---------------------------------------------------------------------
($ millions, except Three months ended Nine months ended
per share data) September 30 September 30
---------------------------------------------------------------------
2004 2003 2004 2003
---------------------------------------------------------------------
Sales 225.2 155.8 657.0 369.4
Operating earnings 87.4 59.0 298.6 87.9
Unrealized foreign
exchange gain (loss)
on long term debt 33.5 (0.7) 27.7 64.1
Net Income 60.7 28.9 112.3 82.7
Earnings per share 4.14 1.99 7.66 5.68
EBITDA (1) 71.8 67.3 309.1 112.3
Cash flow from
operations (2) 95.0 46.7 289.6 55.8
---------------------------------------------------------------------
(1) EBITDA, a non-GAAP financial measure, is defined as operating
earnings before amortization plus interest and other income
(expense).
(2) Cash provided by operations after changes in non-cash working
capital.
Ainsworth Lumber Co. Ltd. (TSX:ANS) today reported its financial results for the third quarter and nine-month period ended September 30, 2004.
“) 10,470 13,133 34,029 41,326 Lumber (mfbm) - 2,447 Chips (BDUs) 10,530 7,672 29,863 24,138 Production Volumes OSB (msf-3/8”
The company generated net income of $60.7 million or $4.14 per share for the third quarter of 2004 compared to $28.9 million or $1.99 per share in 2003. The significant increase in profitability is primarily as a result of the increase in oriented strand board (OSB) shipment volumes arising from the acquisitions completed earlier this year. On September 22, 2004, the company completed the acquisition of three OSB facilities (the "Minnesota OSB facilities") located in northern Minnesota from Potlatch Corporation. The acquisition of the Minnesota OSB facilities was financed with a combination of cash on hand and the issue of US$275 million 7.25% Senior Unsecured Notes and US$175 million Senior Floating Rate Notes. The additional shipments from these facilities together with the additional shipments from the Barwick OSB facility - which was acquired on May 19, 2004 - has enabled the company to continue to generate strong financial returns despite a decline in OSB prices compared to the previous quarter.
During the quarter, the company generated operating earnings of $87.4 million on sales of $225.2 million compared to $59.0 million on sales of $155.8 million in the same period of 2003. Sales increased by $69.4 million or 44.5% compared to the third quarter of 2003 primarily on account of a 44.0% increase in OSB shipment volume. EBITDA, defined as operating earnings before amortization, plus interest and other income (expense) in the three-month period was $71.8 million compared to $67.3 million in the same period last year. Cash provided by operations (after changes in non-cash working capital) was $99.1 million compared to $46.7 million in the same period of 2003.
For the nine months ended September 30, 2004, net income was $112.3 million or $7.66 per share compared to net income of $82.7 million or $5.68 per share for the same period last year. The increase in net income is explained by a $210.7 million improvement in operating earnings. The significant increase in operating earnings compared to the prior year is attributable to a 52.2% increase in OSB prices combined with a 25.6% increase in OSB shipment volume. The significant increase in operating earnings is partially offset by a significant increase in finance expense resulting from a $106.2 million one-time cost associated with refinancing of the company's long-term debt. Another factor offsetting the significant increase in operating earnings is a reduction in the unrealized foreign exchange gain on US-dollar denominated debt from $64.1 million in 2003 to $27.7 million in 2004. EBITDA for the nine-month period was $309.1 million compared to $112.3 million in the same period of 2003. Sales for the first nine months of 2004 were $657.0 million compared to sales of $369.4 million for the corresponding period of 2003. Cash provided by operations, after changes in non-cash working capital, totaled $293.7 million for the first nine months of 2004 compared to $55.8 million for the same period in 2003.
Brian Ainsworth, Chairman and Chief Executive Officer, said: "Despite lower prices for OSB, the company generated strong financial results in the third quarter. We remain optimistic that the recent acquisitions of the Barwick and Minnesota OSB facilities - which together more than doubled our production capacity - will enable us to produce favorable financial results despite these lower OSB prices and a weaker US dollar."
Ainsworth will hold a conference call at 8:30 A.M. PST (11:30 A.M. EST) on Friday, November 12, 2004 to discuss the company's third quarter results. To access the conference call, listeners should dial 1-800-818-6210 (reservation number 21212173). For those unable to participate in the live call, a recording of the call will be available until November 19, 2004 and can be accessed at 1-800-558-5253 (reservation number 21212173).
Forward-looking statements in this news release relating to the Company's expectations regarding OSB demand and pricing are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used herein, words such as "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions made by and information available to Ainsworth Lumber Co. Ltd. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include, without limitation, the future demand for, and sales volumes of, the Company's products, future production volumes, efficiencies and operating costs, increases or decreases in the prices of the Company's products, the Company's future stability and growth prospects, the Company's future profitability and capital needs, including capital expenditures, and the outlook for and other future developments in the Company's affairs or in the industries in which the Company participates and factors detailed from time to time in the Company's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Ainsworth Lumber Co. Ltd.
Suite 3194, Bentall 4
P.O. Box 49307
1055 Dunsmuir Street
Vancouver, B.C. V7X 1L3
AINSWORTH LUMBER CO. LTD.
Interim Consolidated Balance Sheet
(In thousands of dollars)
---------------------------------------------------------------------
September 30 December 31
2004 2003
----------------------------
Unaudited Audited
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 154,589 $ 194,054
Accounts receivable, net of allowance
for doubtful accounts
of $320 (2003 - $542) 76,008 30,242
Inventories 80,203 53,153
Prepaid expenses 3,488 3,433
Investment tax credit recoverable - 30,060
---------------------------------------------------------------------
314,288 310,942
CAPITAL ASSETS 974,836 293,502
OTHER ASSETS 44,080 23,277
GOODWILL (Note 3) 91,022 -
---------------------------------------------------------------------
$ 1,424,226 $ 627,721
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 36,730 $ 17,985
Accrued liabilities 36,887 29,776
Income taxes payable 53,252 3,494
Current portion of long term debt (Note 5) 369 250
---------------------------------------------------------------------
127,238 51,505
REFORESTATION OBLIGATION 4,367 4,802
LONG TERM DEBT (Note 5) 962,217 352,227
FUTURE INCOME TAXES 58,617 47,396
---------------------------------------------------------------------
1,152,439 455,930
---------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock (Note 6) 55,827 53,110
Contributed surplus - 118
Retained earnings (Note 7) 215,960 118,563
---------------------------------------------------------------------
271,787 171,791
---------------------------------------------------------------------
$ 1,424,226 $ 627,721
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying Notes to the Interim Consolidated Financial
Statements are an integral part of these statements.
Approved by the Board:
(signed) (signed)
------------- -----------
DIRECTOR DIRECTOR
AINSWORTH LUMBER CO. LTD.
Interim Consolidated Statements of Operations and Retained Earnings
(In thousands of dollars, except per share data) Unaudited
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended Nine months ended
September 30 September 30
-----------------------------------------
2004 2003 2004 2003
---------------------------------------------------------------------
SALES (Note 2) $ 225,236 $ 155,836 656,957 $ 369,400
---------------------------------------------------------------------
COSTS AND EXPENSES
Costs of products sold
(Note 2) 120,634 84,326 312,057 245,236
Selling and administration 5,860 4,779 15,876 13,297
---------------------------------------------------------------------
126,494 89,105 327,933 258,533
---------------------------------------------------------------------
OPERATING EARNINGS BEFORE
AMORTIZATION 98,742 66,731 329,024 110,867
AMORTIZATION OF CAPITAL
ASSETS 11,326 7,724 30,472 22,962
---------------------------------------------------------------------
OPERATING EARNINGS 87,416 59,007 298,552 87,905
---------------------------------------------------------------------
FINANCE EXPENSE
Interest charges (7,557) (12,597) (24,457) (39,220)
Amortization charges (1,298) (1,233) (2,555) (3,644)
Loss on repurchase of long
term debt (Note 5) - - (106,198) -
---------------------------------------------------------------------
(8,855) (13,830) (133,210) (42,864)
OTHER
Interest and other income
(expense) (26,958) 611 (19,881) 1,440
---------------------------------------------------------------------
(35,813) (13,219) (153,091) (41,424)
---------------------------------------------------------------------
INCOME BEFORE INCOME TAXES
AND UNREALIZED FOREIGN
EXCHANGE GAIN (LOSS);
LONG-TERM DEBT 51,603 45,788 145,461 46,481
UNREALIZED FOREIGN EXCHANGE
GAIN (LOSS); LONG TERM DEBT 33,453 (676) 27,666 64,098
---------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 85,056 45,112 173,127 110,579
INCOME AND LARGE CORPORATION
TAX EXPENSE 24,362 16,189 60,827 27,916
---------------------------------------------------------------------
NET INCOME 60,694 28,923 112,300 82,663
RETAINED EARNINGS (DEFICIT),
BEGINNING OF PERIOD 169,926 48,653 118,563 (5,087)
DIVIDENDS PAID (Note 7) (14,660) - (14,660) -
REPURCHASE OF CAPITAL STOCK
(Note 6) - - (243) -
---------------------------------------------------------------------
RETAINED EARNINGS, END OF
PERIOD $ 215,960 $ 77,576 $ 215,960 $ 77,576
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic and diluted earnings
per share $ 4.14 $ 1.99 $ 7.66 $ 5.68
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying Notes to the Interim Consolidated Financial
Statements are an integral part of these statements.
AINSWORTH LUMBER CO. LTD.
Interim Consolidated Statements of Cash Flows
(In thousands of dollars) Unaudited
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------
2004 2003 2004 2003
---------------------------------------------------------------------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net income $ 60,694 $ 28,923 $ 112,300 $ 82,663
Amounts not requiring
an outlay of cash
Amortization of
capital assets 11,326 7,724 30,472 22,962
Amortization of
financing costs 901 651 1,586 1,924
Amortization of debt
discount 393 216 716 638
Unrealized foreign
exchange (gain) loss;
long-term debt (33,453) 676 (27,666) (64,098)
Amortization of consent
and commitment fees 4 366 253 1,169
Loss on repurchase of
long term debt - - 106,198 -
Non-cash stock-based
compensation - - 2,640 (210)
(Gain) Loss on disposal
of capital assets 49 (1) 25 12
Change in non-current
reforestation
obligation (184) (348) (435) (353)
Future income taxes (34,663) 15,908 (30,668) 27,691
Change in non-cash
operating working
capital 94,055 (7,455) 98,274 (16,549)
---------------------------------------------------------------------
99,122 46,660 293,695 55,849
---------------------------------------------------------------------
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds on Issuance
of Senior Unsecured
Notes 578,880 - 996,387 -
Financing costs on
Issuance of Senior
Unsecured Notes (14,661) - (25,065) -
Repurchase of Senior
Secured Notes - - (451,305) -
Repurchase of Common
shares - - (284) -
Dividends Paid (14,660) - (14,660) -
Increase (decrease) in
capital lease
obligations (21) (65) (183) 519
---------------------------------------------------------------------
549,538 (65) 504,890 519
---------------------------------------------------------------------
CASH FLOWS FROM
INVESTING ACTIVITIES
Investment in Voyageur
Panel Limited - - (284,551) -
Acquisition of cash of
Voyageur Panel Limited - - 51,142 -
Investment in Minnesota
OSB Facilities (592,256) - (592,256) -
Additions to capital
assets (3,708) (1,910) (9,320) (5,713)
Increase (Decrease) in
other assets 1,851 (733) (3,105) (278)
Proceeds on disposal
of capital assets - 6 40 23
---------------------------------------------------------------------
(594,113) (2,637) (838,050) (5,968)
---------------------------------------------------------------------
NET CASH INFLOW (OUTFLOW) 54,547 43,958 (39,465) 50,400
CASH, BEGINNING
OF PERIOD 100,042 86,637 194,054 80,195
---------------------------------------------------------------------
CASH, END OF PERIOD $ 154,589 $ 130,595 $ 154,589 $ 130,595
---------------------------------------------------------------------
---------------------------------------------------------------------
The accompanying Notes to the Interim Consolidated Financial
Statements are an integral part of these statements.
AINSWORTH LUMBER CO. LTD.
Notes to the Interim Consolidated Financial Statements
Three and nine month periods ended September 30, 2004 and 2003
Figures in tables are in thousands, unless otherwise indicated.
(Unaudited)
1. BASIS OF PRESENTATION
These interim unaudited consolidated financial statements do not include all disclosures normally provided in annual financial statements and accordingly, should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2003. The Company's accounting policies are in accordance with accounting principles generally accepted in Canada. These accounting policies are consistent with those outlined in the annual audited financial statements except as disclosed in Note 2. In management's opinion, these unaudited interim consolidated financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly such information. The results of operations for the interim periods are not necessarily indicative of the results to be expected in future periods.
a) Consolidation
These consolidated financial statements include the accounts of the Company and all of its subsidiaries including Ainsworth Engineered Corp. and Ainsworth Engineered (USA), LLC. Ainsworth Engineered Corp. was amalgamated with Voyageur Panel Limited on May 19, 2004. Ainsworth Engineered (USA), LLC owns and operates the Minnesota OSB facilities which were acquired on September 22, 2004.
b) Foreign Currency Translation
The operations of Ainsworth Engineered (USA), LLC are considered to be an integrated foreign operation and the financial statements are translated using the temporal method. The temporal method of translation translates assets, liabilities, revenues, and expenses in a manner that retains their bases of measurement in terms of the Canadian dollar. Monetary items are translated at the rate of exchange in effect at the balance sheet date, non-monetary items are translated at historical exchange rates, revenue and expense items are translated at the rate of exchange in effect on the dates they occur and amortization of assets are translated at the same exchange rates as the assets to which they relate.
2. CHANGE IN ACCOUNTING PRESENTATION
Beginning in the second quarter of 2004, the Company has presented freight and other distribution costs as sales and costs of products sold in the statement of operations and reclassified prior periods' presentation accordingly. Previously these costs were presented as a reduction of sales in accordance with industry practice at the time. The effect of the change was to increase sales and cost of sales by $21.0 million for the three months ended September 30, 2004 (2003 - $15.6 million) and increase sales and costs of products sold by $56.3 million for the nine months ended September 30, 2004 (2003 - $46.6 million).
3. ACQUISITION OF VOYAGEUR PANEL LIMITED
On May 19, 2004, the Company completed the acquisition of 100% of the voting shares of Voyageur Panel Limited ("Voyageur") for a purchase price of US$206.7 million (CDN$284.5 million) paid in cash. The vendors are also entitled to additional future consideration, to a maximum of US$10 million, based on realization of oriented strand board sales prices and volumes at Voyageur between closing the transaction and December 31, 2004. The purpose of the additional consideration is to indirectly share the profit that is earned during the period from the closing of the acquisition to December 31, 2004. Management has estimated that the maximum additional consideration will be paid, accordingly the additional consideration of US$10 million has been charged to other income (expense) in the three month period ended September 30, 2004.
The acquisition of Voyageur has been accounted for using the purchase method, and the operating results are included in the consolidated statement of operations from the date of the acquisition. The amounts allocated to specific identifiable tangible and intangible assets and liabilities at May 19, 2004 are preliminary and may be adjusted when additional information on asset and liability valuations become available:
Current assets $ 74,954 Other assets 1,170 Capital Assets 167,086 --------------------------------------------------------------------- Total assets acquired 243,210 --------------------------------------------------------------------- Current liabilities 9,470 Future income taxes 40,179 Other long term liabilities 32 --------------------------------------------------------------------- Total liabilities acquired 49,681 --------------------------------------------------------------------- Net identifiable assets acquired 193,529 Goodwill 91,022 --------------------------------------------------------------------- Total purchase price $ 284,551 --------------------------------------------------------------------- ---------------------------------------------------------------------
4. ACQUISITION OF THE MINNESOTA OSB FACILITIES
On September 22, 2004, the Company acquired from Potlatch Corporation the assets and certain related working capital associated with three OSB manufacturing facilities (the "Minnesota OSB facilities") located in the northern Minnesota towns of Bemidji, Cook and Grand Rapids at a purchase price of approximately US$461.3 million (approximately CAD$592.3 million).
The acquisition of the Minnesota OSB facilities has been accounted for using the purchase method, and the operating results are included in the consolidated statement of operations from the date of the acquisition. The amounts allocated to specific identifiable tangible and intangible assets and liabilities at September 22, 2004 are preliminary and may be adjusted when additional information on asset and liability valuations become available:
Net Assets acquired: Current assets $ 51,384 Capital Assets 541,095 --------------------------------------------------------------------- Total assets acquired 592,479 Total liabilities acquired 223 --------------------------------------------------------------------- Total purchase price $ 592,256 ---------------------------------------------------------------------
5. LONG TERM DEBT
On March 3, 2004, the Company completed a refinancing of its Senior Secured Notes and issued US$210 million 6.75% Senior Unsecured Notes. Together with its existing cash balance, the Company utilized the proceeds from the notes to repurchase US$87.1 million of its 13.875% notes and US$182.2 million of its 12.5% notes realizing a total loss of $106.2 million. The loss is comprised of a $15.5 million write-off of deferred financing costs, an $83.5 million redemption premium, and payment of consent fees of $7.2 million.
On May 19, 2004, the Company issued US$110 million 6.75% Senior Unsecured Notes at a discount of US$11 million. Financing costs of $4.4 million relating to this debt have been deferred in other assets and amortized over the term of the debt.
On September 22, 2004, the Company issued US$275 million 7.25% Senior Unsecured Notes and US$175 million Senior Unsecured Floating Rate Notes. Financing costs of $14.7 million relating to this debt have been deferred in other assets and amortized over the term of the debt.
The company's long-term debt is guaranteed by Ainsworth Engineered Corp. and Ainsworth Engineered (USA), LLC. The details of the outstanding long term debt at September 30, 2004 are as follows:
U.S.$275,000,000 Senior Unsecured Notes due October 1, 2012
with interest payable semi-annually at 7.25% per annum $ 346,940
U.S.$175,000,000 Senior Unsecured Notes due October 1, 2010
with interest payable quarterly at LIBOR plus 3.75%
per annum 220,780
U.S.$210,000,000 Senior Unsecured Notes due March 15, 2014
with interest payable semi-annually at 6.75% per annum 264,935
U.S.$110,000,000 Senior Unsecured Notes due March 15, 2014
with interest payable semi-annually at 6.75% per annum 138,611
U.S.$2,351,000 Senior Unsecured Notes due July 15, 2007
with interest payable semi-annually at 12.5% per annum 2,965
U.S.$2,000,000 Senior Unsecured Notes due July 15, 2007
with interest payable quarterly at 13.875% per annum 2,523
Capital lease obligations 369
---------------------------------------------------------------------
977,123
Unamortized deferred debt discount (14,537)
---------------------------------------------------------------------
962,586
Current portion (369)
---------------------------------------------------------------------
$ 962,217
---------------------------------------------------------------------
---------------------------------------------------------------------
On March 15, 2004, the Company established a $50,000,000 revolving credit facility with interest rates of prime plus 0.5% or the bankers' acceptance rate plus 2.0%. At September 30, 2004 this facility was unutilized.
6. CAPITAL STOCK
On March 29, 2004, the Company issued 95,116 common shares to the holders of 107,500 Class B common shares issued on June 25, 1999 who became entitled under the Employee Participation Share Plan to receive common shares in exchange for those Class B common shares. As at September 30, 2004, there are no issued and outstanding Class B common shares.
On June 29, 2004, the Company repurchased 10,924 common shares at a purchase price of $26.03 per share. The excess of $0.2 million between the purchase price and the weighted average cost was charged to retained earnings.
As at September 30, 2004 the Company has 14,660,064 issued common shares.
7. DIVIDENDS
On September 7, 2004 the Company paid a cash dividend of $1.00 per common share to holders of record of common shares as of the close of business on August 24, 2004.
8. SEGMENTED INFORMATION
The company operates principally in Canada and the United States in one business segment, manufacturing wood panel products.
Sales attributed to countries based on location of customer are as follows:
Three Months ended Nine Months ended
September 30 September 30
----------------------- ---------------------
2004 2003 2004 2003
----------------------- ---------------------
Canada $ 26,124 $ 26,003 $ 88,927 $ 68,644
United States 189,141 119,912 537,156 271,973
Europe 2,792 2,130 7,294 6,883
Asia 7,179 7,791 23,580 21,900
---------------------------------------------------------------------
Total $ 225,236 $ 155,836 $ 656,957 $ 369,400
---------------------------------------------------------------------
---------------------------------------------------------------------
Capital assets attributed to the countries based on location are
as follows:
September 30 December 31
------------ -----------
2004 2003
------------ -----------
Canada $ 438,137 $ 293,502
United States 536,699 -
---------------------------------------------------------------------
Total $ 974,836 $ 293,502
---------------------------------------------------------------------
---------------------------------------------------------------------
9. BENEFIT PLANS
The expense for the Company's retirement benefit plans is as follows:
Three Months ended Nine Months ended
September 30 September 30
----------------------- ---------------------
2004 2003 2004 2003
----------------------- ---------------------
Defined Benefit Plans $ 476 $ 551 $ 750 $ 1,283
Contribution to Group
RRSP Plans 620 295 953 902
---------------------------------------------------------------------
Pension Expense $ 1,096 $ 846 $ 1,703 $ 2,185
---------------------------------------------------------------------
---------------------------------------------------------------------
AINSWORTH LUMBER CO. LTD.
Other Information
---------------------------------------------------------------------
---------------------------------------------------------------------
September September
30, 2004 30, 2003
-----------------------------------------
Selected Balance
Sheet Items
($000's)
Cash $154,589 $130,595
Total assets $1,424,226 $584,019
Total debt $962,586 $377,178
Shareholders'
equity $271,787 $130,824
Three Months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------
Reconciliation of
Net Income to
EBITDA ($000's) 2004 2003 2004 2003
---------------------------------------------------------------------
Net Income $60,694 $28,923 112,300 82,663
Add: Depreciation
and amortization 11,326 7,724 30,472 22,962
Finance expense 8,855 13,830 133,210 42,864
Income and large
corporation tax
expense
(recovery) 24,362 16,189 60,827 27,916
Unrealized
foreign
exchange (gain)
loss (33,453) 676 (27,666) (64,098)
---------------------------------------------------------------------
EBITDA $71,784 $67,342 $309,143 $112,307
---------------------------------------------------------------------
---------------------------------------------------------------------
Product Sales ($000's)
OSB $200,041 $131,777 $571,662 $299,132
Plywood 21,810 20,180 74,181 57,233
Veneer 2,275 3,317 8,217 10,464
Lumber - 925
Chips 1,110 562 2,897 1,646
---------------------------------------------------------------------
$225,236 $155,836 $656,957 $369,400
---------------------------------------------------------------------
---------------------------------------------------------------------
Geographic Sales
Distribution ($000's)
Canada $26,124 $26,003 $88,927 $68,644
USA 189,141 119,911 537,156 271,970
Europe 2,792 2,130 7,294 6,883
Asia 7,179 7,791 23,580 21,900
---------------------------------------------------------------------
$225,236 $155,836 $656,957 $369,397
---------------------------------------------------------------------
---------------------------------------------------------------------
Product Shipment
Volumes
OSB (msf-3/8") 503,724 349,906 1,258,713 1,002,480
Plywood (msf-3/8") 34,305 31,434 109,545 88,022
Veneer (msf-3/8") 10,470 13,133 34,029 41,326
Lumber (mfbm) - 2,447
Chips (BDUs) 10,530 7,672 29,863 24,138
Production Volumes
OSB (msf-3/8") 496,841 343,139 1,250,646 999,456
Plywood (msf-3/8") 34,305 26,536 109,251 84,582
Veneer (msf-3/8")
(Note 1) 44,951 42,467 144,240 133,148
Lumber (mfbm) - -
Chips (BDUs) 10,530 7,672 29,863 24,138
Note 1: includes transfer volumes to Savona (for plywood production)
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