Canfor Reports Sizeable Fourth Quarter Loss
Wednesday, February 8, 2012 @ 2:19 PM
Vancouver, B.C. – Canfor Corporation is reporting a net loss attributable to shareholders of $44.1 million, or $0.31 per share, for the fourth quarter of 2011…
That continues a trend set in the third quarter but is more than double the loss of $21.6 million, or $0.15 per share, and the end of September, and is in stark contrast to the shareholder net income of $32.9 million, or $0.23 per share, for the fourth quarter of 2010.
For the year ended December 31, 2011, the Company’s shareholder net loss was $56.6 million, or $0.40 per share, compared to shareholder net income of $81.4 million, or $0.57 per share, for 2010.
The Company is also reporting an operating loss of $64.0 million for the fourth quarter of 2011 – an adverse variance of $78.5 million from operating income of $14.5 million in the third quarter of 2011. The loss is being attributed to re-structuring costs of $22.5 million related to the announced closures of the Company’s Rustad sawmill and Tackama plywood plant in the BC Interior, and asset impairment charges of $9.2 million relating to certain lumber and panels assets.
Commenting on the quarter, Canfor’s President and CEO, Don Kayne, said, “The fourth quarter provided challenges on several fronts. We saw weaker lumber and NBSK pulp realizations, related in part to the slowdown in demand from China, particularly for lower lumber grades, the ongoing slow U.S. recovery and overall global economic issues."
Comments
I wanted to make $100,000.00 last year but only made $80,000.00. I guess I can call that a $20,000.00 loss
I wonder if I can get a tax break on that.
I take it that you did not major in accounting tractor?
“The loss is being attributed to re-structuring costs of $22.5 million related to the announced closures of the Companyâs Rustad sawmill and Tackama plywood plant in the BC Interior, and asset impairment charges of $9.2 million relating to certain lumber and panels assets.”
Really? That happened last quarter? Maybe the announcement did but they didn’t pay the severance until 2012. They said they were going to pay it. Some people are still waiting for theirs and the second installment isn’t until December. So I guess they can report another loss this year.
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