Conifex Timber Inc. reported results for the Q1 ended March 31, 2024. EBITDA was negative $0.5 million for the quarter compared to EBITDA of negative $3.5 million in the Q4 2023 and negative $6.9 million in the Q1 2023.
The Q1 2024 results were favourably impacted by $3.0 million insurance settlement for the loss of the Osilinka Logging Camp. Net loss was $4.5 million or $0.11 per share for the quarter versus net loss of $5.3 million or $0.14 per share in the previous quarter and net loss of $8.1 million or $0.20 per share for the year-earlier quarter.
During the Q1 2024, Conifex Timber incurred a net loss of $4.5 million or $0.11 per share compared to a net loss of $5.3 million or $0.14 per share in the previous quarter and net loss of $8.1 million or $0.20 per share in the Q1 2023.
Lumber Operations
Lumber production in the Q1 2024 totalled approximately 44.5 million board feet, representing operating rates of approximately 74% of annualized capacity. Lumber production of 33.2 million board feet of lumber in the previous quarter reflected production curtailments due to an overall reduced demand for lumber amid challenging economic conditions. Lumber production in the Q1 2023 was 41.2 million board feet or approximately 69% of annualized capacity, primarily due to a 1-week production curtailment combined with lower throughput.
Shipments of Conifex-produced lumber totaled 44.5 million board feet in the Q1 2024, representing an increase of 14% from the 39.1 million board feet shipped in the previous quarter and an increase of 10% from the 40.6 million board feet of lumber shipped in the Q1 2023. Shipments of Conifex-produced lumber in the Q1 2024 were greater than those in the referenced previous quarters as a result of more operational days due to no scheduled market related curtailments.
Conifex Timber's wholesale lumber shipments dropped to nil for the Q12024 relative to approximately 1 million board feet in the Q4 and Q1 2023.
Revenues from lumber products were $29.5 million in the Q1 2024 representing an increase of 18% from the previous quarter and an increase of 8% from the Q1 2023. Compared to the previous quarter, higher shipment volumes and mill net realizations on higher lumber market prices contributed to the higher revenue. The revenue increase in the current quarter over the same period in the prior year was largely a result of similar factors, higher shipment volumes and higher mill net realizations from higher lumber market prices.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
