Western Forest Products Inc T.WEF

Alternate Symbol(s): WFSTF

Forest Products Lumber & Wood Production

Western Forest Products Inc. is a Canada-based integrated forest products company building a margin-focused log and lumber business to compete in global softwood markets. The Company’s primary business is the sale of lumber and logs, which includes timber harvesting, sawmilling logs into specialty lumber, value-added lumber and glulam remanufacturing, and wholesaling purchased lumber. It has a lumber capacity of approximately 885 million board feet from six sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company's product categories include outdoor living, exterior appearance, LIFESTYLE CEDAR, interior living, structural, industrial and WFP engineered products. Its outdoor living products include decking, timbers and fencing products. Its LIFESTYLE CEDAR products include LIFESTYLE CEDAR Decking and LIFESTYLE CEDAR Fencing. Its WFP Engineered Products include curved and arched glulams, straight glulams, and fabricated trusses.

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Western Forest Products Inc

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Post by awol1on Feb 21, 2013 7:50pm

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Post# 21025978

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