Conifex Timber reports FY 2019 revenues of $157.4 million

Conifex Timber’s net loss in 2019 was $30.4 million on revenues of $157.4 million compared to a net loss of $7.3 million in 2018 on revenues of $379.1 million. The lower revenues were attributable mostly to its lumber segment which recorded reduced shipments reflecting lower operating rates at its BC mills, a decline in sales realizations and a decrease in wholesale lumber shipments.

Conifex Timber recorded an operating loss of $41.4 million in the lumber segment in 2019 and operating earnings of $19.1 million in 2018.

Adjusted EBITDA was negative $24 million in 2019 and positive $32.4 million in 2018 with the year-over-year variance largely attributable to the lumber segment.

Consolidated net loss for 2019 was $200.2 million and included a net loss of $169.8 million from discontinued operations, including an impairment loss allocated to goodwill of $143.1 million. Consolidated net loss for 2018 was $7.1 million, including net income of $0.2 million from discontinued operations.

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