Acadian Timber Corp. generated 4Q 2021 sales of $25.9 million, compared to $24.9 million in the prior year period.
Adjusted EBITDA was $6.3 million during the 4Q 2021, compared to $7.3 million in the prior year period and Adjusted EBITDA margin for the quarter was 24% compared to 29% in the prior year period.
Net income for the 4Q 2021 totaled $6.5 million, or $0.39 per share, compared to $15.3 million, or $0.92 per share in the same period of 2020. Net income was impacted by a combination of lower gains on non-cash items such as unrealized foreign exchange on long-term debt and fair value adjustments in 2021 compared to 2020.
Acadian generated FY 2021 sales of $95.7 million, compared to $91 million in the prior year. Adjusted EBITDA for the year ended December 31, 2021 was $22.5 million, compared to $21.5 million in the prior year, while Adjusted EBITDA margin was 23% compared to 24% in the prior year.
Net income for FY 2021 totaled $18.7 million, or $1.12 per share, compared to net income of $22.1 million, or $1.32 per share, in 2020. Net income was primarily impacted by lower gains on non-cash items such as unrealized foreign exchange on long-term debt and fair value adjustments in 2021 compared to 2020.
Acadian generated $16.9 million of Free Cash Flow during the year, compared to $15.2 million in 2020, and declared dividends of $19.4 million or $1.16 per share to its shareholders. Acadian’s balance sheet remains solid with $19.8 million of net liquidity as at December 31, 2021, which includes funds available under its credit facilities.
Acadian Timber Corp. is one of the largest timberland owners in Eastern Canada and the Northeastern U.S. and has a total of approximately 2.4 million acres of land under management. Acadian’s products include softwood and hardwood sawlogs, pulpwood and biomass by-products.
