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Conifex Reports 2020 Year-end and Fourth Quarter Results and Resumption of Power Operations

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) — Conifex Timber Inc. (“Conifex”, “we” or “us”) (TSX: CFF) today reported results for the fourth quarter and year ended December 31, 2020. Adjusted EBITDA* from continuing operations was $6.8 million for the quarter, which reflected continued positive results from lumber operations, offset partially by the power plant disruption in early December. Power plant operations resumed at full capacity in late February following a concerted effort to procure and install new replacement equipment despite Covid-19 related challenges with global logistics and employee mobility.
“Following a challenging start to 2020, we safely and successfully resumed operations at the Mackenzie sawmill and benefited from the unprecedented strength in lumber markets in the second half of the year.” said Ken Shields, CEO. “With the resumption of power plant operations in February 2021, steady lumber production and continued strength in lumber market conditions, we expect a material improvement in financial results in the first half of 2021.”Selected Financial HighlightsContinuing operations for the comparative periods discussed in this news release primarily comprise operating results from our Mackenzie sawmill, power plant and our previously owned sawmill in Fort St. James, British Columbia, which was largely curtailed in May 2019 and sold in November 2019.

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