Conifex Timber Inc. (CFF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All participants, thank you for standing by. The conference is ready to begin. Good morning, ladies and gentlemen. Welcome to the Reconnaissance Chamber, Inc. Q1 2025 results conference call. I would now like to turn the meeting over to Mr. Ken Shields. Please go ahead. Good morning, everyone, and welcome to our call covering our Q1 2025 results. I'm in our Vancouver office today, but our Chief Operating Officer, Andrew McClellan, and our Chief Financial Officer, Trevor Frugge, are participating on this call from our regional office in Prince George. Let's quickly deal with the housekeeping item. We will be making forward-looking statements and references to non-IFRS measures, and therefore call your attention to the warning statement set out on pages 1 and 2 of the management discussion and analysis that we released this morning. Turning to our Q1 results, all of us at Conifex are most pleased that our Q1 2025 net income allowed us to join Russ Fraser as the second member of the Club of Public SPF Producers operating facilities in Western Canada that managed to achieve positive net income after taxing Q1. We barely made it. We reported net income of $600,000, or just under two cents for fully diluted Conifers shares. But we generated EBITDA in Q1 of $4.9 million, which incidentally is equivalent to roughly 30% of our present equity market capitalization. Two years ago, we alerted our shareholders that the Chief Forrester's May 2023 harvest determination, coupled with some other forest ministry initiatives we were pursuing, would enable our McKenzie site to migrate to a lower and more enviable ranking on the North American lumber industry cost curve. Our Q1 results illustrate the ecosystem we are capable of achieving when we access an affordable supply of quality saw...