By Canadian Press

Interfor’s $35.6 million Q3 loss includes writedowns, B.C. restructuring costs

Nov 8, 2019 | 8:32 AM

VANCOUVER — Interfor Corp. says it had a $35.6-million net loss in the third quarter, which included write-downs related to the permanent closure of a sawmill in Maple Ridge, B.C., as well as restructuring costs at its B.C. Coastal business.

The loss amounted to 53 cents per share and included $14 million of non-cash asset impairments at the Hammond sawmill and $17.8 million in expenses related to human resource matters and the retirement of CEO Duncan Davies.

Davies will retire at the end of the year and be replaced on Jan. 1 by Ian Fillinger, the company’s chief operating officer.

The August announcement of Interfor’s CEO succession plan was followed on Sept. 3 with a decision to permanently close the Hammond sawmill by the end of 2019 after its log and lumber inventories have been processed.

Interfor said Friday it also expects to receive fourth-quarter approval to complete its previously announced acquisition of B.C. Interior cutting rights and forestry licences, as well as certain liabilities, from Canadian Forest Products Ltd.

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Interfor’s adjusted loss for the three months ended Sept. 30,  amounted to $11.8 million or 17 cents per share, while sales totalled $486.5 million.

In last year’s third quarter, which has been restated for a change in accounting rules, Interfor had a net profit of $28.2 million or 40 cents per share. Adjusted net income was the same and sales totalled $570.5 million.

This report by The Canadian Press was first published Nov. 8, 2019.

Companies in this story: (TSX:IFP)

The Canadian Press