Second Quarter Highlights, according to West Fraser report:
- Softer commodity pricing in all segments reduces operating earnings relative to comparative periods.
- Cash flow from operations of $187 million for the quarter.
- Permanent closure of Chasm, British Columbia lumber mill announced in June along with shift reduction at 100 Mile House lumber mill.
- Lumber inventories reduced by approximately 150 million board feet.
- Sales dropped to $1.317 million compared to $1.834 million in 2018.
- Adjusted EBITDA $56 million compared to $593 million in 2018.
- Quarter ending net debt to capital ratio of 26% and available liquidity of $365 million.
- On July 18, 2019, available credit under our syndicated committed revolving credit facilities was increased by $350 million to $850 million and maturity date of these facilities and US$200 million syndicated term loan extended to August 28, 2024. Proforma for this increase, available liquidity totaled $715 million.
- As part of company's senior leadership transition plan, Ray Ferris replaced Ted Seraphim as its CEO.