Investors, analysts and other interested parties can access
Acadian Timber Corp.'s 2013 Second Quarter Results conference call
via webcast on Thursday, August 1, 2013 at 1:00 p.m. ET at
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 12:50 p.m. ET. The teleconference
taped rebroadcast can be accessed at 1-800-319-6413 or
+1-604-638-9010 and enter passcode 2826.
All figures in Canadian dollars unless otherwise noted
Acadian Timber Corp. ("Acadian" or the "Company") (TSX:ADN)
today reported financial and operating results(1) for the three
months ended June 29, 2013 (the "second quarter").
"The continued strengthening of softwood sawlog markets and the
implementation of the new pricing mechanism in Acadian's fibre
supply agreement in New Brunswick resulted in an increase in
softwood sawlog prices relative to the second quarter of 2012,"
said Reid Carter, Chief Executive Officer of Acadian. "Markets for
hardwood pulpwood also continue to be positive."
For the second quarter of 2013, Acadian generated net sales of
$15.6 million on sales volume of 331 thousand m3, which represents
a $1.4 million, or 9%, increase in net sales compared to the same
period in 2012. Operating results for the period benefitted from
sales carried over from the first quarter of 2013 under the
short-term vendor managed inventory ("VMI") program discussed in
Acadian's First Quarter 2013 Interim Report.
Adjusted EBITDA of $2.9 million for the second quarter of 2013
was $0.7 million higher than in the second quarter of 2012, while
Adjusted EBITDA margin increased to 19% from 15% in the same period
of last year.
For the six months ended June 29, 2013, Acadian generated net
sales of $33.9 million on sales volume of 670 thousand m3 as
compared to net sales of $32.9 million on sales volume of 658
thousand m3 in the comparable period of 2012. Adjusted EBITDA of
$7.6 million during the six months ended June 29, 2013 is $0.6
million higher than the first half of 2012.
Growth Strategy
Acadian is broadening its acquisition strategy to include
interests in timberlands outside of Eastern Canada and the
Northeastern U.S. markets. An integral part of this global strategy
will be Acadian's participation, along with institutional
investors, in partnerships, consortia and other investment
opportunities sponsored by Brookfield Asset Management Inc.
("Brookfield") targeting acquisitions that suit Acadian's profile.
Acadian's focus will be on investments in which Brookfield can
achieve sufficient influence or control to deploy an
operations-oriented approach to create value. Acadian will have an
opportunity to participate in such investments, which it will
evaluate on a case by case basis. Any such investment will be
subject to review and approval by Acadian's independent
directors.
To provide Acadian with additional funding flexibility to
implement this strategy, Acadian has been able to arrange a
stand-by equity commitment with Brookfield in an aggregate amount
of US$50 million for a 2-year duration subject to regulatory
approval. The equity commitment is structured so that Acadian may
call on the equity commitment in exchange for the issuance of a
number of common shares that corresponds to the amount of the
equity commitment called divided by the volume-weighted average of
the trading price for Acadian's common shares on the Toronto Stock
Exchange for a period of up to twenty trading days immediately
preceding the date of the call as approved by the Toronto Stock
Exchange. All issuances of shares pursuant to the equity commitment
will be subject to meeting Toronto Stock Exchange and other
applicable regulatory requirements (if any). Acadian and Brookfield
have also agreed to certain amendments to Acadian's existing
management services agreement to reflect this new strategy.
Management Team Changes
Acadian announced today the appointments of Ms. Erika Reilly as
Chief Financial Officer and Mr. Brian Banfill as Chief Operating
Officer. Ms. Reilly has been intimately involved with Acadian since
its inception and has 10 years of financial experience. Mr. Banfill
brings over 30 years of operational and financial experience in the
industry, including three years as Chief Financial Officer of
Acadian, to the newly formed position of Chief Operating
Officer.
Financial and Operating Highlights
Three Months Ended Six Months Ended
---------------------------------------------
(CAD thousands, except per June 29 June 30 June 29 June 30
share information) 2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m3) 330.5 306.0 669.7 657.5
Net sales $15,608 $14,257 $33,860 $32,905
Operating earnings 2,667 2,045 7,181 6,674
Net (loss) / income (857) 575 434 4,943
Adjusted EBITDA 2,897 2,196 7,552 6,966
Free cash flow 1,774 2,087 5,685 6,122
Dividends declared 3,451 3,451 6,902 6,902
Per share (fully diluted)
Net (loss) / income (0.05) 0.03 0.03 0.30
Free cash flow 0.11 0.12 0.34 0.37
Dividends declared 0.21 0.21 0.41 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net loss totaled $0.9 million, or $0.05 per share, for the
period ended June 29, 2013, a decrease of $1.4 million, or $0.09
per share, compared to the prior year with the change attributable
to improved sales volume and operating margin offset by a $1.1
million increase in the unrealized exchange loss on long-term debt
and a $1.4 million increase in deferred tax expense due to a change
in provincial tax rates in New Brunswick. Operating earnings for
the period at $2.7 million were $0.6 million higher than the second
quarter of 2012 reflecting the aforementioned higher sales volumes
and margins.
Acadian experienced typical seasonal operating conditions in the
second quarter. Harvest volume, excluding biomass, for the period
was 175 thousand m3, unchanged from the second quarter of 2012. The
second quarter of 2013 benefitted from 54,000 m3 of harvest volume
carried over from the first quarter of the year under the
short-term vender managed inventory ("VMI") program discussed in
Acadian's First Quarter 2013 Interim Report. As per the terms of
this agreement, all purchase commitments were met during the second
quarter with the volume carried over from the first quarter
contributing net sales of $2.9 million and Adjusted EBITDA of
approximately $1.6 million, in line with the guidance provided in
the First Quarter 2013 Interim Report.
Acadian's weighted average log price during the second quarter
increased 6% year-over-year primarily due to higher prices for, and
a greater volume of, softwood sawlogs. The continued strengthening
of softwood sawlog markets and the implementation of the new
pricing mechanism in Acadian's fibre supply agreement in New
Brunswick resulted in a 7% increase in softwood sawlog prices
relative to the second quarter of 2012. Prices for hardwood
sawlogs, which represented 10% of net sales, decreased by 3% as a
result of product mix. Selling prices for hardwood and softwood
pulpwood were effectively unchanged year-over-year. While hardwood
pulpwood markets continue to be positive, softwood pulpwood markets
began to slow as supply has outstripped demand and inventory levels
have increased at regional pulp mills. Biomass markets remained
stable with realized gross margin on this product unchanged
year-over-year.
New Brunswick Timberlands
The table below summarizes operating and financial results for
New Brunswick Timberlands.
Three Months Ended June 29, Three Months Ended June 30,
2013 2012
--------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 57.4 124.4 $ 6,538 54.2 130.4 $ 6,161
Hardwood 89.8 95.6 5,807 91.9 94.0 5,667
Biomass 68.2 68.2 1,199 46.3 46.3 748
----------------------------------------------------------------------------
215.4 288.2 13,544 192.4 270.7 12,576
Other sales (36) (184)
----------------------------------------------------------------------------
Net sales $ 13,508 $ 12,392
----------------------------------------------------------------------------
Adjusted
EBITDA $ 2,943 $ 2,485
Adjusted
EBITDA margin 22% 20%
----------------------------------------------------------------------------
Six Months Ended June 29, Six Months Ended June 30,
2013 2012
--------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 213.4 211.4 $ 11,111 209.7 212.6 $ 10,322
Hardwood 184.4 192.6 11,862 185.1 208.7 12,652
Biomass 113.1 113.1 2,018 106.1 106.1 1,868
----------------------------------------------------------------------------
510.9 517.1 24,991 500.9 527.4 24,842
Other sales 670 705
----------------------------------------------------------------------------
Net sales $ 25,661 $ 25,547
----------------------------------------------------------------------------
Adjusted
EBITDA $ 5,935 $ 5,601
Adjusted
EBITDA margin 23% 22%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 124 thousand m3,
96 thousand m3 and 68 thousand m3, respectively, for the second
quarter of 2013. Approximately 42% was sold as sawlogs, 34% as
pulpwood and 24% as biomass. This compares to 39% sold as sawlogs,
44% as pulpwood and 17% as biomass in the second quarter of
2012.
Net sales for the second quarter of 2013 were $13.5 million
(2012 - $12.4 million) with an average selling price across all log
products of $56.12 per m3, which compares to an average log selling
price of $52.68 per m3 during the second quarter of 2012. This
year-over-year increase in the average selling price reflects
general strengthening of markets and implementation of the new
pricing mechanism in Acadian's fibre supply agreement in New
Brunswick. Approximately $2.9 million of the sales during the
second quarter were the result of volume carried over from the
first quarter under the VMI. Net sales for the first six months
ended June 29, 2013 were $25.7 million, an increase of $0.1 million
over the first half of 2012.
Cash costs for the second quarter were $10.6 million (2012 -
$9.9 million). Variable costs per m3 of logs harvested were 6%
higher than the second quarter of 2012 due to higher hauling costs
owing to the harvest of more distant stands.
Adjusted EBITDA for the second quarter was $2.9 million,
compared to $2.5 million in the comparable period of 2012
reflecting higher sales volume and log prices, particularly for
softwood sawlogs. Adjusted EBITDA margin increased to 22%, as
compared to 20% for the second quarter of 2012.
NB Timberlands experienced two minor recordable safety incidents
among contractors and no recordable incidents involving employees
during the second quarter of 2013. In mid-July, NB Timberlands
successfully completed a surveillance audit under the Sustainable
Forestry Initiative.
Maine Timberlands
The table below summarizes operating and financial results for
Maine Timberlands.
Three Months Ended June 29, Three Months Ended June 30,
2013 2012
--------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 18.1 18.1 $ 875 20.4 21.6 $ 1,176
Hardwood 9.9 15.6 1,051 8.4 9.3 550
Biomass 8.6 8.6 44 4.4 4.4 34
----------------------------------------------------------------------------
36.6 42.3 1,970 33.2 35.3 1,760
Other sales 130 105
----------------------------------------------------------------------------
Net sales $ 2,100 $ 1,865
----------------------------------------------------------------------------
Adjusted
EBITDA $ 215 $ (7)
Adjusted
EBITDA margin 10% -%
----------------------------------------------------------------------------
Six Months Ended June 29, Six Months Ended June 30,
2013 2012
--------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 94.6 94.3 $ 5,217 96.4 96.2 $ 5,384
Hardwood 35.6 42.0 2,658 28.2 28.9 1,773
Biomass 16.3 16.3 125 5.0 5.0 53
----------------------------------------------------------------------------
146.5 152.6 8,000 129.6 130.1 7,210
Other sales 199 148
----------------------------------------------------------------------------
Net sales $ 8,199 $ 7,358
----------------------------------------------------------------------------
Adjusted
EBITDA $ 2,243 $ 1,801
Adjusted
EBITDA margin 27% 24%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 18 thousand m3, 16
thousand m3 and 9 thousand m3, respectively, for the second quarter
of 2013. Approximately 37% was sold as sawlogs, 43% as pulpwood and
20% as biomass. This compares to 52% sold as sawlogs, 35% as
pulpwood and 13% as biomass in the second quarter of 2012.
Net sales for the second quarter of 2013 were $2.1 million (2012
- $1.9 million) with an average selling price across all log
products of $57.30 per m3, comparable to the average log selling
price of $55.99 per m3 during the second quarter of 2012. Results
in the current quarter benefited from the sale of volumes harvested
in the prior two quarters that were held in inventory. Net sales
for the first six months ended June 29, 2013 were $8.2 million, an
increase of $0.8 million over the first half of 2012.
Variable costs per m3 of logs harvested for the second quarter
increased 3% compared to the prior year in U.S. dollar terms, and
6% in Canadian dollar terms, due to longer haul distances for
hardwood pulpwood. However, total cash costs of $2.0 million were
$0.1 million higher than the prior year as delayed road
construction activity due to wet weather conditions during the
quarter partially offset the harvest cost increases.
Adjusted EBITDA for the second quarter was $0.2 million,
compared to nil in the comparable period of 2012. Adjusted EBITDA
margin was 10% in the second quarter of 2013 as compared to nil
during the second quarter of 2012.
We are pleased to report that during the second quarter of 2013,
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 2013 and into 2014. 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.
The U.S. housing market continues to improve, albeit at a slower
pace than experienced in early 2013. As of June 2013, U.S housing
starts, as reported by the U.S. Census Bureau, are 10% above
year-ago levels at 836 thousand while permits are up 16%
year-over-year to 911 thousand. The outlook for U.S. housing
continues to be positive with low inventories of new homes
available for sale, improving rates of household formation, near
record low mortgage rates and home prices up approximately 12%
year-over-year. The first half of 2013 has offered a very positive
indication of how we might expect markets to respond to the
continued recovery of the U.S. housing market with Acadian's
softwood sawlog customers seeking additional deliveries and
supporting improved prices.
Our outlook for the remainder of 2013 and into 2014 remains
positive as demand for spruce-fir sawlogs continues to be strong,
despite the recent decline in softwood lumber pricing. Acadian's
softwood sawmilling customers continue to maintain very active
operations and appear to share our positive outlook for U.S.
housing. Markets for hardwood sawlogs remain stable and appear to
have a similar outlook for the foreseeable future.
After a recovery of regional softwood pulpwood markets in the
second half of 2012 and early 2013, markets have softened as there
has been an ample supply of sawmill residuals and raw material
supplies at regional pulp mills have increased. This is
particularly true in our New Brunswick operations where we expect
markets for softwood pulpwood to be challenging through the
remainder of 2013.
Markets for hardwood pulpwood have continued to be reasonably
strong with Acadian's major hardwood pulp customers all operating
suggesting that prices should remain stable through the remainder
of 2013.
Biomass markets continue to have little momentum although
Acadian continues to be able to sell all of its biomass with a
stable outlook for gross margins.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share,
payable on October 15, 2013 to shareholders of record on September
30, 2013.
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 approximately 90 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 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, growth strategy
and prospects, access to capital, liquidity and trading volumes,
dividends, taxes, capital expenditures, projected costs, market
trends 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; Brookfield's ability to source and secure potential
investment opportunities; the availability of potential
acquisitions that suit Acadian's growth profile;
and other risks and factors discussed under the heading "Risk
Factors" in each of the Annual Information Form dated March 28,
2013 and the Management Information Circular dated May 16, 2013,
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; anticipated market conditions;
business prospects; the economic situation of key customers;
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.
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. 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 Six Months Ended
----------------------------------------------------------------------------
June 29 June 30 June 29 June 30
(CAD thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net sales $ 15,608 $ 14,257 $ 33,860 $ 32,905
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 11,122 10,378 23,110 22,825
Selling, administration and
other 1,542 1,536 3,146 2,971
Reforestation 134 162 139 162
Depreciation and amortization 143 136 284 273
----------------------------------------------------------------------------
12,941 12,212 26,679 26,231
----------------------------------------------------------------------------
Operating earnings 2,667 2,045 7,181 6,674
Interest expense, net (773) (743) (1,512) (1,458)
Other items
Fair value adjustments 1,224 808 1,243 407
Unrealized exchange gain (loss)
on long-term debt (2,473) (1,399) (4,315) 370
Gain on sale of timberlands 87 15 87 19
----------------------------------------------------------------------------
Earnings before income taxes 732 726 2,684 6,012
Deferred tax expense (1,589) (151) (2,250) (1,069)
----------------------------------------------------------------------------
Net (loss) / income for the period $ (857) $ 575 $ 434 $ 4,943
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net (loss) / income per share -
basic and diluted $ (0.05) $ 0.03 $ 0.03 $ 0.30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statements of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 29 June 30 June 29 June 30
(CAD thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net (loss) / income $ (857) $ 575 $ 434 $ 4,943
----------------------------------------------------------------------------
Other comprehensive income (loss)
Items that may be reclassified
subsequently to net income:
Unrealized foreign currency
translation income (loss) 2,670 1,655 4,880 (417)
Amortization of derivatives
designated as hedges (45) (49) (95) (98)
----------------------------------------------------------------------------
Comprehensive income $ 1,768 $ 2,181 $ 5,219 $ 4,428
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at June 29 December 31
(CAD thousands) 2013 2012
----------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents $ 5,449 $ 6,136
Accounts receivable and other assets 8,292 6,619
Inventory 999 1,651
----------------------------------------------------------------------------
14,740 14,406
Timber 237,664 230,686
Land, roads and other fixed assets 34,316 33,307
Intangible Assets 6,140 6,140
Deferred income tax asset - 696
----------------------------------------------------------------------------
$ 292,860 $ 285,235
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 6,280 $ 4,685
Dividends payable to shareholders 3,451 3,451
----------------------------------------------------------------------------
9,731 8,136
Long-term debt 75,618 71,173
Deferred income tax liability 25,192 21,924
Shareholders' equity 182,319 184,002
----------------------------------------------------------------------------
$ 292,860 $ 285,235
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Interim Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 29 June 30 June 30 June 30
(CAD thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
Cash provided by (used for):
----------------------------------------------------------------------------
Operating activities
Net (loss) / income $ (857) $ 575 $ 434 $ 4,943
Adjustments to net (loss) / income:
Deferred tax expense 1,589 151 2,250 1,069
Depreciation and amortization 143 136 284 273
Fair value adjustments (1,224) (808) (1,243) (407)
Unrealized exchange (gain) loss
on long term debt 2,473 1,399 4,315 (370)
Interest expense, net 773 743 1,512 1,458
Interest paid, net (778) (16) (1,522) (736)
Gain on sale of timberlands (87) (15) (87) (19)
Net change in non-cash working
capital and other 684 1,008 530 2,889
----------------------------------------------------------------------------
2,716 3,173 6,473 9,100
----------------------------------------------------------------------------
Financing activities
Dividends paid to shareholders (3,451) (3,451) (6,902) (6,902)
----------------------------------------------------------------------------
(3,451) (3,451) (6,902) (6,902)
----------------------------------------------------------------------------
Investing activities
Additions to timber, land, roads and
other fixed assets (345) (95) (345) (110)
Proceeds from sale of timberlands 87 17 87 21
----------------------------------------------------------------------------
(258) (78) (258) (89)
----------------------------------------------------------------------------
Increase (decrease) in cash and cash
equivalents during the period (993) (356) (687) 2,109
Cash and cash equivalents, beginning
of period 6,442 6,484 6,136 4,019
----------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 5,449 $ 6,128 $ 5,449 $ 6,128
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliations to Adjusted EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
----------------------------------------------------------------------------
June 29 June 30 June 29 June 30
(CAD thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net (loss) / income $ (857) $ 575 $ 434 $ 4,943
Add (deduct):
Interest expense, net 773 743 1,512 1,458
Deferred tax expense 1,589 151 2,250 1,069
Depreciation and amortization 143 136 284 273
Fair value adjustments (1,224) (808) (1,243) (407)
Unrealized exchange (gain) loss
on long-term debt 2,473 1,399 4,315 (370)
----------------------------------------------------------------------------
Adjusted EBITDA 2,897 2,196 7,552 6,966
Add (deduct):
Interest paid on debt, net (778) (16) (1,522) (736)
Additions to timber, land, roads
and other fixed assets (345) (95) (345) (110)
Gain on sale of timberlands (87) (15) (87) (19)
Proceeds on sale of timberlands 87 17 87 21
----------------------------------------------------------------------------
Free cash flow $ 1,774 $ 2,087 $ 5,685 $ 6,122
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 3,451 $ 6,902 $ 6,902
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Payout ratio 195% 165% 121% 113%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) This news release makes reference to Adjusted EBITDA and
Free Cash Flow which are key performance measures in evaluating
Acadian's operations and are important in enhancing investors'
understanding of Acadian's operating performance. Acadian's
management defines Adjusted EBITDA as earnings before interest,
taxes, fair value adjustments, recovery of or impairment of land
and roads, unrealized exchange gain/loss on debt, depreciation and
amortization and Free Cash Flow as Adjusted EBITDA less interest
paid, current income tax expense, additions to, and gains from the
sale of, fixed assets plus losses on, and proceeds from, the sale
of fixed assets. As these performance measures do not have
standardized meanings 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, as
determined in accordance with IFRS, to Adjusted EBITDA and Free
Cash Flow.
Contacts: Acadian Timber Corp. Robert Lee Investor Relations and
Communications 604-661-9607rlee@acadiantimber.com
www.acadiantimber.com
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