Vancouver, BC – West Fraser Timber Co. Ltd. today reported a loss of $20 million or $0.47 per share on sales of $647 million in the fourth quarter of 2009 and a loss of $341 million or $7.96 per share, on sales of $2,612 million for 2009.
In the fourth quarter of 2009 the following significant items were included in earnings:
- Asset impairment and restructuring charges of $49 million (after tax $34 million or $0.80 per share);
- A valuation allowance which resulted in a reduction to the tax recovery of $3 million or $0.07 per share; and
- The translation of U.S. dollar-denominated debt which resulted in a foreign exchange gain of $6 million (after tax $5 million or $0.12 per share).
Excluding these items the Company earned $12 million or $0.28 per share in the fourth quarter.
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West Fraser shares trade on the Toronto Stock Exchange under the symbol: “WFT”.
For more information:
Gerry Miller, Executive Vice-President, Finance and Chief Financial Officer
Rodger Hutchinson, Vice-President, Corporate Controller