highest sales in company history VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 21, 2013) - Western Forest Products Inc. (WEF.TO) -
2012 HIGHLIGHTS
- Sales revenues of $925.4 million
- EBITDA of $50.6 million
- Year-end liquidity improved by $73.0 million to $185.1 million from the end of 2011
- Net debt decreased to $15.0 million
- Our Saltair mill upgrade project is well underway with expected completion by Q2 2013
"A strong operating performance and improved lumber markets allowed Western to deliver the highest sales in company history. Log and lumber sales increased as we continued to profitably grow our business to meet market demand. We delivered $50.6 million of EBITDA and continued to make significant improvements to our balance sheet. Our net debt is now at an all-time low of $15.0 million and our liquidity improved to $185.1 million by year end, ensuring we are well positioned to continue to reinvest in our business and consider other capital allocation alternatives to enhance long term value for shareholders," said Dominic Gammiero, Chairman of the Board.
Western Forest Products Inc. ("Western" or "the Company") today announced results for the fourth quarter and year ended December 31, 2012. The Company reported EBITDA of $14.2 million for the fourth quarter of 2012, compared to EBITDA of $11.6 million for the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $14.6 million ($0.03 per share), on sales of $231.2 million, which compared to a net income reported for the fourth quarter of 2011 of $3.3 million ($0.01 per share) on sales of $220.7 million.
| FINANCIAL SUMMARY | | | | | | |
| | | Three months
ended | Twelve months
ended |
| | | December 31 | | December 31 |
| (millions of dollars except where noted) | | 2012 | 2011(2) | | 2012 | 2011(2) |
| |
| Revenue | $ | 231.2 | $ 220.7 | $ | 925.4 | $ 853.7 |
| EBITDA | | 14.2 | 11.6 | | 50.6 | 61.6 |
| EBITDA as % of revenue | | 6.1% | 5.3% | | 5.5% | 7.2% |
| Operating income prior to restructuring items and other income (expenses) | | 20.9 | 5.0 | | 37.3 | 35.0 |
| Net income from continuing operations | | 14.8 | 3.6 | | 30.2 | 24.9 |
| Net income | | 14.6 | 3.3 | | 29.1 | 23.8 |
| Basic and diluted earnings per share (in dollars) | | 0.03 | 0.01 | | 0.06 | 0.05 |
| Net Debt at December 31 | | | | | 15.0 | 52.1 |
| Liquidity at December 31 | | | | | 185.1 | 112.1 |
| |