Business
Western Forest Products Reports 2007 First Quarter Net Income of $7.2 million
Western Forest Products Reports 2007 First Quarter Net Income of $7.2 million.
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n\n\n\nTSX: WEF\n\n\nDUNCAN, BC, June 5 /CNW/ - Western Forest Products Inc. (TSX: WEF)\n("Western") today announced its results for the first quarter of 2007. The\nCompany reported net income of $7.2 million ($0.04 per share) and EBITDA of\n$23.3 million in the first quarter of 2007.\n\n\n Q1 Highlights\n-------------------------------------------------------------------------\n\n- Average realized lumber and log prices increased from the fourth\n quarter of 2006.\n- Received government approval to remove 28,000 hectares of private\n lands from tree farm licences.\n- Identified $150 million to $180 million of non-core assets to be\n sold.\n- Net debt at March 31, 2007 decreased to $134.6 million from\n $167.7 million at December 31, 2006 and interest cost on U.S. dollar\n debt was substantially reduced.\n- Permanently closed the New Westminster sawmill and re-started the\n Saltair sawmill enhancing capacity utilization and production\n flexibility.\n\n-------------------------------------------------------------------------\n\n\nFirst Quarter Results\n\n\nThe Company reported net income of $7.2 million ($0.04 per share) in the\nfirst quarter of 2007 compared to $108.3 million ($0.53 per share) in the\nfourth quarter of 2006 and a loss of $53.6 million ($1.81 per share) in the\nfirst quarter of 2006. The results for the fourth quarter of 2006 include the\nreceipt of the softwood lumber duty refund of $124.4 million\n(US$109.6 million). Excluding the softwood duty refund, the Company would have\nreported a net loss of $16.1 million in the fourth quarter and $91.3 million\nfor the 2006 year.\n\n\n FINANCIAL SUMMARY\n\n Three Three Three\n Months Months Months\n Ended Ended Ended\n(millions of dollars March 31, December 31, March 31,\n except per share amounts) 2007 2006 2006\n-------------------------------------------------------------------------\nEBITDA $ 23.3 $ 120.4 $ (0.1)\nEBITDA before lumber duty refund $ 23.3 $ 10.1 (0.1)\nLumber duty refund $ - $ 110.3 $ -\nNet income (loss) from\n continuing operations $ 8.2 $ 109.3 $ (46.5)\nNet loss from discontinued\n operations $ (1.0) $ (1.0) $ (7.1)\nNet income (loss) $ 7.2 $ 108.3 $ (53.6)\n-------------------------------------------------------------------------\nPer share - basic and diluted:\nNet income (loss) from\n continuing operations $ 0.04 $ 0.53 $ (1.81)\nNe...