Interfor Reports Q2’18 Results

| Source: Interfor Corporation Interfor Corporation

Record EBITDA(1) of $124 million on Sales of $620 million 
Operating Cash Flow(1) of $1.76 per share 
49% Annualized Return on Invested Capital 
US$240 million of New Strategic Capital Projects in the South

VANCOUVER, B.C., Aug. 02, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX:IFP) recorded net earnings in Q2’18 of $63.8 million, or $0.91 per share, compared to $33.0 million, or $0.47 per share in Q1’18 and $24.5 million, or $0.35 per share in Q2’17.  Adjusted net earnings in Q2’18 were $68.9 million or $0.98 per share, compared to $36.8 million, or $0.52 per share in Q1’18 and $28.7 million, or $0.41 per share in Q2’17.

Adjusted EBITDA was a record $123.8 million on sales of $619.9 million in Q2’18 versus $81.1 million on sales of $527.6 million in Q1’18.

Notable items in the quarter included:

• Higher Lumber Prices

  • The key benchmark prices improved quarter-over-quarter with the SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9’ increasing by US$73, US$61 and US$94 per mfbm, respectively.  Interfor’s average lumber selling price increased $65 from Q1’18 to $753 per mfbm.   

• Increased Production and Shipments

  • Total lumber production was a record 688 million board feet or 22 million board feet more than the prior quarter.  Production in the U.S. South region increased to 325 million board feet from 302 million board feet in the preceding quarter.  The B.C. and U.S. Northwest regions accounted for 215 million board feet and 148 million board feet, respectively, compared to 218 million board feet and 146 million board feet in Q1’18, respectively.  In Q2’18, the B.C Interior operations were negatively impacted by seven days of downtime at the Grand Forks mill, due to severe flooding in the region.

  • Total lumber shipments were 700 million board feet, of which 689 million board feet were Interfor produced volumes, with the balance of 11 million board feet being agency and wholesale volumes.  Total lumber shipments were 52 million board feet higher than Q1’18, as Q1’18 shipments were negatively impacted by industry-wide logistics issues, and particularly by weather-impacted rail constraints in B.C.  The Company’s lumber inventory volume at June 30, 2018 was comparable to March 31, 2018.   

• Strong Cash Flows and Liquidity

  • Interfor generated $123.2 million of cash from operations before changes in working capital, or $1.76 per share.  Total cash generated from operations was $133.7 million.

  • Net debt ended the quarter at $34.4 million, or 3.4% of invested capital, resulting in available liquidity of $542.3 million. 

  • Capital spending was $23.3 million on a mix of high-return discretionary, maintenance and woodlands projects.

• Softwood Lumber Duties

  • Interfor expensed $14.8 million of duties in the quarter, representing the full amount of countervailing (“CV”) and anti-dumping (“AD”) duties incurred on its Canadian shipments of softwood lumber into the U.S. at a combined rate of 20.23%.

(1) Refer to Adjusted EBITDA and Operating cash flow per share in the Non-GAAP Measures section

Strategic Capital Plan

• Interfor continues to make progress on its multi-year strategic capital plan that involves a number of discretionary projects designed to capture the opportunities within its current operating platform and to pursue opportunities for further growth.  The strategic capital plan was advanced over the past quarter, including site preparation and mill readiness initiatives for the previously announced US$65 million of projects at the Meldrim, GA and Monticello, AR sawmills.  The projects remain on track for completion in Q1’19.  These projects are designed to increase production capacity by approximately 150 million board feet per year, as well as generate other benefits related to costs and product mix.

• In addition, the Company has received Board approval to proceed with three new strategic capital projects totaling US$240 million at its Thomaston, GA, Eatonton, GA and Georgetown, SC sawmills.  These projects include major modernizations and rebuilds, and are designed to increase production capacity by approximately 275 million board feet per year, as well as substantially reduce cash conversion costs, improve lumber recovery and enhance grade outturns and product mix.  The projects are expected to generate a pre-tax cash payback of less than five years, using conservative lumber price assumptions.  The projects are expected to be completed in various phases during 2019 to 2021.

• The Company is also undertaking a number of machine center upgrades at certain mills in B.C., the U.S. Northwest and the U.S. South.  These projects are planned for completion over the next 12 to 18 months.    

• The timeline for assessing and deciding upon greenfield sawmill opportunities in the Central Region of the U.S. South has been extended beyond mid-2018, as the Company focused on completing plans for its strategic capital projects.  With those projects now underway, the Company is in a position to further develop greenfield opportunities over the coming months.  A decision is dependent upon satisfactory conclusion of due diligence and assessment against Interfor’s investment criteria.

Debt Financing

In conjunction with the planned increase in capital spending over the coming several years, Interfor modified its debt financing arrangements in order to further enhance its financial flexibility.  In particular, the Company entered into an agreement to extend US$84 million of its 2021 to 2023 term debt maturities to 2027 to 2029.  This transaction is expected to close in mid-August, upon which Interfor’s weighted average interest rate on its term debt will be 4.47%.  In addition, Interfor recently extended the maturity of its US$50 million U.S. Operating Line by two years to June 15, 2021. 

Financial and Operating Highlights (1) 

  For the 3 months ended
  For the 6 months ended
 
  Jun. 30 Jun. 30 Mar. 31  Jun. 30 Jun. 30 
 Unit2018 2017 2018 2018 2017 
         
Financial Highlights(2)        
Total sales$MM619.9 511.4 527.6 1,147.5 968.2 
Lumber$MM527.0 433.7 445.9 972.9 823.3 
Logs, residual products and other$MM92.9 77.7 81.7 174.6 144.9 
Operating earnings$MM85.9 42.7 46.5 132.4 73.1 
Net earnings$MM63.8 24.5 33.0 96.8 44.2 
Net earnings per share, basic$/share0.91 0.35 0.47 1.38 0.63 
Adjusted net earnings(3)$MM68.9 28.7 36.8 105.7 51.5 
Adjusted net earnings per share, basic(3)$/share0.98 0.41 0.52 1.51 0.73 
Operating cash flow per share (before working  capital changes)(3)$/share1.76 1.05 1.08 2.84 1.90 
Adjusted EBITDA(3)$MM123.8 77.4 81.1 204.8 137.7 
Adjusted EBITDA margin(3)%20.0% 15.1% 15.4% 17.8% 14.2% 
         
Total assets$MM1,536.0 1,296.0 1,410.0 1,536.0 1,296.0 
Total debt$MM263.4 259.5 257.9 263.4 259.5 
Net debt to invested capital(3)%3.4% 21.1% 12.4% 3.4% 21.1% 
Annualized return on invested capital(3)%48.5% 28.9% 32.4% 41.3% 26.1% 
         
Operating Highlights        
Lumber productionmillion fbm688 655 666 1,354 1,295 
Total lumber salesmillion fbm700 675 648 1,348 1,320 
Lumber sales - Interfor producedmillion fbm689 654 635 1,324 1,278 
Lumber sales - wholesale and commissionmillion fbm11 21 13 24 42 
Lumber - average selling price(4)$/thousand fbm753 642 688 722 624 
         
Average USD/CAD exchange rate(5)1 USD in CAD1.2911 1.3449 1.2647 1.2781 1.3343 
Closing USD/CAD exchange rate(5)1 USD in CAD1.3168 1.2977 1.2894 1.3168 1.2977 
       

Notes:

(1) Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
(2) Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
(3) Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company’s consolidated financial statements.
(4) Gross sales before duties.
(5) Based on Bank of Canada foreign exchange rates.

 

Liquidity

Balance Sheet

Interfor maintained a strong financial position throughout Q2’18.  Net debt at June 30, 2018 was $34.4 million, or 3.4% of invested capital, representing a decrease of $183.8 million from June 30, 2017, and a decrease of $84.9 million from December 31, 2017.  The majority of the decrease in net debt in Q2’18 is attributed to strong cash flows generated from operations.  Net debt was negatively impacted by a weakened Canadian Dollar against the U.S. Dollar as all debt held was denominated in U.S. Dollars; this was partially hedged by the Company’s U.S. Dollar cash balances. 

 For the 3 months ended Jun. 30,
  For the 6 months ended Jun. 30,
 
Thousands of Dollars 2018  2017   2018  2017 
      
Net debt     
Net debt, period opening, CAD$127,064 $306,676  $119,300 $289,551 
Net repayment on credit facilities, CAD -  (59,468)   (1)  (40,218) 
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD 5,480  (6,359)   12,461  (9,063) 
Increase in cash and cash equivalents, CAD (98,129)  (22,597)   (97,345)  (22,018) 
Net debt, period ending, CAD$34,415 $218,252  $34,415 $218,252 
      
Net debt components by currency     
U.S. Dollar debt, period opening, USD$200,000 $235,979  $200,000 $230,000 
Net repayment on credit facilities, USD -  (35,979)   -  (30,000) 
U.S. Dollar debt, period ending, USD 200,000  200,000   200,000  200,000 
      
Spot rate, period end    1.3168  1.2977 
      
U.S. Dollar debt expressed in CAD    263,360  259,540 
Total debt, CAD    263,360  259,540 
Cash and cash equivalents, CAD    (228,945)  (41,288) 
Net debt, period ending, CAD   $34,415 $218,252 

As at June 30, 2018, the Company had net working capital of $417.1 million and available liquidity of $542.3 million, including unrestricted cash and borrowing capacity on operating and term line facilities. 

On June 15, 2018, the Company extended the maturity of its U.S. Operating line from May 1, 2019 to June 15, 2021, with no other significant changes.  On July 10, 2018, Interfor entered into an agreement to extend US$84 million of its 2021 to 2023 Senior Secured Note maturities to 2027 to 2029.  Upon completion of this transaction, which is expected in mid-August, Interfor’s weighted average interest rate on its term debt will be 4.47%.   

These resources, in addition to cash generated from operations, will be used to support capital expenditures, working capital requirements and debt servicing commitments.  We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of June 30, 2018:

  RevolvingSeniorU.S. 
 OperatingTermSecuredOperating 
Thousands of Canadian DollarsLineLineNotesLineTotal
Available line of credit$65,000$200,000$263,360$65,840$594,200
Maximum borrowing available$65,000$200,000$263,360$65,840$594,200
Less:     
Drawings - - 263,360 - 263,360
Outstanding letters of credit included in line utilization 13,899 - - 3,239 17,138
Unused portion of facility$51,101$200,000 $           -$62,601 313,702
      
Add: Unrestricted cash and cash equivalents     228,635
Available liquidity at June 30, 2018    $542,337

As of June 30, 2018, the Company had commitments for capital expenditures totaling $44.9 million. 

Non-GAAP Measures

This MD&A makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Net debt to invested capital, Operating cash flow per share (before working capital changes) and Return on 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
 
 Jun. 30
 Jun. 30
 Mar.31
 Jun. 30
 Jun. 30
 
Thousands of Canadian Dollars except number of shares and per share amounts 2018 2017 2018 2018 2017 
      
Adjusted Net Earnings      
Net earnings$63,775 $24,512 $32,976 $96,751 $44,179 
Add:     
Restructuring costs and capital asset write-downs 4,669 1,457 236 4,905 1,802 
Other foreign exchange loss (gain) (1,880) 913 (111) (1,991) 1,094 
Long term incentive compensation expense 3,996 3,270 4,858 8,854 6,863 
Other expense 80 456 178 258 645 
Post closure wind-down costs and losses - 5 4 4 13 
Income tax effect of above adjustments (1,701) (1,883) (1,374) (3,075) (3,132) 
Adjusted net earnings$68,939 $28,730 $36,767 $105,706 $51,464 
Weighted average number of shares - basic ('000) 70,038  70,030  70,033  70,036  70,030  
Adjusted net earnings per share$0.98 $0.41 $0.52 $1.51 $0.73 
      
Adjusted EBITDA     
Net earnings$63,775 $24,512 $32,976 $96,751 $44,179 
Add:     
Depreciation of plant and equipment 20,851 19,967 20,068 40,919 39,570 
Depletion and amortization of timber, roads and other 8,350 10,024 9,417 17,767 16,321 
Restructuring costs and capital asset write-downs 4,669 1,457 236 4,905 1,802 
Finance costs 2,786 3,535 2,905 5,691 7,597 
Other foreign exchange loss (gain) (1,880) 913 (111) (1,991) 1,094 
Income tax expense 21,132 13,289 10,533 31,665 19,609 
EBITDA 119,683 73,697 76,024 195,707 130,172 
Add:     
Long term incentive compensation expense 3,996 3,270 4,858 8,854 6,863 
Other expense 80 456 178 258 645 
Post closure wind-down costs and losses - 5 4 4 13 
Adjusted EBITDA$123,759 $77,428 $81,064 $204,823 $137,693 
Sales $619,893 $511,376 $527,644 $1,147,537 $968,156 
Adjusted EBITDA margin 20.0% 15.1% 15.4% 17.8% 14.2% 
      
Net debt to invested capital     
Net debt     
Total debt$263,360 $259,540 $257,880 $263,360 $259,540 
Cash and cash equivalents (228,945) (41,288) (130,816) (228,945) (41,288) 
Total net debt$34,415 $218,252 $127,064 $34,415 $218,252 
Invested capital     
Net debt$34,415 $218,252 $127,064 $34,415 $218,252 
Shareholders' equity 977,294 816,136 901,176 977,294 816,136 
Total invested capital$1,011,709 $1,034,388 $1,028,240 $1,011,709 $1,034,388 
Net debt to invested capital(1) 3.4% 21.1% 12.4% 3.4% 21.1% 
      
Operating cash flow per share (before working capital changes)     
Cash provided by operating activities$133,729 $105,816 $18,511 $152,240 $110,498 
Cash used in (generated from) operating working capital (10,579) (32,531) 56,973 46,394 22,502 
Operating cash flow (before working capital changes)$123,150 $73,285 $75,484 $198,634 $133,000 
Weighted average number of shares - basic ('000) 70,038  70,030  70,033  70,036  70,030  
Operating cash flow per share (before working capital changes)$1.76  $1.05  $1.08 $2.84 $1.90 
      
Annualized return on invested capital     
Adjusted EBITDA$123,759 $77,428 $81,064 $204,823 $137,693 
Invested capital, beginning of period$1,028,240 $1,111,424 $973,488 $973,488 $1,076,218 
Invested capital, end of period 1,011,709 1,034,388 1,028,240 1,011,709 1,034,388 
Average invested capital$1,019,975 $1,072,906 $1,000,864 $992,599 $1,055,303 
Adjusted EBITDA divided by average invested capital 12.1% 7.2% 8.1% 20.6% 13.0% 
Annualization factor 4.0 4.0 4.0 2.0 2.0 
Annualized return on invested capital 48.5% 28.9% 32.4% 41.3% 26.1% 
            

Notes:
(1)  Net debt to invested capital as of the period end.


CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS   
For the three and six months ended June 30, 2018 and 2017 (unaudited)   
(thousands of Canadian Dollars except earnings per share)Three Months
 Three Months
 Six Months
 Six Months
 
  Jun. 30, 2018
 Jun. 30, 2017
 Jun. 30, 2018
 Jun. 30, 2017
 
      
Sales
$619,893 $511,376 $1,147,537 $968,156 
Costs and expenses:      
Production 467,355  414,205  886,937  798,282 
Selling and administration 13,952  12,435  28,025  24,881 
Long term incentive compensation expense 3,996  3,270  8,854  6,863 
U.S. countervailing and anti-dumping duty deposits 14,827  7,313  27,756  7,313 
Depreciation of plant and equipment 20,851  19,967  40,919  39,570 
Depletion and amortization of timber, roads and other 8,350  10,024  17,767  16,321 
   529,331  467,214  1,010,258  893,230 
     
Operating earnings before restructuring costs 90,562  44,162  137,279  74,926 
     
Restructuring costs 4,669  1,457  4,905  1,802 
Operating earnings 85,893  42,705  132,374  73,124 
     
Finance costs (2,786)  (3,535)   (5,691)  (7,597) 
Other foreign exchange gain (loss) 1,880  (913)  1,991  (1,094) 
Other expense (80)  (456)  (258)  (645) 
  (986)  (4,904)  (3,958)  (9,336) 
      
Earnings before income taxes 84,907  37,801  128,416  63,788 
      
Income tax expense:     
Current 1,567  380  2,337  686 
Deferred 19,565  12,909  29,328  18,923 
  21,132  13,289  31,665  19,609 
      
Net earnings$63,775 $24,512 $96,751 $44,179 
     
Net earnings per share, basic and diluted$0.91 $0.35 $1.38 $0.63 
         


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME   
For the three and six months ended June 30, 2018 and 2017 (unaudited)   
(thousands of Canadian Dollars)Three MonthsThree Months
 Six Months
Six Months
 
  Jun. 30, 2018Jun. 30, 2017
 Jun. 30, 2018
Jun. 30, 2017
 
     
Net earnings
$63,775 $24,512  $96,751 $44,179 
      
Other comprehensive income (loss):    
Items that will not be recycled to Net earnings:    
Defined benefit plan actuarial gain (loss), net of tax 1,004 (1,222)  1,889 (398) 
      
Items that are or may be recycled to Net earnings:    
Foreign currency translation differences for foreign operations, net of tax   11,130 (12,057)  23,977 (14,562) 
Loss in fair value of interest rate swaps - -  - (11) 
Total items that are or may be recycled to Net earnings 11,130 (12,057)  23,977 (14,573) 
Total other comprehensive income (loss), net of tax 12,134 (13,279)  25,866 (14,971) 
     
Comprehensive income$75,909$11,233 $122,617$29,208 
     


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
For the three and six months ended June 30, 2018 and 2017 (unaudited)   
(thousands of Canadian Dollars)Three Months
 Three Months
 Six Months
 Six Months
 
  Jun. 30, 2018
 Jun. 30, 2017
 Jun. 30, 2018
 Jun. 30, 2017
 
Cash provided by (used in):     
Operating activities:
    
 Net earnings$63,775 $24,512 $96,751 $44,179 
 Items not involving cash:    
 Depreciation of plant and equipment 20,851  19,967  40,919  39,570 
 Depletion and amortization of timber, roads and other 8,350  10,024  17,767  16,321 
 Income tax expense 21,132  13,289  31,665  19,609 
 Finance costs 2,786  3,535  5,691  7,597 
 Other assets (122)  231  (417)  182 
 Reforestation liability (862)  (234)  1,427  2,309 
 Provisions and other liabilities 2,386  1,232  (456)  2,047 
 Stock options 209  155  346  261 
 Write-down of plant, equipment and intangibles 4,645  -  4,864  - 
 Unrealized foreign exchange gain (80)  (1)  (181)  (9) 
 Other expense 80  575  258  934 
   123,150  73,285  198,634  133,000 
 Cash generated from (used in) operating working capital:    
 Trade accounts receivable and other (13,074)  3,312  (23,970)  (12,256) 
 Inventories 2,111  (432)  (31,926)  (15,672) 
 Prepayments 1,541  2,365  (2,784)  (419) 
 Trade accounts payable and provisions 21,152  27,415  13,608  6,265 
 Income taxes paid (1,151)  (129)  (1,322)  (420) 
  133,729  105,816  152,240  110,498 
                    
Investing activities:                   
 Additions to property, plant and equipment    (15,126)    (10,409)    (27,165)    (23,152) 
 Additions to roads and bridges    (8,086)    (9,429)    (14,168)    (16,531) 
 Additions to timber licences and other intangible assets    (63)    (531)    (50)    (1,365) 
 Proceeds on disposal of property, plant and equipment    76    423    185    398 
 Investments and other assets    (13,079)    (35)    (13,565)    (152) 
  (36,278)  (19,981)  (54,763)  (40,802) 
      
Financing activities:    
 Issuance of share capital, net of expenses  -  -  143  - 
 Interest payments (2,438)  (3,211)  (5,114)  (6,753) 
 Debt refinancing costs (2)  (42)  (3)  (170) 
 Change in operating line components of long-term debt -  (40,918)  (1)  (65) 
 Additions to long term debt -  -  -  76,107 
 Repayments of long term debt -  (18,550)  -  (116,260) 
   (2,440)  (62,721)  (4,975)  47,141 
      
Foreign exchange gain (loss) on cash and    
 cash equivalents held in a foreign currency 3,118  (517)  4,843  (537) 
Increase in cash  98,129  22,597  97,345  22,018 
     
Cash and cash equivalents, beginning of period 130,816  18,691  131,600  19,270 
     
Cash and cash equivalents, end of period$228,945 $41,288 $228,945 $41,288 
         


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION   
June 30, 2018 and December 31, 2017 (unaudited)   
(thousands of Canadian Dollars)    
    Jun. 30, 2018Dec. 31, 2017
      
Assets
      
Current assets:      
Cash and cash equivalents  $228,945$131,600
Trade accounts receivable and other   138,804 112,470
Income taxes receivable   511 1,289
Inventories   200,509 165,156
Prepayments   15,848 12,562
Investments and other assets   13,168 -
     597,785 423,077
     
Employee future benefits   2,662 502
Investments and other assets   7,053 6,404
Property, plant and equipment   672,692 670,830
Roads and bridges   25,275 24,092
Timber licences   65,402 66,589
Other intangible assets   10,677 14,170
Goodwill   153,736 147,081
Deferred income taxes   713 251
     
   $1,535,995$1,352,996
     
Liabilities and Shareholders’ Equity    
Current liabilities:    
Trade accounts payable and provisions  $167,625$152,854
Reforestation liability   12,718 12,873
Income taxes payable   332 224
    180,675 165,951
      
Reforestation liability    29,259 27,535
Long term debt    263,360 250,900
Employee future benefits    8,116 8,249
Provisions and other liabilities    26,595 26,976
Deferred income taxes    50,696 19,197
      
Equity:     
Share capital   555,602 555,388
Contributed surplus   8,857 8,582
Translation reserve   64,697 40,720
Retained earnings   348,138 249,498
     
     977,294 854,188
      
   $1,535,995$1,352,996
     

Approved on behalf of the Board:
                                                       
“L. Sauder”                                                         “Thomas V. Milroy”
Director                                                              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 “believes”, “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, cyber-security measures, 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 3.1 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 consolidated financial statements and Management’s Discussion and Analysis for Q2’18 are available at www.sedar.com and www.interfor.com. 

There will be a conference call on Friday, August 3, 2018 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its second quarter 2018 financial results.

The dial-in number is 1-866-559-8291.  The conference call will also be recorded for those unable to join in for the live discussion, and will be available until September 4, 2018.  The number to call is 1-855-859-2056, Passcode 3395576.

For further information:
Martin L. Juravsky, Senior Vice President and Chief Financial Officer
(604) 689-6873