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CONIFEX NEWS RELEASE : via MARKETWIRE CONIFEX TIMBER INC . FOR IMMEDIATE RELEASE Conifex Announces First Quarter 2021 Results May 11 , 2021 , Vancouver , B.C. - Conifex Timber Inc. ( " Conifex ” , “ we ” or “ us ” ) ( TSX : CFF ) today reported results for the first quarter ended March 31 , 2021. EBITDA * from continuing operations was $ 9.7 million versus negative EBITDA of $ 3.5 million in the first quarter of 2020. Net earnings were $ 4.5 million or $ 0.10 per share in the quarter versus a loss in the year - earlier quarter of $ 0.18 per share . The results reflect significantly higher lumber prices , partially offset by a disruption in power production and reduced shipments reflecting rail car shortages . Chairman and CEO Ken Shields commented : “ Our results in the 13 - week reporting period were held back because we only operated our power plant for six weeks and were only able to ship 10 weeks of lumber production . " Selected Financial Highlights The following table summarizes our selected financial information for the comparative periods . Unless otherwise noted , financial information reflects results of continuing operations from our Mackenzie sawmill and power plant . Selected Financial Information ( 1 ) ( unaudited , in millions of dollars , except share and exchange rate information ) Sales Lumber Conifex produced Lumber - wholesale By - products Bioenergy Operating income ( loss ) EBITDA from continuing operations ( 2 ) Net income ( loss ) from continuing operations Net income ( loss ) from discontinued operations Net income ( loss ) - Q1 Q4 Q1 2021 2020 2020 39.9 42.0 20.9 0.6 1.7 2.4 - 1.7 3.7 6.1 8.0 46.6 49.8 30.6 8.7 4.6 ( 6.8 ) 9.7 6.8 ( 3.5 ) 4.5 2.2 ( 8.2 ) 0.1 0.5 4.5 2.3 ( 7.7 ) Basic and diluted earnings ( loss ) per share Continuing operations 0.10 0.05 ( 0.18 ) Discontinued operations 0.01 Total basic and diluted earnings ( loss ) per share Shares outstanding – weighted average ( millions ) 0.10 0.05 ( 0.17 ) 46.4 47.0 46.9 Reconciliation of EBITDA to net income ( loss ) Net income ( loss ) from continuing operations Add : Finance costs 4.5 2.2 ( 8.2 ) 1.1 1.3 3.5 Amortization 2.2 2.8 2.9 Deferred income tax expense ( recovery ) 1.9 0.5 ( 1.7 ) EBITDA from continuing operations ( 2 ) 9.7 6.8 ( 3.5 ) Conifex's EBITDA calculation represents earnings before finance costs , taxes , depreciation and amortization . We disclose EBITDA as it is a measure used by analysts and by our management to evaluate our performance . As EBITDA is a non - GAAP measure that does not have any standardized meaning prescribed by International Financial Reporting Standards , it may not be