Western Forest Products (WFSTF)

[flemsnopes]

First Quarter Highlights:

-- Record first quarter adjusted EBITDA of $62.9 million and net income of $53.8 million

-- Leveraged flexible operating platform to accelerate commodity shipments into North America

-- Achieved Company record quarterly average realized lumber price of $1,356 per thousand board feet

-- Signed an 8-year collective bargaining agreement with our unionized Ladysmith sawmill employees

-- Sold non-core assets for cash proceeds of $37.7 million

-- Repaid $69.7 million in debt, closing the period in a net cash position

-- Returned $6.1 million to shareholders via dividends and share repurchases

-- Available liquidity of $244.0 million to support growth and our balanced approach to capital allocation

Western's first quarter adjusted EBITDA was $62.9 million, as compared to negative adjusted EBITDA of $17.4 million in the first quarter of 2020 and adjusted EBITDA of $71.1 million reported in the fourth quarter of 2020. Fourth quarter financial results in 2020 benefited from a non-cash export tax recovery of $31.6 million arising from the finalization of 2017 and 2018 export tax rates. Operating income prior to restructuring and other items was $48.8 million, compared to a loss of $28.4 million in the first quarter of 2020, and $56.0 million of income reported in the fourth quarter of 2020.