VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/28/16 -- INTERFOR CORPORATION ("Interfor" or the "Company") (TSX: IFP) recorded net earnings in Q2'16 of $23.2 million, or $0.33 per share, compared to $0.8 million, or $0.01 per share in Q1'16. Adjusted net earnings1 in Q2'16 were $20.9 million, or $0.30 per share, compared to $2.6 million, or $0.04 per share, in Q1'16.
Adjusted EBITDA1 was $56.9 million on sales of $458.8 million in Q2'16, versus Adjusted EBITDA1 of $33.4 million on sales of $433.9 million in Q1'16.
Highlights for the quarter include:
-- Higher Lumber Prices
-- Product prices were higher in Q2'16 versus Q1'16, with the Western
SPF Composite and the Southern Pine ("SP") Composite up over the
prior quarter by US$38 and US$27 per mfbm, respectively. As somewhat
of an offsetting factor, the Canadian Dollar was stronger quarter-
over-quarter, averaging 1.2886 in Q2'16 versus 1.3732 in Q1'16.
-- Higher Lumber Production
-- The Company produced an additional 19 million board feet in Q2'16
versus Q1'16, mostly reflective of productivity gains at several
operations as ongoing improvement initiatives take effect.
-- Business Optimization Initiative
-- The Company is focused on capturing margin expansion opportunities
across its operations and has taken a number of steps to advance
this initiative.
-- In particular, the Company has achieved strong productivity, cost
and product mix gains at its Gilchrist, Oregon operation, which
resulted in a significant margin improvement over Q1'16. In
addition, a number of margin improvement projects are underway
across the U.S. South platform, with early stage results being
realized.
-- Tacoma Sawmill Monetization
-- The monetization process for the Tacoma sawmill property is
proceeding on track, with the sale expected to close in the second
half of 2016.
-- Free Cash Flow Generation
-- Interfor generated $62.6 million of cash from operations, with a
reduction in working capital contributing $6.3 million. Capital
spending amounted to $15.8 million during the quarter.
-- The Company's net debt decreased by $32.1 million during the quarter
to $396.0 million, or 35.2% of invested capital, providing the
Company with $181.2 million of available liquidity as at June 30,
2016.
1 Refer to Non-GAAP Measures section
Production
Lumber production in Q2'16 was 637 million board feet versus 618 million board feet in Q1'16.
Production from Canadian operations totaled 218 million board feet in Q2'16, up 8 million board feet compared to Q1'16. Production increased most significantly at Castlegar, which produced an additional 4 million board feet as productivity gains have continued following the resumption of operations at that mill in Q4'15.
Production from the Company's nine U.S. South sawmills totaled 270 million board feet, up 5 million board feet compared to Q1'16 as a result of a modest increase in total productivity.
Production from U.S. Northwest operations totaled 149 million board feet in Q2'16, an increase of 6 million board feet over the preceding quarter. The Company's three stud mills in the region contributed an additional 3 million board feet while its specialty board mill at Gilchrist also added 3 million board feet, both as a result of productivity improvements.
Lumber Markets and Pricing
Lumber markets were relatively strong in the second quarter on increased demand, as reflected by improvements in all three of Interfor's key price benchmarks over the first quarter. The Western SPF Composite improved by US$38 to US$300 per mfbm, the SP Composite increased by US$27 to US$390 per mfbm and the KD HF Stud 2x4 9' benchmark rose by US$23 to US$355 per mfbm.
Summary of Quarterly Results(1)
2016 2015
------------------- --------------------
Unit Q2 Q1 Q4 Q3
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Financial Performance
(Unaudited)
Total sales $MM 458.8 433.9 411.4 430.8
Lumber $MM 371.1 348.9 325.0 343.3
Logs, residual
products and other $MM 87.7 85.0 86.4 87.5
Operating earnings
(loss) $MM 30.0 3.5 (6.3) (11.6)
Net earnings (loss) $MM 23.2 0.8 (3.5) (6.1)
Net earnings (loss) per
share, basic and
diluted $/share 0.33 0.01 (0.05) (0.09)
Adjusted net earnings
(loss)(2) $MM 20.9 2.6 5.5 (15.4)
Adjusted net earnings
(loss) per share,
basic and diluted (2) $/share 0.30 0.04 0.08 (0.22)
Adjusted EBITDA(2) $MM 56.9 33.4 35.8 11.5
Shares outstanding -
end of period million 70.0 70.0 70.0 70.0
Shares outstanding -
weighted average million 70.0 70.0 70.0 70.0
Operating Performance
Lumber production million fbm 637 618 568 618
Total lumber sales million fbm 658 637 615 686
Lumber sales -
Interfor produced million fbm 634 609 586 663
Lumber sales -
wholesale and
commission million fbm 24 28 29 23
Lumber - average $/thousand
selling price (3) fbm 564 548 529 500
Average USD/CAD
exchange rate (4) 1 USD in CAD 1.2886 1.3732 1.3354 1.3089
Closing USD/CAD
exchange rate (4) 1 USD in CAD 1.3009 1.2971 1.3840 1.3394
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Summary of Quarterly Results(1)
2015 2014
-------------------- -------------------
Unit Q2 Q1 Q4 Q3
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Financial Performance
(Unaudited)
Total sales $MM 429.7 415.4 389.0 373.1
Lumber $MM 352.2 340.7 318.6 303.0
Logs, residual
products and other $MM 77.5 74.7 70.4 70.1
Operating earnings
(loss) $MM (25.8) 7.8 (1.1) 20.1
Net earnings (loss) $MM (20.6) (0.2) (5.2) 11.0
Net earnings (loss) per
share, basic and
diluted $/share (0.29) (0.00) (0.08) 0.16
Adjusted net earnings
(loss)(2) $MM (14.7) 4.5 10.2 16.1
Adjusted net earnings
(loss) per share,
basic and diluted (2) $/share (0.21) 0.07 0.15 0.24
Adjusted EBITDA(2) $MM 12.7 31.8 37.4 45.4
Shares outstanding -
end of period million 70.0 70.0 66.7 66.7
Shares outstanding -
weighted average million 70.0 67.8 66.7 66.7
Operating Performance
Lumber production million fbm 672 639 578 567
Total lumber sales million fbm 719 632 620 595
Lumber sales -
Interfor produced million fbm 688 607 605 581
Lumber sales -
wholesale and
commission million fbm 31 25 15 14
Lumber - average $/thousand
selling price (3) fbm 490 539 514 509
Average USD/CAD
exchange rate (4) 1 USD in CAD 1.2297 1.2412 1.1350 1.0890
Closing USD/CAD
exchange rate (4) 1 USD in CAD 1.2474 1.2683 1.1601 1.1208
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Notes:
(1) Figures in this table may not equal or sum to figures presented
elsewhere due to rounding.
(2) Refer to the Non-GAAP Measures section of this press release for
definitions.
(3) Gross sales before export taxes.
(4) Based on Bank of Canada foreign exchange rates.
Balance Sheet
Net debt at June 30, 2016 was $396.0 million, or 35.2% of invested capital, representing a decrease of $34.9 million from June 30, 2015 and a decrease of $56.3 million from December 31, 2015. A 6.0% strengthening of the Canadian Dollar against the U.S. Dollar contributed $28.2 million to the net debt reduction in YTD'16 as the majority of debt is denominated in U.S. Dollars.
For the 3 months
ended For the 6 months ended
June 30, June 30,
------------------------ -------------------------
Thousands of dollars 2016 2015 2016 2015
----------------------------------------------------------------------------
Net debt
Net debt, period opening,
CAD $ 428,062 $ 369,683 $ 452,303 $ 202,553
Net drawing (repayment)
on credit facilities,
CAD (33,619) 60,061 (33,566) 205,812
Impact on U.S. Dollar
denominated debt from
(strengthening)
weakening CAD 1,320 (4,897) (28,175) 18,720
Decrease in cash and cash
equivalents, CAD 196 6,023 5,397 3,785
------------------------ -------------------------
Net debt, period ending,
CAD $ 395,959 $ 430,870 $ 395,959 $ 430,870
------------------------ -------------------------
Net debt components by
currency
U.S. Dollar debt, period
opening, USD $ 338,692 $ 305,099 $ 338,699 $ 190,000
Net drawing (repayment)
on credit facilities,
USD (41,192) 50,024 (41,199) 165,123
------------------------ -------------------------
U.S. Dollar debt, period
ending, USD 297,500 355,123 297,500 355,123
Spot rate, period end 1.3009 1.2474
U.S. Dollar debt
expressed in CAD 387,018 442,980
Canadian Dollar debt,
including bank
indebtedness, CAD 20,000 -
Canadian Dollar operating
line, CAD - 1,971
-------------------------
Total debt, CAD 407,018 444,951
Cash and cash
equivalents, CAD (11,059) (14,081)
-------------------------
Net debt, period ending,
CAD $ 395,959 $ 430,870
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Capital Resources
The following table summarizes Interfor's credit facilities and availability as of June 30, 2016:
Revolving Senior U.S. Thousands of Operating Term Secured Operating Canadian dollars Line Line Notes Line Total ---------------------------------------------------------------------------- Available line of credit $ 65,000 $ 200,000 $ 260,180 $ 65,045 $ 590,225 Maximum borrowing available $ 65,000 $ 200,000 $ 260,180 $ 65,045 $ 590,225 Less: Drawings 13,009 133,829 260,180 - 407,018 Outstanding letters of credit included in line utilization 9,891 - - 3,194 13,085 ---------------------------------------------------------------------------- Unused portion of facility $ 42,100 $ 66,171 $ - $ 61,851 $ 170,122 ---------------------------------------------------------------------------- Add cash and cash equivalents 11,059 ---------------------------------------------------------------------------- Available liquidity at June 30, 2016 $ 181,181 ----------------------------------------------------------------------------
As of June 30, 2016, the Company had commitments for capital expenditures totaling $17.5 million, related to both maintenance and discretionary capital projects.
Interfor continues to maintain its disciplined focus on monitoring discretionary capital expenditures, optimizing inventory levels and matching production with offshore and domestic demand.
As at June 30, 2016, the Company had net working capital of $161.2 million and available capacity on operating and term facilities of $170.1 million. These resources, in addition to cash generated from operations, will be used to support working capital requirements, debt servicing commitments and capital expenditures. We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: Adjusted net earnings (loss), Adjusted net earnings (loss) per share, EBITDA, Adjusted EBITDA, Pre-tax return on total assets and Net debt to invested capital, 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 unaudited interim consolidated financial statements prepared in accordance with IFRS:
For the 3 months ended For the 6 months ended
June 30, June 30,
------------------------ ------------------------
Thousands of Canadian
dollars 2016 2015 2016 2015
----------------------------------------------------------------------------
Adjusted Net Earnings
(Loss)
Net earnings (loss) 23,205 (20,583) 24,000 (20,746)
Add:
Restructuring (recovery)
costs and capital asset
write-downs 2,304 (12) 3,507 (134)
Other foreign exchange
loss (gain) (503) (2,303) 396 3,110
Long term incentive
compensation expense
(recovery) (4,147) 3,908 (3,969) 2,199
Other expense 458 162 365 29
Beaver sawmill post-
closure wind-down costs 3 11 11 352
Tacoma sawmill post-
acquisition losses and
closure costs 311 7,651 683 8,659
Income tax effect of
above adjustments (725) (3,505) (1,479) (3,647)
----------------------------------------------------------------------------
Adjusted net earnings (1) 20,906 (14,671) 23,514 (10,178)
Weighted average number of
shares - basic and
diluted ('000) 70,030 70,030 70,030 68,937
Adjusted net earnings per
share (1) 0.30 (0.21) 0.34 (0.15)
----------------------------------------------------------------------------
Adjusted EBITDA
Net earnings (loss) 23,205 (20,583) 24,000 (20,746)
Add:
Depreciation of plant
and equipment 18,765 18,130 38,934 34,645
Depletion and
amortization of timber,
roads and other 9,652 8,909 17,621 16,853
Restructuring (recovery)
costs and capital asset
write-downs 2,304 (12) 3,507 (134)
Finance costs 4,965 4,088 10,149 7,162
Other foreign exchange
loss (gain) (503) (2,303) 396 3,110
Income tax expense
(recovery) 1,852 (7,199) (1,474) (7,582)
----------------------------------------------------------------------------
EBITDA 60,240 1,030 93,133 33,308
Add:
Long term incentive
compensation expense
(recovery) (4,147) 3,908 (3,969) 2,199
Other expense 458 162 365 29
Beaver sawmill post-
closure wind-down costs 3 10 11 350
Tacoma sawmill post-
acquisition losses and
closure costs 311 7,604 683 8,585
----------------------------------------------------------------------------
Adjusted EBITDA(1) 56,865 12,714 90,223 44,471
----------------------------------------------------------------------------
Pre-tax return on total
assets
Operating earnings (loss)
before restructuring
costs 32,281 (25,847) 36,943 (18,161)
Total assets(2) 1,323,788 1,343,211 1,363,683 1,216,542
----------------------------------------------------------------------------
Pre-tax return on total
assets(3) 9.8% (7.7%) 5.4% (3.0%)
----------------------------------------------------------------------------
Net debt to invested
capital
Net debt
Total debt 407,018 444,951 407,018 444,951
Cash and cash
equivalents (11,059) (14,081) (11,059) (14,081)
----------------------------------------------------------------------------
Total net debt 395,959 430,870 395,959 430,870
----------------------------------------------------------------------------
Invested capital
Net debt 395,959 430,870 395,959 430,870
Shareholders' equity 727,470 703,695 727,470 703,695
----------------------------------------------------------------------------
Total invested capital 1,123,429 1,134,565 1,123,429 1,134,565
----------------------------------------------------------------------------
Net debt to invested
capital(4) 35.2% 38.0% 35.2% 38.0%
----------------------------------------------------------------------------
Notes:
(1) Q1'15 adjusted net earnings, adjusted net earnings per share and
adjusted EBITDA have been revised for inclusion of Tacoma sawmill post-
acquisition losses arising during that period.
(2) Total assets at period beginning for three month periods; average of
opening and closing total assets for six month periods.
(3) Annualized rate.
(4) Net debt to invested capital as of the period end.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
For the three and six months ended June 30, 2016 and 2015 (unaudited)
----------------------------------------------------------------------------
(thousands of Canadian
dollars except earnings
per share) 3 Months 3 Months 6 Months 6 Months
June 30, June 30, June 30, June 30,
2016 2015 2016 2015
----------------------------------------------------------------------------
Sales $ 458,813 $ 429,683 $ 892,757 $ 845,129
Costs and expenses:
Production 390,487 409,949 780,623 783,045
Selling and
administration 11,775 12,155 22,605 24,069
Long term incentive
compensation (recovery)
expense (4,147) 3,908 (3,969) 2,199
Export taxes - 2,479 - 2,479
Depreciation of plant and
equipment 18,765 18,130 38,934 34,645
Depletion and
amortization of timber,
roads and other 9,652 8,909 17,621 16,853
--------------------------------------------------------------------------
426,532 455,530 855,814 863,290
----------------------------------------------------------------------------
Operating earnings (loss)
before restructuring costs 32,281 (25,847) 36,943 (18,161)
Restructuring costs
(recovery) 2,304 (12) 3,507 (134)
----------------------------------------------------------------------------
Operating earnings (loss) 29,977 (25,835) 33,436 (18,027)
Finance costs (4,965) (4,088) (10,149) (7,162)
Other foreign exchange gain
(loss) 503 2,303 (396) (3,110)
Other expense (458) (162) (365) (29)
----------------------------------------------------------------------------
(4,920) (1,947) (10,910) (10,301)
----------------------------------------------------------------------------
Earnings (loss) before
income taxes 25,057 (27,782) 22,526 (28,328)
Income tax expense
(recovery)
Current 330 308 461 472
Deferred 1,522 (7,507) (1,935) (8,054)
--------------------------------------------------------------------------
1,852 (7,199) (1,474) (7,582)
----------------------------------------------------------------------------
Net earnings (loss) $ 23,205 $ (20,583) $ 24,000 $ (20,746)
----------------------------------------------------------------------------
Net earnings (loss) per
share, basic and diluted $ 0.33 $ (0.29) $ 0.34 $ (0.30)
----------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the three and six months ended June 30, 2016 and 2015 (unaudited)
----------------------------------------------------------------------------
3 Months 3 Months 6 Months 6 Months
June 30, June 30, June 30, June 30,
2016 2015 2016 2015
----------------------------------------------------------------------------
Net earnings (loss) $ 23,205 $ (20,583) $ 24,000 $ (20,746)
Other comprehensive income
(loss):
Items that will not be
recycled to Net earnings
(loss):
Defined benefit plan
actuarial gain (loss) (3,580) 1,158 (2,946) 1,440
Income tax recovery - 376 - 376
--------------------------------------------------------------------------
Total items that will not
be recycled to Net
earnings (loss) (3,580) 1,534 (2,946) 1,816
----------------------------------------------------------------------------
Items that are or may be
recycled to Net earnings
(loss):
Foreign currency
translation differences
for foreign operations,
net of tax 2,607 (7,184) (18,832) 23,138
Loss in fair value of
interest rate swaps (32) (10) (139) (288)
--------------------------------------------------------------------------
Total items that are or
may be recycled to Net
earnings (loss) 2,575 (7,194) (18,971) 22,850
----------------------------------------------------------------------------
Total other comprehensive
income (loss), net of tax (1,005) (5,660) (21,917) 24,666
----------------------------------------------------------------------------
Comprehensive income (loss) $ 22,200 $ (26,243) $ 2,083 $ 3,920
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three and six months ended June 30, 2016 and 2015 (unaudited)
-----------------------------------------------------------------------------
(thousands of Canadian
dollars) 3 Months 3 Months 6 Months 6 Months
June 30, June 30, June 30, June 30,
2016 2015 2016 2015
-----------------------------------------------------------------------------
Cash provided by (used
in):
Operating activities:
Net earnings (loss) $ 23,205 $ (20,583) $ 24,000 $ (20,746)
Items not involving
cash:
Depreciation of plant
and equipment 18,765 18,130 38,934 34,645
Depletion and
amortization of
timber, roads and
other 9,652 8,909 17,621 16,853
Income tax expense
(recovery) 1,852 (7,199) (1,474) (7,582)
Finance costs 4,965 4,088 10,149 7,162
Other assets (83) 26 (284) 372
Reforestation
liability (2,157) (1,931) (543) (692)
Other liabilities and
provisions (2,120) 2,951 (3,295) (3,470)
Stock options 56 99 133 99
Reversal of write-down
of plant and
equipment - - - (1,195)
Write-down of plant
and equipment 1,018 - 1,018 -
Unrealized foreign
exchange loss (gain) 689 (2,355) 698 (328)
Other 458 162 365 29
---------------------------------------------------------------------------
56,300 2,297 87,322 25,147
Cash generated from
(used in) operating
working capital:
Trade accounts
receivable and other (11,134) 6,170 (12,053) (9,421)
Inventories (8,512) 13,348 (5,768) 9,572
Prepayments 2,410 1,312 263 (2,848)
Trade accounts payable
and provisions 23,703 (2,666) 13,304 (2,483)
Income taxes paid (208) (319) (466) (455)
---------------------------------------------------------------------------
62,559 20,142 82,602 19,512
Investing activities:
Additions to property,
plant and equipment (9,446) (30,543) (21,997) (52,118)
Additions to logging
roads (6,148) (7,765) (11,237) (12,903)
Additions to timber and
other intangible assets (219) (297) (355) (1,137)
Proceeds on disposal of
property, plant and
equipment 139 587 314 3,790
Acquisitions - (46,568) - (223,361)
Investments and other
assets (8,764) 74 (9,553) 180
---------------------------------------------------------------------------
(24,438) (84,512) (42,828) (285,549)
Financing activities:
Issuance of capital
stock, net of share
issue expenses - - - 63,196
Interest payments (4,354) (3,679) (11,165) (6,630)
Debt refinancing costs (110) (95) (842) (254)
Change in operating line
components of long-term
debt (18,467) 17,694 (11,733) 32,921
Additions to long term
debt 28,000 42,367 28,000 362,582
Repayments of long term
debt (43,154) - (49,834) (189,691)
---------------------------------------------------------------------------
(38,085) 56,287 (45,574) 262,124
Foreign exchange gain
(loss) on cash and cash
equivalents held in a
foreign currency (232) 2,060 403 128
-----------------------------------------------------------------------------
Decrease in cash (196) (6,023) (5,397) (3,785)
Cash and cash equivalents,
beginning of period 11,255 20,104 16,456 17,866
-----------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 11,059 $ 14,081 $ 11,059 $ 14,081
-----------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, 2016 and December 31, 2015 (unaudited)
----------------------------------------------------------------------------
(thousands of Canadian dollars) June 30, Dec. 31,
2016 2015
----------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 11,059 $ 16,456
Trade accounts receivable and other 104,158 95,218
Income taxes receivable 454 459
Inventories 157,471 155,740
Prepayments and other 14,415 15,512
Assets held for sale 25,016 27,836
--------------------------------------------------------------------------
312,573 311,221
Employee future benefits 247 1,570
Other investments and assets 14,153 3,191
Property, plant and equipment 729,420 777,590
Logging roads and bridges 19,405 20,611
Timber licences 70,889 72,429
Other intangible assets 19,489 23,601
Goodwill 152,037 160,914
Deferred income taxes 19,356 18,669
----------------------------------------------------------------------------
$ 1,337,569 $ 1,389,796
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Trade accounts payable and provisions $ 137,862 $ 130,840
Reforestation liability 13,064 11,052
Income taxes payable 433 398
--------------------------------------------------------------------------
151,359 142,290
Reforestation liability 24,700 25,074
Long term debt 407,018 468,759
Employee future benefits 10,313 8,391
Provisions and other liabilities 16,709 20,028
Equity:
Share capital 553,559 553,559
Contributed surplus 7,798 7,665
Translation reserve 58,593 77,425
Hedge reserve (77) 62
Retained earnings 107,597 86,543
--------------------------------------------------------------------------
727,470 725,254
----------------------------------------------------------------------------
$ 1,337,569 $ 1,389,796
----------------------------------------------------------------------------
Approved on behalf of the Board:
L. Sauder, Director
D.W.G. Whitehead, Director
FORWARD-LOOKING STATEMENTS
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will", "should", "expects", "annualized" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward- looking statements. Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, and other factors referenced herein and in Interfor's Annual Report available on www.sedar.com and www.interfor.com. The forward-looking information and statements contained in this release are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
ABOUT INTERFOR
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of approximately 3 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
The Company's unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis for the three and six months ended June 30, 2016 are available at www.sedar.com and www.interfor.com.
There will be a conference call on Friday, July 29, 2016 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company's release of its second quarter 2016 financial results.
The dial-in number is 1-866-233-4795. The conference call will also be recorded for those unable to join in for the live discussion, and will be available until August 12, 2016. The number to call is 1-888-203-1112, Passcode 6364992.
Contacts:
Interfor Corporation
John A. Horning
Executive Vice President and Chief Financial Officer
(604) 689-6829
