Interfor Reports Q4’21 Results

Vancouver, British Columbia, CANADA

Adjusted EBITDA of $150 million and Net Earnings of $70 million with Record Production

BURNABY, British Columbia, Feb. 03, 2022 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded Net earnings in Q4’21 of $69.7 million, or $1.15 per share, compared to $65.6 million, or $1.05 per share in Q3’21 and $149.1 million, or $2.24 per share in Q4’20. Adjusted net earnings in Q4’21 were $78.2 million compared to $46.7 million in Q3’21 and $164.7 million in Q4’20.

Adjusted EBITDA was $149.5 million on sales of $675.9 million in Q4’21 versus $93.9 million on sales of $664.3 million in Q3’21.

Interfor recorded Net earnings of $819.0 million, or $12.88 per share in 2021, compared to $280.3 million, or $4.18 per share in 2020. Adjusted EBITDA was $1.2 billion on sales of $3.3 billion.

Notable items in the quarter:

  • Record Lumber Production
    • Total lumber production in Q4’21 was 758 million board feet, representing an increase of 27 million board feet quarter-over-quarter and setting an Interfor production record. The U.S. South and U.S. Northwest regions accounted for 409 million board feet and 166 million board feet, respectively, compared to 411 million board feet and 156 million board feet in Q3’21. Production in the B.C. region increased to 183 million board feet from 164 million board feet in Q3’21, which was impacted by wildfire-related log supply constraints.
    • Total lumber shipments were 719 million board feet, or 33 million lower than Q3’21 in part due to weather-related logistics constraints in B.C. and the U.S. Northwest.
  • Strengthening Lumber Prices
    • Interfor’s average selling price was $822 per mfbm, up $78 per mfbm versus Q3’21. The SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9’ lumber price benchmarks increased quarter-over-quarter by US$176, US$174 and US$175 per mfbm to US$644, US$653 and US$733 per mfbm, respectively, with the majority of these increases occurring in the latter half of the quarter.
    • Benchmark lumber prices have continued to strengthen into 2022, rising to all-time record levels for the month of January.
  • Enhanced Financial Flexibility
    • Interfor’s financial flexibility was enhanced substantially in the quarter through significant cash flow generation and an expansion of its revolving credit facility. Available liquidity increased to $1.0 billion, and cash exceeded debt by $162.9 million at quarter-end.
    • Interfor generated $133.1 million of cash flow from operations before changes in working capital, or $2.19 per share. This was partially offset by a $46.9 million investment in working capital driven by weather-related shipment constraints and a seasonal build up of log inventories in B.C.
    • On December 17, 2021, the Company completed an early renewal and expansion of its Revolving Term Line. The commitment under the facility has been increased by $150 million to a total of $500 million, and the term has been extended from March 2024 to December 2026.
  • Strategic Capital Investments
    • Capital spending was $63.0 million, including $38.6 million on high-return discretionary projects. The majority of this discretionary spending was focused on the ongoing multi-year rebuild of the Eatonton, GA sawmill, which will begin ramp-up in Q1’22 towards its proforma 230 million board foot annual capacity.
  • Restart of the DeQuincy, LA Sawmill
    • Lumber production at the sawmill in DeQuincy, LA restarted on January 9, 2022, well ahead of schedule. The sawmill is currently operating on one shift with plans underway to ramp-up to two shifts and its 200 million board foot annual capacity by the end of 2022.
  • Normal Course Issuer Bid (“NCIB”) Renewal
    • On November 4, 2021, the Company announced a renewal of its NCIB commencing on November 11, 2021 and ending on November 10, 2022, for the purchase of up to 6,041,701 common shares, which represents 10% of the Company’s public float.
    • Interfor did not purchase any of its common shares during the quarter.  
  • Softwood Lumber Duties Rate Adjustment
    • In Q4'21, the U.S. Department of Commerce (“the DoC”) published the final rates for countervailing (“CV”) and anti-dumping (“AD”) duties based on the results of its second administrative review covering shipments for the year ended December 31, 2019. The final combined rate for 2019 was 17.91%, compared to the cash deposit rate of 20.23%. To reflect the lower amended final rates for 2019, Interfor recorded a $4.3 million reduction to duties expense in Q4'21 and a corresponding receivable on its balance sheet.
    • On January 31, 2022, the DoC issued its preliminary combined all other rate of 11.64% for 2020. The rate is the result of the DoC’s third administrative review and is subject to change until its final rate determinations which are expected in August 2022. At such time, the final rates will be applied to new lumber shipments. No adjustments have been recorded in the financial statements as of December 31, 2021 to reflect the preliminary all other duty rate announced.
    • Cumulative duties of US$170.4 million have been paid by Interfor since the inception of the current trade dispute and are held in trust by the U.S. Except for US$36.2 million in respect of overpayments arising from duty rate adjustments, Interfor has recorded the duty deposits as an expense.

Acquisition of EACOM Timber Corporation

On November 23, 2021, the Company announced that it had reached an agreement with an affiliate of Kelso & Company to acquire 100% of the equity interests of EACOM Timber Corporation (“EACOM”). The acquisition includes seven sawmills with a combined lumber production capacity of 985 million board feet, an I-Joist plant with annual production of 70 million linear feet, and a value-added remanufacturing plant with annual production capacity of 60 million board feet.

The transaction remains subject to customary conditions and regulatory approvals for a transaction of this kind and is currently expected to close in the first quarter of 2022. The acquisition is expected to be funded from existing available liquidity.

Deferral of Old-Growth Logging in B.C.

On November 2, 2021, the B.C. government announced its intention to work in partnership with First Nations to temporarily defer harvest of up to 2.6 million hectares of old growth forests. The process remains ongoing as the majority of more than 200 First Nations in the province have indicated to the B.C. government that they require more time to review the proposed deferral plans before making decisions. Interfor does not currently anticipate any significant impact on its lumber production volumes in B.C. as a result of the proposed old growth deferrals, though other impacts may arise depending on the nature and alignment of decisions by First Nations. Interfor’s operations within the coastal and interior regions of B.C. account for 4% and 19% of its total lumber production capacity, respectively.


North American lumber markets over the near term are expected to remain above historical trends driven by continued strong demand from new housing starts and repair and remodel activity, albeit with volatility as the economy adjusts to the COVID-19 pandemic recovery.

Interfor expects lumber demand to continue to grow over the mid-term, as repair and renovation activities and new housing starts in the U.S. benefit from favourable underlying demand fundamentals. However, the potential for rising interest rates in the U.S. exists, which could reduce housing affordability and slow the growth in demand for lumber.

Interfor’s strategy of maintaining a diversified portfolio of operations in multiple regions allows the Company to both reduce risk and maximize returns on capital over the business cycle. While uncertainty remains as to the duration and extent of the economic impact from the COVID-19 pandemic, Interfor is well positioned with its strong balance sheet and significant available liquidity.

Financial and Operating Highlights1  

  For the three months ended   
  Dec. 31Dec. 31Sept. 30For the year ended Dec. 31
Financial Highlights2       
Total sales$MM675.9662.3664.33,289.12,183.61,875.8
Logs, residual products and other$MM84.487.3104.7362.8344.8299.7
Operating earnings (loss)$MM99.2203.254.81,077.9402.5(128.8)
Net earnings (loss)$MM69.7149.165.6819.0280.3(103.8)
Net earnings (loss) per share, basic$/share1.152.241.0512.884.18(1.54)
Adjusted net earnings (loss)3$MM78.2164.746.7829.1316.1(58.1)
Adjusted net earnings (loss) per share, basic3$/share1.292.470.7413.044.71(0.86)
Operating cash flow per share (before working capital changes)3$/share2.193.051.1516.797.380.67
Adjusted EBITDA3$MM149.5248.693.91,246.8549.763.4
Adjusted EBITDA margin3%22.1%37.5%14.1%37.9%25.2%3.4%
Total assets$MM2,603.51,843.22,488.72,603.51,843.21,341.9
Total debt$MM375.7382.0375.3375.7382.0259.8
Net debt3$MM(162.9)(75.4)(133.8)(162.9)(75.4)224.9
Net debt to invested capital3%(11.1%)(7.5%)(9.3%)(11.1%)(7.5%)21.3%
Annualized return on capital employed3%18.2%48.4%16.0%55.7%26.7%(9.4%)
Operating Highlights       
Lumber productionmillion fbm7586877312,8912,3772,646
Lumber salesmillion fbm7196837532,8522,4412,668
Lumber - average selling price4$/thousand fbm8228427441,026753591
Average USD/CAD exchange rate51 USD in CAD1.26031.30301.26001.25351.34151.3269
Closing USD/CAD exchange rate51 USD in CAD1.26781.27321.27411.26781.27321.2988

1Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
2Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
3Refer 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.
4Gross sales before duties.
5Based on Bank of Canada foreign exchange rates.


Balance Sheet

Interfor’s Net debt at December 31, 2021 was $(162.9) million, or (11.1%) of invested capital, representing a decrease of $87.5 million from the level of Net debt at December 31, 2020.

As at December 31, 2021 the Company had net working capital of $644.1 million and available liquidity of $1.0 billion, based on the full borrowing capacity under its $500 million Revolving Term Line.

The Revolving Term Line and Senior Secured Notes are subject to financial covenants, including net debt to total capitalization ratios, and an EBITDA interest coverage ratio.

Management believes, based on circumstances known today, that Interfor has sufficient working capital and liquidity to fund operating and capital requirements for the foreseeable future.

 For the three months endedFor the year ended
 Dec. 31,Dec. 31,Sept. 30,Dec. 31,Dec. 31,
Thousands of Dollars 2021 2020 2021 2021 2020
Net debt     
Net debt, period opening$(133,829)$88,705$(490,682)$(75,432)$224,860
(Repayment) issuance of Senior Secure Notes - - - (6,671) 140,770
Revolving Term Line net drawings (repayments) 2,198 - 1 2,199 (82)
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD (1,851) (18,210) 10,221 (1,813) (18,488)
(Increase) decrease in cash and cash equivalents (31,623) (165,294) 365,553 (79,639) (450,767)
Impact on U.S. Dollar denominated cash and cash equivalents from strengthening (weakening) CAD 2,219 19,367 (18,922) (1,530) 28,275
Net debt, period ending$(162,886)$(75,432)$(133,829)$(162,886)$(75,432)

On December 17, 2021, the Company completed an early renewal and expansion of its Revolving Term Line. The commitment under the facility has been increased by $150 million to a total of $500 million, and the term has been extended from March 2024 to December 2026.

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of December 31, 2021:

Thousands of Canadian DollarsLineNotesTotal
Available line of credit and maximum borrowing available$500,000$373,473$873,473
Drawings 2,202 373,473 375,675
Outstanding letters of credit included in line utilization 23,246 - 23,246
Unused portion of facility$474,552$- 474,552
Cash and cash equivalents   538,561
Available liquidity at December 31, 2021  $1,013,113

Interfor’s Revolving Term Line matures in December 2026 and its Senior Secured Notes have maturities principally in the years 2024-2030.

As of December 31, 2021, the Company had commitments for capital expenditures totaling $124.3 million for both maintenance and discretionary capital projects and $490 million for the acquisition of EACOM. In addition, Interfor will assume EACOM’s CV and AD duty deposits at closing, for consideration equal to 55% of the total deposits on an after-tax basis.

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, Adjusted EBITDA margin, Net debt to invested capital, Operating cash flow per share (before working capital changes), and Annualized return on capital employed 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 audited consolidated financial statements (unaudited for interim periods) prepared in accordance with IFRS:

 For the three months ended   
Thousands of Canadian Dollars except number of sharesDec. 31Dec. 31Sept. 30For the year ended Dec.31
and per share amounts 2021 2020 2021 2021 2020 2019
Adjusted Net Earnings (Loss)
Net earnings (loss)$69,653$149,148$65,630$819,011$280,296$(103,785)
Asset and goodwill write-downs and restructuring costs 6,841 1,793 997 10,193 15,264 63,982
Other foreign exchange loss (gain) 4,468 8,162 (9,104) 2,355 16,881 275
Long term incentive compensation expense 8,058 10,254 4,809 31,682 12,513 3,446
Other (income) expense (7,816) 92 (22,571) (31,338) (336) (5,925)
Post closure wind-down costs (recoveries) - 949 (24) 451 4,034 -
Income tax effect of above adjustments (3,036) (5,652) 6,956 (3,300) (12,527) (16,117)
Adjusted net earnings (loss)$78,168$164,746$46,693$829,054$316,125$(58,124)
Weighted average number of shares - basic ('000) 60,787  66,687  62,741  63,593  67,119  67,277
Adjusted net earnings (loss) per share$1.29$2.47$0.74$13.04$4.71$(0.86)
Adjusted EBITDA
Net earnings (loss)$69,653$149,148$65,630$819,011$280,296$(103,785)
Depreciation of plant and equipment 27,053 21,947 25,899 97,143 78,459 80,438
Depletion and amortization of timber, roads and other 8,397 10,511 7,396 29,430 37,071 44,294
Finance costs 4,425 1,891 4,444 17,830 16,079 15,024
Income tax expense (recovery) 28,462 43,889 16,439 270,079 89,573 (34,359)
EBITDA 137,990 227,386 119,808 1,233,493 501,478 1,612
Long term incentive compensation expense 8,058 10,254 4,809 31,682 12,513 3,446
Other foreign exchange loss (gain) 4,468 8,162 (9,104) 2,355 16,881 275
Other (income) expense (7,816) 92 (22,571) (31,338) (336) (5,925)
Asset and goodwill write-downs and restructuring costs 6,841 1,793 997 10,193 15,264 63,982
Post closure wind-down costs (recoveries) - 947 (24) 451 3,914 -
Adjusted EBITDA$149,541$248,634$93,915$1,246,836$549,714$63,390
Adjusted EBITDA margin 22.1% 37.5% 14.1% 37.9% 25.2% 3.4%
Net debt to invested capital      
Net debt      
Total debt$375,675$381,960$375,328$375,675$381,960$259,760
Cash and cash equivalents (538,561) (457,392) (509,157) (538,561) (457,392) (34,900)
Total net debt$(162,886)$(75,432)$(133,829)$(162,886)$(75,432)$224,860
Invested capital      
Net debt$(162,886)$(75,432)$(133,829)$(162,886)$(75,432)$224,860
Shareholders' equity 1,635,973 1,080,312 1,567,063 1,635,973 1,080,312 830,982
Total invested capital$1,473,087$1,004,880$1,433,234$1,473,087$1,004,880$1,055,842
Net debt to invested capital1 (11.1%) (7.5%) (9.3%) (11.1%) (7.5%) 21.3%
Operating cash flow per share (before working capital changes)      
Cash provided by operating activities$86,203$229,947$196,375$1,052,381$526,784$28,252
Cash used in (generated from) operating working capital 46,852 (26,514) (124,114) 15,093 (31,774) 16,740
Operating cash flow (before working capital changes)$133,055$203,433$72,261$1,067,474$495,010$44,992
Weighted average number of shares - basic ('000) 60,787  66,687 62,741  63,593  67,119 67,277
Operating cash flow per share (before working capital changes)$2.19$3.05$1.15$16.79$7.38$0.67

Note 1:  
Net debt to invested capital as of the period end. 

 For the three months ended   
 Dec. 31Dec. 31Sept. 30For the year ended Dec.31
Thousands of Canadian Dollars 2021 2020 2021 2021 2020 2019
Annualized return on capital employed      
Net earnings (loss)$69,653$149,148$65,630$819,011$280,296$(103,785)
Finance costs 4,425 1,891 4,444 17,830 16,079 15,024
Income tax expense (recovery) 28,462 43,889 16,439 270,079 89,573 (34,359)
Earnings (loss) before income taxes and finance costs$102,540$194,928$86,513$1,106,920$385,948$(123,120)
Capital Employed      
Total assets$2,603,510$1,843,187$2,488,693$2,603,510$1,843,187$1,341,917
Current liabilities (321,642) (189,726) (307,349) (321,642) (189,726) (137,647)
Bank indebtedness 2,202 - - 2,202 - -
Current portion of long term debt 6,868 6,897 6,901 6,868 6,897 -
Current portion of lease liabilities 12,239 11,745 11,921 12,239 11,745 10,105
Capital employed, end of period$2,303,177$1,672,103$2,200,166$2,303,177$1,672,103$1,214,375
Capital employed, beginning of period 2,200,165 1,555,212 2,142,778 1,672,103 1,214,375 1,396,144
Average capital employed$2,251,671$1,613,658$2,171,472$1,987,640$1,443,239$1,305,260
Earnings (loss) before income taxes and finance costs divided by average capital employed 4.6% 12.1% 4.0% 55.7% 26.7% (9.4%)
Annualization factor 4.0 4.0 4.0 1.0 1.0 1.0
Annualized return on capital employed 18.2% 48.4% 16.0% 55.7% 26.7% (9.4%)

For the three months and year ended December 31, 2021 and 2020 (unaudited)
(thousands of Canadian Dollars except earnings per share)Three MonthsThree MonthsYear EndedYear Ended
 Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020
Costs and expenses:    
 Production 508,249 428,208 1,948,239 1,583,033
 Selling and administration 13,679 10,297 52,421 40,961
 Long term incentive compensation expense 8,058 10,254 31,682 12,513
 U.S. countervailing and anti-dumping duty deposits (receivable) 4,426 (23,891) 42,101 13,815
 Depreciation of plant and equipment 27,053 21,947 97,143 78,459
 Depletion and amortization of timber, roads and other 8,397 10,511 29,430 37,071
  569,862 457,326 2,201,016 1,765,852
Operating earnings before asset write-downs and     
 restructuring costs
 106,033 204,975 1,088,130 417,757
Asset write-downs and restructuring costs (6,841) (1,793) (10,193) (15,264)
Operating earnings 99,192 203,182 1,077,937 402,493
Finance costs (4,425) (1,891) (17,830 ) (16,079 )
Other foreign exchange loss (4,468) (8,162) (2,355) (16,881)
Other income (expense) 7,816 (92) 31,338  336
   (1,077) (10,145) 11,153 (32,624)
Earnings before income taxes 98,115 193,037 1,089,090 369,869
Income tax expense:    
 Current 1,889 5,392 205,465 7,043
 Deferred 26,573 38,497 64,614 82,530
  28,462 43,889 270,079 89,573
Net earnings$69,653$149,148$819,011$280,296
Net earnings per share        

For the three months and year ended December 31, 2021 and 2020 (unaudited)
(thousands of Canadian Dollars)Three MonthsThree MonthsYear EndedYear Ended
  Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020
Net earnings
Other comprehensive income (loss):     
Items that will not be recycled to Net earnings:     
 Defined benefit plan actuarial gain (loss), net of tax 1,184 458 7,729 (907)
Items that are or may be recycled to Net earnings:     
 Foreign currency translation differences for foreign operations, net of tax (2,504) (28,569) 8,574 (6,913)
Total other comprehensive income (loss), net of tax (1,320) (28,111) 16,303 (7,820)
Comprehensive income$68,333$121,037$835,314$272,476

For the three months and year ended December 31, 2021 and 2020 (unaudited)
(thousands of Canadian Dollars)Three MonthsThree MonthsYear EndedYear Ended
  Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020
Cash provided by (used in):    
Operating activities:    
 Net earnings$69,653 $149,148 $819,011 $280,296 
 Items not involving cash:    
  Depreciation of plant and equipment27,053  21,947  97,143  78,459 
  Depletion and amortization of timber, roads and other8,397  10,511  29,430  37,071 
  Income tax expense28,462  43,889  270,079  89,573 
  Finance costs4,425  1,891  17,830  16,079 
  Other assets(4,354) (37,881) (4,285) (37,040)
  Reforestation liability861  (61) (863) (2,050)
  Provisions and other liabilities5,594  6,198  15,867  5,536 
  Stock options254  253  864  866 
  Write-down of plant, equipment and other2,597  -  5,637  9,754 
  Unrealized foreign exchange loss1,055  9,031  2,950  17,634 
  Other expense (income)(7,816) 92  (31,338) (336)
 Income taxes paid(3,126) (1,585) (154,851) (832)
   133,055  203,433  1,067,474  495,010 
 Cash generated from (used in) operating working capital:    
  Trade accounts receivable and other(11,606) 70,342  (29,163) (30,206)
  Inventories(56,252) (35,380) (53,192) 22,024 
  Prepayments5,769  (2,734) 1,834  (1,036)
  Trade accounts payable and provisions15,237  (5,714) 65,428  40,992 
  86,203  229,947  1,052,381  526,784 
Investing activities:    
 Additions to property, plant and equipment (59,618) (29,990) (160,231) (95,714)
 Additions to roads and bridges (3,378) (5,840) (16,507) (14,669)
 Additions to timber licences and other intangible assets (29) (160) (29) (160)
 Acquisitions -  -  (539,941) (56,606)
 Proceeds on disposal of property, plant and equipment and other 13,752  3,896  59,501  4,992 
 Net proceeds from (additions to) deposits and other assets 825  (585) 714  (462)
   (48,448) (32,679) (656,493) (162,619)
Financing activities:    
 Issuance of share capital, net of expenses         323  227  2,977  418 
 Share repurchases -  (24,430) (152,869) (24,430)
 Dividend paid -  -  (130,625) - 
 Interest payments (4,143) (4,534) (16,783) (17,626)
 Lease payments (3,355) (3,255) (13,322) (12,315)
 Debt refinancing costs (1,155) 18  (1,155) (133)
 Term line net drawings (repayments) 2,198  -  2,199  (82)
 Additions to long term debt -  -  -  140,770 
 Repayments of long term debt -  -  (6,671) - 
  (6,132) (31,974) (316,249) 86,602 
Foreign exchange gain (loss) on cash and cash    
 equivalents held in a foreign currency (2,219) (19,367) 1,530  (28,275)
Increase in cash  29,404  145,927  81,169  422,492 
Cash and cash equivalents, beginning of period 509,157  311,465  457,392  34,900 
Cash and cash equivalents, end of period$538,561 $457,392 $538,561 $457,392 

December 31, 2021 and 2020 (unaudited)
(thousands of Canadian Dollars)   
  Dec. 31, 2021Dec. 31, 2020
Current assets:   
 Cash and cash equivalents $538,561$457,392
 Trade accounts receivable and other  147,764 117,371
 Income taxes receivable  12,776 169
 Inventories  250,481 160,188
 Prepayments  16,125 17,970
    965,707 753,090
Employee future benefits  8,338 106
Deposits and other assets  52,221 48,957
Right of use assets  33,547 35,471
Property, plant and equipment  1,067,754 729,163
Roads and bridges  27,101 22,379
Timber licences  106,136 114,953
Goodwill and other intangible assets  342,291 138,838
Deferred income taxes  415 230
Liabilities and Shareholders’ Equity   
Current liabilities:   
 Bank indebtedness $2,202$ -
 Trade accounts payable and provisions  218,825 150,509
 Current portion of long term debt  6,868 6,897
 Reforestation liability  16,670 16,181
 Lease liabilities  12,239 11,745
 Income taxes payable  64,838 4,394
   321,642 189,726
Reforestation liability  29,250 29,735
Lease liabilities  26,850 28,541
Long term debt  366,605 375,063
Employee future benefits  9,069 11,137
Provisions and other liabilities  43,686 26,637
Deferred income taxes  170,435 102,036
 Share capital  484,721 523,605
 Contributed surplus  4,694 5,157
 Translation reserve  58,420 49,846
 Retained earnings  1,088,138 501,704
    1,635,973 1,080,312

Approved on behalf of the Board:

 L. Sauder T.V. Milroy 
 Director Director 

This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future. Statements containing forward-looking information may include words such as: will, could, should, believe, expect, anticipate, intend, forecast, projection, target, outlook, opportunity, risk or strategy. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s annual Management’s Discussion & Analysis under the heading “Risks and Uncertainties”, which is available on and under Interfor’s profile on Material factors and assumptions used to develop the forward-looking information in this release include volatility in the selling prices for lumber, logs and wood chips; the Company’s ability to compete on a global basis; the availability and cost of log supply; natural or man-made disasters; currency exchange rates; changes in government regulations; the availability of the Company’s allowable annual cut (“AAC”); claims by and treaty settlements with Indigenous peoples; the Company’s ability to export its products; the softwood lumber trade dispute between Canada and the U.S.; stumpage fees payable to the Province of British Columbia (“B.C.”); environmental impacts of the Company’s operations; labour disruptions; information systems security; and the existence of a public health crisis (such as the current COVID-19 pandemic). Unless otherwise indicated, the forward-looking statements in this release are based on the Company’s expectations at the date of this release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual production capacity of approximately 3.9 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at

The Company’s 2021 audited consolidated financial statements and Management’s Discussion and Analysis are available at and

There will be a conference call on Friday, February 4, 2022 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its fourth quarter and fiscal 2021 financial results.

The dial-in number is 1-833-297-9919. The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 4, 2022. The number to call is 1-855-859-2056, Passcode 5057194.

For further information:
Richard Pozzebon, Senior Vice President and Chief Financial Officer
(604) 422-3400