GreenFirst Reports Strong Results for the First Quarter of 2022
First Quarter of 2022 Highlights: First quarter 2022 (“Q1 2022”) net earnings were $34.0 million, or $0.18 per share (diluted), compared to $8.0 million, or $ 0.04 per share, in the fourth quarter of 2021 (“Q4 2021”), which was the Company’s first full quarter operating its acquired forest-products assets *Lumber pricing improved significantly in Q1 2022 and outlook continues to be strong for the remainder of the second quarter of 2022 and beyond, with continued volatility but above-historical levels expected *Asset-backed revolving loan facility of $65.0 million was undrawn at quarter end and has remained undrawn at May 11, 2022. Seasonal log inventory build up continued to be funded from strong operating cash flow *The Company plans to conclude its Transition Services Agreement with Rayonier Advanced Materials by end of May 2022