Market Overview

Interfor Reports Q2'18 Results

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Record EBITDA(1) of $124 million on Sales of $620 million 
Operating Cash Flow(1) of $1.76 per share 
49% Annualized Return on Invested Capital 
US$240 million of New Strategic Capital Projects in the South

VANCOUVER, B.C., Aug. 02, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION ("Interfor" or the "Company") (TSX:IFP) recorded net earnings in Q2'18 of $63.8 million, or $0.91 per share, compared to $33.0 million, or $0.47 per share in Q1'18 and $24.5 million, or $0.35 per share in Q2'17.  Adjusted net earnings in Q2'18 were $68.9 million or $0.98 per share, compared to $36.8 million, or $0.52 per share in Q1'18 and $28.7 million, or $0.41 per share in Q2'17.

Adjusted EBITDA was a record $123.8 million on sales of $619.9 million in Q2'18 versus $81.1 million on sales of $527.6 million in Q1'18.

Notable items in the quarter included:

• Higher Lumber Prices

  • The key benchmark prices improved quarter-over-quarter with the SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9' increasing by US$73, US$61 and US$94 per mfbm, respectively.  Interfor's average lumber selling price increased $65 from Q1'18 to $753 per mfbm.   

• Increased Production and Shipments

  • Total lumber production was a record 688 million board feet or 22 million board feet more than the prior quarter.  Production in the U.S. South region increased to 325 million board feet from 302 million board feet in the preceding quarter.  The B.C. and U.S. Northwest regions accounted for 215 million board feet and 148 million board feet, respectively, compared to 218 million board feet and 146 million board feet in Q1'18, respectively.  In Q2'18, the B.C Interior operations were negatively impacted by seven days of downtime at the Grand Forks mill, due to severe flooding in the region.

  • Total lumber shipments were 700 million board feet, of which 689 million board feet were Interfor produced volumes, with the balance of 11 million board feet being agency and wholesale volumes.  Total lumber shipments were 52 million board feet higher than Q1'18, as Q1'18 shipments were negatively impacted by industry-wide logistics issues, and particularly by weather-impacted rail constraints in B.C.  The Company's lumber inventory volume at June 30, 2018 was comparable to March 31, 2018.   

• Strong Cash Flows and Liquidity

  • Interfor generated $123.2 million of cash from operations before changes in working capital, or $1.76 per share.  Total cash generated from operations was $133.7 million.

  • Net debt ended the quarter at $34.4 million, or 3.4% of invested capital, resulting in available liquidity of $542.3 million. 

  • Capital spending was $23.3 million on a mix of high-return discretionary, maintenance and woodlands projects.

• Softwood Lumber Duties

  • Interfor expensed $14.8 million of duties in the quarter, representing the full amount of countervailing ("CV") and anti-dumping ("AD") duties incurred on its Canadian shipments of softwood lumber into the U.S. at a combined rate of 20.23%.

(1) Refer to Adjusted EBITDA and Operating cash flow per share in the Non-GAAP Measures section

Strategic Capital Plan

• Interfor continues to make progress on its multi-year strategic capital plan that involves a number of discretionary projects designed to capture the opportunities within its current operating platform and to pursue opportunities for further growth.  The strategic capital plan was advanced over the past quarter, including site preparation and mill readiness initiatives for the previously announced US$65 million of projects at the Meldrim, GA and Monticello, AR sawmills.  The projects remain on track for completion in Q1'19.  These projects are designed to increase production capacity by approximately 150 million board feet per year, as well as generate other benefits related to costs and product mix.

• In addition, the Company has received Board approval to proceed with three new strategic capital projects totaling US$240 million at its Thomaston, GA, Eatonton, GA and Georgetown, SC sawmills.  These projects include major modernizations and rebuilds, and are designed to increase production capacity by approximately 275 million board feet per year, as well as substantially reduce cash conversion costs, improve lumber recovery and enhance grade outturns and product mix.  The projects are expected to generate a pre-tax cash payback of less than five years, using conservative lumber price assumptions.  The projects are expected to be completed in various phases during 2019 to 2021.

• The Company is also undertaking a number of machine center upgrades at certain mills in B.C., the U.S. Northwest and the U.S. South.  These projects are planned for completion over the next 12 to 18 months.    

• The timeline for assessing and deciding upon greenfield sawmill opportunities in the Central Region of the U.S. South has been extended beyond mid-2018, as the Company focused on completing plans for its strategic capital projects.  With those projects now underway, the Company is in a position to further develop greenfield opportunities over the coming months.  A decision is dependent upon satisfactory conclusion of due diligence and assessment against Interfor's investment criteria.

Debt Financing

In conjunction with the planned increase in capital spending over the coming several years, Interfor modified its debt financing arrangements in order to further enhance its financial flexibility.  In particular, the Company entered into an agreement to extend US$84 million of its 2021 to 2023 term debt maturities to 2027 to 2029.  This transaction is expected to close in mid-August, upon which Interfor's weighted average interest rate on its term debt will be 4.47%.  In addition, Interfor recently extended the maturity of its US$50 million U.S. Operating Line by two years to June 15, 2021. 

Financial and Operating Highlights (1) 

    For the 3 months ended
    For the 6 months ended
 
    Jun. 30   Jun. 30   Mar. 31     Jun. 30   Jun. 30  
  Unit 2018   2017   2018   2018   2017  
                 
Financial Highlights(2)                
Total sales $MM 619.9   511.4   527.6   1,147.5   968.2  
Lumber $MM 527.0   433.7   445.9   972.9   823.3  
Logs, residual products and other $MM 92.9   77.7   81.7   174.6   144.9  
Operating earnings $MM 85.9   42.7   46.5   132.4   73.1  
Net earnings $MM 63.8   24.5   33.0   96.8   44.2  
Net earnings per share, basic $/share 0.91   0.35   0.47   1.38   0.63  
Adjusted net earnings(3) $MM 68.9   28.7   36.8   105.7   51.5  
Adjusted net earnings per share, basic(3) $/share 0.98   0.41   0.52   1.51   0.73  
Operating cash flow per share (before working  capital changes)(3) $/share 1.76   1.05   1.08   2.84   1.90  
Adjusted EBITDA(3) $MM 123.8   77.4   81.1   204.8   137.7  
Adjusted EBITDA margin(3) % 20.0%   15.1%   15.4%   17.8%   14.2%  
                 
Total assets $MM 1,536.0   1,296.0   1,410.0   1,536.0   1,296.0  
Total debt $MM 263.4   259.5   257.9   263.4   259.5  
Net debt to invested capital(3) % 3.4%   21.1%   12.4%   3.4%   21.1%  
Annualized return on invested capital(3) % 48.5%   28.9%   32.4%   41.3%   26.1%  
                 
Operating Highlights                
Lumber production million fbm 688   655   666   1,354   1,295  
Total lumber sales million fbm 700   675   648   1,348   1,320  
Lumber sales - Interfor produced million fbm 689   654   635   1,324   1,278  
Lumber sales - wholesale and commission million fbm 11   21   13   24   42  
Lumber - average selling price(4) $/thousand fbm 753   642   688   722   624  
                 
Average USD/CAD exchange rate(5) 1 USD in CAD 1.2911   1.3449   1.2647   1.2781   1.3343  
Closing USD/CAD exchange rate(5) 1 USD in CAD 1.3168   1.2977   1.2894   1.3168   1.2977  
             

Notes:

(1)   Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
(2)   Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
(3)   Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company's consolidated financial statements.
(4)   Gross sales before duties.
(5)   Based on Bank of Canada foreign exchange rates.

 

Liquidity

Balance Sheet

Interfor maintained a strong financial position throughout Q2'18.  Net debt at June 30, 2018 was $34.4 million, or 3.4% of invested capital, representing a decrease of $183.8 million from June 30, 2017, and a decrease of $84.9 million from December 31, 2017.  The majority of the decrease in net debt in Q2'18 is attributed to strong cash flows generated from operations.  Net debt was negatively impacted by a weakened Canadian Dollar against the U.S. Dollar as all debt held was denominated in U.S. Dollars; this was partially hedged by the Company's U.S. Dollar cash balances. 

  For the 3 months ended Jun. 30,
    For the 6 months ended Jun. 30,
 
Thousands of Dollars   2018     2017       2018     2017  
           
Net debt          
Net debt, period opening, CAD $127,064   $306,676     $119,300   $289,551  
Net repayment on credit facilities, CAD   -     (59,468)       (1)     (40,218)  
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD   5,480     (6,359)       12,461     (9,063)  
Increase in cash and cash equivalents, CAD   (98,129)     (22,597)       (97,345)     (22,018)  
Net debt, period ending, CAD $34,415   $218,252     $34,415   $218,252  
           
Net debt components by currency          
U.S. Dollar debt, period opening, USD $200,000   $235,979     $200,000   $230,000  
Net repayment on credit facilities, USD   -     (35,979)       -     (30,000)  
U.S. Dollar debt, period ending, USD   200,000     200,000       200,000     200,000  
           
Spot rate, period end         1.3168     1.2977  
           
U.S. Dollar debt expressed in CAD         263,360     259,540  
Total debt, CAD         263,360     259,540  
Cash and cash equivalents, CAD         (228,945)     (41,288)  
Net debt, period ending, CAD       $34,415   $218,252  

As at June 30, 2018, the Company had net working capital of $417.1 million and available liquidity of $542.3 million, including unrestricted cash and borrowing capacity on operating and term line facilities. 

On June 15, 2018, the Company extended the maturity of its U.S. Operating line from May 1, 2019 to June 15, 2021, with no other significant changes.  On July 10, 2018, Interfor entered into an agreement to extend US$84 million of its 2021 to 2023 Senior Secured Note maturities to 2027 to 2029.  Upon completion of this transaction, which is expected in mid-August, Interfor's weighted average interest rate on its term debt will be 4.47%.   

These resources, in addition to cash generated from operations, will be used to support capital expenditures, working capital requirements and debt servicing commitments.  We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.

Capital Resources

The following table summarizes Interfor's credit facilities and availability as of June 30, 2018:

    Revolving Senior U.S.  
  Operating Term Secured Operating  
Thousands of Canadian Dollars Line Line Notes Line Total
Available line of credit $65,000 $200,000 $263,360 $65,840 $594,200
Maximum borrowing available $65,000 $200,000 $263,360 $65,840 $594,200
Less:          
Drawings   -   -   263,360   -   263,360
Outstanding letters of credit included in line utilization   13,899   -   -   3,239   17,138
Unused portion of facility $51,101 $200,000   $           - $62,601   313,702
           
Add: Unrestricted cash and cash equivalents           228,635
Available liquidity at June 30, 2018         $542,337

As of June 30, 2018, the Company had commitments for capital expenditures totaling $44.9 million. 

Non-GAAP Measures

This MD&A makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Net debt to invested capital, Operating cash flow per share (before working capital changes) and Return on invested capital which are used by the Company and certain investors to evaluate operating performance and financial position.  These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. 

The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company's unaudited interim consolidated financial statements prepared in accordance with IFRS:

  For the 3 months ended
  For the 6 months ended
 
  Jun. 30
  Jun. 30
  Mar.31
  Jun. 30
  Jun. 30
 
Thousands of Canadian Dollars except number of shares and per share amounts   2018   2017   2018   2018   2017  
           
Adjusted Net Earnings          
Net earnings $63,775   $24,512   $32,976   $96,751   $44,179  
Add:          
Restructuring costs and capital asset write-downs   4,669   1,457   236   4,905   1,802  
Other foreign exchange loss (gain)   (1,880)   913   (111)   (1,991)   1,094  
Long term incentive compensation expense   3,996   3,270   4,858   8,854   6,863  
Other expense   80   456   178   258   645  
Post closure wind-down costs and losses   -   5   4   4   13  
Income tax effect of above adjustments   (1,701)   (1,883)   (1,374)   (3,075)   (3,132)  
Adjusted net earnings $68,939   $28,730   $36,767   $105,706   $51,464  
Weighted average number of shares - basic ('000)   70,038   70,030   70,033   70,036   70,030  
Adjusted net earnings per share $0.98   $0.41   $0.52   $1.51   $0.73  
           
Adjusted EBITDA          
Net earnings $63,775   $24,512   $32,976   $96,751   $44,179  
Add:          
Depreciation of plant and equipment   20,851   19,967   20,068   40,919   39,570  
Depletion and amortization of timber, roads and other   8,350   10,024   9,417   17,767   16,321  
Restructuring costs and capital asset write-downs   4,669   1,457   236   4,905   1,802  
Finance costs   2,786   3,535   2,905   5,691   7,597  
Other foreign exchange loss (gain)   (1,880)   913   (111)   (1,991)   1,094  
Income tax expense   21,132   13,289   10,533   31,665   19,609  
EBITDA   119,683   73,697   76,024   195,707   130,172  
Add:          
Long term incentive compensation expense   3,996   3,270   4,858   8,854   6,863  
Other expense   80   456   178   258   645  
Post closure wind-down costs and losses   -   5   4   4   13  
Adjusted EBITDA $123,759   $77,428   $81,064   $204,823   $137,693  
Sales   $619,893   $511,376   $527,644   $1,147,537   $968,156  
Adjusted EBITDA margin   20.0%   15.1%   15.4%   17.8%   14.2%  
           
Net debt to invested capital          
Net debt          
Total debt $263,360   $259,540   $257,880   $263,360   $259,540  
Cash and cash equivalents   (228,945)   (41,288)   (130,816)   (228,945)   (41,288)  
Total net debt $34,415   $218,252   $127,064   $34,415   $218,252  
Invested capital          
Net debt $34,415   $218,252   $127,064   $34,415   $218,252  
Shareholders' equity   977,294   816,136   901,176   977,294   816,136  
Total invested capital $1,011,709   $1,034,388   $1,028,240   $1,011,709   $1,034,388  
Net debt to invested capital(1)   3.4%   21.1%   12.4%   3.4%   21.1%  
           
Operating cash flow per share (before working capital changes)          
Cash provided by operating activities $133,729   $105,816   $18,511   $152,240   $110,498  
Cash used in (generated from) operating working capital   (10,579)   (32,531)   56,973   46,394   22,502  
Operating cash flow (before working capital changes) $123,150   $73,285   $75,484   $198,634   $133,000  
Weighted average number of shares - basic ('000)   70,038   70,030   70,033   70,036   70,030  
Operating cash flow per share (before working capital changes) $1.76     $1.05     $1.08   $2.84   $1.90  
           
Annualized return on invested capital          
Adjusted EBITDA $123,759   $77,428   $81,064   $204,823   $137,693  
Invested capital, beginning of period $1,028,240   $1,111,424   $973,488   $973,488   $1,076,218  
Invested capital, end of period   1,011,709   1,034,388   1,028,240   1,011,709   1,034,388  
Average invested capital $1,019,975   $1,072,906   $1,000,864   $992,599   $1,055,303  
Adjusted EBITDA divided by average invested capital   12.1%   7.2%   8.1%   20.6%   13.0%  
Annualization factor   4.0   4.0   4.0   2.0   2.0  
Annualized return on invested capital   48.5%   28.9%   32.4%   41.3%   26.1%  
                       

Notes:
(1)  Net debt to invested capital as of the period end.


CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS    
For the three and six months ended June 30, 2018 and 2017 (unaudited)      
(thousands of Canadian Dollars except earnings per share) Three Months
  Three Months
  Six Months
  Six Months
 
    Jun. 30, 2018
  Jun. 30, 2017
  Jun. 30, 2018
  Jun. 30, 2017
 
           
Sales
$619,893   $511,376   $1,147,537   $968,156  
Costs and expenses:            
Production   467,355     414,205     886,937     798,282  
Selling and administration   13,952     12,435     28,025     24,881  
Long term incentive compensation expense   3,996     3,270     8,854     6,863  
U.S. countervailing and anti-dumping duty deposits   14,827     7,313     27,756     7,313  
Depreciation of plant and equipment   20,851     19,967     40,919     39,570  
Depletion and amortization of timber, roads and other   8,350     10,024     17,767     16,321  
      529,331     467,214     1,010,258     893,230  
         
Operating earnings before restructuring costs   90,562     44,162     137,279     74,926  
         
Restructuring costs   4,669     1,457     4,905     1,802  
Operating earnings   85,893     42,705     132,374     73,124  
         
Finance costs   (2,786)     (3,535)      (5,691)     (7,597)  
Other foreign exchange gain (loss)   1,880     (913)     1,991     (1,094)  
Other expense   (80)     (456)     (258)     (645)  
    (986)     (4,904)     (3,958)     (9,336)  
           
Earnings before income taxes   84,907     37,801     128,416     63,788  
           
Income tax expense:          
Current   1,567     380     2,337     686  
Deferred   19,565     12,909     29,328     18,923  
    21,132     13,289     31,665     19,609  
           
Net earnings $63,775   $24,512   $96,751   $44,179  
         
Net earnings per share, basic and diluted $0.91   $0.35   $1.38   $0.63  
                 


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
For the three and six months ended June 30, 2018 and 2017 (unaudited)      
(thousands of Canadian Dollars) Three Months Three Months
  Six Months
Six Months
 
    Jun. 30, 2018 Jun. 30, 2017
  Jun. 30, 2018
Jun. 30, 2017
 
         
Net earnings
$63,775  $24,512    $96,751  $44,179  
           
Other comprehensive income (loss):        
Items that will not be recycled to Net earnings:        
Defined benefit plan actuarial gain (loss), net of tax   1,004   (1,222)     1,889   (398)  
           
Items that are or may be recycled to Net earnings:        
Foreign currency translation differences for foreign operations, net of tax     11,130   (12,057)     23,977   (14,562)  
Loss in fair value of interest rate swaps   -   -     -   (11)  
Total items that are or may be recycled to Net earnings   11,130   (12,057)     23,977   (14,573)  
Total other comprehensive income (loss), net of tax   12,134   (13,279)     25,866   (14,971)  
         
Comprehensive income $75,909 $11,233   $122,617 $29,208  
         


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS    
For the three and six months ended June 30, 2018 and 2017 (unaudited)      
(thousands of Canadian Dollars) Three Months
  Three Months
  Six Months
  Six Months
 
    Jun. 30, 2018
  Jun. 30, 2017
  Jun. 30, 2018
  Jun. 30, 2017
 
Cash provided by (used in):         
Operating activities:
       
  Net earnings $63,775   $24,512   $96,751   $44,179  
  Items not involving cash:        
  Depreciation of plant and equipment   20,851     19,967     40,919     39,570  
  Depletion and amortization of timber, roads and other   8,350     10,024     17,767     16,321  
  Income tax expense   21,132     13,289     31,665     19,609  
  Finance costs   2,786     3,535     5,691     7,597  
  Other assets   (122)     231     (417)     182  
  Reforestation liability   (862)     (234)     1,427     2,309  
  Provisions and other liabilities   2,386     1,232     (456)     2,047  
  Stock options   209     155     346     261  
  Write-down of plant, equipment and intangibles   4,645     -     4,864     -  
  Unrealized foreign exchange gain   (80)     (1)     (181)     (9)  
  Other expense   80     575     258     934  
      123,150     73,285     198,634     133,000  
  Cash generated from (used in) operating working capital:        
  Trade accounts receivable and other   (13,074)     3,312     (23,970)     (12,256)  
  Inventories   2,111     (432)     (31,926)     (15,672)  
  Prepayments   1,541     2,365     (2,784)     (419)  
  Trade accounts payable and provisions   21,152     27,415     13,608     6,265  
  Income taxes paid   (1,151)     (129)     (1,322)     (420)  
    133,729     105,816     152,240     110,498  
                                       
Investing activities:                                      
  Additions to property, plant and equipment         (15,126)         (10,409)         (27,165)         (23,152)  
  Additions to roads and bridges         (8,086)         (9,429)         (14,168)         (16,531)  
  Additions to timber licences and other intangible assets         (63)         (531)         (50)         (1,365)  
  Proceeds on disposal of property, plant and equipment         76         423         185         398  
  Investments and other assets         (13,079)         (35)         (13,565)         (152)  
    (36,278)     (19,981)     (54,763)     (40,802)  
           
Financing activities:        
  Issuance of share capital, net of expenses    -     -     143     -  
  Interest payments   (2,438)     (3,211)     (5,114)     (6,753)  
  Debt refinancing costs   (2)     (42)     (3)     (170)  
  Change in operating line components of long-term debt   -     (40,918)     (1)     (65)  
  Additions to long term debt   -     -     -     76,107  
  Repayments of long term debt   -     (18,550)     -     (116,260)  
      (2,440)     (62,721)     (4,975)     47,141  
           
Foreign exchange gain (loss) on cash and        
  cash equivalents held in a foreign currency   3,118     (517)     4,843     (537)  
Increase in cash   98,129     22,597     97,345     22,018  
         
Cash and cash equivalents, beginning of period   130,816     18,691     131,600     19,270  
         
Cash and cash equivalents, end of period $228,945   $41,288   $228,945   $41,288  
                 


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
June 30, 2018 and December 31, 2017 (unaudited)      
(thousands of Canadian Dollars)        
        Jun. 30, 2018 Dec. 31, 2017
           
Assets
           
Current assets:            
Cash and cash equivalents     $228,945 $131,600
Trade accounts receivable and other       138,804   112,470
Income taxes receivable       511   1,289
Inventories       200,509   165,156
Prepayments       15,848   12,562
Investments and other assets       13,168   -
          597,785   423,077
         
Employee future benefits       2,662   502
Investments and other assets       7,053   6,404
Property, plant and equipment       672,692   670,830
Roads and bridges       25,275   24,092
Timber licences       65,402   66,589
Other intangible assets       10,677   14,170
Goodwill       153,736   147,081
Deferred income taxes       713   251
         
      $1,535,995 $1,352,996
         
Liabilities and Shareholders' Equity        
Current liabilities:        
Trade accounts payable and provisions     $167,625 $152,854
Reforestation liability       12,718   12,873
Income taxes payable       332   224
        180,675   165,951
           
Reforestation liability         29,259   27,535
Long term debt         263,360   250,900
Employee future benefits         8,116   8,249
Provisions and other liabilities         26,595   26,976
Deferred income taxes         50,696   19,197
           
Equity:          
Share capital       555,602   555,388
Contributed surplus       8,857   8,582
Translation reserve       64,697   40,720
Retained earnings       348,138   249,498
         
          977,294   854,188
           
      $1,535,995 $1,352,996
         

Approved on behalf of the Board:
                                                       
"L. Sauder"                                                         "Thomas V. Milroy"
Director                                                              Director

FORWARD-LOOKING STATEMENTS

This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "believes", "will", "should", "expects", "annualized" and similar expressions.  Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements.  Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, cyber-security measures, and other factors referenced herein and in Interfor's Annual Report available on www.sedar.com and www.interfor.com.  The forward-looking information and statements contained in this release are based on Interfor's current expectations and beliefs.  Readers are cautioned not to place undue reliance on forward-looking information or statements.  Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.

ABOUT INTERFOR

Interfor is a growth-oriented lumber company with operations in Canada and the United States.  The Company has annual production capacity of approximately 3.1 billion board feet and offers one of the most diverse lines of lumber products to customers around the world.  For more information about Interfor, visit our website at www.interfor.com.

The Company's unaudited consolidated financial statements and Management's Discussion and Analysis for Q2'18 are available at www.sedar.com and www.interfor.com

There will be a conference call on Friday, August 3, 2018 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company's release of its second quarter 2018 financial results.

The dial-in number is 1-866-559-8291.  The conference call will also be recorded for those unable to join in for the live discussion, and will be available until September 4, 2018.  The number to call is 1-855-859-2056, Passcode 3395576.

For further information:
Martin L. Juravsky, Senior Vice President and Chief Financial Officer
(604) 689-6873

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