All figures in Canadian dollars unless otherwise noted
Investors, analysts and other interested parties can access Acadian Timber
Corp.'s 2014 Second Quarter Results conference call via webcast on Tuesday, July
29, 2014 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 recorded teleconference
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 June 28, 2014 (the
"second quarter").
"Demand remains strong in Acadian's operating region," said Reid Carter, Chief
Executive Officer of Acadian. "Softwood timber selling prices are benefiting
from the continued positive outlook for lumber demand and strong demand from
regional hardwood pulp and structural panel producers is supporting hardwood
pulpwood prices."
For the second quarter, Acadian generated net sales of $12.0 million on sales
volume of 229 thousand m3 which represents a $3.6 million, or 23%, decrease in
net sales compared to the same period in 2013. Results were less than the same
period last year reflecting the delayed recognition of sales in the prior year
due to the vendor managed inventory ("VMI") program that
was in place at the New Brunswick operation. On a year-to-date basis, net sales
are 2% lower than in the same period last year with a slower start-up of
operations in the second quarter due to an extended mud season being largely
offset by improved log pricing.
Adjusted EBITDA of $1.9 million for the second quarter was $1.0 million lower
than in the second quarter of 2013, while Adjusted EBITDA margin decreased to
16% from 19% in the same period of last year. On a year-to-date basis, Free Cash
Flow improved $1.0 million to $6.7 million resulting in a payout ratio of 104%,
below the ratio of 121% in the same period last year.
(1) This news release makes reference to Adjusted 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 Adjusted EBITDA as earnings before
interest, taxes, fair value adjustments, recovery of or impairment of land and
roads, unrealized exchange gain/loss on debt, depreciation and amortization and
Free Cash Flow as Adjusted EBITDA less interest paid, current income tax
expense, additions to, and gains from the sale of, fixed assets plus losses on,
and proceeds from, the sale of fixed assets. 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
Adjusted EBITDA and Free Cash Flow.
Financial and Operating Highlights
Three Months Ended Six Months Ended
------------------------------------------------
(CAD thousands, except per June 28 June 29 June 28 June 29
share information) 2014 2013 2014 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m3) 228.9 330.5 579.1 669.7
Net sales $ 12,029 $ 15,608 $ 33,272 $ 33,860
Operating earnings 1,797 2,667 8,262 7,181
Net income / (loss) 4,738 (857) 5,435 434
Adjusted EBITDA 1,935 2,897 8,632 7,552
Free Cash Flow 1,052 1,774 6,652 5,685
Dividends declared 3,451 3,451 6,902 6,902
Per share (fully diluted)
Net income / (loss) 0.28 (0.05) 0.32 0.03
Free Cash Flow 0.06 0.11 0.40 0.34
Dividends declared 0.21 0.21 0.41 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating earnings for the second quarter, at $1.8 million, decreased $0.9
million year-over-year, largely reflecting the timing of sales. Net income
totaled $4.7 million, or $0.28 per share, for the second quarter, an increase of
$5.6 million or $0.33 per share from the same period in 2013. The increase in
net income reflects a higher non-cash fair value adjustment due to lower harvest
levels and a $2.7 million unrealized exchange gain on long-term debt compared to
a $2.5 million unrealized loss in the same period of the prior year.
Acadian traditionally experiences low levels of operating, marketing and selling
activity during the second quarter of each year owing to the spring thaw period
("mud season") that causes much of the infrastructure to be temporarily
inoperable. Harvest volume for the second quarter, excluding biomass, was 138
thousand m3, down 21% compared to the same period in the prior year due to a
slower start-up at the New Brunswick operation resulting from the well
above-average snowpack of the prior winter. Sales volume of 229 thousand m3 was
down 31% from the second quarter of 2013, with the decrease largely coming from
Acadian's operations in New Brunswick due to the discontinuation of the VMI
program.
Acadian's weighted average log price during the second quarter increased 11%
year-over-year primarily due to higher softwood sawlog and hardwood log prices,
a stronger U.S. dollar and a higher proportion of high value hardwood sawlogs in
the sales mix. Softwood sawlog prices were up 10% relative to the same period
last year, benefiting from our customers' continued positive outlook for lumber
demand. Prices for hardwood sawlogs and pulpwood were both up 7% relative to the
second quarter of last year reflecting strong market demand. Softwood pulpwood
pricing has weakened, declining 8% year-over-year, with fewer groundwood
customers operating. Biomass gross margin was down 27% year-over-year due to
fewer export customers during the period, but is expected to recover in the
coming quarters.
New Brunswick Timberlands
The table below summarizes operating and financial results for New Brunswick
Timberlands.
Three Months Ended June 28, Three Months Ended June 29,
2014 2013
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 45.5 67.6 $ 3,745 57.4 124.4 $ 6,538
Hardwood 62.0 74.1 4,914 89.8 95.6 5,807
Biomass 40.0 40.0 663 68.2 68.2 1,199
----------------------------------------------------------------------------
147.5 181.7 9,322 215.4 288.2 13,544
Other sales (32) (36)
----------------------------------------------------------------------------
Net sales $ 9,290 $ 13,508
----------------------------------------------------------------------------
Adjusted EBITDA $ 1,652 $ 2,943
Adjusted EBITDA margin 18% 22%
----------------------------------------------------------------------------
Six Months Ended June 28, Six Months Ended June 29,
2014 2013
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 166.1 167.7 $ 9,124 213.4 211.4 $ 11,111
Hardwood 185.9 189.8 12,673 184.4 192.6 11,862
Biomass 69.3 69.3 1,309 113.1 113.1 2,018
----------------------------------------------------------------------------
421.3 426.8 23,106 510.9 517.1 24,991
Other sales 630 670
----------------------------------------------------------------------------
Net sales $ 23,736 $ 25,661
----------------------------------------------------------------------------
Adjusted EBITDA $ 6,110 $ 5,935
Adjusted EBITDA margin 26% 23%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 68 thousand m3, 74 thousand m3 and
40 thousand m3, respectively, during the second quarter. This represents a
year-over-year decrease in sales volume of 37% largely reflecting the impact of
the VMI program that was in place in 2013 which deferred sales from the first
quarter to the second. Harvest volume in the second quarter of 2014 was typical
of seasonal conditions, but lower than the same period last year as the well
above-average snowpack of the prior winter led to a slow start-up. Approximately
40% of sales volume was sold as sawlogs, 38% as pulpwood and 22% as biomass in
the second quarter. This compares to 42% sold as sawlogs, 34% as pulpwood and
24% as biomass in the second quarter of 2013.
Net sales for the second quarter totaled $9.3 million compared to $13.5 million
for the same period last year, again reflecting the impact of not operating
under the VMI program in the current year, but partially offset by increased
softwood sawtimber and hardwood selling prices. The weighted average log selling
price was $61.11 per m3 in the second quarter of 2014, a 9% increase from $56.12
per m3 in the same period of 2013 as a result of improved selling prices for
most product and a higher proportion of hardwood in the sales mix. Net sales for
the six months ended June 28, 2014 were $23.7 million, a decrease of $1.9
million over the first half of 2013, due to lower sales volumes.
Costs for the second quarter were $7.6 million, compared to $10.6 million in the
same period in 2013, due to lower harvest volumes of primary products, partially
offset by 3% higher variable costs per m3 caused by a higher proportion of
hardwood products being supplied from log handling yards. For the six months
ended June 28, 2014, costs were $17.6 million, $2.0 million lower than during
the first half of 2013, due to lower harvest volumes.
Adjusted EBITDA for the second quarter was $1.7 million, compared to $2.9
million in the second quarter of 2013 reflecting the discontinuation of the VMI
program. Adjusted EBITDA margin decreased to 18% from 22% in the prior year. For
the six months ended June 28, 2014, adjusted EBITDA was $6.1 million, an
increase of $0.2 million over the first half of 2013.
There were no recordable safety incidents among employees and contractors during
the second quarter of 2014.
Maine Timberlands
The table below summarizes operating and financial results for Maine Timberlands.
Three Months Ended June 28, Three Months Ended June 29,
2014 2013
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 17.6 17.6 $ 1,030 18.1 18.1 $ 875
Hardwood 12.7 19.9 1,529 9.9 15.6 1,051
Biomass 9.7 9.7 52 8.6 8.6 44
----------------------------------------------------------------------------
40.0 47.2 2,611 36.6 42.3 1,970
Other sales 128 130
----------------------------------------------------------------------------
Net sales $ 2,739 $ 2,100
----------------------------------------------------------------------------
Adjusted EBITDA $ 385 $ 215
Adjusted EBITDA margin 14% 10%
----------------------------------------------------------------------------
Six Months Ended June 28, Six Months Ended June 29,
2014 2013
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 89.2 88.9 $ 5,706 94.6 94.3 $ 5,217
Hardwood 45.2 47.0 3,520 35.6 42.0 2,658
Biomass 16.4 16.4 113 16.3 16.3 125
----------------------------------------------------------------------------
150.8 152.3 9,339 146.5 152.6 8,000
Other sales 197 199
----------------------------------------------------------------------------
Net sales $ 9,536 $ 8,199
----------------------------------------------------------------------------
Adjusted EBITDA $ 2,862 $ 2,243
Adjusted EBITDA margin 30% 27%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 18 thousand m3, 20 thousand m3,
and 10 thousand m3, respectively, during the second quarter. This represents a
year-over-year increase in sales volume of 12%. Approximately 36% of sales
volume was sold as sawlogs, 43% as pulpwood and 21% as biomass during the second
quarter. This compares to 37% sold as sawlogs, 43% as pulpwood and 20% as
biomass in the second quarter of 2013.
Net sales for the second quarter totaled $2.7 million compared to $2.1 million
for the same period last year. The improvement was the result of increased
hardwood sales volume and improved pricing across all products, as well as the
positive impact of the stronger U.S. dollar. The weighted average log selling
price was $68.34 per m3 in the second quarter of 2014, a 19% increase from
$57.30 per m3 in the same period of 2013 in Canadian dollar terms. Weighted
average log selling prices in U.S. dollar terms increased 11% year-over-year.
Net sales for the six months ended June 28, 2014 were $9.5 million, an increase
of $1.3 million over the first half of 2013, due to improved log selling prices.
Costs for the second quarter were $2.3 million, compared to $2.0 million during
the same period in 2013. Variable costs per m3 increased 14% in Canadian dollar
terms and 7% in U.S. dollar terms reflecting a shift in product mix during the
period with a greater proportion of the sales being higher cost hardwood
sawtimber processed through the woodyard as well as longer hauling distances for
softwood pulpwood due to the closure of the paper mill in East Millinocket. For
the six months ended June 28, 2014, costs were $6.7 million, $0.7 million higher
than during the first half of 2013, due to higher harvest volumes and adverse
foreign exchange movements.
Adjusted EBITDA for the second quarter was $0.4 million, compared to $0.2
million for the same period in 2013, while Adjusted EBITDA margin increased to
14% from 10% in the prior year. For the six months ended June 28, 2014, Adjusted
EBITDA was $2.9 million, an increase of $0.7 million over the first half of
2013.
There were no recordable safety incidents among employees and contractors during
the second quarter of 2014.
Market Outlook
The following contains forward-looking statements about Acadian Timber Corp.'s
market outlook for the remainder of 2014. 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 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.
U.S. housing market forecasts continue to be adjusted downward despite
significant pent up demand. Analysts have concluded that last spring's increase
in mortgage rates coupled with increases in home prices and tighter mortgage
lending rules explains much more of the current weakness in mortgage
applications and new home sales than the harsh winter weather experienced in
2014. Improved economic growth, with further gains in employment and wages, will
need to take place before a more robust recovery in housing can be expected.
Despite this than less robust outlook, most industry watchers continue to
forecast year-over-year increases in total housing starts of approximately 10 to
20% in 2014 with increases of the same magnitude in 2015. This optimism has kept
North American lumber prices strong throughout 2013 and 2014 encouraging
Acadian's key solid wood customers to continue to operate at full capacity. As
such, we expect to see ongoing strong demand for softwood sawlogs in the region.
Markets for hardwood sawlogs have been positive and are expected to remain
stable and demand and pricing for hardwood pulpwood continues to be strong.
While Acadian has been successful in selling its softwood pulpwood production,
this market is challenging due to the closure of several regional groundwood
mills. Biomass sales have been somewhat slow during the first half of 2014,
although we expect to see modest improvements through the remainder of the year
as several of the logistical challenges currently constraining export markets
are relieved.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share, payable on
October 15, 2014 to shareholders of record on September 30, 2014.
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 in New Brunswick.
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 business strategy is to maximize cash flows from its existing
timberland assets while growing our business by acquiring assets on a value
basis and utilizing our operations-oriented approach to drive improved
performance.
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 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" or the negative of
these terms or other similar terminology. Forward-looking information in this
News Release includes, without limitation, statements made in the section
entitled "Market Outlook" and other statements regarding management's beliefs,
intentions, results, performance, goals, achievements, future events, plans and
objectives, business strategy, growth strategy and prospects, access to capital,
liquidity and trading volumes, dividends, taxes, capital expenditures, projected
costs, market trends 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;
concentration of customers; commodity pricing; interest rate and foreign
currency fluctuations; seasonality; weather and natural conditions; regulatory,
trade or environmental policy changes; changes in Canadian income tax law;
economic situation of key customers; Brookfield Asset Management Inc.'s and its
affiliates' ability to source and secure potential investment opportunities; the
availability of potential acquisitions that suit Acadian's growth profile; and
other risks and factors discussed under the heading "Risk Factors" in each of
the Annual Information Form dated March 28, 2014 and the Management Information
Circular dated May 13, 2014, and other filings of Acadian made with securities
regulatory authorities, which are 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; anticipated market conditions; business
prospects; the economic situation of key customers; strategies; regulatory
developments; exchange rates; the sufficiency of budgeted capital expenditures
in carrying out planned activities; the availability and cost of labour and
services and the ability to obtain financing on acceptable terms. 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. The forward-looking statements 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.
Interim Consolidated Statements of Net Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 28 June 29 June 28 June 29
(CAD thousands) 2014 2013 2014 2013
----------------------------------------------------------------------------
Net sales $ 12,029 $ 15,608 $ 33,272 $ 33,860
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 8,680 11,122 21,859 23,110
Selling, administration and
other 1,351 1,542 2,814 3,146
Reforestation 65 134 65 139
Depreciation and
amortization 136 143 272 284
----------------------------------------------------------------------------
10,232 12,941 25,010 26,679
----------------------------------------------------------------------------
Operating earnings 1,797 2,667 8,262 7,181
Interest expense, net (773) (773) (1,570) (1,512)
Other items
Fair value adjustments 1,795 1,224 605 1,243
Unrealized exchange gain
(loss) on long-term debt 2,747 (2,473) (349) (4,315)
Gain on sale of timberlands 2 87 98 87
----------------------------------------------------------------------------
Earnings before income taxes 5,568 732 7,046 2,684
Current income tax recovery
(expense) 28 - (269) -
Deferred income tax expense (858) (1,589) (1,342) (2,250)
----------------------------------------------------------------------------
Net income / (loss) for the
period $ 4,738 $ (857) $ 5,435 $ 434
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income / (loss) per
share - basic and diluted $ 0.28 $ (0.05) $ 0.32 $ 0.03
Acadian Timber Corp.
Interim Consolidated Statements of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 28 June 29 June 28 June 29
(CAD thousands) 2014 2013 2014 2013
----------------------------------------------------------------------------
Net income / (loss) $ 4,738 $ (857) $ 5,435 $ 434
----------------------------------------------------------------------------
Other comprehensive income
(loss)
Items that may be
reclassified subsequently
to net income:
Unrealized foreign currency
translation (3,278) 2,670 419 4,880
Amortization of derivatives
designated as hedges (47) (45) (94) (95)
----------------------------------------------------------------------------
Comprehensive income $ 1,413 $ 1,768 $ 5,760 $ 5,219
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at June 28, December 31,
(CAD thousands) 2014 2013
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 7,922 $ 8,564
Accounts receivable and other assets 6,538 7,673
Inventory 1,025 1,380
----------------------------------------------------------------------------
15,485 17,617
Timber 241,351 240,143
Land, roads and other fixed assets 32,202 32,268
Intangible assets 6,140 6,140
----------------------------------------------------------------------------
$ 295,178 $ 296,168
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 5,922 $ 7,680
Dividends payable to shareholders 3,451 3,451
----------------------------------------------------------------------------
9,373 11,131
Long-term debt 76,963 76,496
Deferred income tax liability 27,791 26,348
Shareholders' equity 181,051 182,193
----------------------------------------------------------------------------
$ 295,178 $ 296,168
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 28 June 29 June 28 June 30
(CAD thousands) 2014 2013 2014 2013
----------------------------------------------------------------------------
Cash provided by (used for):
----------------------------------------------------------------------------
Operating activities
Net income / (loss) $ 4,738 $ (857) $ 5,435 $ 434
Adjustments to net income /
(loss):
Deferred income tax expense 858 1,589 1,342 2,250
Depreciation and
amortization 136 143 272 284
Fair value adjustments (1,795) (1,224) (605) (1,243)
Unrealized exchange (gain)
loss on long term debt (2,747) 2,473 349 4,315
Interest expense, net 773 773 1,570 1,512
Interest paid, net (778) (778) (1,579) (1,522)
Gain on sale of timberlands (2) (87) (98) (87)
Net change in non-cash
working capital and other (718) 684 (392) 530
----------------------------------------------------------------------------
465 2,716 6,294 6,473
----------------------------------------------------------------------------
Financing activities
Dividends paid to
shareholders (3,451) (3,451) (6,902) (6,902)
----------------------------------------------------------------------------
(3,451) (3,451) (6,902) (6,902)
----------------------------------------------------------------------------
Investing activities
Additions to timber, land,
roads and other fixed
assets (133) (345) (133) (345)
Proceeds from sale of
timberlands 2 87 99 87
----------------------------------------------------------------------------
(131) (258) (34) (258)
----------------------------------------------------------------------------
Decrease in cash and cash
equivalents during the
period (3,117) (993) (642) (687)
Cash and cash equivalents,
beginning of period 11,039 6,442 8,564 6,136
----------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 7,922 $ 5,449 $ 7,922 $ 5,449
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliations to Adjusted EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 28 June 29 June 28 June 29
(CAD thousands) 2014 2013 2014 2013
----------------------------------------------------------------------------
Net income / (loss) $ 4,738 $ (857) $ 5,435 $ 434
Add (deduct):
Interest expense, net 773 773 1,570 1,512
Current income tax expense
(recovery) (28) - 269 -
Deferred income tax expense 858 1,589 1,342 2,250
Depreciation and
amortization 136 143 272 284
Fair value adjustments (1,795) (1,224) (605) (1,243)
Unrealized exchange (gain)
loss on long-term debt (2,747) 2,473 349 4,315
----------------------------------------------------------------------------
Adjusted EBITDA 1,935 2,897 8,632 7,552
Add (deduct):
Interest paid on debt, net (778) (778) (1,579) (1,522)
Additions to timber, land,
roads and other fixed
assets (133) (345) (133) (345)
Gain on sale of timberlands (2) (87) (98) (87)
Proceeds on sale of
timberlands 2 87 99 87
Current income tax recovery
(expense) 28 - (269) -
----------------------------------------------------------------------------
Free cash flow $ 1,052 $ 1,774 $ 6,652 $ 5,685
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 3,451 $ 6,902 $ 6,902
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Payout ratio 328% 195% 104% 121%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Acadian Timber Corp.
Robert Lee
Investor Relations and Communications
604-661-9607
rlee@acadiantimber.com
www.acadiantimber.com
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