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Interfor's Net Loss Widened to Touch $15.3 Million in First Quarter 2019

Author:Zhengyang MachineryTimes:2019-05-09
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Interfor Corporation posted results for the first quarter of the current year. The company reported net loss of $15.3 million or $0.23 per share during the quarter. This compares with $13.5 million or $0.20 per share in the prior quarter. Q1 ’19 reported adjusted net loss of $12.7 million and adjusted EBITDA of $16.3 million on sales of $451.2 million.
 
According to company press release, the company’s average lumber selling price has increased by $14 from the prior quarter to $613 per mfbm in Q1 this year. The lumber production totaled 646 million board feet, marginally higher when compared with 607 million board feet in Q4 last year. The U.S. South topped the production with 316 million board feet. Meantime, the production by the B.C. and U.S. Northwest regions totaled 195 million board feet and 135 million board feet during the quarter. The lumber shipments totaled 621 million board feet, marginally lower by 26 million board feet from Q4 ’18.
 
Interfor generated $17.1 million cash flow from operations before changes in working capital. The working capital increased by $75.4 million. The capital investments totaled $43.8 million, primarily in the U.S. South mills.
 
The company expensed $11.1 million of softwood lumber duties in the quarter. The cumulative duty payments since the inception of the trade dispute totaled $68.7 million at the end of Q1 this year.
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