate conversion - - - (21,086)
----------------------------------------------------------------------------
EBITDA 608 971 7,873 6,710
Add (deduct):
Interest paid on debt, net (639) (1,097) (844) (1,856)
Capital expenditures (8) (263) (16) (264)
Gain on sale of timberlands (97) (30) (98) (32)
Proceeds on sale of timberlands 99 28 100 30
----------------------------------------------------------------------------
Free cash flow $ (37)$ (391)$ 7,015 $ 4,588
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 836 $ 6,902 $ 1,952
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)Net income (loss) includes the impact of deferred income tax,
depreciation and amortization expense, and fair value adjustments which are
non-cash items recorded in each respective period and, for 2010 only, the
gain resulting from Acadian's corporate conversion on January 1, 2010.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications 604-661-9607 rlee@acadiantimber.com
www.acadiantimber.com
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