Interfor Reports Year-End and Q4''16 Results
Record EBITDA(1) of $200 million in 2016; $51 million in Q4'16 Strong Free Cash Flow/Debt Reduction of $163 million in 2016; $57 million in Q4'16
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/09/17 -- INTERFOR CORPORATION ("Interfor" or "the Company") (TSX: IFP) recorded net earnings in Q4''16 of $26.6 million, or $0.38 per share, compared to $15.1 million, or $0.22 per share in Q3''16 and a loss of $3.5 million, or $0.05 per share in Q4''15. Adjusted net earnings1 (which takes into account the effects of share-based compensation expense and non-recurring items) in Q4''16 were $17.7 million or $0.25 per share, compared to $20.7 million, or $0.30 per share in Q3''16 and $4.5 million, or $0.06 per share in Q4''15.
Adjusted EBITDA was $51.3 million on sales of $442.3 million in Q4''16 versus $58.1 million on sales of $457.6 million in Q3''16.
For the year, net earnings were $65.6 million, or $0.94 per share, compared to a loss of $30.4 million or $0.44 per share in 2015. Adjusted EBITDA was a record $199.6 million, eclipsing the previous record set in 2014.
Notable items in the quarter included:
(1) Refer to Non-GAAP Measures section
Liquidity
Balance Sheet
Interfor strengthened its financial position throughout 2016, with strong cash flow generated from operations and proceeds received from the monetization of the Tacoma sawmill property used to repay debt and fund capital projects. Net debt at December 31, 2016 was $289.6 million, or 26.9% of invested capital, representing a decrease of $162.8 million from the level of net debt at December 31, 2015.
A strengthening of the Canadian Dollar against the U.S. Dollar by 3.0% contributed $16.1 million to the net debt reduction in 2016 over 2015 as all debt held was denominated in U.S. Dollars.
Capital Resources
The following table summarizes Interfor''s credit facilities and availability as of December 31, 2016:
As of December 31, 2016, the Company had commitments for capital expenditures totaling $7.9 million for both maintenance and discretionary capital projects.
Interfor continues to maintain its disciplined focus on monitoring discretionary capital expenditures, optimizing inventory levels and matching production with offshore and domestic demand.
As at December 31, 2016, the Company had net working capital of $136.1 million and available liquidity of $296.3 million, including cash and borrowing capacity on operating and term line facilities. These resources, in addition to cash generated from operations, will be used to support working capital requirements, debt servicing commitments and capital expenditures. We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: Adjusted net earnings (loss), Adjusted net earnings (loss) per share, EBITDA, Adjusted EBITDA, Pre-tax return on total assets and Net debt to invested capital, which are used by the Company and certain investors to evaluate operating performance and financial position. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company''s audited consolidated financial statements prepared (unaudited for interim periods) in accordance with IFRS:
FORWARD-LOOKING STATEMENTS
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "believes", "will", "should", "expects", "annualized" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor''s actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, and other factors referenced herein and in Interfor''s Annual Report available on and . The forward-looking information and statements contained in this release are based on Interfor''s current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
ABOUT INTERFOR
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of approximately 3 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at .
The Company''s 2016 audited consolidated financial statements and Management''s Discussion and Analysis are available at and .
There will be a conference call on Friday, February 10, 2017 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company''s release of its fourth quarter and fiscal 2016 financial results.
The dial-in number is 1-866-233-4795. The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 12, 2017. The number to call is 1-888-203-1112, Passcode 4717817.
Contacts:
Interfor Corporation
John A. Horning
Executive Vice President and Chief Financial Officer
(604) 689-6829
Interfor Corporation
Marty Juravsky
Senior Vice President, Corporate Development and Strategy
(604) 689-6873
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Datum: 09.02.2017 - 16:51 Uhr
Sprache: Deutsch
News-ID 1485883
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Forestry
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