Restructuring costs of $285,000 in the second quarter, 2012 resulted from the early retirement of hourly workers. In addition, the cancellation of a cutting permit gave rise to a recovery of previously accrued restructuring of $268,000 in the second quarter, 2012, partially offsetting a $129,000 impairment of related road infrastructure, and augmented by an additional cutting permit cancellation in the fourth quarter, 2012 generating a $91,000 recovery, partially offset by a $35,000 impairment of related road infrastructure.
Restructuring costs of $339,000 and $100,000 for severance were recorded in the fourth and third quarters, 2012 respectively, as the Company embarked on its "Achieving Excellence" program.
Restructuring costs of $850,000 in the first quarter, 2011 resulted from the buyout of a logging contractor's Bill 13 entitlements and severance costs related to early retirement of hourly workers.
Additional payments in the second quarter, 2011 resulted in the recognition of further restructuring costs of $175,000 for the buyout of Bill 13 entitlements. Further hourly worker early retirements were slightly offset by revisions to previously accrued severances resulted in a recovery of $102,000 in the second quarter, and an expense of $118,000 in the third quarter, 2011.
10. Finance costs:
-------------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months 3 Months Year ended Year ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2012 2011 2012 2011----------------------------------------------------------------------------Interest on borrowing $ 1,278 $ 1,120 $ 5,221 $ 5,608Accretion expense 100 132 454 707Amortization of prepaid finance costs 149 16 649 779---------------------------------------------------------------------------- $ 1,527 $ 1,268 $ 6,324 $ 7,094--------------------------------------------------------------------------------------------------------------------------------------------------------
11. Other income:
-------------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months 3 Months Year ended Year ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2012 2011 2012 2011----------------------------------------------------------------------------Gain (loss) on disposal of surplus equipment, $ (5) $ (44)$ 309$ 184 licences, and roadsGain on lumber futures trading - (1) 25 187Other - - - ----------------------------------------------------------------------------- $ (5) $ (45)$ 334$ 371--------------------------------------------------------------------------------------------------------------------------------------------------------
12. Net earnings (loss) per share:
-------------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months Dec. 31, 2012 3 Months Dec. 31, 2011 --------------------------- -------------------------- Weighted Weighted Average Average Number of Per Net Number of Per Net loss Shares share loss Shares share----------------------------------------------------------------------------Basic and diluted loss per share $(3,629) 55,863 $ (0.06) $(6,467) 55,863 $ (0.12)---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year ended Dec. 31, 2012 Year ended Dec. 31, 2011 ----------------------------- ---------------------------- Weighted Weighted Average Average Number of Per Net Number of Per Net loss Shares share loss Shares share----------------------------------------------------------------------------Basic and diluted loss per share $(8,706) 55,863 $ (0.16) $(13,453) 53,611 $ (0.25)--------------------------------------------------------------------------------------------------------------------------------------------------------
