All figures in Canadian dollars unless otherwise noted
Investors, analysts and other interested parties can access
Acadian Timber Corp.'s 2011 Third Quarter Results conference call
via webcast on Friday, October 28, 2011 at 12:00 p.m. ET at
http://www.acadiantimber.com/ or via teleconference at
1-800-319-4610, toll free in North America. For overseas calls
please dial +1-604-638-5340, at approximately 11:50 a.m. ET. The
teleconference taped rebroadcast can be accessed at 1-800-319-6413
or +1-604-638-9010 and enter passcode 2826.
Acadian Timber Corp. ("Acadian" or the "Company") (TSX:ADN)
today reported financial and operating results(1) for the three
months ended September 24, 2011 (the "third quarter").
For the third quarter of 2011, Acadian generated net sales of
$17.5 million on sales volume of 341 thousand m3, which represents
a $0.3 million, or 2%, decrease in net sales compared to the same
period in 2010.
EBITDA of $3.8 million for the third quarter of 2011 was $0.9
million lower than in the third quarter of 2010, and EBITDA margin
decreased to 22% from 26% in the same period of last year. The
decrease in margin is attributed to a lower contribution from the
land management services agreement and a higher percentage of
hardwood harvested during the quarter which typically generates
lower contributions to Acadian than softwoods.
"Acadian performed well in the third quarter despite very wet
weather conditions and challenges with labour supply in Maine" said
Reid Carter, Chief Executive Officer of Acadian. Mr. Carter further
noted that "Operating levels at Acadian's primary sawmill and at
pulp and paper customers are positive and in-yard log inventories
are low suggesting demand and pricing will remain firm."
For the nine months ended September 24, 2011, Acadian generated
net sales of $51.0 million on sales volume of 1,010 thousand m3 as
compared to net sales of $50.4 million on sales volume of 1,017
thousand m3 in the comparable period of 2010. EBITDA of $11.7
million during the nine months ended September 24, 2011 is $0.3
million higher than the comparable period of 2010 reflecting the
strong first quarter 2011 results.
(1)This news release makes reference to earnings before
interest, taxes, depreciation and amortization, and fair value
adjustments ("EBITDA") and free cash flow. Management believes that
EBITDA and free cash flow are key performance measures in
evaluating Acadian's operations and are important in enhancing
investors' understanding of the Company's operating performance. As
EBITDA and free cash flow do not have a standardized meaning
prescribed by International Financial Reporting Standards ("IFRS"),
they may not be comparable to similar measures presented by other
companies. As a result, we have provided in this news release
reconciliations of net income and cash flow from operations, as
determined in accordance with IFRS, to EBITDA and free cash
flow.
Review of Operations
Financial and Operating Highlights
Three Months Ended Nine Months Ended
---------------------------------------------------
(CAD thousands, except Sept 24, Sept 25, Sept 24, Sept 25,
per share information) 2011 2010 2011 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m3) 340.7 345.8 1,009.8 1,016.8
Net sales $ 17,535 $ 17,820 $ 51,014 $ 50,415
EBITDA 3,811 4,672 11,684 11,382
Free cash flow 3,183 3,608 10,198 8,196
Dividends declared 3,451 837 10,353 2,789
Net income (loss)1 (341) 3,039 2,332 28,684
Per share - fully
diluted
Net income (loss)1 (0.02) 0.18 0.14 1.71
Free cash flow 0.19 0.22 0.61 0.49
Dividends declared 0.21 0.05 0.62 0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net income (loss) includes the impact of deferred income tax expense,
depreciation and amortization expense, and fair value adjustments which
are non-cash items recorded in each respective period and, for 2010
only, the gain resulting from Acadian's corporate conversion on January
1, 2010.
International Financial Reporting Standards
Effective fiscal 2011, Acadian's financial results are reported
in accordance with International Financial Reporting Standards
("IFRS"). Comparative figures in this press release, previously
presented in GAAP, have been adjusted to conform to IFRS.
New Brunswick Timberlands
The table below summarizes operating and financial results for
New Brunswick Timberlands.
Three Months Ended September Three Months Ended September
24, 2011 25, 2010
---------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (thousands) (000s m3) (000s m3) (thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 98.0 99.0 $ 5,174 110.1 98.5 $ 5,150
Hardwood 121.1 119.5 6,886 86.0 96.5 5,587
Biomass 60.3 60.3 795 68.1 68.2 705
----------------------------------------------------------------------------
279.4 278.8 12,855 264.2 263.2 11,442
Other sales 1,418 1,828
----------------------------------------------------------------------------
Net sales $ 14,273 $ 13,270
----------------------------------------------------------------------------
EBITDA $ 3,410 $ 3,594
EBITDA
margin 24% 27%
----------------------------------------------------------------------------
Nine Months Ended September 24, Nine Months Ended September 25,
2011 2010
---------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (thousands) (000s m3) (000s m3) (thousands)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 352.8 351.6 $ 17,888 315.9 293.1 $ 15,358
Hardwood 346.3 337.7 19,807 299.9 337.3 18,933
Biomass 164.2 164.2 2,430 176.3 176.3 2,280
----------------------------------------------------------------------------
863.3 853.5 40,125 792.1 806.7 36,571
Other sales 2,696 2,854
----------------------------------------------------------------------------
Net sales $ 42,821 $ 39,425
----------------------------------------------------------------------------
EBITDA $ 10,904 $ 9,575
EBITDA
margin 25% 24%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 99 thousand m3,
120 thousand m3 and 60 thousand m3, respectively, for the third
quarter of 2011. Approximately 34% was sold as sawlogs, 44% as
pulpwood and 22% as biomass. This compares to 35% sold as sawlogs,
39% as pulpwood and 26% as biomass in the third quarter of
2010.
Net sales for the third quarter of 2011 were $14.3 million (2010
- $13.3 million) with an average selling price across all products
of $46.10 per m3 which compares to an average selling price of
$43.47 per m3 during the third quarter of 2010. The year-over-year
increase in the average selling price resulted from lower biomass
sales during the third quarter of 2011. Pricing across the primary
products was relatively flat compared to the third quarter of 2010.
Net sales for the first nine months ended September 24, 2011 were
$42.8 million, an increase of $3.4 million over the comparable
period of 2010.
Costs for the third quarter were $10.9 million (2010 - $9.7
million). Variable costs per m3 were 6% higher than the third
quarter of 2010 as a result of a 17% increase in hardwood sales
over the prior year. The delivered cost of hardwood logs is
typically higher than softwood because of longer transportation
distances.
EBITDA for the third quarter was $3.4 million, compared to $3.6
million in the comparable period of 2010. For the nine months ended
September 24, 2011, EBITDA was $10.9 million as compared to $9.6
million for the comparable period of 2010. EBITDA margin decreased
to 24%, as compared to 27% for the third quarter of 2010, primarily
reflecting the impact of an increased proportion of hardwood logs
in the sales mix.
During the third quarter of 2011, NB Timberlands experienced
four recordable safety incidents among employees and one recordable
incident among contractors.
Maine Timberlands
The table below summarizes operating and financial results for
Maine Timberlands.
Three Months Ended September Three Months Ended September
24, 2011 25, 2010
---------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (thousands) (000s m3) (000s m3) (thousands)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Softwood 43.8 44.1 $ 2,283 58.4 58.4 $ 3,102
Hardwood 14.0 13.8 781 23.1 21.3 1,275
Biomass 4.0 4.0 41 3.0 2.9 35
---------------------------------------------------------------------------
61.8 61.9 3,105 84.5 82.6 4,412
Other sales 157 138
---------------------------------------------------------------------------
Net sales $ 3,262 $ 4,550
---------------------------------------------------------------------------
EBITDA $ 549 $ 1,246
EBITDA
margin 17% 27%
---------------------------------------------------------------------------
Nine Months Ended September 24, Nine Months Ended September 25,
2011 2010
---------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) (thousands) (000s m3) (000s m3) (thousands)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Softwood 113.8 114.1 $ 5,968 152.3 152.0 $ 7,857
Hardwood 30.4 31.6 1,826 51.3 49.2 2,669
Biomass 10.6 10.6 98 9.0 8.9 157
---------------------------------------------------------------------------
154.8 156.3 7,892 212.6 210.1 10,683
Other sales 301 307
---------------------------------------------------------------------------
Net sales $ 8,193 $ 10,990
---------------------------------------------------------------------------
EBITDA $ 1,630 $ 2,669
EBITDA
margin 20% 24%
---------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 44 thousand m3, 14
thousand m3 and 4 thousand m3, respectively, for the third quarter
of 2011. Approximately 60% was sold as sawlogs, 34% as pulpwood and
6% as biomass. This compares to 54% sold as sawlogs, 42% as
pulpwood and 4% as biomass in the third quarter of 2010.
Net sales for the third quarter of 2011 were $3.3 million (2010
- $4.6 million) with an average selling price across all products
of $50.12 per m3 which compares to an average selling price of
$53.38 per m3 during the third quarter of 2010. This variance in
sales price was primarily attributable to foreign exchange as
average pricing across all products was relatively stable in US
dollar terms. Sales volume was limited due to very difficult
operating conditions owing to exceptionally wet weather and
challenging contractor availability due to the Maine government's
efforts to limit Canadian labourer's access to work in the state.
Net sales for the first nine months ended September 24, 2011 were
$8.2 million, a decrease of $2.8 million over the comparable period
of 2010 reflecting a 27% reduction in year-over-year harvest
volume.
Costs for the third quarter were $2.7 million (2010 - $3.3
million). Variable costs per m3 decreased 4% in Canadian dollar
terms as changes to contract rates made late in the second quarter
and increases in fuel costs were offset by foreign exchange.
Variable costs per m3 increased 2% in U.S. dollar terms.
EBITDA for the third quarter was $0.5 million, compared to $1.2
million in the comparable period of 2010. For the nine months ended
September 24, 2011, EBITDA was $1.6 million as compared to $2.7
million for the first nine months of 2010. EBITDA margin averaged
17% in the third quarter of 2011 as compared to 27% during the
third quarter of 2010. The reduction in margin reflects higher
costs and lower sales volume resulting in reduced contribution
towards fixed costs.
We are pleased to report that during the third quarter of 2011,
Maine Timberlands experienced no recordable safety incidents among
employees or contractors.
Market Outlook
The following Market Outlook contains forward-looking statements
about Acadian Timber Corp.'s market outlook for the remainder of
fiscal 2011 and 2012. Reference should be made to the
"Forward-looking Statements" section of this news release. For a
description of material factors that could cause actual results to
differ materially from the forward-looking statements in the
following, please see the Risk Factors section of our management's
discussion and analysis of Acadian's most recent Annual Report and
Annual Information Form available on our website at
www.acadiantimber.com or filed with SEDAR at www.sedar.com.
Signals for recovery of the U.S. housing market continue to be
very weak with most industry watchers suggesting 2012 will look
much like 2011 before a gradual recovery to historic trends during
the 2013 - 2015 period. This outlook suggests that any robust
recovery of Acadian's softwood sawlog market remains somewhat
distant. However, Acadian continues to benefit from most of its
softwood sawmilling customers maintaining active operations and, as
a result, demand for spruce-fir sawlogs continues to be reasonably
strong causing our outlook to be cautiously optimistic for the
remainder of 2011 and into 2012.
Markets for hardwood sawlogs remain stable and appear to have a
similar outlook for the foreseeable future.
Markets for both softwood and hardwood pulp logs remain strong
despite softening global pulp markets. Acadian's major pulpwood
customers are currently operating and actively competing for
deliveries suggesting prices will remain stable through year end.
The expected start-up of a groundwood paper mill in Maine is
expected to add to strong market demand for softwood pulpwood.
Biomass markets continue to face significant market challenges.
Cogeneration plants associated with manufacturing facilities are
generally in good shape, while stand-alone wood-to-energy plants
continue to suffer from depressed prices for electricity and
Renewable Energy Credits. Despite this challenging market
environment, Acadian continues to be able to sell all of its
biomass with a stable price outlook.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share,
payable on January 13, 2012 to shareholders of record on December
30, 2011.
Acadian Timber Corp. is a leading supplier of primary forest
products in Eastern Canada and the Northeastern U.S. With a total
of 2.4 million acres of land under management, Acadian is the
second largest timberland operator in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of
freehold timberlands in New Brunswick and Maine, and provides
management services relating to approximately 1.3 million acres of
Crown licensed timberlands. Acadian also owns and operates a forest
nursery in Second Falls, New Brunswick. Acadian's products include
softwood and hardwood sawlogs, pulpwood and biomass by-products,
sold to over 100 regional customers.
Acadian's shares are listed for trading on the Toronto Stock
Exchange under the symbol ADN.
For further information, please visit our website at
www.acadiantimber.com.
Forward-Looking Statements
This News Release contains forward-looking information and other
forward-looking statements within the meaning of applicable
Canadian securities laws that involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Acadian Timber Corp. and its
subsidiaries (collectively, "Acadian"), or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. When used in this News Release, such statements may
contain such words as "may," "will," "intend," "should," "expect,"
"believe," "outlook," "predict," "remain," "anticipate,"
"estimate," "potential," "continue," "plan," "could," "might,"
"project," "targeting" or the negative of these terms or other
similar terminology. Forward-looking information in this News
Release includes, without limitation, statements regarding
management's beliefs, intentions, results, performance, goals,
achievements, future events, plans and objectives, business
strategy, access to capital, liquidity and trading volumes,
dividends, taxes, capital expenditures, projected costs, and
similar statements concerning anticipated future events, results,
achievements, circumstances, performance or expectations that are
not historical facts. These statements which reflect management's
current expectations regarding future events and operating
performance are based on information currently available to
management and speak only as of the date of this News Release. All
forward-looking statements in this News Release are qualified by
these cautionary statements. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, should not be unduly
relied upon, and will not necessarily be accurate indications of
whether or not such results will be achieved. Factors that could
cause actual results to differ materially from the results
discussed in the forward-looking statements include, but are not
limited to: general economic and market conditions; product demand;
concentration of customers; commodity pricing; interest rate and
foreign currency fluctuations; seasonality; weather and natural
conditions; regulatory, trade or environmental policy changes;
changes in Canadian income tax law; economic situation of key
customers; and other risks and factors discussed under the heading
"Risk Factors" in each of the Annual Information Form dated March
28, 2011 and the Management Information Circular dated March 28,
2011, and other filings of Acadian made with securities regulatory
authorities, which are available on SEDAR at www.sedar.com.
Forward-looking information is based on various material factors
or assumptions, which are based on information currently available
to Acadian. Material factors or assumptions that were applied in
drawing a conclusion or making an estimate set out in the
forward-looking information may include, but are not limited to:
anticipated financial performance; business prospects; strategies;
regulatory developments; exchange rates; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour and services and the ability to
obtain financing on acceptable terms, which are subject to change
based on commodity prices, market conditions for timber and wood
products, and the economic situation of key customers. Readers are
cautioned that the preceding list of material factors or
assumptions is not exhaustive. Although the forward-looking
statements contained in this News Release are based upon what
management believes are reasonable assumptions, Acadian cannot
assure readers that actual results will be consistent with these
forward-looking statements. Certain statements in this News Release
may also be considered "financial outlook" for the purposes of
applicable Canadian securities laws, and such financial outlook may
not be appropriate for purposes other than this News Release. The
forward-looking statements in this News Release are made as of the
date of this News Release, and should not be relied upon as
representing Acadian's views as of any date subsequent to the date
of this News Release. Acadian assumes no obligation to update or
revise these forward-looking statements to reflect new information,
events, circumstances or otherwise, except as may be required by
applicable law.
Acadian Timber Corp.
Interim Consolidated Statements of Net Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Nine Months Ended
----------------------------------------------------------------------------
Sept. 24, Sept. 25, Sept. 24, Sept. 25,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net sales $ 17,535 $ 17,820 $ 51,014 $ 50,415
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 12,061 11,295 34,285 33,741
Selling, administration
and other 1,498 1,688 4,685 5,113
Depreciation and
amortization 137 122 409 363
----------------------------------------------------------------------------
13,696 13,105 39,379 39,217
----------------------------------------------------------------------------
Operating earnings 3,839 4,715 11,635 11,198
Interest expense, net (745) (962) (2,422) (2,818)
Other items:
Fair value adjustments (177) 84 (575) 1,511
Unrealized exchange loss
on long-term debt (2,941) - (3,928) -
Reforestation (174) (171) (467) (217)
Gain on sale of
timberlands 9 6 107 38
Gain on corporate
conversion - - - 21,086
----------------------------------------------------------------------------
Earnings (loss) before
income taxes (189) 3,672 4,350 30,798
Deferred tax expense (152) (633) (2,018) (2,114)
----------------------------------------------------------------------------
Net income (loss) for the
period $ (341) $ 3,039 $ 2,332 $ 28,684
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income (loss) per share
- basic $ (0.02) $ 0.18 $ 0.14 $ 1.71
Net income (loss) per share
- diluted $ (0.02) $ 0.18 $ 0.14 $ 1.71
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statements of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Nine Months Ended
----------------------------------------------------------------------------
Sept. 24, Sept. 25, Sept. 24, Sept. 25,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income (loss) $ (341) $ 3,039 $ 2,332 $ 28,684
----------------------------------------------------------------------------
Other comprehensive income
(loss)
Unrealized foreign
currency translation
income (loss) 3,366 (608) 3,134 (1,508)
Amortization of
derivatives designated as
hedges (48) - (270) -
----------------------------------------------------------------------------
Comprehensive income $ 2,977 $ 2,431 $ 5,196 $ 27,176
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at September 24, December 31, January 1,
(CAD thousands) 2011 2010 2010
----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 7,735 $ 7,333 $ 2,053
Accounts receivable and other
assets 10,514 7,252 6,265
Inventory 1,422 990 2,289
Derivative asset - 1,557 -
Note receivable - - 4,001
----------------------------------------------------------------------------
19,671 17,132 14,608
Timber 218,200 216,181 216,751
Property, plant and equipment 34,591 34,508 36,275
Investment property 875 875 875
Intangible Assets 6,140 6,140 6,140
Deferred income tax asset 5,431 7,522 -
----------------------------------------------------------------------------
$ 284,908 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 9,136 $ 4,483 $ 4,275
Dividends payable to shareholders 3,451 837 -
Debt - 73,752 -
----------------------------------------------------------------------------
12,587 79,072 4,275
Long-term debt 73,472 - 80,739
Deferred income tax liability 19,672 18,952 34,553
Shareholders' equity 179,177 184,334 155,082
----------------------------------------------------------------------------
$ 284,908 $ 282,358 $ 274,649
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Nine Months Ended
----------------------------------------------------------------------------
Sept. 24, Sept. 25, Sept. 24, Sept. 25,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Cash provided by (used
for):
----------------------------------------------------------------------------
Operating activities
Net income (loss) $ (341) $ 3,039 $ 2,332 $ 28,684
Adjustments to net
income (loss):
Deferred tax expense 152 633 2,018 2,114
Depreciation and
amortization 137 122 409 363
Fair value adjustments 177 (84) 575 (1,511)
Unrealized exchange
loss on long term debt 2,941 - 3,928 -
Interest expense, net 745 962 2,422 2,818
Interest paid, net (619) (962) (1,463) (2,818)
Gain on sale of
timberlands (9) (6) (107) (38)
Gain on corporate
conversion - - - (21,086)
----------------------------------------------------------------------------
3,183 3,704 10,114 8,526
Net change in non-cash
working capital
balances and other 1,457 (56) 2,179 (778)
----------------------------------------------------------------------------
4,640 3,648 12,293 7,748
----------------------------------------------------------------------------
Financing activities
Repayment of revolving
facility - (1,000) - (4,500)
Borrowing of term
facility - - 70,608 -
Repayment of bank term
credit facility and
term loan - - (73,639) -
Deferred financing costs - - (1,205) -
Dividends paid to
shareholders (3,451) (837) (7,739) (1,952)
----------------------------------------------------------------------------
(3,451) (1,837) (11,975) (6,452)
----------------------------------------------------------------------------
Investing activities
Additions to timber,
property, plant and
equipment (9) (106) (25) (370)
Proceeds from sale of
timberlands 9 10 109 40
----------------------------------------------------------------------------
- (96) 84 (330)
----------------------------------------------------------------------------
Increase in cash and
cash equivalents during
the period 1,189 1,715 402 996
Cash and cash
equivalents, beginning
of period 6,546 1,304 7,333 2,053
----------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 7,735 $ 3,019 $ 7,735 $ 3,019
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation to EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Nine Months Ended
----------------------------------------------------------------------------
Sept. 24, Sept. 25, Sept. 24, Sept. 25,
(CAD thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net income (loss)(1) $ (341) $ 3,039 $ 2,332 $ 28,684
Add (deduct):
Interest expense, net 745 962 2,422 2,818
Deferred tax expense 152 633 2,018 2,114
Depreciation and
amortization 137 122 409 363
Fair value adjustments 177 (84) 575 (1,511)
Unrealized exchange loss on
long-term debt 2,941 - 3,928 -
Gain on corporate conversion - - - (21,086)
----------------------------------------------------------------------------
EBITDA 3,811 4,672 11,684 11,382
Add (deduct):
Interest paid on debt, net (619) (962) (1,463) (2,818)
Capital expenditures (9) (106) (25) (370)
Gain on sale of timberlands (9) (6) (107) (38)
Proceeds on sale of
timberlands 9 10 109 40
----------------------------------------------------------------------------
Free cash flow $ 3,183 $ 3,608 $ 10,198 $ 8,196
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 837 $ 10,353 $ 2,789
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Payout ratio 108% 23% 102% 34%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net income (loss) includes the impact of deferred income tax expense,
depreciation and amortization expense, and fair value adjustments which
are non-cash items recorded in each respective period and, for 2010
only, the gain resulting from Acadian's corporate conversion on January
1, 2010.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications
604-661-9607rlee@acadiantimber.comwww.acadiantimber.com
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