Tuesday, December 1, 2020
Acadian Timber Corp recently presented the financial and operating reports the third quarter. “Operating conditions were favorable during the third quarter, but regional market demand was varied with increased demand for softwood sawlogs more than offset by a weaker than expected hardwood pulpwood market,” commented Erika Reilly, Chief Executive Officer. “With a deep customer base and diversified product mix, Acadian responded to changing market conditions by staying close to our customers and shifting production, all while aiming to protect our margins.”
Health and safety remained a key focus during the quarter. Acadian experienced no recordable safety incidents among employees and four incidents among contractors. Acadian continuned to emphasize the importance of strong safety performance to all members of the organization. Acadian also continued to monitor COVID-19 related developments in the regions in which we operate and updated our COVID-19 operational plans accordingly.
During the quarter, both the New Brunswick and Maine operations completed a surveillance audit under the 2015-2019 standard of the Sustainable Forest Initiative® with no non-conformances. The Maine operation also renewed its outcome-based forestry agreement with the Maine Forest Service.
Acadian generated $3.1 million of Free Cash Flow and declared dividends of $4.8 million to our shareholders during the third quarter. Our balance sheet continues to be solid with the refinancing of Acadian’s long-term debt complete and $20.4 million of net liquidity as at September 26, 2020, which includes funds available under our credit facilities