Record Quarterly Sales of $533 million and EBITDA¹ of $90 million
Record Annual Sales of $2 billion and EBITDA¹ of $288 million
Quarterly Free Cash Flow from Operations of $83 Million (or $1.19 per Share)
Net Debt to Invested Capital Ratio of 12%

VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX:IFP) recorded net earnings in Q4’17 of $36.2 million, or $0.52 per share, compared to $16.8 million, or $0.24 per share in Q3’17 and $26.6 million, or $0.38 per share in Q4’16.  Adjusted net earnings¹ in Q4’17 were $45.1 million or $0.64 per share, compared to $20.0 million, or $0.29 per share in Q3’17 and $17.7 million, or $0.25 per share in Q4’16.

Adjusted EBITDA¹ was a record $89.5 million on sales of $532.8 million in Q4’17 versus $60.5 million on sales of $489.2 million in Q3’17.

For the year, net earnings were $97.2 million, or $1.39 per share, compared to $65.6 million or $0.94 per share in 2016.  Adjusted EBITDA and sales were both records at $287.8 million and $2.0 billion, respectively.

Notable items in the quarter included:

• Strong Lumber Prices

• The key benchmark prices improved quarter-over-quarter with the SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9’ increasing by US$30, US$35 and US$4 per mfbm, respectively.  Interfor’s average lumber selling price increased $39 from Q3’17 to a record $650 per mfbm on 686 million board feet of lumber sales.    

• Increased Production

• Total lumber production was 655 million board feet or 10 million board feet more than the prior quarter.  Production in the U.S. South region increased to 296 million board feet from 281 million board feet in the preceding quarter.  The B.C. and U.S. Northwest regions accounted for 219 million board feet and 140 million board feet, respectively, compared to 225 million board feet and 139 million board feet in Q3’17, respectively. 

• Significant Cash Flow

• Interfor generated $83.4 million of cash from operations before changes in working capital, or $1.19 per share, plus a $3.3 million reduction in working capital, for total cash generated from operations of $86.7 million.
  
  
• Capital spending was $25.0 million on a mix of high-return discretionary, maintenance and woodlands projects.
  
  
• Net debt ended the quarter at $119.3 million, or 12.3% of invested capital.

• Tax Reform Impact

• The U.S. tax reform enacted in December 2017 reduced the effective tax rate on Interfor’s U.S. operations from approximately 37% to 24%.  As a result, Q4’17 deferred tax expense includes a $2.9 million recovery related to the preceding three quarters of 2017.  The Company continues to have significant tax loss carry-forwards, with US$132.4 million and $66.7 million available as at December 31, 2017 in the U.S. and Canada, respectively.

^{1 _{Refer to Adjusted EBITDA and Adjusted net earnings in the Non-GAAP Measures section}}

Strategic Capital Plan

• Interfor continues to make progress on its multi-year strategic capital plan that involves a number of discretionary projects designed to capture the opportunities within its current operating platform and to pursue opportunities for further growth.
  
  
• The previously announced large scale projects at the Company’s Meldrim and Monticello sawmills, which represent a total investment of approximately US$65 million, are on track for completion in Q1’19.  These two projects are designed to add annual lumber production capacity of approximately 150 million board feet and enhance operating margins at these operations.  Positive progress on a series of smaller debottlenecking and optimization projects is also being made.
  
  
• Other large capital projects to enhance existing operations are continuing to be advanced from an engineering and feasibility standpoint and will be sequenced after the Meldrim and Monticello projects.  These projects will be subject to Board approval in the normal course.
  
  
• Assessment of the greenfield sawmill opportunity in the Central Region of the U.S. South continues with a decision on the project expected by mid-2018. This sawmill would produce in excess of 200 million board feet of lumber per year for an estimated total cost, including working capital and start-up costs, of approximately US$115 million.

Softwood Lumber Duties

• In Q4’17, the U.S. Department of Commerce announced amended final rates for countervailing and anti-dumping duties of 14.19% and 6.04% on softwood lumber shipments from Canada, down from the preliminary rates set in Q2’17 of 19.88% and 6.87%, respectively.  In addition, negative findings were made in respect of critical circumstances for both countervailing and anti-dumping duties.  To reflect lower amended final rates set for U.S. countervailing and anti-dumping duties, Interfor recorded a $3.7 million reduction to duties expense in Q4’17 relating to shipments in Q2’17 and Q3’17.
  
  
• In Q4’17, Interfor shipped approximately 109 million board feet from its Canadian operations to the U.S. market, which represented approximately 16% of the Company’s total lumber sales.
  
  
• Interfor is of the view that these duties imposed by the U.S. are without merit and are politically driven. Interfor will continue to work with the B.C. and Canadian governments to vigorously defend Canada’s position through various appeal processes.

Executive Appointments Announced

At its meeting earlier today, the Company’s Board of Directors confirmed the appointments of Ian Fillinger as Senior Vice-President & Chief Operating Officer, and Marty Juravsky as Senior Vice-President & Chief Financial Officer, effective February 9, 2018.  Fillinger, who is 49, joined Interfor in 2005 as General Manager of the Company’s Adams Lake Division and has served in a series of increasingly responsible positions since that time.  He was appointed Senior Vice-President & Head of Operations with responsibility for all of the Company’s operations and capital project activities in December 2015.  Juravsky, who is 54, and a CPA, CA, joined Interfor in 2012 in a consulting capacity and took formal responsibility for the Company’s corporate development activities in 2013.  He has more than twenty years of experience working with some of North America’s largest investment banks including Salomon Brothers/Citigroup and National Bank Financial.  Immediately prior to his appointment, Juravsky served as the Company’s Senior Vice-President, Corporate Development & Strategy.

Summary of Quarterly Results⁽¹⁾

		2017				2016
	Unit	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Financial Performance(2)
Total sales	$MM	532.8	489.2	511.4	456.8	442.3	457.6	458.8	433.9
Lumber	$MM	446.0	410.2	433.7	389.6	363.5	374.8	371.1	348.9
Logs, residual products and other	$MM	86.8	79.0	77.7	67.2	78.8	82.8	87.7	85.0
Operating earnings	$MM	47.9	28.3	42.7	30.4	22.3	20.1	30.0	3.5
Net earnings	$MM	36.2	16.8	24.5	19.7	26.6	15.1	23.2	0.8
Net earnings per share, basic	$/share	0.52	0.24	0.35	0.28	0.38	0.22	0.33	0.01
Adjusted net earnings(3)	$MM	45.1	20.0	28.7	22.7	17.7	20.7	17.5	2.7
Adjusted net earnings per share, basic(3)	$/share	0.64	0.29	0.41	0.32	0.25	0.30	0.25	0.04
Adjusted EBITDA(3)	$MM	89.5	60.5	77.4	60.3	51.3	58.1	56.9	33.4
Shares outstanding - end of period	million	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0
Shares outstanding - weighted average	million	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0
Operating Performance
Lumber production	million fbm	655	645	655	640	607	628	637	618
Total lumber sales	million fbm	686	671	675	645	619	647	658	637
Lumber sales - Interfor produced	million fbm	666	650	654	624	598	627	634	609
Lumber sales - wholesale and commission	million fbm	20	21	21	21	21	20	24	28
Lumber - average selling price(4)	$/thousand fbm	650	611	642	604	588	580	564	548
Average USD/CAD exchange rate(5)	1 USD in CAD	1.2713	1.2528	1.3449	1.3238	1.3341	1.3050	1.2886	1.3732
Closing USD/CAD exchange rate(5)	1 USD in CAD	1.2545	1.2480	1.2977	1.3322	1.3427	1.3117	1.3009	1.2971

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

Liquidity

Balance Sheet

Interfor strengthened its financial position throughout 2017, with strong cash flow generated from operations used to repay debt and fund capital projects.  Net debt at December 31, 2017 was $119.3 million, or 12.3% of invested capital, representing a decrease of $170.3 million from the level of net debt at December 31, 2016. 

A strengthening of the Canadian Dollar against the U.S. Dollar by 6.6%, contributed $17.7 million to the net debt reduction in 2017 over 2016 as all debt held was denominated in U.S. Dollars.

	For the 3 months ended									For the year ended
	Dec. 31,			Dec. 31,			Sep. 30,			Dec. 31,			Dec. 31,
Thousands of Dollars		2017			2016			2017			2017			2016
Net debt
Net debt, period opening, CAD	$	177,787		$	346,929		$	218,252		$	289,551		$	452,303
Net drawing (repayment) on credit facilities, CAD		(1	)		(66,178	)		2			(40,217	)		(143,882	)
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD		1,301			9,678			(9,942	)		(17,704	)		(16,056	)
Increase in cash and cash equivalents, CAD		(59,787	)		(878	)		(30,525	)		(112,330	)		(2,814	)
Net debt, period ending, CAD	$	119,300		$	289,551		$	177,787		$	119,300		$	289,551
Net debt components by currency
U.S. Dollar debt, period opening, USD	$	200,000		$	274,709		$	200,000		$	230,000		$	338,699
Net repayment on credit facilities, USD		-			(44,709	)		-			(30,000	)		(108,699	)
U.S. Dollar debt, period ending, USD	$	200,000		$	230,000		$	200,000			200,000			230,000
Spot rate, period end											1.2545			1.3427
U.S. Dollar debt expressed in CAD											250,900			308,821
Cash and cash equivalents, CAD											(131,600	)		(19,270	)
Net debt, period ending, CAD										$	119,300		$	289,551

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of December 31, 2017:

			Revolving		Senior		U.S.
	Operating		Term		Secured		Operating
Thousands of Canadian Dollars	Line		Line		Notes		Line		Total
Available line of credit	$	65,000	$	200,000	$	250,900	$	62,725	$	578,625
Maximum borrowing available	$	65,000	$	200,000	$	250,900	$	62,725	$	578,625
Less:
Drawings		-		-		250,900		-		250,900
Outstanding letters of credit included in line utilization		12,515		-		-		2,634		15,149
Unused portion of facility	$	52,485	$	200,000	$	-	$	60,091		312,576
Add: Unrestricted cash and cash equivalents										131,263
Available liquidity at December 31, 2017									$	443,839

As of December 31, 2017, the Company had commitments for capital expenditures totaling $27.3 million for both maintenance and discretionary capital projects. 

Interfor continues to maintain its disciplined focus on monitoring discretionary capital expenditures, optimizing inventory levels and matching production with offshore and domestic demand. 

As at December 31, 2017, the Company had net working capital of $257.1 million and available liquidity of $443.8 million, including cash and borrowing capacity on operating and term line facilities.  These resources, in addition to cash generated from operations, will be used to support working capital requirements, debt servicing commitments and capital expenditures.  We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.

Non-GAAP Measures

This release makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Net debt to invested capital and Operating cash flow per share (before working capital changes) 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 3 months ended
Thousands of Canadian Dollars except number of shares	Dec. 31,			Dec. 31,			Sep. 30,			For the year ended Dec. 31,
and per share amounts		2017			2016			2017			2017			2016			2015
Adjusted Net Earnings (Loss)
Net earnings (loss)	$	36,196		$	26,550		$	16,778		$	97,153		$	65,643		$	(30,386	)
Add:
Restructuring (recovery) costs and capital asset write-downs		7,422			2,281			(21	)		9,203			7,280			12,829
Other foreign exchange loss (gain)		(412	)		(1,072	)		1,353			2,035			(1,468	)		1,651
Long term incentive compensation expense (recovery)		3,110			199			3,004			12,977			4,551			(5,431	)
Other (income) expense		995			(14,452	)		347			1,987			(14,094	)		(757	)
Post closure wind-down costs and losses (recoveries)		5			115			(39	)		(21	)		909			11,374
Income tax effect of above adjustments		(2,260	)		4,895			(1,456	)		(6,848	)		2,008			(9,311	)
Recognition of previously unrecognized deferred tax assets		-			(769	)		-			-			(6,171	)		1,136
Adjusted net earnings (loss)	$	45,056		$	17,747		$	19,966		$	116,486		$	58,658		$	(18,895	)
Weighted average number of shares - basic ('000)		70,030			70,030			70,030			70,030			70,030			69,488
Adjusted net earnings (loss) per share	$	0.64		$	0.25		$	0.29		$	1.66		$	0.84		$	(0.27	)
Adjusted EBITDA
Net earnings (loss)	$	36,196		$	26,550		$	16,778		$	97,153		$	65,643		$	(30,386	)
Add:
Depreciation of plant and equipment		19,217			18,534			18,836			77,623			76,092			71,492
Depletion and amortization of timber, roads and other		11,879			7,833			10,435			38,635			34,895			37,478
Restructuring (recovery) costs and capital asset write-downs		7,422			2,281			(21	)		9,203			7,280			12,829
Finance costs		3,139			4,074			3,294			14,030			18,602			17,569
Other foreign exchange loss (gain)		(412	)		(1,072	)		1,353			2,035			(1,468	)		1,651
Income tax expense (recovery)		7,968			7,236			6,559			34,136			7,207			(24,017	)
EBITDA		85,409			65,436			57,234			272,815			208,251			86,616
Add:
Long term incentive compensation expense (recovery)		3,110			199			3,004			12,977			4,551			(5,431	)
Other (income) expense		995			(14,452	)		347			1,987			(14,094	)		(757	)
Post closure wind-down costs and losses (recoveries)		5			115			(39	)		(21	)		909			11,291
Adjusted EBITDA	$	89,519		$	51,298		$	60,546		$	287,758		$	199,617		$	91,719
Net debt to invested capital
Net debt
Total debt	$	250,900		$	308,821		$	249,600		$	250,900		$	308,821		$	468,759
Cash and cash equivalents		(131,600	)		(19,270	)		(71,813	)		(131,600	)		(19,270	)		(16,456	)
Total net debt	$	119,300		$	289,551		$	177,787		$	119,300		$	289,551		$	452,303
Invested capital
Net debt	$	119,300		$	289,551		$	177,787		$	119,300		$	289,551		$	452,303
Shareholders' equity		854,188			786,667			817,676			854,188			786,667			725,254
Total invested capital	$	973,488		$	1,076,218		$	995,463		$	973,488		$	1,076,218		$	1,177,557
Net debt to invested capital(1)		12.3%			26.9%			17.9%			12.3%			26.9%			38.4%
Operating cash flow per share (before working capital changes)
Cash provided by operating activities	$	86,749		$	48,981		$	60,977		$	258,224		$	199,272		$	101,377
Cash used in (generated from) operating working capital		(3,332	)		1,399			(3,474	)		15,696			(6,695	)		(34,531	)
Operating cash flow (before working capital changes)	$	83,417		$	50,380		$	57,503		$	273,920		$	192,577		$	66,846
Weighted average number of shares - basic ('000)		70,030			70,030			70,030			70,030			70,030			69,488
Operating cash flow per share (before working capital changes)	$	1.19		$	0.72		$	0.82		$	3.91		$	2.75		$	0.96

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

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
For the three months and years ended December 31, 2017 and 2016 (unaudited)
(thousands of Canadian Dollars except earnings per share)		3 Months			3 Months			Year			Year
		Dec. 31, 2017			Dec. 31, 2016			Dec. 31, 2017			Dec. 31, 2016
Sales	$	532,781		$	442,308		$	1,990,106		$	1,792,712
Costs and expenses:
Production		427,418			381,556			1,632,922			1,550,912
Selling and administration		13,958			9,569			50,775			43,092
Long term incentive compensation		3,110			199			12,977			4,551
U.S. countervailing and anti-dumping duty deposits		1,891			-			18,630			-
Depreciation of plant and equipment		19,217			18,534			77,623			76,092
Depletion and amortization of timber, roads and other		11,879			7,833			38,635			34,895
		477,473			417,691			1,831,562			1,709,542
Operating earnings before restructuring costs		55,308			24,617			158,544			83,170
Restructuring costs		(7,422	)		(2,281	)		(9,203	)		(7,280	)
Operating earnings		47,886			22,336			149,341			75,890
Finance costs		(3,139	)		(4,074	)		(14,030	)		(18,602	)
Other foreign exchange gain (loss)		412			1,072			(2,035	)		1,468
Other income (expense)		(995	)		14,452			(1,987	)		14,094
		(3,722	)		11,450			(18,052	)		(3,040	)
Earnings before income taxes		44,164			33,786			131,289			72,850
Income tax expense
Current		356			104			1,064			853
Deferred		7,612			7,132			33,072			6,354
		7,968			7,236			34,136			7,207
Net earnings	$	36,196		$	26,550		$	97,153		$	65,643
Net earnings per share, basic and diluted	$	0.52		$	0.38		$	1.39		$	0.94
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three months and years ended December 31, 2017 and 2016 (unaudited)
(thousands of Canadian Dollars)		3 Months			3 Months			Year			Year
		Dec. 31, 2017			Dec. 31, 2016			Dec. 31, 2017			Dec. 31, 2016
Net earnings	$	36,196		$	26,550		$	97,153		$	65,643
Other comprehensive income (loss):
Items that will not be recycled to Net earnings:
Defined benefit plan actuarial gains (losses), net of tax		(2,144	)		4,497			(1,350	)		1,509
Items that are or may be recycled to Net earnings:
Foreign currency translation differences for foreign operations, net of tax		2,297			8,359			(28,854	)		(7,851	)
Loss in fair value of interest rate swaps		-			(5	)		(11	)		(51	)
Total items that are or may be recycled to Net earnings		2,297			8,354			(28,865	)		(7,902	)
Total other comprehensive income (loss), net of tax		153			12,851			(30,215	)		(6,393	)
Comprehensive income	$	36,349		$	39,401		$	66,938		$	59,250
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months and years ended December 31, 2017 and 2016 (unaudited)
(thousands of Canadian Dollars)		3 Months			3 Months			Year			Year
		Dec. 31, 2017			Dec. 31, 2016			Dec. 31, 2017			Dec. 31, 2016
Cash provided by (used in):
Operating activities:
Net earnings	$	36,196		$	26,550		$	97,153		$	65,643
Items not involving cash:
Depreciation of plant and equipment		19,217			18,534			77,623			76,092
Depletion and amortization of timber, roads and other		11,879			7,833			38,635			34,895
Income tax expense		7,968			7,236			34,136			7,207
Finance costs		3,139			4,074			14,030			18,602
Other assets		(4,133	)		89			(4,203	)		(217	)
Reforestation liability		(678	)		(1,133	)		1,109			559
Other liabilities and provisions		1,404			(204	)		5,629			789
Stock options		163			104			583			334
Write-down of property, plant and equipment and intangibles		7,091			1,154			7,091			2,172
Unrealized foreign exchange losses and other		158			596			147			596
Other expense (income)		1,013			(14,453	)		1,987			(14,095	)
		83,417			50,380			273,920			192,577
Cash generated from (used in) operating working capital:
Trade accounts receivable and other		1,196			7,192			(19,845	)		(2,666	)
Inventories		(8,988	)		(2,077	)		(14,243	)		(2,338	)
Prepayments and other		2,349			187			919			704
Trade accounts payable and accrued liabilities		9,847			(6,725	)		19,688			11,702
Income taxes paid		(1,072	)		24			(2,215	)		(707	)
		86,749			48,981			258,224			199,272
Investing activities:
Additions to property, plant and equipment		(17,413	)		(13,173	)		(60,370	)		(50,393	)
Additions to roads and bridges		(7,072	)		(5,910	)		(32,211	)		(24,631	)
Additions to timber and other intangible assets		(534	)		(694	)		(2,360	)		(1,682	)
Proceeds on disposal of property, plant and equipment		100			41,121			561			41,437
Proceeds on disposal of investments		941			-			3,077			10,342
Investments and other assets		(315	)		(424	)		202			(11,324	)
		(24,293	)		20,920			(91,101	)		(36,251	)
Financing activities:
Interest payments		(2,655	)		(3,741	)		(12,240	)		(17,174	)
Debt refinancing costs		(22	)		(103	)		(807	)		(1,112	)
Change in operating line components of long-term debt		(1	)		(2,867	)		(64	)		(11,663	)
Additions to long term debt		-			28,974			76,107			56,974
Repayments of long term debt		-			(92,285	)		(116,260	)		(189,193	)
		(2,678	)		(70,022	)		(53,264	)		(162,168	)
Foreign exchange gain (loss) on cash and cash equivalents
held in a foreign currency		9			999			(1,529	)		1,961
Increase in cash and cash equivalents		59,787			878			112,330			2,814
Cash and cash equivalents, beginning of period		71,813			18,392			19,270			16,456
Cash and cash equivalents, end of period	$	131,600		$	19,270		$	131,600		$	19,270
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2017 and 2016 (unaudited)
(thousands of Canadian Dollars)								Dec. 31,			Dec. 31,
								2017			2016
Assets
Current assets:
Cash and cash equivalents							$	131,600		$	19,270
Trade accounts receivable and other								112,470			95,059
Income taxes receivable								1,289			222
Inventories								165,156			154,535
Prepayments and other								12,562			14,016
Investments and other assets								-			2,911
								423,077			286,013
Employee future benefits								502			2,471
Investments and other assets								6,404			2,341
Property, plant and equipment								670,830			730,981
Roads and bridges								24,092			20,739
Timber licences								66,589			69,273
Other intangible assets								14,170			19,017
Goodwill								147,081			156,502
Deferred income taxes								251			14,311
							$	1,352,996		$	1,301,648
Liabilities and Shareholders’ Equity
Current liabilities:
Trade accounts payable and provisions							$	152,854		$	138,029
Reforestation liability								12,873			11,609
Income taxes payable								224			317
								165,951			149,955
Reforestation liability								27,535			25,931
Long term debt								250,900			308,821
Employee future benefits								8,249			8,136
Provisions and other liabilities								26,976			21,290
Deferred income taxes								19,197			848
Equity:
Share capital								555,388			555,388
Contributed surplus								8,582			7,999
Translation reserve								40,720			69,574
Hedge reserve								-			11
Retained earnings								249,498			153,695
								854,188			786,667
							$	1,352,996		$	1,301,648
Approved on behalf of the Board:
“L. Sauder”		“D.W.G. Whitehead”
Director		Director

FORWARD-LOOKING STATEMENTS

This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words “believes”, “will”, “should”, “expects”, “annualized” and similar expressions.  Such statements involve known and unknown risks and uncertainties that may cause Interfor’s actual results to be materially different from those expressed or implied by those forward-looking statements.  Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, cyber-security measures, and other factors referenced herein and in Interfor’s Annual Report available on www.sedar.com and www.interfor.com.  The forward-looking information and statements contained in this release are based on Interfor’s current expectations and beliefs.  Readers are cautioned not to place undue reliance on forward-looking information or statements.  Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.

ABOUT INTERFOR

Interfor is a growth-oriented lumber company with operations in Canada and the United States.  The Company has annual production capacity of approximately 3.1 billion board feet and offers one of the most diverse lines of lumber products to customers around the world.  For more information about Interfor, visit our website at www.interfor.com.

The Company’s 2017 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 9, 2018 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 2017 financial results.

The dial-in number is 1-866-378-9082.  The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 9, 2018.  The number to call is 1-855-859-2056, Passcode 7086487.

For further information:
John A. Horning, Executive Vice President and Chief Financial Officer
(604) 689-6829

Martin L. Juravsky, Senior Vice President, Corporate Development and Strategy
(604) 689-6873