Canadian timber company Acadian Timber posted increased operating earnings of C$4.7 million (US$4.7 million) during the fourth quarter ended Dec. 31 the company announced today. The earnings were a huge jump up from a year ago when the company posted earnings of only C$400,000 (US$403,000).
The company also posted a net income of C$5.4 million (US$5.4 million) for the quarter. Net sales were C$20.5 million (US$20.6 million) for the quarter, an increase from C$16.7 million (US$16.8 million) posted during the same period a year earlier.
Earnings before interest, taxes, depreciation, and amortization-- also know as EBITDA-- was C$6.4 million (US$6.4 million) for the quarter. Improved demand for softwood sawlogs, reduced costs, and a higher contribution from the management of the company's timberlands helped drive the increases.
Overall, the company posted operating earnings of C$11.4 million (US$11.5 million) for the fiscal year 2010. Acadian also posted net sales of C$71 million (US$71.5 million) for the year, up 12% from 2009.
"Despite challenging market conditions, Acadian performed very well in 2010 generating its highest level of EBITDA since 2007," said CEO Reid Carter. "Management was able to merchandise effectively and Acadian benefited from a combination of increasing demand for most of our products and higher hardwood pulplog prices."