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Interfor Reports Q4’17 Results

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%

/EIN News/ -- 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

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