All figures in Canadian dollars unless otherwise noted
Investors, analysts and other interested parties can access
Acadian Timber Corp.'s 2011 Fourth Quarter Results conference call
via webcast on Tuesday, February 7, 2012 at 1:00 p.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 12:50 p.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 December 31, 2011 (the "fourth quarter").
For the fourth quarter of 2011, Acadian generated net sales of
$15.1 million on sales volume of 284 thousand m3, which represents
a $5.4 million, or 26%, decrease in net sales compared to the same
period in 2010.
EBITDA of $3.8 million for the fourth quarter of 2011 was $2.6
million lower than in the fourth quarter of 2010, and EBITDA margin
decreased to 25% from 31% in the same period of last year. The
decrease in margin is attributed to lower contributions to fixed
costs resulting from reduced sales volume.
For the year ended December 31, 2011, Acadian generated net
sales of $66.2 million on sales volume of 1,293 thousand m3 as
compared to net sales of $71.0 million on sales volume of 1,399
thousand m3 in 2010. EBITDA of $15.5 million during the year ended
December 31, 2011 is $2.2 million lower than 2010 reflecting lower
overall sales volume and higher costs in the Maine Timberlands
operation due to renegotiated contractor rates.
"Acadian's operations were challenged in 2011 by an unusually
wet summer and fall and reduced contractor availability in our
Maine operations both of which led to lower harvest and sales
volumes," said Reid Carter, Chief Executive Officer of Acadian. Mr.
Carter further noted that, "Despite these challenges, Acadian
continued to benefit from strong demand and pricing for its
hardwood and softwood pulpwood, good markets for its hardwood
specialty sawlogs and reasonable markets for most of its softwood
sawlogs."
(1) This news release makes reference to EBITDA and free cash
flow which are key performance measures in evaluating Acadian's
operations and are important in enhancing investors' understanding
of Acadian's operating performance. Acadian's management defines
EBITDA as earnings before interest, taxes, fair value adjustments,
unrealized exchange gain/loss on debt, depreciation and
amortization. For the year ended December 31, 2010 only, EBITDA was
adjusted to remove the gain on corporate conversion. As these
performance measures do not have standardized meanings 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, as determined in accordance with IFRS, to EBITDA and
free cash flow.
Review of Operations
Financial and Operating Highlights
Three Months Ended Year Ended
----------------------------------------------------
(CAD thousands, except
per share information) Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m3) 283.6 381.9 1,293.4 1,398.7
Net sales $ 15,139 $ 20,581 $ 66,153 $ 70,996
EBITDA 3,843 6,393 15,527 17,775
Free cash flow 2,239 5,358 12,437 13,554
Dividends declared 3,451 836 13,804 3,625
Net income(1) 11,427 2,622 13,759 31,306
Per share - fully
diluted
Net income(1) 0.68 0.16 0.82 1.87
Free cash flow 0.13 0.32 0.74 0.81
Dividends declared 0.21 0.05 0.83 0.22
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net income for the year ended December 31, 2010 included the gain
resulting from Acadian's corporate conversion on January 1, 2010.
The operating challenges during the year along with a
continuation of the depressed log pricing environment decreased
free cash flow causing Acadian's payout ratio to climb to 111% for
the year ended December 31, 2011. While this exceeds our 95% target
level, the current dividend rate continues to reflect our long-term
view on sales volumes and the return to normalized prices.
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 Canadian generally accepted accounting principles,
have been adjusted to conform to IFRS.
New Brunswick Timberlands
The tables below summarize operating and financial results for
New Brunswick Timberlands:
Three Months Ended December Three Months Ended December
31, 2011 31, 2010
-------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 80.3 78.2 $ 4,195 95.5 109.5 $ 5,667
Hardwood 93.9 80.6 4,952 131.8 136.3 8,233
Biomass 55.3 55.3 1,145 55.2 55.1 572
----------------------------------------------------------------------------
229.5 214.1 10,292 282.5 300.9 14,472
Other sales 986 1,975
----------------------------------------------------------------------------
Net sales $ 11,278 $ 16,447
----------------------------------------------------------------------------
EBITDA $ 3,301 $ 5,628
EBITDA margin 29% 34%
----------------------------------------------------------------------------
Year Ended December 31, 2011 Year Ended December 31, 2010
-------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 433.1 429.8 $ 22,083 395.4 402.6 $ 21,025
Hardwood 440.2 418.3 24,759 447.7 473.6 27,166
Biomass 219.5 219.5 3,575 231.5 231.4 2,852
----------------------------------------------------------------------------
1,092.8 1,067.6 50,417 1,074.6 1,107.6 51,043
Other sales 3,682 4,829
----------------------------------------------------------------------------
Net sales $ 54,099 $ 55,872
----------------------------------------------------------------------------
EBITDA $ 14,205 $ 15,203
EBITDA margin 26% 27%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 78 thousand m3, 81
thousand m3 and 55 thousand m3, respectively, during the fourth
quarter, representing a 29% decrease in net sales volume over the
same period in 2010. Strong harvest volumes in the first three
quarters of 2011 aimed at capturing market opportunities resulted
in Acadian reducing harvest levels in the fourth quarter to be in
line with long run sustainable yield projections. Approximately 39%
of sales volume was sold as sawlogs, 35% as pulpwood and 26% as
biomass in the fourth quarter. This compares to 36% of sales volume
sold as sawlogs, 46% as pulpwood and 18% as biomass in the fourth
quarter of 2010.
Net sales for the fourth quarter totaled $11.3 million compared
to $16.4 million for the same period last year. This was primarily
the result of the decrease in sales volume due to managing
Acadian's harvesting within the long run sustainable yield. The
decrease in other sales reflects reduced margins from operations
conducted under Acadian's timberland management services agreement
as a result of higher operating and transportation costs due to
harvesting in areas that are more distant from customer locations
and harvesting on terrain that requires the use of higher cost
logging systems. The weighted average selling price was $48.09 in
the fourth quarter of 2011, consistent with $48.10 in the same
period of 2010.
Costs for the fourth quarter were $8.0 million, compared to
$10.8 million in the same period in 2010 as a result of lower sales
volume.
EBITDA for the fourth quarter was $3.3 million, compared to $5.6
million in the same period in 2010, while EBITDA margin decreased
from 34% to 29% largely due to the lower contribution to fixed
costs resulting from reduced sales volume.
We are pleased to report that during the fourth quarter of 2011,
New Brunswick Timberlands experienced no recordable safety
incidents among employees or contractors.
Maine Timberlands
The tables below summarize operating and financial results for
Maine Timberlands:
Three Months Ended December Three Months Ended December
31, 2011 31, 2010
-------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 47.4 47.3 $ 2,527 55.7 55.6 $ 2,890
Hardwood 21.4 20.3 1,266 17.2 19.1 1,135
Biomass 1.9 1.9 18 6.1 6.3 59
----------------------------------------------------------------------------
70.7 69.5 3,811 79.0 81.0 4,084
Other sales 50 50
----------------------------------------------------------------------------
Net sales $ 3,861 $ 4,134
----------------------------------------------------------------------------
EBITDA $ 878 $ 1,208
EBITDA margin 23% 29%
----------------------------------------------------------------------------
Year Ended December 31, 2011 Year Ended December 31, 2010
-------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 161.2 161.4 $ 8,495 208.0 207.6 $ 10,747
Hardwood 51.8 51.9 3,092 68.5 68.3 3,804
Biomass 12.5 12.5 116 15.1 15.2 216
----------------------------------------------------------------------------
225.5 225.8 11,703 291.6 291.1 14,767
Other sales 351 357
----------------------------------------------------------------------------
Net sales $ 12,054 $ 15,124
----------------------------------------------------------------------------
EBITDA $ 2,508 $ 3,877
EBITDA margin 21% 26%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 47 thousand m3, 20
thousand m3, and 2 thousand m3, respectively, with net sales volume
decreasing by 14% over the fourth quarter of 2010. The decrease in
sales volume reflects contractor availability constraints and
unusually wet weather. Approximately 57% of sales volume was sold
as sawlogs, 40% as pulpwood and 3% as biomass during the fourth
quarter. This compares to 57% of sales volume sold as sawlogs, 35%
as pulpwood and 8% as biomass in the fourth quarter of 2010.
Net sales for the fourth quarter totaled $3.9 million, compared
to $4.1 million for the same period last year. The year-over-year
decrease in net sales is a result of lower shipment volumes which
were somewhat offset by a higher value product mix. The weighted
average price across all products was $54.84 in the fourth quarter,
compared to $50.44 in the same period of 2010, reflecting a 9%
increase in Canadian dollar terms. Weighted average selling prices
increased 8% in U.S. dollar terms as compared to the same period of
2010.
Costs for the fourth quarter were $3.0 million, compared to $2.9
million for the same period in 2010. This increase reflects higher
variable costs per m3 due to renegotiated contractor rates in 2011
and unfavourable foreign exchange movement, offset partially by
lower sales volume.
EBITDA for the fourth quarter was $0.9 million, compared to $1.2
million for the same period in 2010, while EBITDA margin decreased
from 29% to 23%.
During the fourth quarter of 2011, Maine Timberlands experienced
no recordable safety incidents among employees and one recordable
incident among contractors.
Market Outlook
The following Market Outlook contains forward-looking statements
about Acadian Timber Corp.'s market outlook for fiscal 2012.
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.
The U.S. housing market demonstrated slightly more encouraging
signals in the fourth quarter with new home sales rising 2%, sales
of existing homes increasing 4% and housing starts increasing by
9%. The NAHB housing market index also rose with improved buyer
traffic. At the same time the S&P/Case-Shiller 20-city house
pricing index has fallen 6% over the past four months with price
declines in 16 of the 20 markets surveyed. Clearly, the timing of
recovery for the U.S. housing market remains uncertain. Management
believes the housing recovery process will require a further two to
three years before home inventories normalize and new home
construction recovers to trend levels. As a result, Acadian expects
markets for softwood sawlogs to remain weak through 2012 before a
formative recovery begins in earnest in 2013.
Global pulp and paper markets continue to be under pressure,
however, pulp production appears to have come into alignment with
demand resulting in more balanced inventories with stabilizing
prices suggesting pulp prices may have bottomed. Acadian's pulp
customers continue to have high operating rates and markets for
Acadian's pulpwood continue to be very positive providing a
positive offset to weak softwood sawlog markets.
Markets for hardwood sawlogs and specialty products improved
slightly or were stable through 2011 with a similar outlook for
2012. Markets for biomass are expected to be stable although weak
owing to continued low power prices and very low prices for natural
gas.
While the business environment continues to slowly improve, some
of Acadian's significant softwood pulpwood customers have struggled
with challenging market conditions for an extended period of time
resulting in a weakening of their financial position. Management
recognizes that the ongoing financial viability of these customers
is dependent on their continued access to capital and an improved
market environment. We continue to monitor these situations closely
while exploring market alternatives for our logs in the event that
sales to these customers decline or cease. Acadian's financial
results and cash flows to fund future dividends are dependent on
current harvesting levels and sales revenue.
"We expect 2012 to present improving, although uncertain,
conditions and we are confident that Acadian will continue to
demonstrate its adeptness in identifying and accessing market
opportunities while keeping costs low. To address limited
contractor availability in Maine, we have initiated strategies
which we expect to result in increased harvest levels in 2012,"
concluded Mr. Carter.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share,
payable on April 13, 2012 to shareholders of record on March 30,
2012.
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 approximately 90 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" "approximately," 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;
future production volumes; concentration of customers; changes in
competition; commodity pricing; interest rate and foreign currency
fluctuations; seasonality; weather and natural conditions;
regulatory, trade or environmental policy changes; changes in
labour costs or other costs of production; changes in Canadian
income tax law; economic situation of key customers; and other
risks and factors discussed under the heading "Risk Factors" in the
Annual Information Form of Acadian Timber Corp. dated March 28,
2012, available on SEDAR at www.sedar.com on or about March 28,
2012, and other filings of Acadian with securities regulatory
authorities 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, which are subject
to change based on commodity prices, market conditions for timber
and wood products, general economic and market conditions; product
demand; concentration of customers; commodity pricing; interst rate
and foreign currency rate fluctuations; seasonality; weather and
natural conditions; regulatory trade or environmental policy
changes; changes in Canadian income tax law; the economic situation
of key customers, and the utilization of the tax basis resulting
from the conversion from an income trust to a corporation. 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. Such
information has been included in the News Release to provide
readers with a sense of the future financial outlook of Acadian.
The forward-looking statements contained 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.
Consolidated Statements of Net Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net sales $ 15,139 $ 20,581 $ 66,153 $ 70,996
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 9,562 12,277 43,847 46,018
Selling, administration and
other 1,661 1,913 6,346 7,026
Reforestation 73 - 540 217
Depreciation and amortization 139 136 548 499
----------------------------------------------------------------------------
11,435 14,326 51,281 53,760
----------------------------------------------------------------------------
Operating earnings 3,704 6,255 14,872 17,236
Interest expense, net (735) (973) (3,157) (3,791)
Other items
Gain on sale of timberlands - 2 107 40
Fair value adjustments 14,076 2,439 13,501 3,950
Loss on revaluation of roads
and land (1,527) (5,005) (1,527) (5,005)
Unrealized exchange gain
(loss) on long -term debt 455 - (3,473) -
Gain on corporate conversion - - - 21,086
----------------------------------------------------------------------------
Earnings before income taxes 15,973 2,718 20,323 33,516
Deferred income tax expense (4,546) (96) (6,564) (2,210)
----------------------------------------------------------------------------
Net income for the period $ 11,427 $ 2,622 $ 13,759 $ 31,306
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share - basic and
diluted $ 0.68 $ 0.16 $ 0.82 $ 1.87
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Statements of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income $ 11,427 $ 2,622 $ 13,759 $ 31,306
----------------------------------------------------------------------------
Other comprehensive income
(loss)
Unrealized foreign currency
translation income (loss) (575) (1,409) 2,559 (2,917)
Amortization of derivatives
designated as hedges (51) 1,134 (321) 1,134
Gain on revaluation of roads
and land (169) 2,354 (169) 2,354
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Comprehensive income $ 10,632 $ 4,701 $ 15,828 $ 31,877
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at December 31, December 31, January 1,
(CAD thousands) 2011 2010 2010
----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 4,019 $ 7,333 $ 2,053
Accounts receivable and other
assets 8,726 7,252 6,265
Inventory 2,263 990 2,289
Derivative asset - 1,557 -
Note receivable - - 4,001
----------------------------------------------------------------------------
15,008 17,132 14,608
Timber 231,370 216,181 216,751
Land, roads and fixed assets 33,438 35,383 37,150
Intangible assets 6,140 6,140 6,140
Deferred income tax asset 3,038 7,522 -
----------------------------------------------------------------------------
$ 288,994 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $ 4,534 $ 4,483 $ 4,275
Dividends payable to
shareholders 3,451 837 -
Debt - 73,752 -
----------------------------------------------------------------------------
7,985 79,072 4,275
Long term debt 73,079 - 80,739
Deferred income tax liability 21,572 18,952 34,553
Shareholders' equity 186,358 184,334 155,082
----------------------------------------------------------------------------
$ 288,994 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Cash provided by (used for):
----------------------------------------------------------------------------
Operating activities
Net income $ 11,427 $ 2,622 $ 13,759 $ 31,306
Adjustments to net income
Deferred income tax expense 4,546 96 6,564 2,210
Depreciation and amortization 139 136 548 499
Fair value adjustments (14,076) (2,439) (13,501) (3,950)
Loss on revaluation of roads
and land 1,527 5,005 1,527 5,005
Unrealized exchange loss on
long term debt (455) - 3,473 -
Interest expense, net 735 973 3,157 3,791
Interest paid, net (1,584) (973) (3,047) (3,791)
Gain on sale of timberlands - - (107) (40)
Gain on corporate conversion - - - (21,086)
----------------------------------------------------------------------------
2,259 5,420 12,373 13,944
Net change in non-cash working
capital balances and other (2,504) 865 (325) 87
----------------------------------------------------------------------------
(245) 6,285 12,048 14,031
----------------------------------------------------------------------------
Financing activities
Repayment of revolving facility - (1,000) - (5,500)
Borrowing of term facility - - 70,608 -
Repayment of bank term credit
facility and term loan - - (73,639) -
Deferred financing costs - (73) (1,205) (73)
Dividends paid to shareholders (3,451) (836) (11,190) (2,788)
----------------------------------------------------------------------------
(3,451) (1,909) (15,426) (8,361)
----------------------------------------------------------------------------
Investing activities
Additions to timber, land, roads
and fixed assets (20) (62) (45) (430)
Proceeds from sale of
timberlands - - 109 40
----------------------------------------------------------------------------
(20) (62) 64 (390)
----------------------------------------------------------------------------
Increase in cash and cash
equivalents during the period (3,716) 4,314 (3,314) 5,280
Cash and cash equivalents,
beginning of period 7,735 3,019 7,333 2,053
----------------------------------------------------------------------------
Cash and cash equivalents, end
of period $ 4,019 $ 7,333 $ 4,019 $ 7,333
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation to EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income(1) $ 11,427 $ 2,622 $ 13,759 $ 31,306
Add (deduct):
Interest expense, net 735 973 3,157 3,791
Deferred income tax expense 4,546 96 6,564 2,210
Depreciation and amortization 139 136 548 499
Fair value adjustments (14,076) (2,439) (13,501) (3,950)
Revaluation of roads and land 1,527 5,005 1,527 5,005
Unrealized exchange (gain)
loss on long term debt (455) - 3,473 -
Gain on corporate conversion - - - (21,086)
----------------------------------------------------------------------------
EBITDA 3,843 6,393 15,527 17,775
Add (deduct):
Interest paid on debt, net (1,584) (973) (3,047) (3,791)
Capital expenditures (20) (62) (45) (430)
Proceeds on sale of
timberlands - - 109 40
Gain on sale of timberlands - - (107) (40)
----------------------------------------------------------------------------
Free cash flow $ 2,239 $ 5,358 $ 12,437 $ 13,554
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 836 $ 13,804 $ 3,625
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Payout ratio 154% 16% 111% 27%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net income for the year ended December 31, 2010 included the gain
resulting from Acadian's corporate conversion on January 1, 2010.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications 604-661-9607rlee@acadiantimber.com
www.acadiantimber.com
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