Conifex Timber Inc. reported results for the 3Q ended September 30, 2019. Adjusted EBITDA from continuing operations was negative $9.2 million for the quarter, which represented an improvement of $4 million over the 2Q 2019, primarily attributable to increased operating earnings, as the company said in the press release received by Lesprom Network.
Conifex Timber’s revenues totaled $65.2 million in the 3Q 2019, a decline of 32% from the prior quarter and 59% from the same quarter last year. The lower revenues were largely attributable to the lumber segment which recorded reduced shipments reflecting lower operating rates at its BC and Arkansas mills and a decline in sales realizations, particularly compared to the 3Q 2018.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
