Conifex Timber Recorded Significant Losses in 2023

SEATTLE (Scrap Monster): Conifex Timber Inc. announced results for the fourth quarter and full-year ended December 31, 2023.

The company reported net loss of $30.6 million or negative $0.77 per share for the year. This compares with net income of $0.61 per share in 2022. The EBITDA from continuing operations stood at negative $25.8 million for the year, compared to EBITDA of $46.7 million for the year. The Q4 net loss was $5.3 million, down from net loss of $8 million in Q3 2023, press release said.

ALSO READ:

Conifex Timber Expects Lumber Prices to Dip in Q4

Conifex to Curtail Production at Mackenzie, B.C. Sawmill

The lumber production by Conifex totalled 155.8 million board feet in 2023, at an annual operating rate of 65%. The reduction in operating schedule to a one-shift basis for a twelve week period beginning in October has impacted the company’s lumber production. It must be noted that the company had produced 165.9 million board feet of lumber in 2022.

The shipments of Conifex-produced lumber recorded significant decline by 12% from 2022 to total 152.6 million board feet in 2023. The revenues from lumber products stood at $98.9 million in 2023, representing a dip of 49% from the prior year. Meantime, the overall production costs stood marginally higher in 2023, as compared with 2022.

Conifex Timber produced 33.2 million board feet of lumber in the fourth quarter of 2023. The shipments of Conifex produced lumber totalled 39.1 million board feet in Q4 2023. The revenues from lumber products were $24.8 million.