RusForest AB
RusForest Releases Third Quarter Report 2014
DGAP-News: RusForest AB 27.11.2014 / 08:05 --------------------------------------------------------------------- Stockholm, 2014-11-27 08:05 CET (GLOBE NEWSWIRE) -- RusForest AB (publ) ('RusForest' or the 'Company') (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its third quarter 2014 report. Third Quarter Highlights -- Sawlogs from continuing operations : Harvested 90,992 cubic meters of sawlogs (2013: 114,040 cubic meters) during the three months ended 30 September 2014. -- Sawnwood from continuing operations : Produced 54,447 cubic meters of sawnwood (2013: 53,305 cubic meters) during the three months ended 30 September 2014. -- Pellet production in Arkhangelsk : Produced 16,646 tonnes of wood pellets (2013: 0 tonnes) during the three months ended 30 September 2014. -- Revenue from continuing operations : Generated USD 16.8 million of revenue (2013: USD 16.6 million) for the three months ended 30 September 2014. -- Adjusted EBITDA from continuing operations : Reported adjusted earnings before interest, taxes, depreciation and amortization of USD 0.7 million (2013: USD -1.2 million) for the three months ended 30 September 2014. -- Net Loss : Recorded a net loss of USD 2.5 million (2013: net loss of USD 7.1 million) for the three months ended 30 September 2014. -- Cash and Working Capital : Closed the third quarter of 2014 with a cash balance of USD 3.4 million and positive working capital of USD 4.2 million. Management Comments Matti Lehtipuu, the Company's Group CEO, commented: 'The Q3 2014 results demonstrate that we are achieving stability in our business. We continue to improve EBITDA and reduce our net loss. Despite the challenging macro environment, we will continue to execute our plan to reach profitability.' Conference Call Management will host a telephone conference today at 11:00 a.m. CEST in order to review the third quarter 2014 results. To participate in the conference call, please dial the following numbers at least five minutes before the scheduled event: From Sweden: +46 (0) 8 50556474 From United Kingdom: +44 20 33645374 From North America: +1 (855) 7532230 To take part in the interactive presentation, please use webcast link: http://www.media-server.com/m/p/grvb38n6or visit RusForest's website at www.rusforest.com and click on the link for the third quarter 2014 report telephone conference. A presentation will also be available for download from the website. A replay of the telephone conference will be available on RusForest's website approximately one hour after completion of the event. About RusForest AB RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products and wood pellets. RusForest is listed on NASDAQ OMX Stockholm First North (ticker 'RUSF'). RusForest AB's Certified Adviser on First North is Pareto Securities AB. For additional information, please visit the Company's website at www.rusforest.com or contact: Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00 News Source: NASDAQ OMX --------------------------------------------------------------------- 27.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: RusForest AB Sweden ISIN: SE0005132511 End of News DGAP News-Service --------------------------------------------------------------------- 299969 27.11.2014
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