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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/07/13 -- Western Forest Products Inc. (TSX: WEF) ("Western" or "the Company") today announced results for the first quarter of 2013. The Company reported EBITDA of $31.9 million for the first quarter of 2013 compared to EBITDA of $14.3 million for the fourth quarter of 2012 and $9.4 million for the first quarter of 2012.
Q1 2013 HIGHLIGHTS-- EBITDA of $31.9 million, an increase of $22.5 million over the first quarter 2012 result-- Capitalized on improved markets by focusing production on higher margin segments-- Mill productivity levels increased 5% over the first quarter of 2012-- Zero net debt at March 31, 2013-- Liquidity at March 31, 2013 improved to $207 million-- $38 million capital project at Saltair sawmill is on schedule
"This was the best quarter in company history as we delivered $31.9 million of operating EBITDA. Improved log and lumber markets supported by solid execution from our team led to these record results. We ended the quarter in a sound financial position: no net debt and liquidity of $207 million. With our strong balance sheet we are more capable than ever to reinvest in our business, and consider other capital allocation alternatives that will enhance long term shareholder value," said Don Demens, Chief Executive Officer.
Net income for the first quarter of 2013 was $22.8 million ($0.05 per share), on sales of $233.8 million, which compared to a net income reported in the first quarter of 2012 of $1.7 million ($nil per share) and a net income reported for the fourth quarter of 2012 of $14.3 million ($0.03 per share).
FINANCIAL SUMMARY--------------------------------------------------------------------------- Three months ended March 31,---------------------------------------------------------------------------(millions of dollars except where noted) 2013 2012 Restated(1)---------------------------------------------------------------------------Sales $ 233.8 $ 223.4EBITDA 31.9 9.4EBITDA as % of revenues 13.6% 4.2%Operating income before restructuring items and other income 24.6 2.5Net income from continuing operations 23.1 1.9Net income for the period 22.8 1.7Basic and diluted earnings per share (in dollars) $ 0.05 $ -Net Debt at March 31, - 48.4Liquidity at March 31, 207.0 114.9---------------------------------------------------------------------------(1) Restated to reflect implementation of revised IAS 19 Employee Benefits as described below in Adoption of New Accounting Policy.
