Canfor Corp. Takes a Financial Beating
By 250 News
Saturday, October 29, 2005 08:36 AM
The third-quarter financial figures are out for Canfor Corporation and the news is not good.
The forest company is reporting a net income of 17.4-million dollars, down from 25.3-million in the previous quarter and substantially lower than the 200-million dollars in the third-quarter of 2004.
"As a result of challenging commodity prices and the strengthening Canadian dollar, this was a difficult quarter financially, " says Canfor President and CEO Jim Shepherd, "However we'll weather difficult markets through continued operational improvements, benefits from recent investments in our mills and the company's strong financial condition."
Shepherd says he's looking forward to Canfor's joint venture with Louisiana Pacific -- an oriented strand board plant -- starting up next month in northeastern B.C..
In addition, Canfor has entered into an agreement with the province with respect to the timber take-back resulting from the Forestry Revitalization Plan. Shepherd says the company will receive 62-million dollars in compensation for the loss of approximately 2.4-million cubic metres of its replaceable forest tenures, mainly in the Prince George, Vanderhoof and Mackenzie areas.
The Company President plans to host a conference call on the financial results on Monday morning at 8 a.m. pacific that will be web-cast live at www.canfor.com
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Posted by: Don Mackenzie on October 29 2005 9:14 AM