|By Marketwired .||
|May 7, 2014 09:59 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/08/14 -- As previously reported, Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") suffered a tragic loss on April 30 when two employees were fatally shot, and two others wounded, at our Nanaimo sawmill.
"The loss of two colleagues has been devastating and Western is caring for the families impacted by this tragedy and providing counselling services to help our employees and their family members cope during this extremely difficult time. However, we are grateful for the tremendous support we have received from our customers, business partners and the communities on Vancouver Island. This support has reaffirmed for everyone at Western that we are a strong and resilient Company," said Don Demens, President and Chief Executive Officer.
The Company announced results for the first quarter of 2014 with adjusted EBITDA of $32.8 million compared to adjusted EBITDA of $31.9 million for the first quarter of 2013 and $24.4 million for the fourth quarter of 2013.
Q1 2014 HIGHLIGHTS
-- Adjusted EBITDA of $32.8 million, 34% higher than the fourth quarter 2013 result and 3% higher than the first quarter 2013 result. -- Lumber revenues improved by 11% over the first quarter 2013, supported by higher prices and a favourable exchange rate. -- Mill productivity levels increased 5% over the same period last year. -- Completed bought deal secondary offering, resulting in single class of common shares. -- Safety performance for the first quarter 2014 was the best quarterly result ever reported.
"I am pleased to report that Western achieved a very successful first quarter of 2014. Our adjusted EBITDA of $32.8 million is a first quarter record for our Company and our safety performance was the best quarterly result ever. Our positive results were supported by the successful implementation of key components of our 2014 business plan, including increasing log purchases for additional lumber production and further refining our product lines," said Don Demens, President and Chief Executive Officer.
Net income for the first quarter of 2014 was $23.6 million ($0.06 per share), on sales of $246.0 million, which compared to a net income reported in the first quarter of 2013 of $22.8 million ($0.05 per share) and a net income reported for the fourth quarter of 2013 of $49.9 million ($0.13 per share).
FINANCIAL SUMMARY ---------------------------------------------------------------------------- Three months ended March 31, ---------------------------------------------------------------------------- (millions of dollars except where noted) 2014 2013 ---------------------------------------------------------------------------- Revenue $ 246.0 $ 233.8 Adjusted EBITDA 32.8 31.9 Adjusted EBITDA as % of revenue 13.3% 13.6% Operating income prior to restructuring items and other income 24.9 24.6 Net income from continuing operations 23.6 23.1 Net income for the period 23.6 22.8 Basic and diluted earnings per share (in dollars) $ 0.06 $ 0.05 Net Debt at March 31, 78.9 - Liquidity at March 31, 144.3 207.0 ----------------------------------------------------------------------------
First Quarter 2014
Western reported adjusted EBITDA of $32.8 million for the first quarter of 2014, a 3% improvement over the same period last year, but a 34% improvement over the previous quarter and a record first quarter result for the Company. Improved product prices, increased lumber production and a weaker Canadian dollar ("CAD") contributed to our improved performance. These record results were achieved despite challenging winter logging conditions and a disruption to our supply chain caused by the Port of Vancouver dock strike which negatively impacted lumber shipments.
First quarter 2014 average realized prices for our lumber products were 9% better than the first quarter a year ago. Our lumber pricing was supported by shifting production to higher margin products and by a favourable exchange rate. In contrast, the commodity benchmark Western Spruce/Pine/Fir Kiln Dried 2x4 #2&Btr ("SPF") price in CAD terms was 3% higher in the first quarter of 2014 compared to the same period last year. To take advantage of strong lumber markets we increased log purchases by 54% from the same quarter a year earlier, allowing us to increase lumber production.
Prices for logs that we sold improved 7% in the first quarter of 2014 compared to the first quarter last year, as demand for both domestic and export markets improved. We reduced the percentage of pulp log sales from 24% of our total log sales in the first quarter of 2013 to 14% in the first quarter of 2014, which contributed to us achieving increased average log prices in the current quarter.
Strong production results from our sawmills helped increase our total revenue to $246.0 million for the first quarter of 2014, an increase of $12.2 million, or 5%, over the first quarter of 2013. Primary sawmill production was 10% higher than in the same period last year. Production improvements were achieved by a 5% increase in our mill productivity level, as measured on a production per shift basis, and by operating 4% more shifts this quarter compared to the first quarter last year. Logging costs in the first quarter of 2014 increased over those in the same period last year as a result of increased stumpage rates, the mix impact of harvesting more costly areas, and an increase in logging contractor rates.
Net income for the first quarter of 2014 was $23.6 million, or $0.06 per share, slightly ahead of the net income of $22.8 million, or $0.05 per share, a year earlier, and a decrease of $26.3 million from the net income in the previous quarter. The fourth quarter 2013 results included the recognition of a $26.5 million deferred tax asset associated with our available tax losses.
Our liquidity position remains strong. At March 31, 2014, we had total liquidity of $144.3 million, compared to $125.9 million at the end of 2013. The increased liquidity in the first quarter of 2014 primarily resulted from cash generated by operations.
Our strategic capital plan continues to progress in accordance with expectations. The final phase of our Saltair sawmill project, which involves the installation of a new log in-feed, will commence during the third quarter of 2014 and is expected to be complete by the end of the year. The Cowichan Bay log quad auto-rotation project is expected to be installed and completed early in the third quarter of 2014, and we expect full benefits from the project to commence by the end of the third quarter. The first phase of the Duke Point sawmill retrofit has commenced and is scheduled to be complete by the end of the second quarter of 2014, and our Board recently approved an additional $6.7 million investment at the mill to improve productivity and consolidate production with a focus on improved margin. The Alberni Pacific sawmill autograder is installed and operating above expectations. We are currently evaluating other mills for similar autograder installations.
During the first quarter of 2014, our margin improvement plan program contributed a further $4.4 million in annualized margin enhancements. These benefits mainly relate to improvements in product mix to create higher margins at our sawmills, along with timberlands, logistics, procurement and certain other corporate initiatives.
On January 31, 2014, the remaining 39,050,597 Non-Voting Shares of the Company were converted, on a one-for-one basis, into Common Shares of the Company, leaving Western with a single class of common shares. Brookfield Special Situations Management Limited ("BSSML"), held 138,442,610 Common Shares as at March 31, 2014, representing 35.3% of the total issued and outstanding Common Shares of Western.
In the first quarter of 2014 we continued our dividend program, paying $0.02 per share to shareholders on March 21, 2014.
Adjusted EBITDA of $32.8 million for the first quarter of 2014 compares to $31.9 million reported in the same quarter last year and to $24.4 million in the fourth quarter of 2013. The increase in adjusted EBITDA compared to the same quarter a year ago primarily reflects increased lumber production, improved prices for our products and the beneficial impact on our revenues of the weakening of the CAD against the US dollar ("USD"). Partially offsetting these gains were increased logging costs and an unfavourable lumber sales mix compared to the first quarter 2013. The CAD was, on average, 9% weaker relative to the USD during the first quarter of 2014 compared to the first quarter of last year, which had a beneficial impact on our revenue, as approximately 50% of our sales are denominated in USD.
Lumber revenue in the first quarter of 2014 was $173.9 million, 11% higher than in the first quarter of 2013. This increase was driven principally by higher realized prices combined with a 2% increase in shipment volume. Our average realized price for lumber during the first quarter of 2014 was $65 per thousand board feet, or 9%, higher than in the first quarter of 2013. This reflects actual price increases for our Western Red Cedar ("WRC"), Douglas fir and hemlock/fir, and the benefit of exchange on USD denominated sales, partially offset by a lower value mix of our sales as we sold proportionately more volume of lower value commodity product in the first quarter this year compared to 2013. Benchmark SPF prices were, on average, 6% lower in the first quarter of 2014 compared to a year ago in USD terms, but when the impact of exchange is included, our realized price of SPF in CAD terms shows an increase of 3%.
Log revenue in the first quarter of 2014 was $55.2 million, a decline of $8.0 million, or 13%, from the first quarter of 2013. The benefits of increased log pricing in the first quarter of 2014 over the same quarter a year ago were more than offset by the impact of a decline in the volume of log shipments this quarter, as well as an adverse product mix change over the respective quarters. Log sale volumes declined by 111,000 cubic metres, or 16%, in the first quarter of this year compared to the same quarter last year. The reduction in our volumes sold is mainly the result of lower harvest levels and increased internal consumption over the respective quarters. Log market demand remained strong in the first quarter of 2014 and log supply on the Coast continued to be tight, leading to higher prices compared to the first quarter of 2013. The overall average price of logs sold in this quarter was $6 per cubic metre, or 7%, higher than last year. This price was negatively impacted by an unfavourable change in the mix of our log sales. While we sold proportionately fewer pulplogs as a result of our strategy to upgrade pulp logs into sawlogs, we also sold less export and peeler logs, and more utility and hemlock logs in the current quarter compared to the same quarter in 2013.
By-products revenue in the first quarter of 2014 was $16.9 million, or $3.3 million higher than in the same period in 2013. This increase was the result of 21% higher average realized chip prices this quarter, combined with a 6% increase in the volume of chips sold compared to the first quarter of 2013. In general, chip prices are tied by a formula to the market price of pulp, and for the first quarter of 2014 pulp prices were 21% higher than for the first quarter of 2013 which positively impacted chip pricing. The increase in chip volume available for sale is attributable to higher production levels in our sawmills, and the redirection of fibre previously sold or consumed in contract facilities, from which we receive no chips.
Freight costs in the first quarter of 2014 were $18.7 million, which was $0.7 million less than those incurred in the first quarter of 2013. The reduction reflects lower log shipment costs, partially offset by higher lumber freight costs. Log shipment costs were $1.4 million lower as fewer shipments were made during the first quarter of 2014 with terms under which Western was responsible for the freight costs, compared to the same quarter in 2013. Our freight costs for lumber increased because of the detrimental impact of the strengthening USD relative to the CAD, as the majority of our freight costs are denominated in USD. Partially offsetting this was the beneficial effect of a favourable change in the geographic mix of our shipments, since we shipped relatively less lumber overseas compared to domestic North American markets in the current quarter.
Primary sawmill production for the first quarter of 2014 was 209 mmfbm, 10% higher than during the first quarter of 2013. The increased production level was achieved by operating 4% more shifts this year combined with a 5% increase in our mill productivity level, as measured on a production per shift basis. The increased production was mainly achieved at our Saltair and Cowichan Bay sawmills, with Saltair increasing because of productivity improvements following the capital program completed in 2013, and additional shifts being run at Cowichan Bay due to increased log supply availability.
The total log harvest for the current quarter was 1.3 million cubic metres, which was 6% lower than the harvest in the first quarter of 2013. This reduction is primarily the result of adverse weather conditions experienced in February, 2014, whereas during the first quarter of 2013 we experienced exceptionally good weather throughout. This volume reduction contributed to an increase in our fixed per unit costs of harvest production. Our overall harvest costs were higher in the first quarter of 2014 compared to the first quarter last year as a result of increased heli-logging activity, construction of more spur roads, increased logging in higher cost harvesting blocks and operations, and higher stumpage rates. Our helicopter logging in the current quarter was almost three times as high as the first quarter in 2013, but associated margins increased as higher value logs are accessed. We invested $2.0 million more on spur road construction in the current quarter compared to the same quarter in the prior year as more roads were built.
Selling and administration expenses in the first quarter of 2014 were $9.8 million, $1.8 million higher than the same quarter in 2013. The increase is largely because of higher performance related compensation. As a percentage of revenues our selling and administration costs were 4.0% for the first quarter of 2014, an increase from the 3.4% reported in first quarter of 2013.
Finance costs in the first quarter of 2014 were $1.6 million, which was $0.4 million higher than the same quarter of 2013. This increase was primarily the result of higher outstanding debt levels on our revolving term loan facility during the current quarter, which averaged $89.8 million, compared to $16.8 million during the first quarter of 2013. Partially offsetting this increase was the impact of lower interest rates and lower finance costs associated with our defined benefit pension plan in the first quarter of this year compared to the same quarter last year.
Operations on the site of the former Squamish pulp mill were discontinued in 2006. Since that date, the Company has expensed costs for supervision, security, property taxes and environmental remediation. For the first quarter of 2014, we incurred no net expense for the site as revenue from selling hydro-electric power generated at the site offset our costs.
Closing of the previously announced sale of this site is progressing satisfactorily, with required remediation work on schedule, and we anticipate receiving net proceeds from the sale and remediation of approximately $18.0 million.
As economic and other circumstances allow, Western will continue to pursue opportunities to sell non-core assets.
Strategy and Outlook
Western's business plan for 2014 continues to be based on growing product margins. The strategy, which is designed to maximize product margins while prudently increasing our sales volume, continued to progress during the first quarter of 2014. Key operational priorities for the strategy in 2014 include:
-- Increasing log availability through improved utilization and accessing more volume on the open market -- Improving productivity through increased machine utilization efficiencies -- Rationalizing our lumber marketing programs by mill to drive higher margins
As log and lumber markets continue to improve, we will look to further increase margins as we utilize our flexible manufacturing base to refine our product mix.
The pace of new home construction in the US during the first quarter of 2014 has been slower than expected. The severe winter left the pace of US home construction flat quarter over quarter, reducing lumber demand across North America. Poor weather, coupled with supply chain disruptions, including the Vancouver port strike and the lack of railcar availability, has negatively impacted shipment volumes across the industry. In the medium term, we expect growth in the US new home construction segment and continued growth in demand for forest products in China. In the longer-term, constrained supply due to BC's mountain pine beetle infestation and reduced allowable cut levels from eastern Canada, along with an increase in worldwide demand for lumber, are expected to lead to improved pricing for our logs and lumber.
Higher sawmill lumber inventories due to the above mentioned supply chain disruptions and a slow start to the US home building season have resulted in the commodity benchmark SPF price declining by 7% from the beginning of the year, in USD terms. We are optimistic that the normal seasonal increase in lumber consumption will occur later this spring, absorbing current excess mill inventories built during the first quarter of 2014. Our realized pricing for commodity lumber in the first quarter of 2014 increased year-over-year, but general softness in commodity lumber prices will limit our ability to improve pricing in the second quarter of 2014.
Demand in China is expected to remain strong due to additional government infrastructure and urban housing investments over the medium term. However, current market inventories of both logs and lumber in China are relatively high and it will take some time to clear the backlog.
Our first quarter WRC lumber sales results appear to confirm that the demand for cedar products has increased over 2013 levels, and the cedar market remains undersupplied heading into the prime building season. As weather improves in the US, the combination of increased seasonal demand and tight inventories supports our view that WRC prices will continue to improve. Despite the softening benchmark SPF pricing, we do not anticipate having to pay export duties in the second quarter.
As expected, the Japanese market is being impacted by a combination of seasonal weakness and reduced demand due to the increase in the consumption tax. Housing construction, which accelerated in 2013, driven by government stimulus and the pending introduction of the new consumption tax, has slowed. Inventory levels have increased, causing buyers to slow purchasing, putting downward pressure on prices. We expect that this uncertainty will last through the second quarter of 2014 until inventories come into balance by mid-year, after which prices are expected to firm up for the balance of 2014.
Niche lumber markets continue to improve heading into the second quarter of 2014, with our sales volumes expected to exceed 2013 levels. Our moulding and millwork business is strengthening, as demand from the US renovation market continues to rebound and as we develop new markets in China. Our specialty timber business in North America is also expected to improve as the civil construction market moves into its prime consumption season.
Demand remained strong in both export and domestic log markets during the first quarter of 2014. We anticipate export prices to weaken by up to 5% due to higher inventories in China. Strong demand continues to support domestic log values particularly in cedar sawlogs and shingle logs, while the pulplog market remains static. Market fundamentals for pulplogs are expected to improve marginally over the second half of 2014, and we continue to maximize sawlog production from pulp log sorts to increase our margins.
Strategic Capital Plan Update
The final phase of our Saltair sawmill project, which involves the installation of a new log in-feed, will commence during the third quarter of 2014 and is expected to be complete by the end of the year. The Cowichan Bay log quad auto-rotation project is expected to be installed and completed early in the third quarter of 2014, and we expect full benefits from the project to commence by the end of the third quarter. The first phase of the Duke Point sawmill retrofit has commenced and is scheduled to be complete by the end of the second quarter of 2014, and the second phase, which comprises a $6.7 million investment to improve productivity and consolidate production with a focus on improved margin, has now been approved. The Alberni Pacific sawmill autograder is installed and operating above expectations. We are currently analysing certain other mills for similar autograder installations.
The Company's Q1 2014 news release, management's discussion and analysis, unaudited condensed interim financial statements and notes to the financial statements have been filed on SEDAR and are also available on the Company's website at www.westernforest.com.
Forward-Looking Statements and Information
This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "estimate", "expect", "anticipate", "plan", "intend", "believe", "should", "may" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, regulations or public policy, misjudgements in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2013 Annual Report dated February 20, 2014. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.
Reference is made in this report to adjusted EBITDA which is defined as operating income prior to operating restructuring items and other income, plus amortization of property, plant, equipment, and intangible assets, impairment adjustments, and changes in fair value of biological assets. Western uses adjusted EBITDA as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider adjusted EBITDA to be a meaningful supplement to operating income as a performance measure primarily because amortization expense, impairment adjustments and changes in the fair value of biological assets are non-cash costs, and vary widely from company to company in a manner that we consider largely independent of the underlying cost efficiency of their operating facilities. Further, the inclusion of operating restructuring items which are unpredictable in nature and timing may make comparisons of our operating results between periods more difficult. We also believe adjusted EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.
Adjusted EBITDA does not represent cash generated from operations as defined by IFRSs and it is not necessarily indicative of cash available to fund cash needs. Furthermore, adjusted EBITDA does not reflect the impact of a number of items that affect our net income. Adjusted EBITDA is not a measure of financial performance under IFRSs, and should not be considered as an alternative to measures of performance under IFRSs. Moreover, because all companies do not calculate adjusted EBITDA in the same manner, adjusted EBITDA as calculated by Western may differ from adjusted EBITDA as calculated by other companies. A reconciliation between the Company's net income as reported in accordance with IFRSs and adjusted EBITDA is included in Appendix A to the Company's Management's Discussion & Analysis for the year ended December 31, 2013, which is available under the Company's profile on SEDAR at www.sedar.com.
Also in this report management uses key performance indicators such as net debt, net debt to capitalization and current assets to current liabilities. Net debt is defined as long-term debt less cash and cash equivalents. Net debt to capitalization is a ratio defined as net debt divided by capitalization, with capitalization being the sum of net debt and shareholder's equity. Current assets to current liabilities is defined as total current assets divided by total current liabilities. These Key Performance Indicators are non-GAAP financial measures that do not have a standardized meaning and may not be comparable to similar measures used by other issuers. They are not recognized by IFRS, however, they are meaningful in that they indicate the Company's ability to meet their obligations on an ongoing basis, and indicate whether the Company is more or less leveraged than the prior year.
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic metres of timber of which approximately 6.2 million cubic metres is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and three remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 25 countries worldwide.
TELECONFERENCE CALL NOTIFICATION:
Friday, May 9, 2014 at 9:00 a.m. PST/12:00 p.m. EST
On Friday, May 9, 2014, Western Forest Products Inc. will host a teleconference call at 9:00 a.m. PST (12:00 p.m. EST). To participate in the teleconference please dial 416-340-8530 or 1-800-766-6630. This call will be taped, available one hour after the teleconference, and on replay until May 15, 2014 at 8:59 p.m. PST (11:59 p.m. EST). To hear a complete replay, please call 905-694-9451 / 1-800-408-3053 (passcode: 2444482).
Letter to Shareholders
To Our Shareholders,
The safety and security of our employees has always been, and will continue to be, our highest priority. Safety has taken on a different meaning for us following the tragedy that occurred at our Nanaimo sawmill on April 30, 2014. As reported in the news, four Western employees were shot, two fatally, at the sawmill. A suspect has been arrested and is now facing criminal charges. Western is caring for the families impacted by this tragedy and providing counselling services to help our employees and their families cope during this extremely difficult time.
We are now working closely with our colleagues in the United Steel Workers Union to review the security of our workplaces with a plan to make changes where necessary. The loss of two colleagues has been devastating; however, the tremendous support we have received from our customers, business partners and the communities on Vancouver Island has reaffirmed for everyone at Western that we are a strong and resilient Company.
Turning to our financial results, Western achieved a successful first quarter of 2014. Our adjusted EBITDA of $32.8 million is a first quarter record for our Company and our safety performance was the best quarterly result ever. Our positive results were supported by the implementation of key components of our 2014 business plan, including increasing log purchases which delivered additional lumber production, and further refining of our product lines.
First quarter 2014 financial highlights:
-- Adjusted EBITDA of $32.8 million, 34% higher than the last quarter and 3% better than last year. -- Revenue of $246 million, a 5% improvement from the same period last year. -- Liquidity grew to $144 million from $126 million at the end of 2013.
First quarter 2014 operational successes compared against the same period last year:
-- Increased sawlog purchase volume by 54%. -- Increased lumber production by 18 Mmfbm (or 8%) to 237 Mmfbm. -- Increased mill productivity by 5%. -- Delivered an additional $4.4 million in margin improvement.
In addition to delivering robust financial and operation results, Western completed the remaining steps to establish a single class of common shares, with the successful closing of the third secondary offering by Brookfield Special Situations. Our public float now comprises 65% of the ownership of the Company, and the average daily trading volume of our shares has more than tripled in the last year. We also maintained our balanced capital approach by continuing our quarterly dividend of $0.02 per share.
Our long-term global market outlook remains very positive. In spite of short-term turbulence in the global lumber market, prices generally remain above trend.
-- The gradual recovery in the U.S. new home construction market is expected to continue. Despite a slow start to 2014, due to the prolonged winter and the lingering impact of supply chain disruptions, we look for the market to continue to deliver year over year gains. -- The Japanese market should continue to be supported by government initiatives to expand domestic demand. Seasonal weakness, higher inventories and the impact of the increase in the consumption tax are forecast to give way to improved demand as we move through the year. -- Demand for lumber in China appears strong, supported by government investments in infrastructure and urban housing. The current market is being impacted by higher log inventories and the effects of the Port of Vancouver dock strike, which disrupted lumber deliveries. We anticipate current inventory and supply chain issues to be resolved by the end of the third quarter.
Western continues to make strategic capital investments in our operating platform. I am pleased to report that our Board of Directors has approved an additional $6.7 million investment in our Duke Point sawmill, which will allow us to improve productivity and enable us to consolidate the production of specialty product lines. By year-end, our investments at Duke Point will amount to more than $8 million and will be completely operational. We also continue to make progress implementing sector-leading auto-grading technology at Alberni Pacific, where more than 75% of our planer product lines are now being graded with the auto-grader. In the third quarter of 2014, we plan to install new auto-log rotation equipment at our Cowichan Bay sawmill and begin installation of the new log in-feed system at our Saltair sawmill, both of which will deliver improved mill productivity.
Western continues to be a safety leader in our industry. Our positive results are enabling us to gain greater traction in developing mutually beneficial safety solutions for our timberlands contractors in our timberlands operations. In our manufacturing operations, we remain committed to working with the industry and WorkSafeBC on the management of sawmill dust. Previously implemented procedures and standards are working well, as are our engineered solutions. Throughout this process, the safety of our employees will remain our highest concern.
I want to thank our shareholders for your ongoing support and the confidence you continue to demonstrate in the future growth and ongoing success of Western Forest Products.
President and CEO
Western Forest Products
Western Forest Products Inc.
Chief Financial Officer & Corporate Secretary
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