Western Forest Products (WFSTF)

[flemsnopes]

Hopefully, WFSTF has turned the corner

Press Release: Western Announces Second Quarter 2020 Results

VANCOUVER, BC, Aug. 6, 2020 /PRNewswire/ - Western Forest Products Inc. (TSX: WEF) ("Western" or the "Company") reported adjusted EBITDA of $29.5 million in the second quarter of 2020. Despite the negative financial impacts and significant uncertainty arising from the novel Coronavirus pandemic ("COVID-19"), Western maintained employment and operating levels, and continued to service customers.

Net income of $8.5 million ($0.02 net income per diluted share) was reported for the second quarter of 2020, as compared to net loss of $0.7 million ($nil per diluted share) for the second quarter of 2019 and net loss of $21.0 million ($0.06 net loss per diluted share) in the first quarter of 2020.

Second Quarter Highlights:

-- Delivered improved second quarter adjusted EBITDA of $29.5 million

-- Rebuilt log inventory that had been depleted by a strike

-- Restarted operations at the Cowichan Bay sawmill

-- Closed with $95.1 million of available liquidity, exceeding ongoing

operating capital requirements