IFP:CC - Interfor Reports Q1'23 Results
Adjusted EBITDA of $26 million and Net Loss of $41 million
BURNABY, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded a Net loss in Q1’23 of $41.3 million, or $0.80 per share, compared to $72.2 million, or $1.40 per share in Q4’22 and Net earnings of $397.0 million, or $6.69 per share in Q1’22.
Adjusted EBITDA was $26.1 million on sales of $829.9 million in Q1’23 versus negative Adjusted EBITDA of $68.7 million on sales of $810.3 million in Q4’22 and Adjusted EBITDA of $570.1 million on sales of $1.3 billion in Q1’22.
Notable items in the quarter:
- Lower Lumber Prices
- Lumber prices continued to reflect softened demand driven by the elevated interest rate environment. Interfor’s average selling price was $639 per mfbm, down $60 per mfbm versus Q4’22. The Western SPF Composite, SYP Composite, KD H-F Stud 2x4 9’ and ESPF Composite price benchmarks decreased quarter-over-quarter by US$21, US$19, US$33 and US$24 per mfbm to US$399, US$442, US$428 and US$474 per mfbm, respectively.
- Lumber Production Balanced with Demand
- Lumber production totaled 1.0 billion board feet, representing an increase of 157 million board feet quarter-over-quarter. This growth was mostly driven by a decrease in temporary production curtailments in Q1’23 compared to Q4’22 and the first full quarter of contribution from two sawmills acquired in November 2022.
- The U.S. South and U.S. Northwest regions accounted for 473 million board feet and 142 million board feet, respectively, compared to 404 million board feet and 135 million board feet in Q4’22. The Eastern Canada region produced 250 million board feet versus 212 million board feet in Q4’22. Production in the B.C. region increased to 166 million board feet from 123 million board feet in Q4’22.
- Lumber shipments were 1.0 billion board feet, or 65 million board feet higher than Q4’22.
- Financial Flexibility Maintained
- Net debt at quarter-end was $880.0 million, or 30.7% of invested capital, while available liquidity was ample at $321.4 million.
- Liquidity is expected to be strengthened during the remainder of 2023 by the draw down of seasonally high working capital and income tax refunds totaling approximately $98.0 million related to over-installments for the 2022 tax year.
- Strategic Capital Investments
- Capital spending was $63.7 million, including $45.4 million on discretionary projects. The majority of this discretionary spending was focused on the multi-year rebuild of the Thomaston, GA sawmill, a new planer at the Castlegar, B.C. sawmill and upgrades to the Perry, GA sawmill.
- Total capital expenditures planned for 2023 have been reduced to approximately $210.0 million from $240.0 million in response to ongoing lumber market weakness. This reduction reflects the delay of certain components of ongoing strategic capital projects.
- Ongoing Monetization of Coastal B.C. Operations
- The Company is continuing to work with the Ministry of Forests to subdivide and transfer a number of forest tenures from its 1.57 million cubic metres of annual harvesting rights. The timing remains uncertain as to when the Ministry approval and certain contractual consents may be received.
- Softwood Lumber Duties
- Interfor expensed $10.7 million of duties in the quarter, representing the full amount of countervailing (“CV”) and anti-dumping (“AD”) duties incurred on shipments of softwood lumber from its Canadian operations to the U.S. at a combined rate of 8.59%.
- Interfor has cumulative duties of US$520.6 million, or approximately $10.00 per share after-tax, held in trust by U.S. Customs and Border Protection as at March 31, 2023. Except for US$156.8 million recorded as a receivable in respect of overpayments arising from duty rate adjustments and the fair value of rights to duties acquired, Interfor has recorded the duty deposits as an expense.
Outlook
North American lumber markets over the near term are expected to be volatile as the economy continues to adjust to inflationary pressures, elevated interest rates, labour shortages and geo-political uncertainty.
Interfor expects that over the mid-term, lumber markets will continue to benefit from favourable underlying supply and demand fundamentals. Positive demand factors include the advanced age of the U.S. housing stock, a shortage of available housing and various demographic factors, while growth in lumber supply is expected to be limited by extended capital project completion and ramp-up timelines, labour availability and constrained global fibre availability.
Interfor’s strategy of maintaining a diversified portfolio of operations in multiple regions allows the Company to both reduce risk and maximize returns on capital over the business cycle. Interfor is well positioned with its strong balance sheet and significant available liquidity to continue pursuing its strategic plans despite ongoing economic and geo-political uncertainty globally. In the event of a sustained lumber market downturn, Interfor maintains flexibility to significantly reduce capital expenditures and working capital levels, and to proactively adjust its lumber production to match demand.
Financial and Operating Highlights 1
| For the three months ended |
| Mar. 31 |
| Mar. 31 |
| Dec. 31 |
| Unit |
| 2023 |
| 2022 |
| 2022 |
| Financial Highlights 2 |
| Total sales |
| 829.9 |
| 1,349.0 |
| 810.3 |
| Lumber |
| 642.5 |
| 1,212.5 |
| 656.3 |
| Logs, residual products and other |
| 187.4 |
| 136.5 |
| 154.0 |
| Operating earnings (loss) |
| (36.2) |
| 512.7 |
| (114.8) |
| Net earnings (loss) |
| (41.3) |
| 397.0 |
| (72.2) |
| Net earnings (loss) per share, basic |
| $/share |
| (0.80) |
| 6.69 |
| (1.40) |
| Operating cash flow per share (before working capital changes) 3,5 |
| $/share |
| 0.47 |
| 6.18 |
| (1.75) |
| Adjusted EBITDA 3 |
| 26.1 |
| 570.1 |
| (68.7) |
| Adjusted EBITDA margin 3 |
| % |
| 3.1% |
| 42.3% |
| (8.5%) |
| Total assets |
| 3,695.1 |
| 3,081.4 |
| 3,619.8 |
| Total debt |
| 946.2 |
| 403.1 |
| 798.0 |
| Net debt 3 |
| 880.0 |
| 340.2 |
| 720.4 |
| Net debt to invested capital 3 |
| % |
| 30.7% |
| 15.8% |
| 26.2% |
| Annualized return on capital employed 3 |
| % |
| (5.0%) |
| 86.6% |
| (13.8%) |
| Operating Highlights |
| Lumber production |
| million fbm |
| 1,031 |
| 917 |
| 874 |
| Lumber sales |
| million fbm |
| 1,004 |
| 843 |
| 939 |
| Lumber - average selling price 4 |
| $/thousand fbm |
| 639 |
| 1,410 |
| 699 |
| Average USD/CAD exchange rate 6 |
| 1 USD in CAD |
| 1.3525 |
| 1.2662 |
| 1.3578 |
| Closing USD/CAD exchange rate 6 |
| 1 USD in CAD |
| 1.3533 |
| 1.2496 |
| 1.3544 |
Notes:
- Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
- Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
- Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company’s unaudited condensed consolidated interim financial statements.
- Gross sales including duties and freight.
- Financial information has been adjusted for a reclassification in the presentation of unrealized foreign exchange loss (gain) within cashflow from operations resulting in a $/share change of $(0.20) – Q1 2022.
- Based on Bank of Canada foreign exchange rates.
Liquidity
Balance Sheet
Interfor’s Net debt at March 31, 2023 was $880.0 million, or 30.7% of invested capital, representing an increase of $159.6 million from the level of Net debt at December 31, 2022.
As at March 31, 2023 the Company had net working capital of $512.9 million and available liquidity of $321.4 million, based on the available borrowing capacity under its $600 million Revolving Term Line (“Term Line”).
The Term Line and Senior Secured Notes are subject to financial covenants, including a net debt to total capitalization ratio and an EBITDA interest coverage ratio.
Management believes, based on circumstances known today, that Interfor has sufficient working capital and liquidity to fund operating and capital requirements for the foreseeable future.
| For the three months ended |
| Mar. 31 |
| Dec. 31 |
| Mar. 31 |
| Thousands of Dollars |
| 2023 |
| 2022 |
| 2022 |
| Net debt |
| Net debt (cash), period opening |
| $720,361 |
| $249,718 |
| $(162,886) |
| Net issuance of Senior Secured Notes |
| - |
| 270,160 |
| - |
| Revolving Term Line net drawings |
| 149,478 |
| 133,430 |
| 31,150 |
| Decrease in cash and cash equivalents |
| 10,810 |
| 73,812 |
| 478,203 |
| Foreign currency translation impact on U.S. Dollar denominated cash and cash equivalents and debt |
| (656) |
| (6,759) |
| (6,287) |
| Net debt, period ending |
| $879,993 |
| $720,361 |
| $340,180 |
On December 16, 2022, the Company completed an expansion of its Term Line. The commitment under the Term Line was increased by $100 million to a total of $600 million.
On December 1, 2022, the Company issued US$200 million of Series H Senior Secured Notes, bearing interest at 7.06% with principal payments of US$66.7 million due on December 26, 2031, 2032 and on final maturity in 2033.
Capital Resources
The following table summarizes Interfor’s credit facilities and availability as of March 31, 2023:
| Revolving |
| Senior |
| Term |
| Secured |
| Thousands of Canadian Dollars |
| Line |
| Notes |
| Total |
| Available line of credit and maximum borrowing available |
| $600,000 |
| $661,989 |
| $1,261,989 |
| Less: |
| Drawings |
| 284,193 |
| 661,989 |
| 946,182 |
| Outstanding letters of credit included in line utilization |
| 60,622 |
| - |
| 60,622 |
| Unused portion of facility |
| $255,185 |
| $- |
| 255,185 |
| Add: |
| Cash and cash equivalents |
| 66,189 |
| Available liquidity at March 31, 2023 |
| $321,374 |
Interfor’s Term Line matures in December 2026 and its Senior Secured Notes have maturities in the years 2023-2033.
As of March 31, 2023, the Company had commitments for capital expenditures totaling $156.9 million for both maintenance and discretionary capital projects.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net debt to invested capital, Operating cash flow per share (before working capital changes), and Annualized return on capital employed 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 audited consolidated financial statements (unaudited for interim periods) prepared in accordance with IFRS:
| For the three months ended |
| Mar. 31 |
| Mar. 31 |
| Dec. 31 |
| Thousands of Canadian Dollars except number of shares and per share amounts |
| 2023 |
| 2022 |
| 2022 |
| Adjusted EBITDA |
| Net earnings (loss) |
| $(41,289) |
| $397,031 |
| $(72,175) |
| Add: |
| Depreciation of plant and equipment |
| 45,054 |
| 33,113 |
| 39,594 |
| Depletion and amortization of timber, roads and other |
| 12,235 |
| 9,124 |
| 11,668 |
| Finance costs |
| 10,944 |
| 5,169 |
| 4,643 |
| Income tax expense (recovery) |
| (11,497) |
| 132,026 |
| (40,687) |
| EBITDA |
| 15,447 |
| 576,463 |
| (56,957) |
| Add: |
| Long-term incentive compensation expense (recovery) |
| 2,636 |
| 3,671 |
| (4,202) |
| Other foreign exchange gain |
| (17) |
| (12,823) |
| (11,274) |
| Other expense (income) excluding business interruption insurance |
| 6,424 |
| (395) |
| 4,719 |
| Asset write-downs and restructuring costs (recoveries) |
| 1,594 |
| 3,198 |
| (1,033) |
| Adjusted EBITDA |
| $26,084 |
| $570,114 |
| $(68,747) |
| Sales |
| $829,882 |
| $1,349,038 |
| $810,361 |
| Adjusted EBITDA margin |
| 3.1% |
| 42.3% |
| (8.5%) |
| Net debt to invested capital |
| Net debt |
| Total debt |
| $946,182 |
| $403,112 |
| $797,967 |
| Cash and cash equivalents |
| (66,189) |
| (62,932) |
| (77,606) |
| Total net debt |
| $879,993 |
| $340,180 |
| $720,361 |
| Invested capital |
| Net debt |
| $879,993 |
| $340,180 |
| $720,361 |
| Shareholders' equity |
| 1,985,246 |
| 1,817,371 |
| 2,027,038 |
| Total invested capital |
| $2,865,239 |
| $2,157,551 |
| $2,747,399 |
| Net debt to invested capital 1 |
| 30.7% |
| 15.8% |
| 26.2% |
| Operating cash flow per share (before working capital changes) 2 |
| Cash provided by (used in) operating activities |
| $(84,588) |
| $281,214 |
| $10,306 |
| Cash used in (generated from) operating working capital |
| 108,829 |
| 85,478 |
| (100,284) |
| Operating cash flow (before working capital changes) |
| $24,241 |
| $366,692 |
| $(89,978) |
| Weighted average number of shares - basic ('000) |
| 51,438 |
| 59,357 |
| 51,435 |
| Operating cash flow per share (before working capital changes) |
| $0.47 |
| $6.18 |
| $(1.75) |
| Annualized return on capital employed |
| Net earnings (loss) |
| $(41,289) |
| $397,031 |
| $(72,175) |
| Add: |
| Finance costs |
| 10,944 |
| 5,169 |
| 4,643 |
| Income tax expense (recovery) |
| (11,497) |
| 132,026 |
| (40,687) |
| Earnings (loss) before income taxes and finance costs |
| $(41,842) |
| $534,226 |
| $(108,219) |
| Capital employed |
| Total assets |
| $3,695,105 |
| $3,081,351 |
| $3,619,833 |
| Current liabilities |
| (342,977) |
| (472,686) |
| (325,997) |
| Less: |
| Current portion of long-term debt |
| 52,440 |
| 6,769 |
| 7,336 |
| Current portion of lease liabilities |
| 14,803 |
| 15,014 |
| 14,796 |
| Capital employed, end of period |
| $3,419,371 |
| $2,630,448 |
| $3,315,968 |
| Capital employed, beginning of period |
| 3,315,968 |
| 2,303,177 |
| 2,938,800 |
| Average capital employed |
| $3,367,670 |
| $2,466,812 |
| $3,127,384 |
| Earnings (loss) before income taxes and finance costs divided by average capital employed |
| (1.2%) |
| 21.7% |
| (3.5%) |
| Annualization factor |
| 4.0 |
| 4.0 |
| 4.0 |
| Annualized return on capital employed |
| (5.0%) |
| 86.6% |
| (13.8%) |
Notes:
- Net debt to invested capital as of the period end.
- Financial information has been adjusted for a reclassification in the presentation of unrealized foreign exchange loss (gain) within cashflow from operations resulting in a $/share change of $(0.20) – Q1 2022.
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) |
| For the three months ended March 31, 2023 and 2022 (unaudited) |
| (thousands of Canadian Dollars except per share amounts) |
| Three Months |
| Three Months |
| Mar. 31, 2023 |
| Mar. 31, 2022 |
| Sales |
| $829,882 |
| $1,349,038 |
| Costs and expenses: |
| Production |
| 776,732 |
| 733,830 |
| Selling and administration |
| 17,201 |
| 17,628 |
| Long-term incentive compensation expense |
| 2,636 |
| 3,671 |
| U.S. countervailing and anti-dumping duty deposits |
| 10,669 |
| 35,817 |
| Depreciation of plant and equipment |
| 45,054 |
| 33,113 |
| Depletion and amortization of timber, roads and other |
| 12,235 |
| 9,124 |
| 864,527 |
| 833,183 |
| Operating earnings (loss) before asset write-downs and restructuring costs |
| (34,645) |
| 515,855 |
| Asset write-downs and restructuring costs |
| 1,594 |
| 3,198 |
| Operating earnings (loss) |
| (36,239) |
| 512,657 |
| Finance costs |
| (10,944) |
| (5,169) |
| Other foreign exchange gain |
| 17 |
| 12,823 |
| Other income (expense) |
| (5,620) |
| 8,746 |
| (16,547) |
| 16,400 |
| Earnings (loss) before income taxes |
| (52,786) |
| 529,057 |
| Income tax expense (recovery): |
| Current |
| (5,469) |
| 122,580 |
| Deferred |
| (6,028) |
| 9,446 |
| (11,497) |
| 132,026 |
| Net earnings (loss) |
| $(41,289) |
| $397,031 |
| Net earnings (loss) per share |
| Basic |
| $(0.80) |
| $6.69 |
| Diluted |
| $(0.80) |
| $6.66 |
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
| For the three months ended March 31, 2023 and 2022 (unaudited) |
| (thousands of Canadian Dollars) |
| Three Months |
| Three Months |
| Mar. 31, 2023 |
| Mar. 31, 2022 |
| Net earnings (loss) |
| $(41,289) |
| $397,031 |
| Other comprehensive loss: |
| Items that will not be recycled to Net earnings (loss): |
| Defined benefit plan actuarial gain, net of tax |
| 649 |
| 2,786 |
| Items that are or may be recycled to Net earnings (loss): |
| Foreign currency translation differences for foreign operations, net of tax |
| (1,482) |
| (24,729) |
| Total other comprehensive loss, net of tax |
| (833) |
| (21,943) |
| Comprehensive income (loss) |
| $(42,122) |
| $375,088 |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| For the three months ended March 31, 2023 and 2022 (unaudited) |
| (thousands of Canadian Dollars) |
| Three Months |
| Three Months |
| Mar. 31, 2023 |
| Mar. 31, 2022 |
| Cash provided by (used in): |
| Operating activities: |
| Net earnings (loss) |
| $(41,289) |
| $397,031 |
| Items not involving cash: |
| Depreciation of plant and equipment |
| 45,054 |
| 33,113 |
| Depletion and amortization of timber, roads and other |
| 12,235 |
| 9,124 |
| Deferred income tax expense (recovery) |
| (6,028) |
| 9,446 |
| Current income tax expense (recovery) |
| (5,469) |
| 122,580 |
| Finance costs |
| 10,944 |
| 5,169 |
| Other assets |
| 116 |
| (40) |
| Reforestation liability |
| 4,842 |
| 1,736 |
| Provisions and other liabilities |
| (3,249) |
| (12,910) |
| Stock options |
| 226 |
| 241 |
| Write-down of plant, equipment and other |
| 1,454 |
| 1,223 |
| Unrealized foreign exchange loss (gain) |
| 184 |
| (10,281) |
| Other expense (income) |
| 5,620 |
| (8,746) |
| Income taxes paid |
| (399) |
| (180,994) |
| 24,241 |
| 366,692 |
| Cash generated from (used in) operating working capital: |
| Trade accounts receivable and other |
| (53,890) |
| (61,629) |
| Inventories |
| (32,468) |
| (21,412) |
| Prepayments |
| 3,485 |
| 2,860 |
| Trade accounts payable and provisions |
| (25,956) |
| (5,297) |
| (84,588) |
| 281,214 |
| Investing activities: |
| Additions to property, plant and equipment |
| (63,145) |
| (51,023) |
| Additions to roads and bridges |
| (515) |
| 155 |
| Acquisitions, net of cash acquired |
| 536 |
| (537,679) |
| Proceeds on disposal of property, plant and equipment and other |
| 4,114 |
| 1,190 |
| Net proceeds from deposits and other assets |
| 915 |
| 392 |
| (58,095) |
| (586,965) |
| Financing activities: |
| Issuance of share capital, net of expenses |
| 104 |
| 377 |
| Share repurchases, net of expenses |
| - |
| (194,308) |
| Interest payments |
| (13,089) |
| (5,012) |
| Lease liability payments |
| (4,457) |
| (4,470) |
| Debt refinancing costs |
| (163) |
| (189) |
| Term line net drawings |
| 149,478 |
| 31,150 |
| 131,873 |
| (172,452) |
| Foreign exchange gain (loss) on cash and cash equivalents held in a foreign currency |
| (607) |
| 2,574 |
| Decrease in cash |
| (11,417) |
| (475,629) |
| Cash and cash equivalents, beginning of period |
| 77,606 |
| 538,561 |
| Cash and cash equivalents, end of period |
| $66,189 |
| $62,932 |
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
| March 31, 2023 and December 31, 2022 (unaudited) |
| (thousands of Canadian Dollars) |
| Mar. 31, 2023 |
| Dec. 31, 2022 |
| Assets |
| Current assets: |
| Cash and cash equivalents |
| $66,189 |
| $77,606 |
| Trade accounts receivable and other |
| 228,419 |
| 174,053 |
| Income tax receivable |
| 109,753 |
| 104,082 |
| Inventories |
| 429,376 |
| 396,908 |
| Prepayments |
| 22,157 |
| 25,932 |
| 855,894 |
| 778,581 |
| Employee future benefits |
| 18,776 |
| 18,445 |
| Deposits and other assets |
| 275,099 |
| 281,628 |
| Right of use assets |
| 33,691 |
| 33,998 |
| Property, plant and equipment |
| 1,713,623 |
| 1,701,197 |
| Roads and bridges |
| 32,099 |
| 38,050 |
| Timber licences |
| 176,274 |
| 178,443 |
| Goodwill and other intangible assets |
| 587,095 |
| 588,098 |
| Deferred income taxes |
| 2,554 |
| 1,393 |
| $3,695,105 |
| $3,619,833 |
| Liabilities and Shareholders’ Equity |
| Current liabilities: |
| Trade accounts payable and provisions |
| $257,735 |
| $285,604 |
| Current portion of long-term debt |
| 52,440 |
| 7,336 |
| Reforestation liability |
| 17,941 |
| 17,926 |
| Lease liabilities |
| 14,803 |
| 14,796 |
| Income taxes payable |
| 58 |
| 335 |
| 342,977 |
| 325,997 |
| Reforestation liability |
| 33,750 |
| 28,671 |
| Lease liabilities |
| 20,220 |
| 20,456 |
| Long-term debt |
| 893,742 |
| 790,631 |
| Employee future benefits |
| 10,232 |
| 9,888 |
| Provisions and other liabilities |
| 20,702 |
| 24,166 |
| Deferred income taxes |
| 388,236 |
| 392,986 |
| Equity: |
| Share capital |
| 408,861 |
| 408,713 |
| Contributed surplus |
| 5,657 |
| 5,475 |
| Translation reserve |
| 174,403 |
| 175,885 |
| Retained earnings |
| 1,396,325 |
| 1,436,965 |
| 1,985,246 |
| 2,027,038 |
| $3,695,105 |
| $3,619,833 |
Approved on behalf of the Board of Directors:
| “ L. Sauder ” |
| “ T.V. Milroy ” |
| Director |
| Director |
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future. Statements containing forward-looking information may include words such as: will, could, should, believe, expect, anticipate, intend, forecast, projection, target, outlook, opportunity, risk or strategy. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s first quarter and annual Management’s Discussion and Analysis under the heading “Risks and Uncertainties”, which are available on www.interfor.com and under Interfor’s profile on www.sedar.com . Material factors and assumptions used to develop the forward-looking information in this release include volatility in the selling prices for lumber, logs and wood chips; the Company’s ability to compete on a global basis; the availability and cost of log supply; natural or man-made disasters; currency exchange rates; changes in government regulations; Indigenous reconciliation; the softwood lumber trade dispute between Canada and the United States; environmental impacts of the Company’s operations; labour availability; and information systems security. Unless otherwise indicated, the forward-looking statements in this release are based on the Company’s expectations at the date of this release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 5.2 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com .
The Company’s unaudited condensed consolidated interim financial statements and Management’s Discussion and Analysis for Q1’23 are available at www.sedar.com and www.interfor.com .
There will be a conference call on Friday, May 5, 2023 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its first quarter 2023 financial results.
The dial-in number is 1-888-396-8049 . The conference call will also be recorded for those unable to join in for the live discussion and will be available until June 4, 2023. The number to call is 1-877-674-7070, Passcode 786874#.
For further information:
Richard Pozzebon, Executive Vice President and Chief Financial Officer
(604) 422-3400