Interfor Reports Q4’20 Results

EBITDA¹ of $249 million on Sales of $662 million
Net Cash Position and Available Liquidity of $788 million

BURNABY, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded Net earnings in Q4’20 of $149.1 million, or $2.24 per share, compared to $121.6 million, or $1.81 per share in Q3’20 and Net loss of $41.7 million, or $0.62 per share in Q4’19.  Adjusted net earnings in Q4’20 was $164.7 million compared to $140.0 million in Q3’20 and Adjusted net loss of $17.4 million in Q4’19.

Adjusted EBITDA was a record $248.6 million on sales of $662.3 million in Q4’20 versus $221.7 million on sales of $644.9 million in Q3’20.

Interfor recorded Net earnings of $280.3 million, or $4.18 per share, in 2020, compared to Net loss of $103.8 million, or $1.54 per share in 2019.  Adjusted EBITDA was $549.7 million on sales of $2.2 billion.

Notable items in the quarter:

• Strong Free Cash Flow Generation

• Interfor generated $205.0 million of cash flow from operations before changes in working capital, or $3.07 per share, and an additional $24.9 million of cash from reduced working capital. 
• Capital spending was $36.0 million, including $21.7 million on high-return discretionary projects primarily in the U.S. South. US$96.1 million has been spent on the Company’s Phase II strategic capital plan through December 31, 2020.
• Net debt ended the quarter at $(75.4) million, or (7.5)% of invested capital, resulting in available liquidity of $787.5 million. 

• Seasonally Robust Lumber Market

• Interfor’s average selling price was $842 per mfbm, down $68 per mfbm versus record levels in Q3’20.  Movements in key benchmark prices were mixed compared to Q3’20 as the SYP Composite and Western SPF Composite benchmarks decreased by US$145 and US$59 to US$603 and US$652 per mfbm, respectively, while the KD H-F Stud 2x4 9’ benchmark increased by US$43 to US$807 per mfbm.

• Production Increased to Meet Demand

• Total lumber production in Q4’20 was 687 million board feet, representing an increase of 45 million board feet quarter-over-quarter.  The U.S. South and U.S. Northwest regions accounted for 361 million board feet and 136 million board feet, respectively, compared to 331 million board feet and 118 million board feet in Q3’20.  Production in the B.C. region decreased to 190 million board feet from 193 million board feet in the preceding quarter.
• Total lumber shipments were 683 million board feet, including agency and wholesale volumes, or 65 million board feet higher than Q3’20.

• Softwood Lumber Duties Rate Adjustment

• In Q4'20, the U.S. Department of Commerce published the final rates for countervailing (“CV”) and anti-dumping (“AD”) duties based on the results of its first administrative review of shipments for the years ended December 31, 2017 and 2018.  The final combined rates for 2017 and 2018 were 8.83% and 8.99% respectively, compared to the cash deposit rate of 20.23%.  To reflect lower amended final rates, Interfor recorded a $38.4 million reduction to duties expense in Q4'20.
  
  Effective December 2020, the final rate of 8.99% was applied to new lumber shipments.

• Cumulative duties of US$134.0 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$32.9 million in respect of overpayments arising from duty rate adjustments, Interfor has recorded the duty deposits as an expense.

^{1 Refer to Adjusted EBITDA in the Non-GAAP Measures section}

Normal Course Issuer Bid (“NCIB”)

On November 5, 2020, the Company announced a NCIB commencing on November 11, 2020 and ending on November 10, 2021, for the purchase of up to 5,981,751 common shares. During Q4 2020, Interfor purchased 1,327,420 common shares under the Company’s NCIB for total consideration of $24.4 million.

The Company believes that, from time to time, the market price of its common shares may be attractive and their purchase would represent a prudent allocation of capital.

Outlook

North American lumber markets over the near term are expected to remain robust and above historical trends, albeit volatile, as relatively low levels of lumber inventories industry-wide combined with demand ahead of the 2021 home building and renovation season put pressure on available lumber supply from manufacturers.

Interfor expects lumber demand to continue to grow over the mid-term, as repair and renovation activities and U.S. housing starts benefit from favourable underlying economic fundamentals and trends.  

Interfor’s strategy of maintaining a diversified portfolio of operations allows the Company to both reduce risk and maximize returns on invested 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. 31		Dec. 31		Sept. 30		For the year ended Dec. 31
	Unit	2020		2019		2020		2020		2019		20182
Financial Highlights3
Total sales	$MM	662.3		456.8		644.9		2,183.6		1,875.8		2,186.6
Lumber	$MM	575.0		385.2		562.4		1,838.8		1,576.1		1,841.0
Logs, residual products and other	$MM	87.3		71.6		82.5		344.8		299.7		345.6
Operating earnings (loss)	$MM	203.2		(49.0	)	171.4		402.5		(128.8	)	157.9
Net earnings (loss)	$MM	149.1		(41.7	)	121.6		280.3		(103.8	)	111.1
Net earnings (loss) per share, basic	$/share	2.24		(0.62	)	1.81		4.18		(1.54	)	1.59
Adjusted net earnings (loss)4	$MM	164.7		(17.4	)	140.0		316.1		(58.1	)	113.5
Adjusted net earnings (loss) per share, basic4	$/share	2.47		(0.26	)	2.08		4.71		(0.86	)	1.63
Operating cash flow per share (before working capital changes)4	$/share	3.07		0.24		3.19		7.39		0.68		4.12
Adjusted EBITDA4	$MM	248.6		17.6		221.7		549.7		63.4		291.6
Adjusted EBITDA margin4	%	37.5	%	3.9	%	34.4	%	25.2	%	3.4	%	13.3	%
Total assets	$MM	1,843.2		1,341.9		1,731.9		1,843.2		1,341.9		1,565.3
Total debt	$MM	382.0		259.8		400.2		382.0		259.8		272.8
Net debt4	$MM	(75.4	)	224.9		88.7		(75.4	)	224.9		63.8
Net debt to invested capital4	%	(7.5	)%	21.3	%	8.3	%	(7.5	)%	21.3	%	6.2	%
Annualized return on invested capital4	%	95.8	%	6.6	%	81.3	%	53.4	%	6.1	%	29.1	%
Operating Highlights
Lumber production	million fbm	687		668		642		2,377		2,646		2,635
Total lumber sales	million fbm	683		681		618		2,441		2,668		2,680
Lumber sales - Interfor produced	million fbm	675		671		609		2,404		2,626		2,638
Lumber sales - wholesale and commission	million fbm	8		10		9		37		42		42
Lumber - average selling price5	$/thousand fbm	842		566		910		753		591		687
Average USD/CAD exchange rate6	1 USD in CAD	1.3030		1.3200		1.3321		1.3415		1.3269		1.2957
Closing USD/CAD exchange rate6	1 USD in CAD	1.2732		1.2988		1.3339		1.2732		1.2988		1.3642

Notes:

1. Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
2. Financial information has been restated for implementation of IFRS 16, Leases.
3. Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
4. 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.
5. Gross sales before duties.
6. Based on Bank of Canada foreign exchange rates.

Liquidity

Balance Sheet

Interfor’s Net debt at December 31, 2020 was $(75.4) million, or (7.5)% of invested capital, representing a decrease of $300.3 million from the level of Net debt at December 31, 2019. 

As at December 31, 2020 the Company had net working capital of $563.4 million and available liquidity of $787.5 million, based on the full borrowing capacity under its $350 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 ended									For the year ended
	Dec. 31,			Dec. 31,			Sept. 30,			Dec. 31,			Dec. 31,
Thousands of Dollars		2020			2019			2020			2020			2019
Net debt
Net debt, period opening	$	88,705		$	212,674		$	239,114		$	224,860		$	63,825
Issuance of Senior Secure Notes		-			-			-			140,770			-
Term Line net drawings (repayments)		-			(1	)		(23	)		(82	)		754
Impact on U.S. Dollar denominated debt from strengthening CAD		(18,210	)		(5,099	)		(8,647	)		(18,488	)		(13,834	)
Decrease (increase) in cash and cash equivalents		(165,294	)		16,994			(144,849	)		(450,767	)		127,659
Decrease in marketable securities		-			-			-			-			41,766
Impact on U.S. Dollar denominated cash and cash equivalents and marketable securities from strengthening CAD		19,367			292			3,110			28,275			4,690
Net debt, period ending	$	(75,432	)	$	224,860		$	88,705		$	(75,432	)	$	224,860

On March 26, 2020, the Company issued US$50,000,000 of Series F Senior Secured Notes, bearing interest at 3.34%, and US$50,000,000 of Series G Senior Secured Notes, bearing interest at 3.25%. Each series of these Senior Secured Notes have equal payments of US$16,667,000 due on each of March 26, 2028, 2029 and on maturity in 2030.

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of December 31, 2020:

	Revolving		Senior
	Term		Secured
Thousands of Canadian Dollars	Line		Notes		Total
Available line of credit and maximum borrowing available	$	350,000	$	381,960	$	731,960
Less:
Drawings		-		381,960		381,960
Outstanding letters of credit included in line utilization		19,887		-		19,887
Unused portion of facility	$	330,113	$	-		330,113
Add:
Cash and cash equivalents						457,392
Available liquidity at December 31, 2020					$	787,505

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

As of December 31, 2020, the Company had commitments for capital expenditures totaling $70.1 million for both maintenance and discretionary capital projects.

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 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 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 shares	Dec. 31			Dec. 31			Sept. 30			For the year ended Dec.31
and per share amounts		2020			2019			2020			2020			2019			20181
Adjusted Net Earnings (Loss)
Net earnings (loss)	$	149,148		$	(41,676	)	$	121,604		$	280,296		$	(103,785	)	$	111,058
Add:
Asset and goodwill write-downs and restructuring costs		1,793			30,416			12,985			15,264			63,982			15,304
Other foreign exchange loss (gain)		8,162			510			2,907			16,881			275			(3,474	)
Long term incentive compensation expense (recovery)		10,254			1,265			5,576			12,513			3,446			(7,829	)
Other (income) expense		92			298			43			(336	)		(5,925	)		(1,188	)
Post closure wind-down costs		949			-			3,085			4,034			-			4
Income tax effect of above adjustments		(5,652	)		(8,241	)		(6,206	)		(12,527	)		(16,117	)		(396	)
Adjusted net earnings (loss)	$	164,746		$	(17,428	)	$	139,994		$	316,125		$	(58,124	)	$	113,479
Weighted average number of shares - basic ('000)		66,687			67,257			67,270			67,119			67,277			69,713
Adjusted net earnings (loss) per share	$	2.47		$	(0.26	)	$	2.08		$	4.71		$	(0.86	)	$	1.63
Adjusted EBITDA
Net earnings (loss)	$	149,148		$	(41,676	)	$	121,604		$	280,296		$	(103,785	)	$	111,058
Add:
Depreciation of plant and equipment		21,947			20,711			20,850			78,459			80,438			80,065
Depletion and amortization of timber, roads and other		10,511			14,214			7,922			37,071			44,294			46,148
Asset and goodwill write-downs and restructuring costs		1,793			30,416			12,985			15,264			63,982			15,304
Finance costs		1,891			3,740			4,907			16,079			15,024			12,452
Other foreign exchange loss (gain)		8,162			510			2,907			16,881			275			(3,474	)
Income tax expense (recovery)		43,889			(11,851	)		41,916			89,573			(34,359	)		39,092
EBITDA		237,341			16,064			213,091			533,623			65,869			300,645
Add:
Long term incentive compensation expense (recovery)		10,254			1,265			5,576			12,513			3,446			(7,829	)
Other (income) expense		92			298			43			(336	)		(5,925	)		(1,188	)
Post closure wind-down costs		947			-			2,967			3,914			-			4
Adjusted EBITDA	$	248,634		$	17,627		$	221,677		$	549,714		$	63,390		$	291,632
Sales	$	662,301		$	456,819		$	644,884		$	2,183,609		$	1,875,821		$	2,186,567
Adjusted EBITDA margin		37.5	%		3.9	%		34.4	%		25.2	%		3.4	%		13.3	%
Net debt to invested capital
Net debt
Total debt	$	381,960		$	259,760		$	400,170		$	381,960		$	259,760		$	272,840
Cash and cash equivalents		(457,392	)		(34,900	)		(311,465	)		(457,392	)		(34,900	)		(166,152	)
Marketable securities		-			-			-			-			-			(42,863	)
Total net debt	$	(75,432	)	$	224,860		$	88,705		$	(75,432	)	$	224,860		$	63,825
Invested capital
Net debt	$	(75,432	)	$	224,860		$	88,705		$	(75,432	)	$	224,860		$	63,825
Shareholders' equity		1,080,312			830,982			983,225			1,080,312			830,982			968,766
Total invested capital	$	1,004,880		$	1,055,842		$	1,071,930		$	1,004,880		$	1,055,842		$	1,032,591
Net debt to invested capital2		(7.5	)%		21.3	%		8.3	%		(7.5	)%		21.3	%		6.2	%
Operating cash flow per share (before working capital changes)
Cash provided by operating activities	$	229,947		$	24,642		$	175,492		$	526,784		$	28,252		$	265,612
Cash used in (generated from) operating working capital		(24,929	)		(8,334	)		39,346			(30,942	)		17,322			21,457
Operating cash flow (before working capital changes)	$	205,018		$	16,308		$	214,838		$	495,842		$	45,574		$	287,069
Weighted average number of shares - basic ('000)		66,687			67,257			67,270			67,119			67,277			69,713
Operating cash flow per share (before working capital changes)	$	3.07		$	0.24		$	3.19		$	7.39		$	0.68		$	4.12
Annualized return on invested capital
Adjusted EBITDA	$	248,634		$	17,627		$	221,677		$	549,714		$	63,390		$	291,632
Invested capital, beginning of period	$	1,071,930		$	1,093,528		$	1,108,557		$	1,055,842		$	1,032,591		$	968,852
Invested capital, end of period		1,004,880			1,055,842			1,071,930			1,004,880			1,055,842			1,032,591
Average invested capital	$	1,038,405		$	1,074,685		$	1,090,244		$	1,030,361		$	1,044,217		$	1,000,722
Adjusted EBITDA divided by average invested capital		23.9	%		1.6	%		20.3	%		53.4	%		6.1	%		29.1	%
Annualization factor		4.0			4.0			4.0			1.0			1.0			1.0
Annualized return on invested capital		95.8	%		6.6	%		81.3	%		53.4	%		6.1	%		29.1	%

Notes:

1. Financial information has been restated for implementation of IFRS 16, Leases.
2. Net debt to invested capital as of the period end.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
For the three months and year ended December 31, 2020 and 2019 (unaudited)
(thousands of Canadian Dollars except earnings per share)			Three Months			Three Months			Year			Year
			Dec. 31, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Sales			$	662,301		$	456,819		$	2,183,609		$	1,875,821
Costs and expenses:
	Production			428,208			418,954			1,583,033			1,728,394
	Selling and administration			10,297			8,992			40,961			38,748
	Long term incentive compensation expense			10,254			1,265			12,513			3,446
	U.S. countervailing and anti-dumping duty deposits (receivable)			(23,891	)		11,246			13,815			45,289
	Depreciation of plant and equipment			21,947			20,711			78,459			80,438
	Depletion and amortization of timber, roads and other			10,511			14,214			37,071			44,294
				457,326			475,382			1,765,852			1,940,609
Operating earnings (loss) before write-downs and
	restructuring costs			204,975			(18,563	)		417,757			(64,788	)
Asset and goodwill write-downs and restructuring costs				(1,793	)		(30,416	)		(15,264	)		(63,982	)
Operating earnings (loss)				203,182			(48,979	)		402,493			(128,770	)
Finance costs				(1,891	)		(3,740	)		(16,079	)		(15,024	)
Other foreign exchange loss				(8,162	)		(510	)		(16,881	)		(275	)
Other income (expense)				(92	)		(298	)		336			5,925
				(10,145	)		(4,548	)		(32,624	)		(9,374	)
Earnings (loss) before income taxes				193,037			(53,527	)		369,869			(138,144	)
Income tax expense (recovery):
	Current			5,392			(783	)		7,043			26
	Deferred			38,497			(11,068	)		82,530			(34,385	)
				43,889			(11,851	)		89,573			(34,359	)
Net earnings (loss)			$	149,148		$	(41,676	)	$	280,296		$	(103,785	)
Net earnings (loss) per share, basic and diluted			$	2.24		$	(0.62	)	$	4.18		$	(1.54	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the three months and year ended December 31, 2020 and 2019 (unaudited)
(thousands of Canadian Dollars)		Three Months			Three Months			Year			Year
		Dec. 31, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Net earnings (loss)		$	149,148		$	(41,676	)	$	280,296		$	(103,785	)
Other comprehensive income (loss):
Items that will not be recycled to Net earnings (loss):
	Defined benefit plan actuarial gain (loss), net of tax		458			1,621			(907	)		603
Items that are or may be recycled to Net earnings (loss):
	Foreign currency translation differences for
	foreign operations, net of tax		(28,569	)		(10,053	)		(6,913	)		(27,634	)
Total other comprehensive loss, net of tax			(28,111	)		(8,432	)		(7,820	)		(27,031	)
Comprehensive income (loss)		$	121,037		$	(50,108	)	$	272,476		$	(130,816	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months and year ended December 31, 2020 and 2019 (unaudited)
(thousands of Canadian Dollars)					Three Months		Three Months			Year			Year
					Dec. 31, 2020		Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Cash provided by (used in):
Operating activities:
	Net earnings (loss)			$	149,148		$	(41,676	)	$	280,296		$	(103,785	)
	Items not involving cash:
			Depreciation of plant and equipment		21,947			20,711			78,459			80,438
			Depletion and amortization of timber, roads and other		10,511			14,214			37,071			44,294
			Income tax expense (recovery)		43,889			(11,851	)		89,573			(34,359	)
			Finance costs		1,891			3,740			16,079			15,024
			Other assets		(37,881	)		1,371			(37,040	)		1,894
			Reforestation liability		(61	)		1,291			(2,050	)		(1,286	)
			Provisions and other liabilities		6,198			(1,586	)		5,536			3,620
			Stock options		253			151			866			692
			Write-down of plant, equipment, goodwill and other		-			29,100			9,754			45,494
			Unrealized foreign exchange loss		9,031			544			17,634			554
			Gain on lease modifications		(75	)		(1,140	)		(308	)		(1,140	)
			Other expense (income)		167			1,439			(28	)		(5,866	)
					205,018			16,308			495,842			45,574
	Cash generated from (used in) operating working capital:
			Trade accounts receivable and other		70,342			26,706			(30,206	)		1,517
			Inventories		(35,380	)		(5,450	)		22,024			22,632
			Prepayments		(2,734	)		2,639			(1,036	)		(4,443	)
			Trade accounts payable and provisions		(5,714	)		(15,851	)		40,992			(36,446	)
			Income taxes paid		(1,585	)		290			(832	)		(582	)
					229,947			24,642			526,784			28,252
Investing activities:
	Additions to property, plant and equipment				(29,990	)		(31,864	)		(95,714	)		(158,645	)
	Additions to roads and bridges				(5,840	)		(5,175	)		(14,669	)		(22,447	)
	Additions to timber licences and other intangible assets				(160	)		-			(160	)		(77	)
	Acquisition of timber license, roads and other assets
	net of assumed liabilities				-			-			(56,606	)		-
	Proceeds on disposal of property, plant and equipment and other				3,896			431			4,992			8,880
	Net proceeds from (additions to) marketable securities,
	deposits and other assets				(585	)		1,208			(462	)		48,338
					(32,679	)		(35,400	)		(162,619	)		(123,951	)
Financing activities:
	Issuance of share capital, net of expenses				227			85			418			165
	Share repurchases				(24,430	)		-			(24,430	)		(7,825	)
	Interest payments				(4,534	)		(3,345	)		(17,626	)		(12,193	)
	Lease payments				(3,255	)		(2,946	)		(12,315	)		(11,638	)
	Debt refinancing costs				18			(29	)		(133	)		(1,223	)
	Operating line net drawings (repayments)				-			(1	)		(82	)		4
	Additions to long term debt				-			-			140,770			197,925
	Repayments of long term debt				-			-			-			(197,175	)
					(31,974	)		(6,236	)		86,602			(31,960	)
Foreign exchange loss on cash and cash
	equivalents held in a foreign currency				(19,367	)		(292	)		(28,275	)		(3,593	)
Increase (decrease) in cash					145,927			(17,286	)		422,492			(131,252	)
Cash and cash equivalents, beginning of period					311,465			52,186			34,900			166,152
Cash and cash equivalents, end of period				$	457,392		$	34,900		$	457,392		$	34,900

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2020 and 2019 (unaudited)
(thousands of Canadian Dollars)
		Dec. 31, 2020		Dec. 31, 2019
Assets
Current assets:
	Cash and cash equivalents	$	457,392	$	34,900
	Trade accounts receivable and other		117,371		86,608
	Income taxes receivable		169		1,995
	Inventories		160,188		181,577
	Prepayments		17,970		20,449
			753,090		325,529
Employee future benefits			106		673
Deposits and other assets			48,957		9,296
Right of use assets			35,471		32,780
Property, plant and equipment			729,163		739,515
Roads and bridges			22,379		24,353
Timber licences			114,953		60,596
Goodwill and other intangible assets			138,838		142,214
Deferred income taxes			230		6,961
		$	1,843,187	$	1,341,917
Liabilities and Shareholders’ Equity
Current liabilities:
	Trade accounts payable and provisions	$	150,509	$	114,358
	Current portion of long term debt		6,897		-
	Reforestation liability		16,181		13,021
	Lease liabilities		11,745		10,105
	Income taxes payable		4,394		163
			189,726		137,647
Reforestation liability			29,735		27,401
Lease liabilities			28,541		27,718
Long term debt			375,063		259,760
Employee future benefits			11,137		11,843
Provisions and other liabilities			26,637		18,957
Deferred income taxes			102,036		27,609
Equity:
	Share capital		523,605		533,685
	Contributed surplus		5,157		4,471
	Translation reserve		49,846		56,759
	Retained earnings		501,704		236,067
			1,080,312		830,982
		$	1,843,187	$	1,341,917

Approved on behalf of the Board:

“L. Sauder”	“T.V. Milroy”
Director	Director

FORWARD-LOOKING STATEMENTS

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 www.interfor.com and under Interfor’s profile on www.sedar.com.  Material factors and assumptions used to develop the forward-looking information in this report 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.

ABOUT INTERFOR

Interfor is a growth-oriented forest products company with operations in Canada and the United States.  The Company has annual production capacity of approximately 3.0 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 www.interfor.com.

The Company’s 2020 audited consolidated financial statements and Management’s Discussion and Analysis are available at www.sedar.com and www.interfor.com. 

There will be a conference call on Friday, February 5, 2021 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 2020 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 5, 2021.  The number to call is 1-855-859-2056, Passcode 5389783.

For further information:
Richard Pozzebon, Senior Vice President and Chief Financial Officer
[phone]