Prince George, BC – After reaching an eight-year in late March, North American lumber prices corrected sharply in the second quarter, but Canfor’s sales held steady…

Canfor Corporation has announced an adjusted net income of $87.7-million dollars, or 61-cents per share, for the second quarter of 2013, up $17-million dollars from the first quarter.  Adjusted net income for the same period last year was $9.2-million dollars.

Company CEO, Don Kayne, says, "While North American prices showed a sharp correction after their highs earlier in the year, the second quarter’s lumber results were encouraging and reflect our continued commitment to being a top-quartile customer-focused supplier of lumber products in global markets."

While unseasonably wet weather in parts of the United States saw residential construction activity decline by 9-percent over the first three months of the year, the slip was tempered by a six-percent climb in Canadian housing starts.  More stable offshore pricing and strong North American shipments at the start of the quarter helped offset the lumber price correction in May and June.

Looking ahead, Kayne says Canfor’s sawmill upgrades for Mackenzie and Elko remain on-target for completion in the third quarter.  He says the recent flooding in southeast BC will adversely impact the profile and cost of logs in the region for the quarter.