Stockholm, 2014-11-27 08:05 CET (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its third quarter 2014 report.
Third Quarter Highlights
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Sawlogs from continuing operations: Harvested 90,992 cubic meters of sawlogs (2013: 114,040 cubic meters) during the three months ended 30 September 2014.
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Sawnwood from continuing operations: Produced 54,447 cubic meters of sawnwood (2013: 53,305 cubic meters) during the three months ended 30 September 2014.
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Pellet production in Arkhangelsk: Produced 16,646 tonnes of wood pellets (2013: 0 tonnes) during the three months ended 30 September 2014.
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Revenue from continuing operations: Generated USD 16.8 million of revenue (2013: USD 16.6 million) for the three months ended 30 September 2014.
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Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization of USD 0.7 million (2013: USD -1.2 million) for the three months ended 30 September 2014.
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Net Loss: Recorded a net loss of USD 2.5 million (2013: net loss of USD 7.1 million) for the three months ended 30 September 2014.
- Cash and Working Capital: Closed the third quarter of 2014 with a cash balance of USD 3.4 million and positive working capital of USD 4.2 million.
Management Comments
Matti Lehtipuu, the Company’s Group CEO, commented: “The Q3 2014 results demonstrate that we are achieving stability in our business. We continue to improve EBITDA and reduce our net loss. Despite the challenging macro environment, we will continue to execute our plan to reach profitability.”
Conference Call
Management will host a telephone conference today at 11:00 a.m. CEST in order to review the third quarter 2014 results. To participate in the conference call, please dial the following numbers at least five minutes before the scheduled event:
From Sweden: +46 (0) 8 50556474
From United Kingdom: +44 20 33645374
From North America: +1 (855) 7532230
To take part in the interactive presentation, please use webcast link: http://www.media-server.com/m/p/grvb38n6 or visit RusForest’s website at www.rusforest.com and click on the link for the third quarter 2014 report telephone conference. A presentation will also be available for download from the website.
A replay of the telephone conference will be available on RusForest’s website approximately one hour after completion of the event.
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
