Canfor  has  released its second quarter results and the  it has recorded another loss, this time $38.8 million, which  is an  improvement on the net loss of $42.7 million  incurred in the  first quarter of 2007. It was almost a total reversal of the  second quarter of 2006 which recorded a  net gain of  $39.2 million dollars.

The company says  the slight improvement is primarily "the result of the beneficial effect of lumber inventory valuation changes in the respective quarters,  which more than offset the negative impact of the decline in Canadian dollar prices for lumber and the reduced income contribution from the pulp segment."

Canfor is so pleased with the job interim  President and CEO James Shepard has been doing, it  has given him the job full time, so he is no longer "interim".

“Canfor is in the midst of implementing a cost management program with the objective of sustaining the company’s strong cash position through these difficult industry conditions,” says  Shepard. “Much has been accomplished to date to lower costs through improved operating performance, reduced spending and payroll cost reductions. As we continue these efforts to streamline our cost structure, we will meet our customers’ needs for high quality wood products delivered through an efficient supply chain. While it has been a difficult few months, I would like to thank Canfor’s employees and suppliers for their strong support and continued cooperation while we weather these challenging times. These changes will position Canfor to take advantage of growth opportunities.”

In announcing Shepard is now the CEO, Peter Bentley, Chairman of the Canfor Board of Directors said  “The Board is extremely pleased with the leadership that Mr. Shepard is providing.”