The following is a summary of the Western Forest Products Inc. (WFSTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Western Forest Products reported an improvement in Q1 2024 adjusted EBITDA to negative $4.2 million from negative $5 million the previous year.

• The company generated EBITDA of about $10 million from the acquisition of Calvert in August 2022 and made $35.9 million from the sale of a 34% interest in their Mid-Island Forest Operation in Q1 2024.

• A tax refund of approximately $23 million expected in Q2 or Q3 of 2024.

• They ended Q1 2024 with a net debt-to-cap ratio of 13% and liquidity of approximately $142 million.

Business Progress:

• Despite softer market conditions in Q1 2024, they completed a multimillion-dollar sale of a part of their Mid-Island Forest operation.

• Commissioned the first continuous kiln at the Saltair sawmill, achieving 97% efficiency.

• Continued advancement in pre-engineering and permitting for two more continuous kilns on Vancouver Island, with completion expected in 2025.

• Expansion of operations across the entire timber harvesting land base showed prioritize on health, safety, and profitability.

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