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Mercer International Inc. Reports Second Quarter and First Half 2021 Results and Announces Quarterly Cash Dividend of $0.065

Nachrichtenquelle: globenewswire
29.07.2021, 22:30  |  104   |   |   

Selected Highlights

  • Record quarterly wood products segment results
  • Second quarter Operating EBITDA* of $83.8 million and net income of $21.4 million
  • Completed Capital Program to Increase Stendal Mill production by 80,000 ADMTs per year

NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported second quarter 2021 Operating EBITDA increased to $83.8 million from $40.5 million in the second quarter of 2020 and from $82.0 million in the first quarter of 2021.

In the second quarter of 2021, net income was $21.4 million (or $0.32 per share) compared to a net loss of $8.4 million (or $0.13 per share) in the second quarter of 2020 and net income of $5.9 million (or $0.09 per share) in the first quarter of 2021.

In the first half of 2021, Operating EBITDA increased by 70% to $165.8 million from $97.5 million in the same period of 2020. In the first half of 2021, net income was $27.3 million (or $0.41 per share) compared to a net loss of $11.8 million (or $0.18 per share) in the same period of 2020.

Mr. David Gandossi, the Chief Executive Officer, stated: “In the second quarter, we successfully and safely completed major capital programs to improve the performance of our Stendal and Peace River mills. At Stendal we have added 80,000 tonnes of NBSK pulp capacity with the addition of two new batch digesters which are currently being ramped up. At Peace River we rebuilt its recovery boiler and are ramping up its operations.

Our Friesau sawmill’s strong second quarter production allowed it to continue significant sales into the very strong U.S. market and to achieve record quarterly operating income of $42.3 million. In the current quarter, approximately 39% of lumber sales volumes were to the U.S.

Pulp prices improved across all markets in the second quarter. Second quarter average European NBSK list prices were up $251 per ADMT and average net prices in China were up $79 per ADMT compared to the first quarter. Currently NBSK list prices are approximately $1,340 in Europe and net prices are approximately $850 in China.

While I am encouraged by the global roll-out of vaccines and the reopening of economies, there remains ongoing uncertainty about the impact of COVID-19 variations and increases in infection levels. Consequently, we will maintain our measures and procedures put in place to protect our employees and contractors and which allow us to operate our business safely and efficiently.

In the interior of British Columbia the wildfires situation so far has not disrupted our operations but has impacted logistics, increasing rail congestion, slowing pulp deliveries and causing the use of more expensive trucking. We are continuing to monitor the situation.

Looking ahead to the third quarter, we expect strong pulp market fundamentals to support marginally higher NBSK pulp prices in Europe but we expect a modest price decline in China. As well, we expect lumber demand and pricing to remain steady in all markets. Although there was a recent significant price correction in the U.S. lumber market, prices remain at historically attractive levels. Further, we believe U.S. lumber prices are near a floor level and expect them to slowly increase once home construction ramps up in the early fall.

Steady markets combined with our ample liquidity leave us well positioned to accelerate our strategic plan, including pursuing high return opportunities.”

____________________
*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.

Consolidated Financial Results

  Q2     Q1     Q2     YTD     YTD  
  2021     2021     2020     2021     2020  
  (in thousands, except per share amounts)  
Revenues $ 401,832     $ 412,720     $ 341,195     $ 814,552     $ 691,794  
Operating income $ 51,836     $ 51,029     $ 10,315     $ 102,865     $ 34,377  
Operating EBITDA $ 83,791     $ 81,996     $ 40,516     $ 165,787     $ 97,524  
Loss on early extinguishment of debt $     $ (30,368 (1) $     $ (30,368 ) (1) $  
Net income (loss) $ 21,415     $ 5,933     $ (8,411 )   $ 27,348     $ (11,803 )
Net income (loss) per common share                                      
Basic and diluted $ 0.32     $ 0.09     $ (0.13 )   $ 0.41     $ (0.18 )

______________

(1)   Redemption of 6.50% senior notes due 2024 and 7.375% senior notes due 2025.

Consolidated – Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020
Total revenues for the three months ended June 30, 2021 increased by approximately 18% to $401.8 million from $341.2 million in the same quarter of 2020 primarily due to higher pulp and lumber sales realizations partially offset by lower pulp sales volumes.

Costs and expenses in the current quarter increased by approximately 6% to $350.0 million from $330.9 million in the second quarter of 2020 primarily due to higher maintenance costs and the negative impact of a weaker dollar on our Canadian dollar and euro denominated costs and expenses partially offset by lower pulp sales volumes.

In the second quarter of 2021, Operating EBITDA increased to $83.8 million from $40.5 million in the same quarter of 2020 primarily due to higher pulp and lumber sales realizations partially offset by higher maintenance costs, the negative impact of a weaker dollar and lower pulp sales volumes.

Segment Results
Pulp

  Three Months Ended June 30,  
  2021     2020  
  (in thousands)  
Pulp revenues $ 297,191     $ 276,919  
Energy and chemical revenues $ 13,058     $ 21,127  
Operating income $ 13,338     $ 8,110  

In the second quarter of 2021, pulp segment operating income increased by approximately 64% to $13.3 million from $8.1 million in the same quarter of 2020 as higher pulp sales realizations were only partially offset by higher maintenance costs, the negative impact of a weaker dollar and lower pulp sales volumes.

In the current quarter of 2021, average NBSK pulp sales realizations increased by approximately 45% to $830 per ADMT from $573 per ADMT in the same quarter of the prior year due to strong demand and low customer inventory levels. NBSK pulp sales volumes decreased by approximately 22% to 330,425 ADMTs in the current quarter from 422,586 ADMTs in the same quarter of 2020 due to lower production.

NBSK pulp production declined by approximately 16% to 355,103 ADMTs in the current quarter from 423,773 ADMTs in the same quarter of 2020 primarily due to capital projects and maintenance downtime. In the current quarter of 2021, our pulp mills had 117 days of maintenance downtime (approximately 173,100 ADMTs) including our 50% owned Cariboo mill. Approximately 79 days of such downtime was at our Peace River mill and primarily related to boiler work which was deferred from last year relating to a 2017 incident. The Peace River mill maintenance shut was about 25 days longer than planned, nine days of which were in July, but we expect the majority of this extra downtime will be covered by our insurance.

In the second quarter of 2021, we received insurance proceeds of $20.0 million in connection with the costs of the Peace River mill boiler work along with an initial payment of $4.2 million for our business interruption insurance claims. We currently expect our remaining business interruption insurance claim to be in excess of $15 million.

We estimate that annual maintenance downtime in the current quarter adversely impacted our operating income by approximately $80.1 million, comprised of approximately $45.0 million in direct out-of-pocket expenses and the balance in reduced production (exclusive of business interruption insurance proceeds).

In the third quarter of 2021, excluding our 50% owned Cariboo mill, we have 24 days of scheduled maintenance. Also, while our Rosenthal mill will be operating and producing pulp, in the third quarter of 2021 it will take down and rebuild its turbine. This work is expected to continue into the early fourth quarter and require the mill to purchase its energy requirements.

On average, in the current quarter overall per unit fiber costs were flat when compared to the same quarter of 2020.

Wood Products

  Three Months Ended June 30,  
  2021     2020  
  (in thousands)  
Lumber revenues $ 86,285     $ 37,611  
Energy revenues $ 2,692     $ 2,629  
Wood residual revenues $ 1,462     $ 1,487  
Operating income $ 42,314     $ 4,327  

In the second quarter of 2021, our wood products segment had record operating income of $42.3 million compared to $4.3 million in the same quarter of 2020 primarily due to a higher lumber realized sales price.

Average lumber sales realizations increased to $789 per Mfbm in the second quarter of 2021 from approximately $345 per Mfbm in the same quarter of 2020 due to higher pricing in both the U.S. and European markets. U.S. lumber pricing increased due to strong demand from the housing and renovation markets. European lumber pricing increased due to steady demand with limited supply.

Fiber costs were approximately 75% of our lumber cash production costs in the current quarter. In the current quarter per unit fiber costs increased by approximately 30% from the same quarter of 2020 primarily due to strong demand for sawlogs and the negative impact of a weaker dollar on our euro denominated fiber costs.

In the third quarter of 2021, our Friesau sawmill has four weeks of seasonal scheduled downtime.

Consolidated – Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020
Total revenues for the first half of 2021 increased by approximately 18% to $814.6 million from $691.8 million in the first half of 2020 primarily due to higher pulp and lumber sales realizations partially offset by lower pulp sales volumes.

Costs and expenses in the first half of 2021 increased by approximately 8% to $711.7 million from $657.4 million in the first half of 2020 primarily due to the negative impact of a weaker dollar on our Canadian dollar and euro denominated costs and expenses and higher maintenance costs partially offset by lower pulp sales volumes and per unit fiber costs.

For the first half of 2021, our net income was $27.3 million, or $0.41 per share compared to a net loss of $11.8 million, or $0.18 per share, in the same period of 2020.

In the first half of 2021, Operating EBITDA increased by approximately 70% to $165.8 million from $97.5 million in the same period of 2020 primarily due to higher pulp and lumber sales realizations and lower per unit fiber costs partially offset by higher maintenance costs, the negative impact of a weaker dollar on our Canadian dollar and euro denominated costs and expenses and lower pulp and energy sales volumes.

Liquidity
The following table is a summary of selected financial information as of the dates indicated:

  June 30,     December 31,  
  2021     2020  
  (in thousands)  
Cash and cash equivalents $ 384,534     $ 361,098  
Working capital $ 672,237     $ 663,056  
Total assets $ 2,214,698     $ 2,129,126  
Long-term liabilities $ 1,345,200     $ 1,316,303  
Total shareholders’ equity $ 604,134     $ 601,027  

As of June 30, 2021, we had cash and cash equivalents of approximately $384.5 million and approximately $310.4 million available under our revolving credit facilities, providing aggregate liquidity of about $694.9 million.

Quarterly Dividend
A quarterly dividend of $0.065 per share will be paid on October 6, 2021 to all shareholders of record on September 29, 2021. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call
In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for July 30, 2021 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/w2j2nx7v or through a link on the company's home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as “expects”, “anticipates”, “projects”, “intends”, “designed”, “will”, “believes”, “estimates”, “may”, “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:
Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi, FCPA, FCA
Chief Executive Officer
(604) 684-1099



-FINANCIAL TABLES FOLLOW-


Summary Financial Highlights

  Q2     Q1     Q2     YTD     YTD  
  2021     2021     2020     2021     2020  
  (in thousands, except per share amounts)  
Pulp segment revenues $ 310,249     $ 339,756     $ 298,046     $ 650,005     $ 601,651  
Wood products segment revenues   90,439       70,987       41,727       161,426       87,505  
Corporate and other revenues   1,144       1,977       1,422       3,121       2,638  
Total revenues $ 401,832     $ 412,720     $ 341,195     $ 814,552     $ 691,794  
                                       
Pulp segment operating income $ 13,338     $ 25,296     $ 8,110     $ 38,634     $ 29,549  
Wood products segment operating income   42,314       27,977       4,327       70,291       9,882  
Corporate and other operating loss   (3,816 )     (2,244 )     (2,122 )     (6,060 )     (5,054 )
Total operating income $ 51,836     $ 51,029     $ 10,315     $ 102,865     $ 34,377  
                                       
Pulp segment depreciation and amortization $ 27,967     $ 27,046     $ 27,219     $ 55,013     $ 57,590  
Wood products segment depreciation and amortization   3,748       3,723       2,804       7,471       5,181  
Corporate and other depreciation and amortization   240       198       178       438       376  
Total depreciation and amortization $ 31,955     $ 30,967     $ 30,201     $ 62,922     $ 63,147  
                                       
Operating EBITDA $ 83,791     $ 81,996     $ 40,516     $ 165,787     $ 97,524  
Loss on early extinguishment of debt $     $ (30,368 ) (1) $     $ (30,368 ) (1) $  
Income tax provision $ (10,685 )   $ (2,698 )   $ (882 )   $ (13,383 )   $ (6,226 )
Net income (loss) $ 21,415     $ 5,933     $ (8,411 )   $ 27,348     $ (11,803 )
Net income (loss) per common share                                      
Basic and diluted $ 0.32     $ 0.09     $ (0.13 )   $ 0.41     $ (0.18 )
Common shares outstanding at period end   66,037       65,988       65,868       66,037       65,868  

______________

(1)   Redemption 6.50% senior notes due 2024 and 7.375% senior notes due 2025.



Summary Operating Highlights

  Q2     Q1     Q2     YTD     YTD  
  2021     2021     2020     2021     2020  
Pulp Segment                                      
Pulp production ('000 ADMTs)                                      
NBSK   355.1       396.9       423.8       752.0       879.0  
NBHK   4.5       81.6       88.8       86.1       167.8  
Annual maintenance downtime (’000 ADMTs)   173.1       37.8       11.3       210.9       13.6  
Annual maintenance downtime (days)   117       27       15       144       17  
Pulp sales (’000 ADMTs)                                      
NBSK   330.4       418.6       422.6       749.1       860.9  
NBHK   30.3       69.0       69.3       99.4       135.4  
Average NBSK pulp prices ($/ADMT)(1)                                      
Europe   1,288       1,037       850       1,163       842  
China   962       883       572       922       573  
North America   1,598       1,302       1,158       1,450       1,143  
Average NBHK pulp prices ($/ADMT)(1)                                      
China   767       692       465       729       463  
North America   1,297       1,020       897       1,158       893  
Average pulp sales realizations ($/ADMT)(2)                                      
NBSK   830       668       573       739       567  
NBHK   672       520       475       566       472  
Energy production (’000 MWh)(3)   362.0       519.1       562.9       881.1       1,141.3  
Energy sales (’000 MWh)(3)   130.9       201.1       222.0       332.0       453.7  
Average energy sales realizations ($/MWh)(3)   90       97       85       94       90  
                                       
Wood Products Segment                                      
Lumber production (MMfbm)   116.7       117.8       113.5       234.5       229.8  
Lumber sales (MMfbm)   109.3       108.2       109.0       217.5       226.7  
Average lumber sales realizations ($/Mfbm)   789     622     345     706     347  
Energy production and sales (’000 MWh)   21.0       16.4       22.7       37.3       45.4  
Average energy sales realizations ($/MWh) 128     129     116     129     116  
                                       
Average Spot Currency Exchange Rates                                      
$ / €(4)   1.2050       1.2045       1.1016       1.2048       1.1019  
$ / C$(4) 0.8142     0.7902       0.7221     0.8026     0.7328  

______________

(1)   Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates.
(2)   Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
(3)   Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
(4)   Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.



MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

  Three Months Ended June 30,     Six Months Ended June 30,  
  2021     2020     2021     2020  
Revenues $ 401,832     $ 341,195     $ 814,552     $ 691,794  
Costs and expenses                              
Cost of sales, excluding depreciation and amortization   297,826       284,333       608,023       560,389  
Cost of sales depreciation and amortization   31,935       30,179       62,881       63,090  
Selling, general and administrative expenses   20,235       16,368       40,783       33,938  
Operating income   51,836       10,315       102,865       34,377  
Other income (expenses)                              
Interest expense   (17,130 )     (20,108 )     (36,149 )     (40,192 )
Loss on early extinguishment of debt               (30,368 )      
Other income (expenses)   (2,606 )     2,264       4,383       238  
Total other expenses, net   (19,736 )     (17,844 )     (62,134 )     (39,954 )
Income (loss) before income taxes   32,100       (7,529 )     40,731       (5,577 )
Income tax provision   (10,685 )     (882 )     (13,383 )     (6,226 )
Net income (loss) $ 21,415     $ (8,411 )   $ 27,348     $ (11,803 )
Net income (loss) per common share                              
Basic and diluted $ 0.32     $ (0.13 )   $ 0.41     $ (0.18 )
Dividends declared per common share $ 0.0650     $ 0.0650     $ 0.1300     $ 0.2025  



MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

    June 30,     December 31,  
    2021     2020  
ASSETS                
Current assets                
Cash and cash equivalents   $ 384,534     $ 361,098  
Accounts receivable, net     225,238       227,055  
Inventories     313,354       271,696  
Prepaid expenses and other     14,475       15,003  
Total current assets     937,601       874,852  
Property, plant and equipment, net     1,133,292       1,109,740  
Investment in joint ventures     45,844       46,429  
Amortizable intangible assets, net     50,982       51,571  
Operating lease right-of-use assets     11,829       13,251  
Other long-term assets     33,896       31,928  
Deferred income tax     1,254       1,355  
Total assets   $ 2,214,698     $ 2,129,126  
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities                
Accounts payable and other   $ 264,459     $ 210,994  
Pension and other post-retirement benefit obligations     905       802  
Total current liabilities     265,364       211,796  
Debt     1,157,873       1,145,294  
Pension and other post-retirement benefit obligations     31,057       31,810  
Finance lease liabilities     57,039       41,329  
Operating lease liabilities     8,488       9,933  
Other long-term liabilities     12,130       10,909  
Deferred income tax     78,613       77,028  
Total liabilities     1,610,564       1,528,099  
Shareholders’ equity                
Common shares $1 par value; 200,000,000 authorized; 66,037,000 issued and outstanding (2020 – 65,868,000)     65,988       65,800  
Additional paid-in capital     347,093       345,696  
Retained earnings     235,872       217,106  
Accumulated other comprehensive loss     (44,819 )     (27,575 )
Total shareholders’ equity     604,134       601,027  
Total liabilities and shareholders’ equity   $ 2,214,698     $ 2,129,126  



MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
Cash flows from (used in) operating activities                                
Net income (loss)   $ 21,415     $ (8,411 )   $ 27,348     $ (11,803 )
Adjustments to reconcile net income (loss) to cash flows from operating activities                                
Depreciation and amortization     31,955       30,201       62,922       63,147  
Deferred income tax provision (recovery)     1,276       (4,744 )     2,480       (6,075 )
Inventory impairment           6,530             12,264  
Loss on early extinguishment of debt                 30,368        
Defined benefit pension plans and other post-retirement benefit plan expense     856       739       1,775       1,501  
Stock compensation expense (reversal)     975       (34 )     1,585       (80 )
Foreign exchange transaction losses (gains)     1,966       6,880       (6,640 )     736  
Other     356       (695 )     (260 )     (1,192 )
Defined benefit pension plans and other post-retirement benefit plan contributions     (1,202 )     (797 )     (2,125 )     (1,712 )
Changes in working capital                                
Accounts receivable     16,364       14,938       3,941       (5,988 )
Inventories     (21,964 )     11,442       (42,763 )     (6,678 )
Accounts payable and accrued expenses     30,167       7,879       34,603       (49,781 )
Other     (1,012 )     177       (1,794 )     (76 )
Net cash from (used in) operating activities     81,152       64,105       111,440       (5,737 )
Cash flows from (used in) investing activities                                
Purchase of property, plant and equipment     (62,124 )     (21,544 )     (87,386 )     (44,562 )
Insurance proceeds     20,048             20,048        
Purchase of amortizable intangible assets     (568 )     (89 )     (1,209 )     (527 )
Other     285       796       (109 )     847  
Net cash from (used in) investing activities     (42,359 )     (20,837 )     (68,656 )     (44,242 )
Cash flows from (used in) financing activities                                
Redemption of senior notes                 (824,557 )      
Proceeds from issuance of senior notes                 875,000        
Proceeds from (repayment of) revolving credit facilities, net     (42,042 )     (25,651 )     (57,112 )     25,609  
Dividend payments     (4,289 )           (4,289 )     (9,047 )
Payment of debt issuance costs                 (14,414 )      
Proceeds from government grants           299       8,532       299  
Repurchase of common shares                       (162 )
Other     (1,832 )     (1,996 )     89       (11,797 )
Net cash from (used in) financing activities     (48,163 )     (27,348 )     (16,751 )     4,902  
Effect of exchange rate changes on cash and cash equivalents     (1,179 )     888       (2,597 )     (2,674 )
Net increase (decrease) in cash and cash equivalents     (10,549 )     16,808       23,436       (47,751 )
Cash and cash equivalents, beginning of period     395,083       286,526       361,098       351,085  
Cash and cash equivalents, end of period   $ 384,534     $ 303,334     $ 384,534     $ 303,334  



MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)

Operating EBITDA is defined as operating income plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or operating income as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity. The following tables set forth the net income (loss) to Operating EBITDA:

  Q2     Q1     Q2     YTD     YTD  
  2021     2021     2020     2021     2020  
Net income (loss) $ 21,415     $ 5,933     $ (8,411 )   $ 27,348     $ (11,803 )
Income tax provision   10,685       2,698       882       13,383       6,226  
Interest expense   17,130       19,019       20,108       36,149       40,192  
Loss on early extinguishment of debt         30,368             30,368        
Other expenses (income)   2,606       (6,989 )     (2,264 )     (4,383 )     (238 )
Operating income   51,836       51,029       10,315       102,865       34,377  
Add: Depreciation and amortization   31,955       30,967       30,201       62,922       63,147  
Operating EBITDA $ 83,791     $ 81,996     $ 40,516     $ 165,787     $ 97,524  

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Mercer International Inc. Reports Second Quarter and First Half 2021 Results and Announces Quarterly Cash Dividend of $0.065 Selected Highlights Record quarterly wood products segment resultsSecond quarter Operating EBITDA* of $83.8 million and net income of $21.4 millionCompleted Capital Program to Increase Stendal Mill production by 80,000 ADMTs per year NEW YORK, …

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