EBITDA⁽¹⁾ of $280 million and Net Earnings of $112 million in 2018
NCIB Purchases of 2.3 million Shares for $37 million in 2018
Net Debt to Invested Capital⁽¹⁾ of 6%

VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) — INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) recorded net earnings of $111.7 million, or $1.60 per share, in 2018, compared to $97.2 million, or $1.39 per share in 2017.  Adjusted EBITDA was $280.4 million on record annual sales of $2.2 billion.

Interfor recorded a net loss in Q4’18 of $13.2 million, or $0.19 per share, compared to net earnings of $28.1 million, or $0.40 per share in Q3’18 and $36.2 million, or $0.52 per share in Q4’17.  Adjusted net loss in Q4’18 was $19.8 million compared to Adjusted net earnings of $28.2 million in Q3’18 and $45.1 million in Q4’17.

Adjusted EBITDA was $6.2 million on sales of $468.5 million in Q4’18 versus $69.4 million on sales of $570.5 million in Q3’18.

Notable items in the quarter included:

• Lumber Price Volatility

  • Key benchmark prices decreased in Q4’18 versus Q3’18.  The Western SPF Composite and KD H-F Stud 2×4 9’ benchmarks fell US$117 and US$132 per mfbm, respectively.   The SYP Composite decreased US$77 to US$386 per mfbm.

  • Interfor’s average lumber selling price fell $102 to $599 per mfbm, on 647 million board feet of lumber sales.

• Lumber Production Decline Due to Temporary Factors

  • Total lumber production was 607 million board feet, down 67 million board feet quarter-over-quarter.  This decline reflects Interfor’s previously announced plan to temporarily reduce production across its B.C. Interior operating platform.  In addition, project related down-time in the U.S. South and normal holiday-related operating schedules further contributed to the lower lumber production. 

  • Production in the B.C. region declined to 174 million board feet from 224 million board feet in the preceding quarter.  The U.S. South and U.S. Northwest regions accounted for 303 million board feet and 130 million board feet, respectively, compared to 313 million board feet and 137 million board feet in Q3’18, respectively.

  • Lumber inventory levels ended at 32 million board feet lower than Q3’18.   
     

• Log Cost Inflation in B.C.

  • Operating cost increases were driven by B.C. log cost inflation, which was impacted by higher stumpage rates and open market log costs.

  • Interfor’s operating costs were also impacted by an increase in its net realizable value provision for log and lumber inventories by $8.2 million in Q4’18.

• Financial Flexibility

  • Net debt ended the quarter at $63.8 million, or 6.1% of invested capital, resulting in available liquidity of $506.9 million.

  • Interfor generated $6.7 million of cash from operations before changes in working capital, or $0.10 per share, and total cash from operations of $18.0 million.  The $11.3 million net cash inflow from working capital was driven by reduced accounts receivable and lumber inventory volumes, partially offset by a seasonal increase in B.C. Interior log volumes.

  • Capital investments of $59.4 million in Q4’18 included $38.1 million on U.S. South focused high-return discretionary projects, with the remainder related to maintenance capital and woodlands projects. 

  • Interfor purchased and cancelled 1,680,295 of its Common Shares (“Shares”) at a cost of $25.0 million in Q4’18, for a total of 2,277,540 Shares purchased at a cost of $36.9 million in 2018.  The Company’s normal course issuer bid (“NCIB”) was amended in December 2018 and permits the purchase of up to 6,934,456 Shares until its expiry on March 6, 2019.

• Softwood Lumber Duties

  • Interfor expensed $9.7 million of duties in the quarter, representing the full amount of countervailing (“CV”) and anti-dumping (“AD”) duties incurred on its Canadian shipments of softwood lumber into the U.S. at a combined rate of 20.23%.

  • Cumulative duties of US$60.4 million have been paid by Interfor since the inception of the current trade dispute and are held in trust by the U.S.  With the exception of US$3.3 million recorded as a long-term receivable in respect of overpayments arising from duty rate adjustments, Interfor has recorded the duty deposits as an expense.

(1) _{Refer to Adjusted EBITDA and Net debt to invested capital in the Non-GAAP Measures section}

Strategic Capital Plan Update

• Interfor continues to make progress on previously announced Phase I and II strategic capital projects in the U.S. South.
• The Phase I projects total US$65 million at the Meldrim, Georgia and Monticello, Arkansas sawmills, with completion scheduled for Q2’19.  The related capital expenditures through Q4’18 total US$34.6 million and expected total costs through completion remain in-line with initial guidance.
• The Phase II projects total US$240 million at the Thomaston and Eatonton sawmills in Georgia and the Georgetown sawmill in South Carolina.  These projects are on track for completion in various stages over the period of 2019 to 2021.  The related capital expenditures through Q4’18 total US$15.3 million and the projects remain on budget.

Financial and Operating Highlights ⁽¹⁾ 

			For the three months ended
			Dec. 31,		Dec. 31,			Sep. 30,			For the year ended Dec. 31
		Unit	2018		2017			2018			2018			2017			2016
Financial Highlights(2)
Total sales		$MM	468.5		532.8			570.5			2,186.6			1,990.1			1,792.7
Lumber		$MM	387.7		446.0			480.3			1,841.1			1,679.4			1,458.3
Logs, residual products and other		$MM	80.8		86.8			90.2			345.5			310.7			334.4
Operating earnings (loss)		$MM	(17.0)		47.9			41.3			156.6			149.3			75.9
Net earnings (loss)		$MM	(13.2)		36.2			28.1			111.7			97.2			65.6
Net earnings (loss) per share, basic		$/share	(0.19)		0.52			0.40			1.60			1.39			0.94
Adjusted net earnings (loss)(3)		$MM	(19.8)		45.1			28.2			114.1			116.5			58.7
Adjusted net earnings (loss) per share, basic(3)		$/share	(0.29)		0.64			0.40			1.64			1.66			0.84
Operating cash flow per share (before working  capital changes)(3)		$/share	0.10		1.19			1.00			3.95			3.91			2.75
Adjusted EBITDA(3)		$MM	6.2		89.5			69.4			280.4			287.8			199.6
Adjusted EBITDA margin(3)		%	1.3%		16.8%			12.2%			12.8%			14.5%			11.1%
Total assets		$MM	1,529.5		1,353.0			1,539.5			1,529.5			1,353.0			1,301.6
Total debt		$MM	272.8		250.9			258.9			272.8			250.9			308.8
Net debt(3)		$MM	63.8		119.3			3.8			63.8			119.3			289.6
Net debt to invested capital(3)		%	6.1%		12.3%			0.4%			6.1%			12.3%			26.9%
Annualized return on invested capital(3)		%	2.4%		36.4%			27.7%			27.9%			28.1%			17.7%
Operating Highlights
Lumber production		million fbm	607		655			674			2,635			2,595			2,490
Total lumber sales		million fbm	647		686			685			2,680			2,677			2,561
Lumber sales – Interfor produced		million fbm	639		666			675			2,638			2,594			2,469
Lumber sales – wholesale and commission		million fbm	8		20			10			42			83			92
Lumber – average selling price(4)		$/thousand fbm	599		650			701			687			627			570
Average USD/CAD exchange rate(5)		1 USD in CAD	1.3204		1.2713			1.3070			1.2957			1.2986			1.3248
Closing USD/CAD exchange rate(5)		1 USD in CAD	1.3642		1.2545			1.2945			1.3642			1.2545			1.3427

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 2018, with strong cash flow generated from operations used to fund capital projects, invest in marketable securities and repurchase Shares.  Net debt at December 31, 2018 was $63.8 million, or 6.1% of invested capital, representing a decrease of $55.5 million from the level of net debt at December 31, 2017.  Net debt was negatively impacted by a weakened Canadian Dollar against the U.S. Dollar as all debt held was denominated in U.S. Dollars; this was partially hedged by the Company’s U.S. Dollar cash and marketable securities balances.  

	For the 3 months ended									For the year ended
	Dec. 31,			Dec. 31,			Sep. 30,			Dec. 31,			Dec. 31,
Thousands of Dollars		2018			2017			2018			2018			2017
Net debt
Net debt, period opening	$ 3,800			$ 176,866			$ 34,415			$ 119,300			$ 289,551
Net drawing (repayment) on credit facilities		(1)			(1)			112			110			(40,217)
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD		13,941			1,301			(4,572)			21,830			(17,704)
Decrease (increase) in cash and cash equivalents		7,286			(59,698)			61,248			(23,968)			(114,789)
Decrease (increase) in marketable securities		49,871			921			(91,011)			(41,140)			–
Impact on U.S. Dollar denominated cash and cash equivalents and marketable securities from strengthening (weakening) CAD		(11,072)			(89)			3,608			(12,307)			2,459
Net debt, period ending	$ 63,825			$ 119,300			$ 3,800			$ 63,825			$ 119,300

As at December 31, 2018, the Company had net working capital of $359.2 million and available liquidity of $506.9 million, including cash, marketable securities and borrowing capacity on operating and term line facilities. 

On June 15, 2018, the Company extended the maturity of its U.S. Operating line from May 1, 2019 to June 15, 2021, with no other significant changes.  On August 14, 2018, Interfor completed an agreement to extend US$84 million of its 2021 to 2023 Senior Secured Note maturities to 2027 to 2029.  As a result, Interfor’s weighted average fixed interest rate on its term debt rose to 4.47%.   

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.

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of December 31, 2018:

			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	$ 272,840	$ 68,210	$ 606,050
Maximum borrowing available	$ 65,000		$ 200,000	$ 272,840	$ 50,590	$ 588,430
Less:
Drawings	–		–	272,840	–	272,840
Outstanding letters of credit included in line utilization		14,858	–	–	2,810	17,668
Unused portion of facility		$ 50,142	$ 200,000	$  –	$ 47,780	297,922
Add:
Cash and cash equivalents						166,152
Marketable securities						42,863
Available liquidity at December 31, 2018						$ 506,937

As of December 31, 2018, the Company had commitments for capital expenditures totaling $161.4 million for both maintenance and discretionary capital projects.

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		2018			2017			2018			2018			2017			2016
Adjusted Net Earnings (Loss)
Net earnings (loss)	$ (13,165)			$ 36,196			$  28,092			$ 111,678			$ 97,153			$ 65,643
Add:
Capital asset write-downs and restructuring costs		4,551			7,422			5,848			15,304			9,203			7,280
Other foreign exchange loss (gain)		(3,330)			(412)			1,847			(3,474)			2,035			(1,468)
Long term incentive compensation expense (recovery)		(9,180)			3,110			(7,503)			(7,829)			12,977			4,551
Other expense (income)		(1,254)			995			(192)			(1,188)			1,987			(14,094)
Post closure wind-down costs and losses (recoveries)		–			5			–			4			(21)			909
Income tax effect of above adjustments		2,530			(2,260)			149			(396)			(6,848)			2,008
Recognition of previously unrecognized deferred tax assets		–			–			–			–			–			(6,171)
Adjusted net earnings (loss)	$ (19,848)			$ 45,056			$ 28,241			$ 114,099			$ 116,486			$ 58,658
Weighted average number of shares – basic (‘000)		68,884			70,030			69,908			69,713			70,030			70,030
Adjusted net earnings (loss) per share	$ (0.29)			$ 0.64			$ 0.40			$ 1.64			$ 1.66			$ 0.84
Adjusted EBITDA
Net earnings (loss)	$ (13,165)			$ 36,196			$ 28,092			$ 111,678			$ 97,153			$ 65,643
Add:
Depreciation of plant and equipment		19,283			19,217			20,071			80,273			77,623			76,092
Depletion and amortization of timber, roads and other		8,566			11,879			9,715			36,048			38,635			34,895
Capital asset write-downs and restructuring costs		4,551			7,422			5,848			15,304			9,203			7,280
Finance costs		2,254			3,139			2,465			10,410			14,030			18,602
Other foreign exchange loss (gain)		(3,330)			(412)			1,847			(3,474)			2,035			(1,468)
Income tax expense (recovery)		(1,518)			7,968			9,044			39,191			34,136			7,207
EBITDA		16,641			85,409			77,082			289,430			272,815			208,251
Add:
Long term incentive compensation expense (recovery)		(9,180)			3,110			(7,503)			(7,829)			12,977			4,551
Other (income) expense		(1,254)			995			(192)			(1,188)			1,987			(14,094)
Post closure wind-down costs and losses (recoveries)		–			5			–			4			(21)			909
Adjusted EBITDA	$ 6,207			$ 89,519			$ 69,387			$ 280,417			$ 287,758			$ 199,617
Sales	$468,544			$532,781			$570,486			$2,186,567			$1,990,106			$1,792,712
Adjusted EBITDA margin		1.3%			16.8%			12.2%			12.8%			14.5%			11.1%
Net debt to invested capital
Net debt
Total debt	$ 272,840			$ 250,900			$ 258,900			$ 272,840			$ 250,900			$ 308,821
Cash and cash equivalents		(166,152)			(131,600)			(165,553)			(166,152)			(131,600)			(19,270)
Marketable securities		(42,863)			–			(89,547)			(42,863)			–			–
Total net debt	$ 63,825			$ 119,300			$ 3,800			$ 63,825			$ 119,300			$ 289,551
Invested capital
Net debt	$ 63,825			$ 119,300			$ 3,800			$ 63,825			$ 119,300			$ 289,551
Shareholders’ equity		974,065			854,188			985,316			974,065			854,188			786,667
Total invested capital	$ 1,037,890			$973,488			$ 989,116			$ 1,037,890			$ 973,488			$1,076,218
Net debt to invested capital(1)		6.1%			12.3%			0.4%			6.1%			12.3%			26.9%
Operating cash flow per share (before working capital changes)
Cash provided by operating activities	$ 18,037			$ 86,749			$ 84,956			$ 255,233			$ 258,224			$ 199,272
Cash used in (generated from) operating working capital		(11,303)			(3,332)			(15,223)			19,868			15,696			(6,695)
Operating cash flow (before working capital changes)	$ 6,734			$ 83,417			$ 69,733			$ 275,101			$ 273,920			$ 192,577
Weighted average number of shares – basic (‘000)		68,884			70,030			69,908			69,713			70,030			70,030
Operating cash flow per share (before working capital changes)	$ 0.10			$ 1.19			$ 1.00			$ 3.95			$ 3.91			$ 2.75
Annualized return on invested capital
Adjusted EBITDA	$6,207			$89,519			$69,387			$280,417			$287,758			$199,617
Invested capital, beginning of period	$989,116			$994,542			$1,011,709			$973,488			$1,076,218			$1,177,557
Invested capital, end of period		1,037,890			973,488			989,116			1,037,890			973,488			1,076,218
Average invested capital	$1,013,503			$984,015			$1,000,413			$1,005,689			$1,024,853				1,126,888
Adjusted EBITDA divided by average invested capital		0.6%			9.1%			6.9%			27.9%			28.1%			17.7%
Annualization factor		4.0			4.0			4.0			1.0			1.0			1.0
Annualized return on invested capital		2.4%			36.4%			27.7%			27.9%			28.1%			17.7%

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, 2018 and 2017 (unaudited)
(thousands of Canadian Dollars except earnings per share)			Three Months	Three Months		Year		Year
			Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2018		Dec. 31, 2017
Sales Costs and expenses:			$468,544	$532,781		$2,186,567		$1,990,106
	Production		440,534	427,418		1,799,825		1,632,922
	Selling and administration		12,142	13,958		52,992		50,775
	Long term incentive compensation expense (recovery)		(9,180)	3,110		(7,829)		12,977
	U.S. countervailing and anti-dumping duty deposits		9,661	1,891		53,337		18,630
	Depreciation of plant and equipment		19,283	19,217		80,273		77,623
	Depletion and amortization of timber, roads and other		8,566	11,879		36,048		38,635
			481,006	477,473		2,014,646		1,831,562
Operating earnings (loss) before write-downs and restructuring			(12,462)	55,308		171,921		158,544
Capital asset write-downs and restructuring costs			4,551	7,422		15,304		9,203
Operating earnings (loss)			(17,013)	47,886		156,617		149,341
Finance costs			(2,254)	(3,139)		(10,410)		(14,030)
Other foreign exchange gain (loss)			3,330	412		3,474		(2,035)
Other income (expense)			1,254	(995)		1,188		(1,987)
			2,330	(3,722)		(5,748)		(18,052)
Earnings (loss) before income taxes			(14,683)	44,164		150,869		131,289
Income tax expense (recovery):
	Current		(45)	356		2,955		1,064
	Deferred		(1,473)	7,612		36,236		33,072
			(1,518)	7,968		39,191		34,136
Net earnings (loss)			$(13,165)	$36,196		$111,678		$97,153
Net earnings (loss) per share, basic and diluted			$(0.19)	$0.52		$1.60		$1.39

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three months and years ended December 31, 2018 and 2017 (unaudited)
(thousands of Canadian Dollars)		Three Months	Three Months		Year		Year
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2018		Dec. 31, 2017
Net earnings (loss)		$(13,165)	$36,196		$111,678		$97,153
Other comprehensive income (loss):
Items that will not be recycled to Net earnings:
	Defined benefit plan actuarial gain (loss), net of tax	(2,338)	(2,144)		508		(1,350)
Items that are or may be recycled to Net earnings:
	Foreign currency translation differences for
	foreign operations, net of tax	29,015	2,297		43,703		(28,854)
	Loss in fair value of interest rate swaps	–	–		–		(11)
	Total items that are or may be recycled to Net earnings	29,015	2,297		43,703		(28,865)
Total other comprehensive income (loss), net of tax		26,677	153		44,211		(30,215)
Comprehensive income		$13,512	$36,349		$155,889		$66,938

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months and years ended December 31, 2018 and 2017 (unaudited)
(thousands of Canadian Dollars)					Three Months	Three Months			Year				Year
					Dec. 31, 2018	Dec. 31, 2017			Dec. 31, 2018				Dec. 31, 2017
Cash provided by (used in):
Operating activities:
	Net earnings (loss)				$(13,165)	$36,196			$111,678				$97,153
	Items not involving cash:
			Depreciation of plant and equipment		19,283	19,217			80,273				77,623
			Depletion and amortization of timber, roads and other		8,566	11,879			36,048				38,635
			Income tax expense (recovery)		(1,518)	7,968			39,191				34,136
			Finance costs		2,254	3,139			10,410				14,030
			Other assets		(2,824)	(4,133)			(3,000)				(4,203)
			Reforestation liability		763	(678)			79				1,109
			Provisions and other liabilities		(5,024)	1,404			(9,204)				5,629
			Stock options		216	163			774				583
			Write-down of plant, equipment and intangibles		3,238	7,091			13,925				7,091
			Unrealized foreign exchange loss (gain)		(3,801)	158			(3,885)				147
			Other expense (income)		(1,254)	1,013			(1,188)				1,987
					6,734	83,417			275,101				273,920
	Cash generated from (used in) operating working capital:
			Trade accounts receivable and other		30,624	1,196			27,392				(19,845)
			Inventories		(2,846)	(8,988)			(33,821)				(14,243)
			Prepayments		216	2,349			(3,128)				919
			Trade accounts payable and provisions		(15,575)	9,847			(5,919)				19,688
			Income taxes paid		(1,116)	(1,072)			(4,392)				(2,215)
					18,037	86,749			255,233				258,224
Investing activities:
		Additions to property, plant and equipment			(50,307)	(17,413)			(106,440)				(60,370)
		Additions to roads and bridges			(8,524)	(7,072)			(32,165)				(32,211)
		Additions to timber licences and other intangible assets			(68)	(534)			(158)				(2,360)
		Proceeds on disposal of property, plant and equipment			1,846	100			2,355				561
		Net proceeds from (additions to) investments and other assets			58,555	626			(48,364)				3,279
					1,502	(24,293)			(184,772)				(91,101)
Financing activities:
		Share issuance, net of expenses			–	–			143				–
		Share repurchase			(24,979)	–			(36,929)				–
		Interest payments			(1,827)	(2,655)			(9,729)				(12,240)
		Debt refinancing costs			(18)	(22)			(88)				(807)
		Change in operating line components of long term debt			(1)	(1)			(2)				(64)
		Additions to long term debt			–	–			155,909				76,107
		Repayments of long term debt			–	–			(155,797)				(116,260)
					(26,825)	(2,678)			(46,493)				(53,264)
Foreign exchange gain (loss) on cash and
	cash equivalents held in a foreign currency				7,885	9			10,584				(1,529)
Increase in cash and cash equivalents					599	59,787			34,552				112,330
Cash and cash equivalents, beginning of period					165,553	71,813			131,600				19,270
Cash and cash equivalents, end of period					$166,152	$131,600			$166,152				$131,600

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2018 and 2017 (unaudited)
(thousands of Canadian Dollars)
			Dec. 31, 2018		Dec. 31, 2017
Assets
Current assets:
	Cash and cash equivalents		$166,152		$131,600
	Marketable securities		42,863		–
	Trade accounts receivable and other		90,384		112,470
	Income taxes receivable		3,008		1,289
	Inventories		209,178		165,156
	Prepayments		17,307		12,562
			528,892		423,077
Employee future benefits			303		502
Deposits and other assets			16,842		6,404
Property, plant and equipment			725,266		670,830
Roads and bridges			29,829		24,092
Timber licences			64,153		66,589
Other intangible assets			5,288		14,170
Goodwill			158,799		147,081
Deferred income taxes			132		251
			$1,529,504		$1,352,996
Liabilities and Shareholders’ Equity
Current liabilities:
	Trade accounts payable and provisions		$155,434		$152,854
	Reforestation liability		13,947		12,873
	Income taxes payable		356		224
			169,737		165,951
Reforestation liability			28,235		27,535
Long term debt			272,840		250,900
Employee future benefits			8,687		8,249
Provisions and other liabilities			17,413		26,976
Deferred income taxes			58,527		19,197
Equity:
	Share capital		537,534		555,388
	Contributed surplus		3,851		8,582
	Translation reserve		84,423		40,720
	Retained earnings		348,257		249,498
			974,065		854,188
			$1,529,504		$1,352,996

Approved on behalf of the Board:
“L. Sauder”		“Thomas V. Milroy”
Director		Director

FORWARD-LOOKING STATEMENTS

This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact.  A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future.  Generally, statements containing forward-looking information can be identified by the use of words such as: believe, expect, intend, forecast, plan, target, budget, outlook, opportunity, risk, strategy or variations or comparable language, or statements that certain actions, events or results may, could, would, should, might, or will occur or not occur.  Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information.  Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s annual Management’s Discussion & Analysis under the heading “Risks and Uncertainties”, which is available on www.interfor.com and under Interfor’s profile on www.sedar.com.  Material factors and assumptions used to develop the forward-looking information in this release include assumptions regarding selling prices for lumber, logs and wood chips; the Company’s ability to compete on a global basis; the availability and cost of log supply; the effects of natural or man-made disasters; currency exchange rates; changes in government regulations; the availability of the Company’s allowable annual cut (“AAC”); claims by and treaty settlements with Indigenous peoples; the Company’s ability to export its products; the softwood lumber dispute between Canada and the U.S.; stumpage fees payable to the Province of British Columbia; environmental impacts of the Company’s operations; labour disruptions; and the efficacy of information systems security.  Unless otherwise indicated, the forward-looking information in this release is based on the Company’s expectations at the date of this release.  Interfor undertakes no obligation to update such forward-looking information, except as 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 2018 audited consolidated financial statements and Management’s Discussion and Analysis are available at www.sedar.com and www.interfor.com. 

There will be an analyst conference call on Friday, February 8, 2019 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 2018 financial results.

The dial-in number is 1-833-297-9919.  The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 8, 2019.  The number to call is 1-855-859-2056, Passcode 9966426.

For further information:
Martin L. Juravsky, Senior Vice President and Chief Financial Officer
(604) 689-6873