Canfor Reports Results for First Quarter of 2013

May 01, 2013

Canfor Corporation (TSX: CFP) today reported net income attributable to shareholders ("shareholder net income") of $61.9 million, or $0.43 per share, for the first quarter of 2013, compared to $21.3 million, or $0.15 per share, for the fourth quarter of 2012 and a shareholder net loss of $18.0 million, or $0.13 per share, for the first quarter of 2012.

The shareholder net income for the first quarter of 2013 included various items affecting comparability with prior periods as well as certain required IFRS accounting adjustments related to the Company’s 50% interest in Canfor-LP OSB Limited Partnership, which had an overall positive impact on the Company’s results of $8.4 million, or $0.06 per share. After adjusting for such items, the Company’s adjusted shareholder net income for the first quarter of 2013 was $70.3 million, up $50.0 million, or $0.35 per share, from an adjusted shareholder net income of $20.3 million, or $0.14 per share, for the fourth quarter of 2012, and an adjusted shareholder net loss of $24.1 million, or $0.18 per share, for the first quarter of 2012.

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