cdc fundraiser PAGE A3
kersley battles vandals PAGE A10
home turf zones PAGE A13
OBSERVER QUESNEL - CARIBOO
SINCE 1908
Friday, November 1, 2013
VOL. 100 NO. 18
www.quesnelobserver.com
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Rare find This blue jay was photographed in the Kersley area. It’s time to think about putting out bird feeders for those feathered friends who choose to spend the winter in our area. Steve Smith photo
West Fraser reports strong balance sheet AUTUMN MacDONALD Observer Reporter
Higher pulp prices helped offset lower lumber prices as reflected by West Fraser’s third quarter results. The company reported earnings of $55 million, or $1.29 per share on sales of $878 million compared with $109 million in the second quarter.
In the lumber operations, earnings of $57 million were reported, compared to $105 million in the second quarter and operating earnings plus amortization (EBITDA) of 83 million, compared to $125 million in the second. The weaker results are due to lower lumber prices. Panel segment generated operating earnings
of $6 million, compared to $6 million in the second quarter and EBITDA of $9 million ($10 million in the second). Higher plywood and medium density fibreboard (MDF) earnings were offset by increased log costs and a reduction in MDF production. Pulp and paper operations generated operating earnings of $29 million,
compared to $20 million in the second and EBITDA of $40 million, compared to $31 million in the second. The results are attributed to higher prices, a slightly weaker Canadian dollar and improved northern bleached softwood kraft (NBSK) production. “Our third quarter results reflect lower lumber prices offset somewhat
by improved pulp prices compared to the previous quarter.” West Fraser CEO and president, Ted Seraphim said. “Given our strong balance sheet and strong cash generation from our operations, we remain focused on our aggressive capital spending program over the next few years as we fully modernize our operations.”
Seraphim also reiterated the company’s support for employees affected by the Houston mill closure. “We made a very difficult decision last week and our full attention is on working closely with affected employees to ensure that they have every reasonable opportunity to find new employment.”
Dr. Michael Duperron of Quesnel Chiropractic is pleased to introduce Dr. David Raymant, Chiropractor
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