Conifex Timber (TSX:CFF) announces Q2 2022 results and NCIB

• Conifex Timber (CFF) has reported financial and operating results for the second quarter ended June 30, 2022
• During the second quarter of 2022, the company generated net income of $12.3 million or $0.31 per share
• Lumber production in the second quarter of 2022 totalled approximately 51.4 million board feet
• Shipments of Conifex produced lumber totaled 55.5 million board feet in the second quarter of 2022
• On August 9, 2022, the company’s board of directors approved a normal course issuer bid to purchase up to 10 per cent of the public float
• Chairman of the Board Ken Shields sat down with Daniella Atkinson to discuss the news
• Conifex Timber is a Canada based forestry company
• Conifex Timber Inc. (CFF) opened trading at C$1.80 per share

Conifex Timber (CFF) has reported financial and operating results for the second quarter ended June 30, 2022. 

Select Q2, 2022 financial highlights:

• Operating income: $17.6 million
• Net income: $12.3 million
• EBITDA from continuing operations: 20.1 million

Lumber production in the second quarter of 2022 totalled approximately 51.4 million board feet, representing operating rates of approximately 86 per cent of annualized capacity. In the previous quarter, 47.1 million board feet of lumber were produced. 

Shipments of Conifex produced lumber totalled 55.5 million board feet in the second quarter of 2022, representing an increase of 31 per cent from the 42.5 million board feet shipped in the previous quarter.

Revenues from lumber products were $68.7 million in the second quarter of 2022 representing an increase of 13 per cent from the previous quarter.

On August 9, 2022, the company’s board of directors approved a normal course issuer bid to purchase up to 10 per cent of the public float. Subject to approval from the Toronto Stock Exchange, Conifex expects to begin the NCIB on September 1, 2022.

Chairman of the Board Ken Shields sat down with Daniella Atkinson to discuss the news.

Conifex’s primary business includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber finishing and distribution. Conifex’s lumber products are sold in the United States, Canadian and Japanese markets.

Conifex also produces bioenergy at its power generation facility at Mackenzie, BC.

Conifex Timber Inc. (CFF) opened trading at C$1.80 per share.