This document corrects and replaces the press release that was
issued for Acadian Timber Corp. on Feb. 12, 2013 at 4:35 PM EST due
to the correction of certain line item amounts on the consolidated
statements of comprehensive income and statements of cash flows for
the three months and year ended December 2012. These changes did
not affect the total amounts presented on the statements noted. The
complete and corrected release follows.
Investors, analysts and other interested parties can access
Acadian Timber Corp.'s 2012 Fourth Quarter Results conference call
via webcast on Wednesday, February 13, 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 December 31, 2012 (the "fourth quarter").
For the fourth quarter of 2012, Acadian generated net sales of
$18.4 million on sales volume of 327 thousand m3, which represents
a $3.3 million, or 22%, increase in net sales compared to the same
period in 2011.
Adjusted EBITDA of $5.1 million for the fourth quarter of 2012
was $1.3 million higher than in the fourth quarter of 2011, and
Adjusted EBITDA margin increased to 28% from 25% in the same period
of last year. The increase in margin is attributed to higher
contributions to fixed costs resulting from increased sales
volume.
For the year ended December 31, 2012, Acadian generated net
sales of $68.8 million on sales volume of 1,304 thousand m3 as
compared to net sales of $66.2 million on sales volume of 1,293
thousand m3 in 2011. Adjusted EBITDA of $16.5 million during the
year ended December 31, 2012 is $1.0 million higher than the prior
year.
"Acadian benefitted from strong demand and pricing for its
hardwood pulpwood and average selling prices for spruce fir sawlogs
remained robust in Acadian's Maine operations," said Reid Carter,
Chief Executive Officer of Acadian.
Review of Operations
Financial and Operating Highlights
Three Months Ended Year Ended
------------------------------------
(CAD thousands, except per share Dec 31 Dec 31 Dec 31 Dec 31
information) 2012 2011 2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales volume (000s m3) 327.1 283.6 1,303.5 1,293.4
Net sales $ 18,410 $ 15,139 $ 68,838 $ 66,153
Adjusted EBITDA 5,145 3,843 16,488 15,527
Free cash flow 4,368 2,239 14,022 12,437
Net income 3,791 11,427 13,729 13,759
Dividends declared 3,451 3,451 13,804 13,804
Per share - fully diluted
Free cash flow 0.26 0.13 0.84 0.74
Net income 0.23 0.68 0.82 0.82
Dividends declared 0.21 0.21 0.83 0.83
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Despite weak markets for softwood pulp and pine sawlogs,
Acadian's New Brunswick operations performed very well in the
fourth quarter with strong production and sales. This strong
performance was further supported by increased harvest levels at
Acadian's higher margin Maine operations which benefited from
improved summer and fall weather compared to the prior year along
with improved harvesting and hauling contractor availability.
New Brunswick Timberlands
The tables below summarize operating and financial results for
New Brunswick Timberlands:
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 96.9 96.5 $ 4,855 80.3 78.2 $ 4,195
Hardwood 104.8 102.2 6,276 93.9 80.6 4,952
Biomass 39.0 39.0 932 55.3 55.3 1,145
----------------------------------------------------------------------------
240.7 237.7 12,063 229.5 214.1 10,292
Other sales 1,680 986
----------------------------------------------------------------------------
Net sales $ 13,743 $ 11,278
----------------------------------------------------------------------------
Adjusted EBITDA $ 4,012 $ 3,301
Adjusted EBITDA
margin 29% 29%
----------------------------------------------------------------------------
Year Ended Year Ended
December 31, 2012 December 31, 2011
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 398.9 403.8 $ 20,268 433.1 429.8 $ 22,083
Hardwood 403.8 416.9 25,150 440.2 418.3 24,759
Biomass 198.7 198.7 3,677 219.5 219.5 3,575
----------------------------------------------------------------------------
1,001.4 1,019.4 49,095 1,092.8 1,067.6 50,417
Other sales 3,930 3,682
----------------------------------------------------------------------------
Net sales $ 53,025 $ 54,099
----------------------------------------------------------------------------
Adjusted EBITDA $ 13,239 $ 14,205
Adjusted EBITDA
margin 25% 26%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 97 thousand m3,
102 thousand m3 and 39 thousand m3, respectively, during the fourth
quarter. This represents a year-over-year increase in sales volume
of 23 thousand m3 or 11%. Approximately 42% of sales volume was
sold as sawlogs, 42% as pulpwood and 16% as biomass in the fourth
quarter. This compares to 39% of sales volume sold as sawlogs, 35%
as pulpwood and 26% as biomass in the fourth quarter of 2011.
Net sales for the fourth quarter totaled $13.7 million compared
to $11.3 million for the same period last year. This was primarily
the result of the increase in sales volume as harvest activities in
the fourth quarter of the prior year were constrained to bring the
annual harvest in line with LRSY after having increased harvesting
in the first three quarters of 2011 to capture market
opportunities. The increase in other sales reflects lower operating
and road maintenance costs on the lands operated under Acadian's
timberland management services agreement. The weighted average log
selling price was $56 per m3 in the fourth quarter of 2012, a 3%
decrease from $58 per m3 in the same period of 2011.
Costs for the fourth quarter were $9.7 million, compared to $8.0
million in the same period in 2011. This is attributable to higher
volumes sold and increased hauling costs as a lower proportion of
sales were from log sort yards.
Adjusted EBITDA for the fourth quarter was $4.0 million,
compared to $3.3 million in the same period in 2011. Adjusted
EBITDA margin was unchanged from the prior year at 29% as modest
per unit variable cost increases and declines in average log
selling prices were offset by higher contributions to fixed costs
as a result of increased sales volume.
During the fourth quarter of 2012, NB Timberlands experienced
two reportable incidents among employees and no reportable
incidents among contractors.
Maine Timberlands
The tables below summarize operating and financial results for
Maine Timberlands:
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 57.9 57.7 $ 3,164 47.4 47.3 $ 2,527
Hardwood 28.5 24.1 1,382 21.4 20.3 1,266
Biomass 7.6 7.6 58 1.9 1.9 18
----------------------------------------------------------------------------
94.0 89.4 4,604 70.7 69.5 3,811
Other sales 63 50
----------------------------------------------------------------------------
Net sales $ 4,667 $ 3,861
----------------------------------------------------------------------------
Adjusted EBITDA $ 1,376 $ 878
Adjusted EBITDA
margin 29% 23%
----------------------------------------------------------------------------
Year Ended Year Ended
December 31, 2012 December 31, 2011
-------------------------------------------------------------
Harvest Sales Results Harvest Sales Results
(000s m3) (000s m3) ($000s) (000s m3) (000s m3) ($000s)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Softwood 199.6 199.2 $ 11,111 161.2 161.4 $ 8,495
Hardwood 74.8 68.8 4,144 51.8 51.9 3,092
Biomass 16.1 16.1 133 12.5 12.5 116
----------------------------------------------------------------------------
290.5 284.1 15,388 225.5 225.8 11,703
Other sales 425 351
----------------------------------------------------------------------------
Net sales $ 15,813 $ 12,054
----------------------------------------------------------------------------
Adjusted EBITDA $ 4,026 $ 2,508
Adjusted EBITDA
margin 25% 21%
----------------------------------------------------------------------------
Softwood, hardwood and biomass shipments were 58 thousand m3, 24
thousand m3, and 8 thousand m3, respectively, during the fourth
quarter. This represents a year-over-year increase in sales volume
of 20 thousand m3 or 29%. Approximately 51% of sales volume was
sold as sawlogs, 41% as pulpwood and 8% as biomass during the
fourth quarter. This compares to 57% of sales volume sold as
sawlogs, 40% as pulpwood and 3% as biomass in the fourth quarter of
2011.
Net sales for the fourth quarter totaled $4.7 million compared
to $3.9 million for the same period last year. The improvement was
primarily the result of increased sales volume resulting from
improved fall weather compared to the prior year along with
improved harvesting and hauling contractor availability. The
weighted average log selling price was $56 per m3 in the fourth
quarter of 2012, unchanged from $56 per m3 in the same period of
2011 in Canadian dollar terms. Weighted average log selling prices
increased 2% in U.S. dollar terms during the fourth quarter.
Costs for the fourth quarter were $3.3 million, compared to $3.0
million during the same period in 2011. This increase reflects
higher sales volume mostly offset by a 10% decrease in total costs
per m3.
Adjusted EBITDA for the fourth quarter was $1.4 million,
compared to $0.9 million for the same period in 2011, while
Adjusted EBITDA margin increased from 23% to 29%.
There were no recordable safety incident among employees and two
reportable incidents among contractors during the fourth quarter of
2012.
Market Outlook
The following Market Outlook contains forward-looking statements
about Acadian Timber Corp.'s market outlook for fiscal 2013.
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.
Seasonally adjusted annualized U.S. housing starts of 954
thousand in December 2012 were 37% above year-ago levels while
permits were up 29% year-over-year. For the year, housing starts
climbed 28% to 780 thousand from 609 thousand in 2011 and
inventories of new homes available for sale remain near 50-year
record lows. U.S. home pricing has clearly moved off the early 2012
bottom with the most recent Case-Schiller 20-City Home Price Index
showing a national increase of 5.5% year-over-year while the most
recent statistics from CoreLogic show home prices nationwide,
including distressed sales, moved up 7.4% year-over-year. This
represents the biggest increase since May 2006 and the ninth
consecutive increase in home prices nationally year-over-year.
Management believes the recovery of home prices removes a major
psychological impediment to home buyers standing on the sidelines
and should support increased rates of household formation.
Additionally, mortgage rates remain at record lows and housing
affordability is at near-record highs with mortgage underwriting
standards becoming more accommodative. While the consensus forecast
is somewhat of a moving target and risks to the forecasts are
expected to be on the upside, it appears a reasonable collection of
estimates is now projecting 925,000 housing starts for 2013, 1.15
million in 2014 and 1.42 million in 2015 - levels expected to
result in very strong markets for timber aimed at solid wood
products markets. In addition, Acadian's move to a new pricing
mechanism under the fibre supply agreement with one of its major
customers at the beginning of 2013 is expected to result in
spruce-fir sawlog pricing becoming a better reflection of market in
our New Brunswick operations.
Global pulp markets bottomed in the third quarter with strong
demand late in the fourth quarter bringing markets into balance.
Although pulp price increases have been announced for January and
February 2013, we expect producers to have limited ability to move
prices up from their current levels owing to ample global capacity.
Acadian's pulpwood customers, however, continue to have high
operating rates and markets for Acadian's hardwood pulpwood
continue to be strong. Markets for softwood pulpwood, a relatively
minor product for Acadian, remain adequate.
Markets for hardwood sawlogs and specialty products improved
slightly or were stable through 2012 with a similar outlook for
2013. Demand for biomass is expected to be stable, but at low price
levels, owing to continued low electricity prices and very low
prices for natural gas.
"While there may be volatility, we expect 2013 to be an exciting
year in the wood products industry. Acadian's adeptness in
identifying and accessing market opportunities will ensure returns
from all opportunities that arise are maximized in what is expected
to be the first full year of recovery for the industry since the
economic downturn in 2008," concluded Mr. Carter.
Quarterly Dividend
Acadian is pleased to announce a dividend of $0.20625 per share,
payable on April 15, 2013 to shareholders of record on March 29,
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 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" "approximately," 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; future production
volumes; concentration of customers; changes in competition;
commodity pricing; interest rate and foreign currency fluctuations;
seasonality; weather and natural conditions; regulatory, trade or
environmental policy changes; changes in labour costs or other
costs of production; changes in Canadian income tax law; economic
situation of key customers; and other risks and factors discussed
under the heading "Risk Factors" in the Annual Information Form of
Acadian Timber Corp. dated March 28, 2012, available on SEDAR at
www.sedar.com on or about March 28, 2012, and other filings of
Acadian with securities regulatory authorities 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, which are subject
to change based on commodity prices, market conditions for timber
and wood products, general economic and market conditions; product
demand; concentration of customers; commodity pricing; interest
rate and foreign currency rate fluctuations; seasonality; weather
and natural conditions; regulatory trade or environmental policy
changes; changes in Canadian income tax law; the economic situation
of key customers, and the utilization of the tax basis resulting
from the conversion from an income trust to a corporation. 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. Such
information has been included in the News Release to provide
readers with a sense of the future financial outlook of Acadian.
The forward-looking statements contained 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.
Consolidated Statements of Net Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31 Dec. 31 Dec. 31 Dec. 31
(CAD thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net sales $ 18,410 $ 15,139 $ 68,838 $ 66,153
----------------------------------------------------------------------------
Operating costs and expenses
Cost of sales 11,642 9,562 46,095 43,847
Selling, administration and other 1,509 1,661 5,885 6,346
Reforestation 174 73 493 540
Depreciation and amortization 137 139 548 548
----------------------------------------------------------------------------
13,462 11,435 53,021 51,281
----------------------------------------------------------------------------
Operating earnings 4,948 3,704 15,817 14,872
Interest expense, net (720) (735) (2,889) (3,157)
Other items
Unrealized exchange gain (loss) on
long-term debt (621) 455 2,148 (3,473)
Gain on sale of timberlands and
land 60 - 123 107
Fair value adjustments 1,475 14,076 1,924 13,501
Loss on revaluation of roads and
land (83) (1,527) (83) (1,527)
----------------------------------------------------------------------------
Earnings before income taxes 5,059 15,973 17,040 20,323
Deferred income tax expense (1,268) (4,546) (3,311) (6,564)
----------------------------------------------------------------------------
Net income for the period $ 3,791 $ 11,427 $ 13,729 $ 13,759
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share - basic and
diluted $ 0.23 $ 0.68 $ 0.82 $ 0.82
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Statements of Comprehensive Income
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31 Dec. 31 Dec. 31 Dec. 31
(CAD thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net income $ 3,791 $ 11,427 $ 13,729 $ 13,759
----------------------------------------------------------------------------
Other comprehensive income (loss)
Unrealized foreign currency
translation income (loss) 738 (575) (2,499) 2,559
Amortization of derivatives
designated as hedges (49) (51) (195) (321)
Gain (loss) on revaluation of
roads and land 413 (169) 413 (169)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Comprehensive income $ 4,893 $ 10,632 $ 11,448 $ 15,828
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Balance Sheets
(unaudited)
----------------------------------------------------------------------------
As at December 31 December 31
(CAD thousands) 2012 2011
----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 6,136 $ 4,019
Accounts receivable and other assets 6,619 8,726
Inventory 1,651 2,263
----------------------------------------------------------------------------
14,406 15,008
Timber 230,686 231,370
Land, roads and other fixed assets 33,307 33,438
Intangible assets 6,140 6,140
Deferred income tax asset 696 3,038
----------------------------------------------------------------------------
$ 285,235 $ 288,994
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 4,685 $ 4,534
Dividends payable to shareholders 3,451 3,451
----------------------------------------------------------------------------
8,136 7,985
Long term debt 71,173 73,079
Deferred income tax liability 21,924 21,572
Shareholders' equity 184,002 186,358
----------------------------------------------------------------------------
$ 285,235 $ 288,994
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acadian Timber Corp.
Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31 Dec. 31 Dec. 31 Dec. 31
(CAD thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Cash provided by (used for):
----------------------------------------------------------------------------
Operating activities
Net income $ 3,791 $ 11,427 $ 13,729 $ 13,759
Adjustments to net income
Deferred income tax expense 1,268 4,546 3,311 6,564
Depreciation and amortization 137 139 548 548
Fair value adjustments (1,475) (14,076) (1,924) (13,501)
Loss on revaluation of roads and
land 83 1,527 83 1,527
Unrealized exchange (gain) loss on
long term debt 621 (455) (2,148) 3,473
Interest expense, net 720 735 2,889 3,157
Interest paid, net (723) (1,584) (2,199) (3,047)
Gain on sale of timberlands (60) - (123) (107)
----------------------------------------------------------------------------
4,362 2,259 14,166 12,373
Net change in non-cash working
capital balances and other (1,162) (2,504) 1,899 (325)
----------------------------------------------------------------------------
3,200 (245) 16,065 12,048
----------------------------------------------------------------------------
Financing activities
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) (3,451) (13,804) (11,190)
----------------------------------------------------------------------------
(3,451) (3,451) (13,804) (15,426)
----------------------------------------------------------------------------
Investing activities
Additions to timber, land, roads and
fixed assets (54) (20) (269) (45)
Proceeds from sale of timberlands
and land 60 - 125 109
----------------------------------------------------------------------------
6 (20) (144) 64
----------------------------------------------------------------------------
Increase in cash and cash
equivalents during the period (245) (3,716) 2,117 (3,314)
Cash and cash equivalents, beginning
of period 6,381 7,735 4,019 7,333
----------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 6,136 $ 4,019 $ 6,136 $ 4,019
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation to Adjusted EBITDA and Free Cash Flow
----------------------------------------------------------------------------
Three Months Ended Year Ended
----------------------------------------------------------------------------
Dec. 31 Dec. 31 Dec. 31, Dec. 31,
(CAD thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net income $ 3,791 $ 11,427 $ 13,715 $ 13,759
Add (deduct):
Interest expense, net 720 735 2,889 3,157
Deferred income tax expense 1,268 4,546 3,426 6,564
Depreciation and amortization 137 139 548 548
Fair value adjustments (1,475) (14,076) (1,924) (13,501)
Revaluation of roads and land 83 1,527 83 1,527
Unrealized exchange (gain) loss on
long term debt 621 (455) (2,148) 3,473
----------------------------------------------------------------------------
Adjusted EBITDA 5,145 3,843 16,589 15,527
Add (deduct):
Interest paid on debt, net (723) (1,584) (2,199) (3,047)
Capital expenditures (54) (20) (269) (45)
Proceeds on sale of timberlands 60 - 125 109
Gain on sale of timberlands (60) - (123) (107)
----------------------------------------------------------------------------
Free cash flow $ 4,368 $ 2,239 $ 14,123 $ 12,437
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared $ 3,451 $ 3,451 $ 13,804 $ 13,804
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Payout ratio 79% 154% 98% 111%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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, unrealized
exchange gain/loss on debt, depreciation and amortization. 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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