International Forest products Ltd reported a net loss of $3.4 million or $0.07 per share in the first quarter of 2010. The first quarter loss includes a tax valuation allowance of $1.1 million or $0.02 per share, which results from the Company no longer recognizing the tax benefit of loss carry-forwards. Excluding the tax valuation allowance and other one-time items, the loss for the first quarter was $2.2 million or $0.05 per share compared to a loss of $4.4 million or $0.09 per share in the fourth quarter of 2009. On the same basis, the Company reported a net loss of $10.6 million or $0.23 per share in the first quarter of 2009.
Included in the results for the first quarter was a provision of $0.4 million ($0.4 million or $0.01 per share after tax) relating to long-term incentive compensation. Similar costs expensed in the fourth quarter amounted to $1.5 million ($1.1 million or $0.02 per share after tax); in the first quarter last year the Company recorded an expense of $0.4 million ($0.3 million or $0.01 per share after tax).
EBITDA for the quarter was $9.7 million compared to $5.7 million in the fourth quarter and negative $8.4 million in the first quarter of 2009. "Higher commodity prices in North America had a positive impact on our results in the quarter", said Duncan Davies President and CEO, "as did the new Adams Lake sawmill which operated at 12% above pro forma in the quarter".
