Stockholm, 2014-08-29 08:05 CEST (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its second quarter 2014 report.
Second Quarter Highlights
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Sawlogs from continuing operations: Harvested 28,918 cubic meters of sawlogs (2013: 49,028 cubic meters) during the three months ended 30 June 2014.
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Sawnwood from continuing operations: Produced 41,335 cubic meters of sawnwood (2013: 41,284 cubic meters) during the three months ended 30 June 2014.
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Pellet production in Arkhangelsk: Produced 12,830 tonnes of wood pellets (2013: 0 tonnes) during the three months ended 30 June 2014.
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Revenue from continuing operations: Generated USD 17.8 million of revenue (2013: USD 15.2 million) for the three months ended 30 June 2014.
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Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization of USD 0.2 million (2013: USD -3.5 million) for the three months ended 30 June 2014.
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Loss from discontinued operations: Recorded a loss of USD 1.2 million from discontinued operations (2013: loss of USD 3.0 million), mainly related to a USD 0.9 million impairment of the value of Ystad Pellets AB, which was divested in July.
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Net Loss: Recorded a net loss of USD 3.8 million (2013: net loss of USD 11.8 million) for the three months ended 30 June 2014.
- Cash and Working Capital: Closed the second quarter of 2014 with a cash balance of USD 1.9 million and positive working capital of USD 9.2 million.
Management Comments
Matti Lehtipuu, the Company’s Group CEO, commented: “We are pleased to continue delivering positive EBITDA results despite the seasonal slowdown in the second quarter. While the market seems to be focused on geopolitical events between Russia and Ukraine, we believe RusForest is a unique investment opportunity with a management and major shareholder that now has a proven track record and a viable business model.”
Conference Call
Management will host a telephone conference today at 11:00 a.m. CEST in order to review the second quarter 2014 results. Dial-in instructions and a presentation are available on the Company’s website at www.rusforest.com.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products and wood pellets. RusForest is listed on NASDAQ OMX Stockholm First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Securities AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00
