ern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the Bern Proclaims Fourth Quarter 2022 Outcomes
VANCOUVER, British Columbia, Feb. 16, 2023 (GLOBE NEWSWIRE) — Western Forest Merchandise Inc. (TSX: WEF) (“Western” or the “Agency”) reported a web lack of $21.4 million and adjusted EBITDA of adversarial $11.9 million inside the fourth quarter of 2022. Outcomes mirror compressed margins on lower log and lumber manufacturing and shipments and $11.8 million of inventory provisions.
Web loss inside the fourth quarter of 2022 was $21.4 million ($0.07 per diluted share) as compared with web income of $6.6 million ($0.02 per diluted share) for the third quarter of 2022, and web income of $28.5 million ($0.08 per diluted share) inside the fourth quarter of 2021.
Highlights:
Effectively built-in the not too way back acquired Calvert property into WFP Engineered Merchandise LLC
Launched the Agency’s latest Sustainability Report, expanded to include full scope emissions data
Launched the Agency’s first Carbon Accounting Report detailing Western’s 100-year forecast lifecycle carbon analysis methodology, assumptions and outcomes with third social gathering restricted assurance on our carbon accounting modelling
Returned $6.9 million to shareholders through dividends and share buybacks
Maintained liquidity of $249.8 million to assist growth approach and balanced capital allocation
Western’s fourth quarter adjusted EBITDA was adversarial $11.9 million, as compared with adjusted EBITDA of $17.3 million inside the third quarter of 2022, and adjusted EBITDA of $52.5 million inside the fourth quarter of 2021. Working loss earlier to restructuring and totally different objects was $23.6 million, compared with income of $4.7 million inside the third quarter of 2022, and $39.4 million of income reported inside the fourth quarter of 2021.
(1000’s and 1000’s of Canadian {{dollars}} moreover per share portions
and the place in some other case well-known ) This autumn
2022 This autumn
2021 Q3
2022 Annual
2022 Annual
2021 Revenue $ 291.0 $ 327.9 $ 356.0 $ 1,444.0 $ 1,417.7 Export tax expense 4.7 4.6 8.0 38.9 29.8 Export tax restoration – (3.3 ) (18.0 ) (18.0 ) (3.3 ) Stumpage expense 27.9 25.8 36.4 118.0 63.9 Adjusted EBITDA (1) (11.9 ) 52.5 17.3 136.9 302.1 Adjusted EBITDA margin (1) (4% ) 16% 5% 9% 21% Working income (loss) earlier to restructuring and totally different objects $ (23.6 ) $ 39.4 $ 4.7 $ 86.7 $ 247.4 Web income (loss) (21.4 ) 28.5 6.6 61.8 202.8 Earnings (loss) per share, diluted (0.07 ) 0.08 0.02 0.19 0.56 Web cash (debt) (2) , end of interval 15.8 130.0 35.4 Liquidity (1) , end of interval 249.8 371.4 269.1
____________________
(1) Examine with Adjusted EBITDA, Liquidity, Adjusted EBITDA margin inside the Non-GAAP Financial Measures half.
(2) Web cash (debt), a supplemental measure, is printed as cash and cash equivalents a lot much less long-term debt and monetary establishment indebtedness.
“Our 2022 fourth quarter outcomes mirror depressed pricing and reduce manufacturing from market-driven downtime all through our working platform,” said Western President and CEO Steven Hofer. “We’re cautiously optimistic that improved seasonal demand for our specialty setting up merchandise in North America and Japan will assist improved pricing all through the primary half of 2023. Continued funding in gear and know-how to produce higher-value merchandise and improve working effectivity stays a highlight, with the completion of capital upgrades to the Agency’s Duke Degree planer facility demonstrating progress on the quarter.”
Board Succession
On February 16, 2023 the Board appointed Noordin Nanji and Peter Wijnbergen as part of its ongoing renewal and succession course of.
Mr. Nanji was beforehand a Companion of Stikeman Elliott LLP, the place his observe primarily centered on cross-border mergers and acquisitions, strategic transactions, know-how and firm governance. He beforehand held quite a few senior govt positions at Ballard Power Strategies, along with, most not too way back, Vice President, Method and Firm Development. Mr. Nanji has been acknowledged as a primary lawyer in firm, M&A, personal equity, forestry, firm finance and know-how. He holds a Juris Doctor from Osgoode Hall Regulation School and has been designated King’s Counsel.
Mr. Wijnbergen was beforehand the President and CEO of Norbord Inc. Earlier to his appointment as President and CEO, he held quite a few senior govt positions at Norbord Inc., along with Senior Vice President & Chief Working Officer and SVP Product sales, Promoting and advertising and marketing and Logistics. Mr. Wijnbergen has 35 years’ experience inside the forest merchandise commerce with roles spanning from enterprise enchancment, operations and product sales, promoting and logistics. He holds a Bachelor of Economics from, and has achieved the Govt Administration Program on the School of Toronto.
On February 16, 2023, as part of the Agency’s ongoing succession planning course of, Michael Waites, the earlier Chair of the Board, resigned and Daniel Nocente was appointed Chair of the Board. Mr. Nocente has been a director of the Agency since 2014 and was beforehand the Chair of the Audit Committee and Administration Helpful useful resource and Compensation Committee of the B
