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| Press Release

Interfor Reports Q4’17 Results

Record Quarterly Sales of $533 million and EBITDA1 of $90 million
Record Annual Sales of $2 billion and EBITDA1 of $288 million
Quarterly Free Cash Flow from Operations of $83 Million (or $1.19 per Share)
Net Debt to Invested Capital Ratio of 12%

VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX:IFP) recorded net earnings in Q4’17 of $36.2 million, or $0.52 per share, compared to $16.8 million, or $0.24 per share in Q3’17 and $26.6 million, or $0.38 per share in Q4’16.  Adjusted net earnings1 in Q4’17 were $45.1 million or $0.64 per share, compared to $20.0 million, or $0.29 per share in Q3’17 and $17.7 million, or $0.25 per share in Q4’16.

Adjusted EBITDA1 was a record $89.5 million on sales of $532.8 million in Q4’17 versus $60.5 million on sales of $489.2 million in Q3’17.

For the year, net earnings were $97.2 million, or $1.39 per share, compared to $65.6 million or $0.94 per share in 2016.  Adjusted EBITDA and sales were both records at $287.8 million and $2.0 billion, respectively.

Notable items in the quarter included:

• Strong Lumber Prices

  • The key benchmark prices improved quarter-over-quarter with the SYP Composite, Western SPF Composite and KD H-F Stud 2x4 9’ increasing by US$30, US$35 and US$4 per mfbm, respectively.  Interfor’s average lumber selling price increased $39 from Q3’17 to a record $650 per mfbm on 686 million board feet of lumber sales.    

• Increased Production

  • Total lumber production was 655 million board feet or 10 million board feet more than the prior quarter.  Production in the U.S. South region increased to 296 million board feet from 281 million board feet in the preceding quarter.  The B.C. and U.S. Northwest regions accounted for 219 million board feet and 140 million board feet, respectively, compared to 225 million board feet and 139 million board feet in Q3’17, respectively. 

• Significant Cash Flow

  • Interfor generated $83.4 million of cash from operations before changes in working capital, or $1.19 per share, plus a $3.3 million reduction in working capital, for total cash generated from operations of $86.7 million.

  • Capital spending was $25.0 million on a mix of high-return discretionary, maintenance and woodlands projects.

  • Net debt ended the quarter at $119.3 million, or 12.3% of invested capital.

• Tax Reform Impact

  • The U.S. tax reform enacted in December 2017 reduced the effective tax rate on Interfor’s U.S. operations from approximately 37% to 24%.  As a result, Q4’17 deferred tax expense includes a $2.9 million recovery related to the preceding three quarters of 2017.  The Company continues to have significant tax loss carry-forwards, with US$132.4 million and $66.7 million available as at December 31, 2017 in the U.S. and Canada, respectively.

1 Refer to Adjusted EBITDA and Adjusted net earnings in the Non-GAAP Measures section

Strategic Capital Plan

  • Interfor continues to make progress on its multi-year strategic capital plan that involves a number of discretionary projects designed to capture the opportunities within its current operating platform and to pursue opportunities for further growth.

  • The previously announced large scale projects at the Company’s Meldrim and Monticello sawmills, which represent a total investment of approximately US$65 million, are on track for completion in Q1’19.  These two projects are designed to add annual lumber production capacity of approximately 150 million board feet and enhance operating margins at these operations.  Positive progress on a series of smaller debottlenecking and optimization projects is also being made.

  • Other large capital projects to enhance existing operations are continuing to be advanced from an engineering and feasibility standpoint and will be sequenced after the Meldrim and Monticello projects.  These projects will be subject to Board approval in the normal course.

  • Assessment of the greenfield sawmill opportunity in the Central Region of the U.S. South continues with a decision on the project expected by mid-2018. This sawmill would produce in excess of 200 million board feet of lumber per year for an estimated total cost, including working capital and start-up costs, of approximately US$115 million.

Softwood Lumber Duties

  • In Q4’17, the U.S. Department of Commerce announced amended final rates for countervailing and anti-dumping duties of 14.19% and 6.04% on softwood lumber shipments from Canada, down from the preliminary rates set in Q2’17 of 19.88% and 6.87%, respectively.  In addition, negative findings were made in respect of critical circumstances for both countervailing and anti-dumping duties.  To reflect lower amended final rates set for U.S. countervailing and anti-dumping duties, Interfor recorded a $3.7 million reduction to duties expense in Q4’17 relating to shipments in Q2’17 and Q3’17.

  • In Q4’17, Interfor shipped approximately 109 million board feet from its Canadian operations to the U.S. market, which represented approximately 16% of the Company’s total lumber sales.

  • Interfor is of the view that these duties imposed by the U.S. are without merit and are politically driven. Interfor will continue to work with the B.C. and Canadian governments to vigorously defend Canada’s position through various appeal processes.

Executive Appointments Announced

At its meeting earlier today, the Company’s Board of Directors confirmed the appointments of Ian Fillinger as Senior Vice-President & Chief Operating Officer, and Marty Juravsky as Senior Vice-President & Chief Financial Officer, effective February 9, 2018.  Fillinger, who is 49, joined Interfor in 2005 as General Manager of the Company’s Adams Lake Division and has served in a series of increasingly responsible positions since that time.  He was appointed Senior Vice-President & Head of Operations with responsibility for all of the Company’s operations and capital project activities in December 2015.  Juravsky, who is 54, and a CPA, CA, joined Interfor in 2012 in a consulting capacity and took formal responsibility for the Company’s corporate development activities in 2013.  He has more than twenty years of experience working with some of North America’s largest investment banks including Salomon Brothers/Citigroup and National Bank Financial.  Immediately prior to his appointment, Juravsky served as the Company’s Senior Vice-President, Corporate Development & Strategy.

Summary of Quarterly Results(1)

    
  20172016
 UnitQ4Q3Q2Q1Q4Q3Q2Q1
Financial Performance(2)         
Total sales$MM532.8 489.2 511.4 456.8 442.3 457.6 458.8 433.9
Lumber$MM446.0 410.2 433.7 389.6 363.5 374.8 371.1 348.9
Logs, residual products and other$MM86.8 79.0 77.7 67.2 78.8 82.8 87.7 85.0
Operating earnings$MM47.9 28.3 42.7 30.4 22.3 20.1 30.0 3.5
Net earnings$MM36.2 16.8 24.5 19.7 26.6 15.1 23.2 0.8
Net earnings per share, basic$/share0.52 0.24 0.35 0.28 0.38 0.22 0.33 0.01
Adjusted net earnings(3)$MM45.1 20.0 28.7 22.7 17.7 20.7 17.5 2.7
Adjusted net earnings per share, basic(3)$/share0.64 0.29 0.41 0.32 0.25 0.30 0.25 0.04
Adjusted EBITDA(3)$MM89.5 60.5 77.4 60.3 51.3 58.1 56.9 33.4
Shares outstanding - end of periodmillion70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0
Shares outstanding - weighted averagemillion70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0
          
Operating Performance         
Lumber productionmillion fbm655 645 655 640 607 628 637 618
Total lumber salesmillion fbm686 671 675 645 619 647 658 637
  Lumber sales - Interfor producedmillion fbm666 650 654 624 598 627 634 609
  Lumber sales - wholesale and commissionmillion fbm20 21 21 21 21 20 24 28
Lumber - average selling price(4)$/thousand fbm650 611 642 604 588 580 564 548
          
Average USD/CAD exchange rate(5)1 USD in CAD1.27131.25281.34491.32381.33411.30501.28861.3732
Closing USD/CAD exchange rate(5)1 USD in CAD1.25451.24801.29771.33221.34271.31171.30091.2971
          


Notes:  
 (1)Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
 (2)Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
 (3)Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company’s consolidated financial statements. 
 (4)Gross sales before duties.
 (5)Based on Bank of Canada foreign exchange rates.
   

Liquidity

Balance Sheet

Interfor strengthened its financial position throughout 2017, with strong cash flow generated from operations used to repay debt and fund capital projects.  Net debt at December 31, 2017 was $119.3 million, or 12.3% of invested capital, representing a decrease of $170.3 million from the level of net debt at December 31, 2016. 

A strengthening of the Canadian Dollar against the U.S. Dollar by 6.6%, contributed $17.7 million to the net debt reduction in 2017 over 2016 as all debt held was denominated in U.S. Dollars.

   
 For the 3 months endedFor the year ended
 Dec. 31,Dec. 31,Sep. 30,Dec. 31,Dec. 31,
Thousands of Dollars 2017  2016  2017  2017  2016 
      
Net debt     
Net debt, period opening, CAD$ 177,787  $ 346,929  $ 218,252  $ 289,551  $ 452,303  
Net drawing (repayment) on credit facilities, CAD  (1)  (66,178)  2    (40,217)  (143,882)
Impact on U.S. Dollar denominated debt from (strengthening) weakening CAD  1,301    9,678    (9,942)  (17,704)  (16,056)
Increase in cash and cash equivalents, CAD  (59,787)  (878)  (30,525)  (112,330)  (2,814)
Net debt, period ending, CAD$ 119,300  $ 289,551  $ 177,787  $ 119,300  $ 289,551  
      
Net debt components by currency     
U.S. Dollar debt, period opening, USD$ 200,000  $ 274,709  $ 200,000  $ 230,000  $ 338,699  
Net repayment on credit facilities, USD  -     (44,709)  -     (30,000)  (108,699)
U.S. Dollar debt, period ending, USD$ 200,000  $ 230,000  $ 200,000    200,000    230,000  
      
Spot rate, period end     1.2545    1.3427  
      
U.S. Dollar debt expressed in CAD     250,900    308,821  
Cash and cash equivalents, CAD     (131,600)  (19,270)
Net debt, period ending, CAD   $ 119,300  $ 289,551  
          

Capital Resources

The following table summarizes Interfor’s credit facilities and availability as of December 31, 2017:

      
  RevolvingSeniorU.S. 
 OperatingTermSecuredOperating 
Thousands of Canadian DollarsLineLineNotesLineTotal
Available line of credit$ 65,000 $ 200,000 $ 250,900 $ 62,725 $ 578,625
Maximum borrowing available$ 65,000 $ 200,000 $ 250,900 $ 62,725 $ 578,625
Less:      
Drawings  -    -   250,900   -   250,900
Outstanding letters of credit included in line utilization  12,515   -    -    2,634   15,149
Unused portion of facility$ 52,485 $ 200,000 $  -  $ 60,091   312,576
      
Add: Unrestricted cash and cash equivalents      131,263
Available liquidity at December 31, 2017    $ 443,839
       

As of December 31, 2017, the Company had commitments for capital expenditures totaling $27.3 million for both maintenance and discretionary capital projects. 

Interfor continues to maintain its disciplined focus on monitoring discretionary capital expenditures, optimizing inventory levels and matching production with offshore and domestic demand. 

As at December 31, 2017, the Company had net working capital of $257.1 million and available liquidity of $443.8 million, including cash and borrowing capacity on operating and term line facilities.  These resources, in addition to cash generated from operations, will be used to support working capital requirements, debt servicing commitments and capital expenditures.  We believe that Interfor will have sufficient liquidity to fund operating and capital requirements for the foreseeable future.

Non-GAAP Measures

This release makes reference to the following non-GAAP measures: Adjusted net earnings, Adjusted net earnings per share, EBITDA, Adjusted EBITDA, Net debt to invested capital and Operating cash flow per share (before working capital changes) which are used by the Company and certain investors to evaluate operating performance and financial position.  These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. 

The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company’s audited consolidated financial statements (unaudited for interim periods) prepared in accordance with IFRS:

     
 For the 3 months ended   
Thousands of Canadian Dollars except number of sharesDec. 31,Dec. 31,Sep. 30,For the year ended Dec. 31,
and per share amounts 2017  2016  2017  2017  2016  2015 
       
Adjusted Net Earnings (Loss)      
Net earnings (loss)$ 36,196  $ 26,550  $ 16,778  $ 97,153  $ 65,643  $ (30,386)
Add:      
  Restructuring (recovery) costs and capital asset write-downs 7,422   2,281   (21) 9,203   7,280   12,829  
  Other foreign exchange loss (gain) (412) (1,072) 1,353   2,035   (1,468) 1,651  
  Long term incentive compensation expense (recovery) 3,110   199   3,004   12,977   4,551   (5,431)
  Other (income) expense 995   (14,452) 347   1,987   (14,094) (757)
  Post closure wind-down costs and losses (recoveries) 5   115   (39) (21) 909   11,374  
  Income tax effect of above adjustments (2,260) 4,895   (1,456) (6,848) 2,008   (9,311)
  Recognition of previously unrecognized deferred tax assets -   (769) -   -   (6,171) 1,136  
Adjusted net earnings (loss)$ 45,056  $ 17,747  $ 19,966  $ 116,486  $ 58,658  $ (18,895)
Weighted average number of shares - basic ('000) 70,030   70,030   70,030   70,030   70,030   69,488  
Adjusted net earnings (loss) per share$ 0.64  $ 0.25  $ 0.29  $ 1.66  $ 0.84  $ (0.27)
       
Adjusted EBITDA      
Net earnings (loss)$ 36,196  $ 26,550  $ 16,778  $ 97,153  $ 65,643  $ (30,386)
Add:       
  Depreciation of plant and equipment 19,217   18,534   18,836   77,623   76,092   71,492  
  Depletion and amortization of timber, roads and other 11,879   7,833   10,435   38,635   34,895   37,478  
  Restructuring (recovery) costs and capital asset write-downs 7,422   2,281   (21) 9,203   7,280   12,829  
  Finance costs 3,139   4,074   3,294   14,030   18,602   17,569  
  Other foreign exchange loss (gain) (412) (1,072) 1,353   2,035   (1,468) 1,651  
  Income tax expense (recovery) 7,968   7,236   6,559   34,136   7,207   (24,017)
EBITDA 85,409   65,436   57,234   272,815   208,251   86,616  
Add:       
  Long term incentive compensation expense (recovery) 3,110   199   3,004   12,977   4,551   (5,431)
  Other (income) expense 995   (14,452) 347   1,987   (14,094) (757)
  Post closure wind-down costs and losses (recoveries) 5   115   (39) (21) 909   11,291  
Adjusted EBITDA$ 89,519  $ 51,298  $ 60,546  $ 287,758  $ 199,617  $ 91,719  
       
Net debt to invested capital      
Net debt      
  Total debt$ 250,900  $ 308,821  $ 249,600  $ 250,900  $ 308,821  $ 468,759  
  Cash and cash equivalents (131,600) (19,270) (71,813) (131,600) (19,270) (16,456)
Total net debt$ 119,300  $ 289,551  $ 177,787  $ 119,300  $ 289,551  $ 452,303  
Invested capital      
 Net debt$ 119,300  $ 289,551  $ 177,787  $ 119,300  $ 289,551  $ 452,303  
 Shareholders' equity 854,188   786,667   817,676   854,188   786,667   725,254  
Total invested capital$973,488 $1,076,218 $ 995,463  $ 973,488  $1,076,218  $1,177,557  
Net debt to invested capital(1) 12.3%  26.9%  17.9%  12.3%  26.9%  38.4% 
       
Operating cash flow per share (before working capital changes)      
Cash provided by operating activities$ 86,749  $ 48,981  $ 60,977  $ 258,224  $ 199,272  $ 101,377  
Cash used in (generated from) operating working capital (3,332) 1,399   (3,474) 15,696   (6,695)  (34,531)
Operating cash flow (before working capital changes)$ 83,417  $ 50,380  $ 57,503  $ 273,920  $ 192,577  $   66,846  
Weighted average number of shares - basic ('000) 70,030   70,030   70,030   70,030   70,030   69,488  
Operating cash flow per share (before working capital changes)$ 1.19  $ 0.72  $ 0.82  $ 3.91  $ 2.75  $ 0.96  

Notes:
(1)  Net debt to invested capital as of the period end.

 

          
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS   
For the three months and years ended December 31, 2017 and 2016 (unaudited)  
(thousands of Canadian Dollars except earnings per share)  3 Months 3 Months Year Year 
  Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2016 
              
Sales$ 532,781  $442,308  $1,990,106  $1,792,712   
Costs and expenses:         
Production 427,418   381,556   1,632,922   1,550,912   
Selling and administration 13,958   9,569   50,775   43,092   
Long term incentive compensation 3,110   199   12,977   4,551   
U.S. countervailing and anti-dumping duty deposits 1,891   -  18,630   -
  
Depreciation of plant and equipment  19,217   18,534   77,623   76,092   
Depletion and amortization of timber, roads and other  11,879   7,833   38,635   34,895   
  477,473   417,691   1,831,562   1,709,542   
          
Operating earnings before restructuring costs 55,308   24,617   158,544   83,170   
          
Restructuring costs  (7,422) (2,281) (9,203) (7,280) 
Operating earnings 47,886   22,336   149,341   75,890   
          
Finance costs  (3,139) (4,074) (14,030) (18,602) 
Other foreign exchange gain (loss) 412   1,072   (2,035) 1,468   
Other income (expense) (995) 14,452   (1,987) 14,094   
  (3,722) 11,450   (18,052) (3,040) 
          
Earnings before income taxes  44,164   33,786   131,289   72,850   
          
Income tax expense         
Current  356   104   1,064   853   
Deferred 7,612   7,132   33,072   6,354   
  7,968   7,236   34,136   7,207   
          
Net earnings $36,196  $26,550  $97,153  $65,643   
          
Net earnings per share, basic and diluted $0.52 $0.38 $1.39 $0.94  
          
          
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME   
For the three months and years ended December 31, 2017 and 2016 (unaudited)  
(thousands of Canadian Dollars) 3 Months 3 Months Year Year 
  Dec. 31, 2017   Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2016 
          
Net earnings$36,196  $26,550  $97,153  $65,643   
          
Other comprehensive income (loss):         
Items that will not be recycled to Net earnings:         
Defined benefit plan actuarial gains (losses), net of tax (2,144) 4,497   (1,350) 1,509   
          
Items that are or may be recycled to Net earnings:         
Foreign currency translation differences for foreign operations, net of tax 2,297   8,359   (28,854) (7,851) 
Loss in fair value of interest rate swaps -  (5) (11) (51) 
Total items that are or may be recycled to Net earnings 2,297   8,354   (28,865) (7,902) 
Total other comprehensive income (loss), net of tax 153   12,851   (30,215) (6,393) 
          
Comprehensive income $36,349  $39,401  $66,938  $59,250   
          
          
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
For the three months and years ended December 31, 2017 and 2016 (unaudited)  
(thousands of Canadian Dollars)  3 Months 3 Months Year Year 
  Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2016 
Cash provided by (used in):         
Operating activities:         
Net earnings$36,196  $26,550  $97,153  $65,643   
Items not involving cash:         
Depreciation of plant and equipment  19,217   18,534   77,623   76,092   
Depletion and amortization of timber, roads and other 11,879   7,833   38,635   34,895   
Income tax expense 7,968   7,236   34,136   7,207   
Finance costs 3,139   4,074   14,030   18,602   
Other assets (4,133) 89   (4,203) (217) 
Reforestation liability (678) (1,133) 1,109   559   
Other liabilities and provisions 1,404   (204) 5,629   789   
Stock options 163   104   583   334   
Write-down of property, plant and equipment and intangibles 7,091   1,154   7,091   2,172   
Unrealized foreign exchange losses and other 158   596   147   596   
Other expense (income) 1,013   (14,453) 1,987   (14,095) 
  83,417   50,380   273,920   192,577   
Cash generated from (used in) operating working capital:         
Trade accounts receivable and other 1,196   7,192   (19,845) (2,666) 
Inventories (8,988) (2,077) (14,243) (2,338) 
Prepayments and other 2,349   187   919   704   
Trade accounts payable and accrued liabilities 9,847   (6,725) 19,688   11,702   
Income taxes paid (1,072) 24   (2,215) (707) 
  86,749   48,981   258,224   199,272   
          
Investing activities:         
Additions to property, plant and equipment (17,413) (13,173) (60,370) (50,393) 
Additions to roads and bridges (7,072) (5,910) (32,211) (24,631) 
Additions to timber and other intangible assets (534) (694) (2,360) (1,682) 
Proceeds on disposal of property, plant and equipment 100   41,121   561   41,437   
Proceeds on disposal of investments 941   -  3,077   10,342   
Investments and other assets (315) (424) 202   (11,324) 
  (24,293) 20,920   (91,101) (36,251) 
          
Financing activities:         
Interest payments (2,655) (3,741) (12,240) (17,174) 
Debt refinancing costs (22) (103) (807) (1,112) 
Change in operating line components of long-term debt  (1) (2,867) (64) (11,663) 
Additions to long term debt -  28,974   76,107   56,974   
Repayments of long term debt -  (92,285) (116,260) (189,193) 
  (2,678) (70,022) (53,264) (162,168) 
          
Foreign exchange gain (loss) on cash and cash equivalents         
held in a foreign currency 9   999   (1,529) 1,961   
Increase in cash and cash equivalents 59,787   878   112,330   2,814   
          
Cash and cash equivalents, beginning of period 71,813   18,392   19,270   16,456   
          
Cash and cash equivalents, end of period$131,600  $19,270  $131,600  $19,270   
          
          
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION  
December 31, 2017 and 2016 (unaudited)  
(thousands of Canadian Dollars)     Dec. 31, Dec. 31, 
        2017  2016  
Assets         
Current assets:          
Cash and cash equivalents     $131,600  $19,270  
Trade accounts receivable and other       112,470   95,059  
Income taxes receivable      1,289   222  
Inventories       165,156   154,535  
Prepayments and other      12,562   14,016  
Investments and other assets      -  2,911  
       423,077   286,013  
            
Employee future benefits      502   2,471  
Investments and other assets      6,404   2,341  
Property, plant and equipment      670,830   730,981  
Roads and bridges      24,092   20,739  
Timber licences      66,589   69,273  
Other intangible assets      14,170   19,017  
Goodwill      147,081   156,502  
Deferred income taxes      251   14,311  
          
      $1,352,996  $1,301,648  
          
Liabilities and Shareholders’ Equity         
Current liabilities:         
Trade accounts payable and provisions     $152,854  $138,029  
Reforestation liability      12,873   11,609  
Income taxes payable      224   317  
       165,951   149,955  
          
Reforestation liability      27,535   25,931  
Long term debt      250,900   308,821  
Employee future benefits      8,249   8,136  
Provisions and other liabilities      26,976   21,290  
Deferred income taxes      19,197   848  
          
Equity:         
Share capital      555,388   555,388  
Contributed surplus      8,582   7,999  
Translation reserve      40,720   69,574  
Hedge reserve       -  11  
Retained earnings      249,498   153,695  
       854,188   786,667  
      $1,352,996  $1,301,648  
          
         
Approved on behalf of the Board:        
         
L. Sauder”   D.W.G. Whitehead       
Director Director       
         


FORWARD-LOOKING STATEMENTS

This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words “believes”, “will”, “should”, “expects”, “annualized” and similar expressions.  Such statements involve known and unknown risks and uncertainties that may cause Interfor’s actual results to be materially different from those expressed or implied by those forward-looking statements.  Such risks and uncertainties include, among other things: price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, cyber-security measures, and other factors referenced herein and in Interfor’s Annual Report available on www.sedar.com and www.interfor.com.  The forward-looking information and statements contained in this release are based on Interfor’s current expectations and beliefs.  Readers are cautioned not to place undue reliance on forward-looking information or statements.  Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.

ABOUT INTERFOR

Interfor is a growth-oriented lumber company with operations in Canada and the United States.  The Company has annual production capacity of approximately 3.1 billion board feet and offers one of the most diverse lines of lumber products to customers around the world.  For more information about Interfor, visit our website at www.interfor.com.

The Company’s 2017 audited consolidated financial statements and Management’s Discussion and Analysis are available at www.sedar.com and www.interfor.com

There will be a conference call on Friday, February 9, 2018 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its fourth quarter and fiscal 2017 financial results.

The dial-in number is 1-866-378-9082.  The conference call will also be recorded for those unable to join in for the live discussion, and will be available until March 9, 2018.  The number to call is 1-855-859-2056, Passcode 7086487.

For further information:
John A. Horning, Executive Vice President and Chief Financial Officer
(604) 689-6829

Martin L. Juravsky, Senior Vice President, Corporate Development and Strategy
(604) 689-6873

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