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GreenFirst Announces 2021 Third Quarter Results

TORONTO, Nov. 24, 2021 /CNW/ – GreenFirst Forest Products Inc. (TSXV:GFP) (“GreenFirst” or the “Company”) filed its unaudited interim financial statements for the quarter and the nine month period ended September 25, 2021 and the related management discussion and analysis, both of which are available under GreenFirst’s profile on SEDAR at www.sedar.com.  All amounts are in thousands of Canadian dollars unless indicated otherwise.

Third Quarter Highlights

On August 28, 2021, completed the acquisition of sawmill and newsprint assets from certain Canadian subsidiaries of Rayonier Advanced Materials Inc. in Ontario and Quebec.
The mills continue to operate as ‘business as usual’ as Management focuses on setting up its back-office functions in North Bay and Toronto.
Q3 results includes only 4 weeks of operating results for the newly acquired operations.
Q3 2021 reported a negative Adjusted EBITDA of $4,736 after adjusting for acquisition related expenses.
Q3 2021 net loss of $13,486 ($0.16 loss per share) includes the expensing of transaction costs.
Lumber markets have rebounded in September and October from the low prices in August.

“After closing our purchase transaction on August 28th, we immediately turned our attention to improving operational efficiency and yields. We have been very pleased with the efforts of our team,” said Rick Doman, CEO of GreenFirst.  “We look forward to continuing our efforts in improving operations and reducing manufacturing costs. Our goal is to build a global forest company with a focus on sustainable forestry operations.”

Q3 2021 Financial Highlights

For the period ended September 25, 2021, the Company operated its newly acquired assets for only four weeks. Inventory and some other identifiable assets were recognized at their fair values upon acquisition. The short period of operations, together with the opening inventory recognized at fair value, means results for this period are of limited value in extrapolating future quarterly and annual results.

Select Financial Information

Three months ended

Nine months ended

September 25,

September 30,

September 25,

September 30,

2021

2020

2021

2020

$

$

$

$

Net sales

$28,928

$-

$28,928

$-

Expenses

  Manufacturing and production

(31,082)

(31,082)

  …

Full story available on Benzinga.com

Original Article: benzinga.com

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