Conifex 3rd Quarter Results Announced
Thursday, October 25, 2012 @ 3:59 AM
Prince George, B.C.- Conifex has released it’s third quarter results, and the bottom line for the quarter shows a loss of $3.7 million . That compares to a net loss of $2.4 million in the 2nd quarter and a net loss of $2.2 million for the third quarter of 2011.
The company reports lumber segment revenue ($54.4 million) was down by about $1.4 million compared to the previous quarter.
Conifex has also announced it is in well advanced negotiations with a significant financial institution to secure about $75 million in funding for its Mackenzie generation project. One alternative being pursued is to secure approximately $60 million in long-term senior secured project debt and approximately $15 million through a sale of a minority equity interest in the Mackenzie project. However, currently there can be no assurance that the Conifex will obtain the necessary funding for the project.
Comments
With the rate that they’re losing money in their present operations accelerating it’s small wonder there’s “no assurance that the Conifex will obtain the necessary funding for the project.” You’d think at some point their banker is going realise there’s little sense in piling up future income tax off-sets if the outfit can’t ever show a profit.
Good news. Wait till april and you will start paying your (fair) share of taxes again. Always good news to hear about these corporate pigs loosing money. We the people pay their tax bill for them and still they claim they loose money. Crooks. All they do is line their own pockets at our expense.
Soon the HST will be EXTINGUISHED. Along with the WHOLE liberal party.
And Conifex will be bailed out by the NDP …. for the benefit of the hard working people of Mackenzie ….. ;-)
“We the people pay their tax bill for them”
Says the person who regularly drives all the way to Alberta to avoid paying thier share of taxes… pot—>kettle
mattyc
How can you point fingers at someone or something for not paying taxes when you have bragged on this forum how you avoid paying sales and income tax. Hypocritical at best, criminal if caught.
I think I’ve got mattyc figured out. He’s a Liberal plant, put here to make the NDP and their supporters look bad with his nonsensical ramblings.
Its all based on projections people not to worry companys selling 2 and better lumber at 360. Their problem is finding and keeping skilled workers. Cant run the Mills without them.
I really hope the Mackenzie generation project gets off the ground. Maybe the Northern Trust should step forward?
There is so much hog fuel out there today that there is no place to put it all. Soon they will have to start up some of the old beehive burners again, or its going to become a serious fire hazard. The Northwood hog pile is a ticking time bomb IMO. Way too much stockpile on hand.
Out in the bush there is so much dead pine that could be put through the grinder that we could use another half dozen hog fuel powered generation plants in the central interior. I think its a big failure of the BC liberals and their mountain pine beetle management that we don’t already have a half dozen more plants online.
If Conifex can get their power generation plant online than that can make all the difference in the world for profitability. The contribution margin per 2×4 would increase substantially when a power generation plant is paying for its fair share of shared overhead costs… to say nothing of the profits one could earn from power sales.
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