UPDATE: EACOM Timber Corp Touches New Year Low Of 5.5 Cents
EACOM Timber Corporation (ETR.V), which has been trading near a year low of 7 cent, is now trading at a new year low of 5.5 cents, unchanged from its previous close. More than 5 million shares have changed hands so far.
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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