UPDATE: EACOM Timber Corp Edges Off Yr Lows Hit Earlier
EACOM Timber Corporation (ETR.V) has edged off a new year low of 5.5 cents hit earlier. Around 5.4 million shares have changed hands so far although there is no apparent fresh news.
EACOM announced its third quarter results for the three-month period ended September 30, 2011 last week. The company said its operating results are significantly affected by lumber prices and the CDN$/US$ exchange rate. For the quarter ended September 30, 2011, compared to the same quarter last year, higher lumber prices, somewhat offset by a stronger Canadian dollar, translated into an improved EBITDA. The company recorded for the quarter a negative EBITDA of $4,004 ($6,088 in the third quarter of 2010). The net loss and comprehensive loss attributable to shareholders for the quarter amounted to $564 or $0.00 per common share ($9,054 or $0.02 per common share in the third quarter of 2010).
It said this improvement is primarily attributable to better operating results, a gain of $4,339 on the sale of the Big River mill and a $2,940 recovery of income taxes as a result of the acquisition of the remaining one-third interest in the Elk Lake sawmill. On June 30, 2010, EACOM completed the acquisition of the Domtar forest products business, which transformed the company from a lumber trading to a lumber manufacturing, marketing and distribution business capable of producing approximately 900 million board feet annually.
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