Press Release: Conifex Announces Third Quarter 2021 Results
Press Release: Conifex Announces Third Quarter 2021 Results
Conifex Announces Third Quarter 2021 Results
Conifex宣佈2021年第三季度業績
VANCOUVER, B.C., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Conifex Timber Inc. ("Conifex", "we" or "us") (TSX: CFF) today reported results for the third quarter ended September 30, 2021. EBITDA* from continuing operations was positive $3.3 million compared to EBITDA of $7.6 million in the third quarter of 2020. Net loss was $0.9 million or $0.02 per share in the quarter versus earnings in the year-earlier quarter of $0.04 per share.
温哥華，不列顛哥倫比亞省，2021年11月9日(Global Newswire)--Conifex木材公司(Conifex、“We”或“Us”)(多倫多證券交易所市場代碼：CFF)今天公佈了截至2021年9月30日的第三季度業績。持續運營的EBITDA*為正330萬美元，而2020年第三季度的EBITDA為760萬美元。該季度淨虧損90萬美元，合每股0.02美元，而去年同期每股收益為0.04美元。
Selected Financial Highlights
精選財務亮點
The following table summarizes our selected financial information for the comparative periods. Unless otherwise noted, financial information reflects results of continuing operations from our Mackenzie sawmill and power plant.
下表彙總了我們選定的比較期間的財務信息。除非另有説明，否則財務信息反映的是我們麥肯齊鋸木廠和發電廠持續運營的結果。
(unaudited, in
millions of dollars,
except earnings per
share and share Q3 Q2 2021 YTD Q3 2020 YTD 2020
information) 2021 2021
-------------------- ------------- ---------- ------------------- ---------- ----------
Sales
Lumber -- Conifex
produced 25.9 80.1 145.9 30.7 56.3
Lumber --
wholesale 12.5 9.0 22.1 0.5 1.7
By-products 2.1 2.7 7.2 0.4 2.3
Bioenergy 7.1 4.7 15.5 6.0 18.7
-------------------- ------------ ---------- ------------------- ---------- ----------
47.6 96.5 190.7 37.6 79.0
-------------------- ------------ ---------- ------------------- ---------- ----------
Operating income
(loss) (0.7) 33.5 41.4 7.0 (1.2)
EBITDA from
continuing
operations(2) 3.3 37.8 50.7 7.6 7.0
Net income (loss)
from continuing
operations (0.9) 26.1 29.7 2.0 (8.9)
Net income (loss)
from discontinued
operations - - - - 0.2
Net income (loss) (0.9) 26.1 29.7 2.0 (8.8)
-------------------- ------------ ---------- ------------------- ---------- ----------
Basic and diluted
earnings (loss)
per share
Continuing
operations (0.02) 0.56 0.65 0.04 (0.19)
Discontinued
operations - - - - -
-------------------- ------------ ---------- ------------------- ---------- ----------
Total basic and
diluted earnings
(loss) per share (0.02) 0.56 0.65 0.04 (0.19)
-------------------- ------------ ---------- ------------------- ---------- ----------
Shares outstanding
-- weighted average
(millions) 44.6 46.0 45.7 47.0 47.0
Reconciliation of
EBITDA to net
income (loss)
Net income (loss)
from continuing
operations (0.9) 26.1 29.7 2.0 (8.9 )
Add: Finance costs 1.1 1.1 3.4 1.2 5.9
Amortization 3.4 2.1 7.6 2.9 6.9
Income tax expense
(recovery) (0.3) 8.5 10.0 1.5 (1.0 )
-------------------- ------------ ---------- ------------------- ---------- ----------
EBITDA from
continuing
operations(2) 3.3 37.8 50.7 7.6 2.9
-------------------- ------------ ---------- ------------------- ---------- ----------
(未經審計，在數百萬美元，除每股收益外共享2021年第三季度第二季度2020年第三季度2020年信息)2021年2021年-------------------- ------------- ---------- ------------------- ---------- ---------- 銷售額木材--康尼費克斯產量25.980.1 145.9 30.756.3木材--批發12.5 9.0 22.1 0.5 1.7副產品2.1 2.7 7.2 0.4 2.3生物能源7.1 4.7 15.5 6.0 18.7-------------------- ------------ ---------- ------------------- ---------- ---------- 47.6 96.5 190.7 37.6 79.0 -------------------- ------------ ---------- ------------------- ---------- ---------- 營業收入(虧損)(0.7)33.5 41.4 7.0(1.2)EBITDA來自繼續業務(2)3.3 37.8 50.7 7.6 7.0淨收益(虧損)從繼續營運(0.9)26.1 29.7 2.0(8.9)淨收益(虧損)從停產運營-0.2淨收益(虧損)(0.9)26.1 29.7 2.0(8.8)-------------------- ------------ ---------- ------------------- ---------- ---------- 基本的和稀釋的收益(虧損)每股持續營運量(0.02)0.56 0.65 0.04(0.19)停產運營-------------------- ------------ ---------- ------------------- ---------- ---------- 基本和合計攤薄收益每股虧損(0.02)0.56 0.65 0.04(0.19)-------------------- ------------ ---------- ------------------- ---------- ---------- 流通股--加權平均(百萬)44.6 46.0 45.7 47.0 47.0對賬EBITDA轉淨額收益(虧損)淨收益(虧損)從繼續營運(0.9)26.1 29.7 2.0(8.9)新增：融資成本1.1 1.1 3.4 1.2 5.9攤銷3.4 2.1 7.6 2.9 6.9所得税費用(復甦)(0.3)8.5 10.0 1.5(1.0)-------------------- ------------ ---------- ------------------- ---------- ---------- EBITDA來自繼續業務(2)3.3 37.8 50.7 7.6 2.9-------------------- ------------ ---------- ------------------- ---------- ----------
* Conifex's EBITDA calculation represents earnings before finance costs, taxes, depreciation and amortization. We disclose EBITDA as it is a measure used by analysts and by our management to evaluate our performance. As EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by International Financial Reporting Standards, it may not be comparable to EBITDA calculated by others and is not a substitute for net earnings or cash flows, and therefore readers should consider those measures in evaluating our performance.
*Conifex的EBITDA計算代表財務成本、税項、折舊和攤銷前的收益。我們披露EBITDA，因為它是分析師和我們的管理層用來評估我們業績的一種衡量標準。由於EBITDA是一項非GAAP指標，沒有國際財務報告準則規定的任何標準化含義，它可能無法與其他人計算的EBITDA進行比較，也不能替代淨收益或現金流量，因此讀者在評估我們的業績時應考慮這些指標。
Selected Operating Information
選定的操作信息
Q3 Q2 YTD Q3 YTD
2021 2021 2021 2020 2020
Production --
WSPF lumber
(MMfbm)((3)
() 40.1 49.0 140.1 48.0 88.6
Shipments --
WSPF lumber
(MMfbm) ((3)
() 34.1 55.5 127.4 39.2 85.3
Shipments --
wholesale
lumber
(MMfbm)((3)
() 6.0 5.8 12.5 0.7 2.3
Electricity
production
(GWh) 53.7 50.9 129.6 54.9 160.8
Average
exchange
rate --
$/US$((4)
() 0.794 0.814 0.799 0.751 0.739
Average WSPF
2x4 #2 & Btr
lumber price
(US$)((5) () $ 478 $ 1,290 $ 917 $ 768 $ 508
Average WSFP
2x4 #2 & Btr
lumber price
($)((6) () $ 602 $ 1,584 $ 1,144 $ 1,023 $ 684
------------- -------- -------- --- ------- --- ------- --- -------
第三季度第二季度YTD第三季度YTD 2021 2021 2021 2020 2020 製作--WSPF木材(MMfbm)((3)) () 40.1 49.0 140.1 48.0 88.6 貨件--WSPF木材(MMfbm)((3)) () 34.1 55.5 127.4 39.2 85.3 貨件--批發木材業(MMfbm)((3)) () 6.0 5.8 12.5 0.7 2.3 電生產53.750.9 129.6 54.9 160.8平均值兑換利率--美元/美元((4)) () 0.794 0.814 0.799 0.751 0.739 平均WSPF2x4#2和BTR木材價格(美元)((5)()$478$1,290$917$768$508平均WSFP2x4#2和BTR木材價格 ($)((6) () $ 602 $ 1,584 $ 1,144 $ 1,023 $ 684 ------------- -------- -------- --- ------- --- ------- --- -------
(1) Reflects results of continuing operations, except where otherwise noted.
(1)反映持續經營的結果，除非另有説明。
(2) Conifex's EBITDA calculation represents earnings before finance costs, taxes, depreciation and amortization.
(2)Conifex的EBITDA計算代表財務成本、税項、折舊和攤銷前的收益。
(3) MMfbm represents million board feet.
(3)MMfbm代表百萬英尺。
(4) Bank of Canada, www.bankofcanada.ca.
(4)加拿大銀行，www.banofcanada.ca。
(5) Random Lengths Publications Inc.
(5)Random Length Publications Inc.
(6) Average SPF 2x4 #2 & Btr lumber prices (US$) divided by average exchange rate.
(6)平均SPF 2x4#2&BTR木材價格(美元)除以平均匯率。
Summary of Third Quarter 2021 Results
2021年第三季度業績摘要
Consolidated Net Earnings
合併淨收益
During the third quarter of 2021, we incurred a net loss from continuing operations of $0.9 million or $0.02 per share compared to net income of $26.1 million or $0.56 per share in the previous quarter and $2.0 million or $0.04 per share in the third quarter of 2020.
2021年第三季度，我們持續運營產生的淨虧損為90萬美元，合每股0.02美元，而上一季度的淨收益為2610萬美元，合每股0.56美元，2020年第三季度的淨收益為200萬美元，合每股0.04美元。
Lumber Operations
木材業務
North American lumber market prices declined sharply in the first half of the third quarter of 2021 following the elevated lumber prices seen in the first half of the year. Market prices experienced a slide from the record-high levels driven by a slowdown in North American repair and remodelling activities and elevated lumber inventory supply in the market. US housing starts on a seasonally adjusted annual basis remained steady, averaging 1,565,000 in the third quarter of 2021, up 1% from the previous quarter and up 9% from the third quarter of 2020(1) . With the recovery of the repair and remodelling demand towards the end of the quarter, lumber market prices saw a gradual recovery, improving from a low of US$385 in mid-August 2021 to US$533 at the end of September 2021(2) .
繼今年上半年木材價格上漲後，北美木材市場價格在2021年第三季度上半年大幅下降。由於北美維修和改造活動放緩以及市場木材庫存供應增加，市場價格從創紀錄的高位下滑。美國經季節調整的房屋開工年率保持穩定，2021年第三季度平均為156.5萬套，比上一季度增長1%，比2020年第三季度增長9%(1)。隨着季末維修改造需求的復甦，木材市場價格逐步回升，從2021年8月中旬的385美元低點回升至2021年9月底的533美元(2)。
The US dollar averaged US$0.794 for each Canadian dollar during the third quarter of 2021, a level which represented a weakening of the Canadian dollar over the previous quarter(3) . Canadian dollar-denominated benchmark Western Spruce/Pine/Fir ("WSPF") prices, which averaged $602 in the third quarter of 2021, decreased by 62% or $982 from the previous quarter and by 41% or $421 from the third quarter of 2020.
2021年第三季度，美元兑1加元的平均匯率為0.794美元，這一水平代表着加元在上一季度的疲軟(3)。以加元計價的基準西部雲杉/鬆樹/冷杉(WSPF)價格在2021年第三季度平均為602美元，比前一季度下降了62%或982美元，比2020年第三季度下降了41%或421美元。
Our lumber production in the third quarter of 2021 totalled approximately 40.1 million board feet, representing operating rates of approximately 67% of annualized capacity. In the previous quarter, 49.0 million board feet of lumber was produced. The decrease in lumber production for the third quarter was largely driven by the temporary curtailment of lumber production operations for two weeks in August 2021. This curtailment was necessitated by the combined impact of record high delivered log costs and a collapse in lumber prices following the record high peak in pricing seen in the second quarter. In the third quarter of 2020, 48.0 million board feet of lumber was produced, reflecting the gradual ramp-up to normalized operating levels following a pandemic-related curtailment.
我們2021年第三季度的木材產量總計約4010萬板英尺，運行率約為年化產能的67%。上一季度，生產了4900萬板英尺的木材。第三季木材產量減少的主要原因是2021年8月木材生產作業暫時縮減兩週。這一削減是由於交割原木成本創歷史新高以及木材價格在第二季度達到創紀錄高位後價格暴跌的綜合影響。2020年第三季度，生產了4800萬板英尺的木材，反映出在大流行相關的削減之後，逐漸提高到正常化的運營水平。
Shipments of Conifex produced lumber totaled 34.1 million board feet in the third quarter of 2021, representing a decrease of 39% from the 55.5 million board feet shipped in the previous quarter and 13% from the 39.2 million board feet of lumber shipped in the third quarter of 2020. Shipments of Conifex produced lumber in the third quarter of 2021 were affected by the temporary curtailment at our Mackenzie sawmill and a shift in focus to offshore markets to minimize the impact of the depressed lumber pricing. Our wholesale lumber program shipped 6.0 million board feet in the third quarter of 2021, representing an increase of 3% from the 5.8 million board feet shipped in the second quarter of 2021 and 757% from the 0.7 million board feet shipped in the third quarter of 2020.
Conifex生產的木材出貨量在2021年第三季度總計3410萬板英尺，比上一季度的5550萬板英尺減少了39%，比2020年第三季度的3920萬板英尺減少了13%。2021年第三季度Conifex生產的木材出貨量受到我們Mackenzie鋸木廠暫時減產的影響，並將重點轉移到離岸市場，以最大限度地減少木材價格低迷的影響。我們的批發木材計劃在2021年第三季度發貨量為600萬板英尺，比2021年第二季度的580萬板英尺增長了3%，比2020年第三季度的70萬板英尺增長了757%。
Revenues from lumber products were $38.4 million in the third quarter of 2021 representing a decrease of 57% from the previous quarter and an increase of 23% from the third quarter of 2020. Compared to the previous quarter, the lower revenues in the current quarter were driven by lower shipment volumes and significantly reduced realized lumber prices. The revenue increase in the current quarter over the same period in the prior year is largely the result of the higher proportion of premium grade lumber shipped and sold.
2021年第三季度來自木材產品的收入為3840萬美元，比上一季度下降57%，比2020年第三季度增長23%。與上一季度相比，本季度收入下降的原因是出貨量減少和已實現木材價格大幅降低。本季度的收入比去年同期有所增加，這在很大程度上是優質木材發運和銷售比例上升的結果。
譯文內容由第三人軟體翻譯。