IMPROVED RESULTS
It’s quarterly report season once again and two West Coast companies reported improved results last week for Q1 of 2010.
International Forest Products Limited (Interfor) reported a net loss of $3.4 million, or $0.07 per share for the first quarter of 2010 compared to a net loss of $13.6 million, or $0.29 per share for the same quarter of 2009 and a net loss of $5 million or $0.11 per share for the fourth quarter of 2009.
Before restructuring costs, foreign exchange gains (losses), other one-time items and a tax valuation allowance, the company’s net loss for the first quarter of 2010 amounted to $2.2 million, or $0.05 per share.
In the company’s review of operating results, they said near historic low housing starts continued to impact overall demand levels and product pricing, however they added that the price reported by Random Lengths for Western SPF 2x4 #2&Btr reached its highest level in 43 months in February.
Over at West Fraser Timber Co. Ltd. on Friday, they reported earnings “after discontinued operations” of $19 million or $0.45 per share for the first quarter of 2010. The company added, “earnings from continuing operations were $34 million or $0.79 per share on sales of $688 million.”
In the first quarter of 2009, West Fraser reported a loss after discontinued operations of $83 million and a loss from continuing operations of $80 million, while for the fourth quarter of 2009 they reported a loss after discontinued operations of $20 million and earnings from continuing operations of $8 million.
Other companies will report earnings over the next few weeks, including Canfor Corporation, which along with West Fraser, is one of North America's largest lumber producers.
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