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Western Forest Products Reports 2006 Fourth Quarter Net Income Of $108.3 Million, Including Receipt Of Softwood Duty Refund
Western Forest Products Reports 2006 Fourth Quarter Net Income Of $108.3 Million, Including Receipt Of Softwood Duty Refund.
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n\n\n\nEBITDA Before Duty Refund Of $10.1 million\n\n\nTSX: WEF\n\n\nDUNCAN, BC, March 28, 2007 /CNW/ - Western Forest Products Inc.\n(TSX: WEF) ("Western") today announced its results for the fourth quarter and\nyear ended December 31, 2006. The Company reported net income from continuing\noperations of $109.3 million ($0.53 per share) in the fourth quarter and\n$43.9 million ($0.30 per share) for the full year. These results include the\nsoftwood duty refund plus interest of $124.4 million received in the quarter\nand also reflects progress in integrating the operations of two major\nacquisitions during the year, offset by severe weather conditions in the\nfourth quarter.\n\n\n Q4 Highlights\n\n-------------------------------------------------------------------------\n\n- Average prices realized on lumber products increased to $782 per\n thousand board feet in the fourth quarter, compared to $739 per\n thousand board feet in the third quarter, primarily the result of a\n higher-value mix of products sold and a weaker Canadian dollar.\n- Redirected lower-value, commodity grade products away from the U.S.\n to other markets to mitigate the impact of the export tax introduced\n as part of the new softwood lumber agreement.\n- Applied US$88.0 million of the softwood lumber duty refund received\n to reduce the Company's long-term debt.\n- Enhanced flexibility of timberlands operations with removal of\n approximately 28,000 hectares of private timberlands from Tree Farm\n Licences.\n\n-------------------------------------------------------------------------\n\n\n FINANCIAL SUMMARY\n\n-------------------------------------------------------------------------\n Quarter ended Year ended\n ------------- ----------\n December 31 December 31\n ----------- -----------\n 2006 2005 2006 2005\n-------------------------------------------------------------------------\n\nEBITDA $ 120.4 (5.3) 138.2 (11.6)\nEBITDA excluding duty refund $ 10.1 (5.3) 27.9 (11.6)\nSoftwood Duty refund plus\n interest $ 124.4 - 124.4 -\nNet income (loss) from\n continuing operations $ 109.3 (10.5) 43.9 (60.5)\nNet loss from discontinued\n operations $ (1.0) (74.1) (10.8) (79.1)\nNet income (loss) $ 108.3 (84.6) 33.1 (139.6)\nNet loss before softwood\n duty refund $ (16.1) (84.6) (91.3) (139.6)\nPer share:\nNet income (loss) from\n continuing operations $ 0....