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Burnaby , B.C. INTERFOR Building ValueTM Interfor Corporation Interfor Reports Record Q1′21 Results EBITDA¹ of $ 392 million on Sales of $ 849 million May 6 , 2021 Net Cash Position and Available Liquidity of $ 944 million INTERFOR CORPORATION ( " Interfor " or the " Company " ) ( TSX : IFP ) recorded Net earnings in Q1'21 of $ 264.5 million , or $ 4.01 per share , compared to $ 149.1 million , or $ 2.24 per share in Q4'20 and $ 6.3 million , or $ 0.09 per share in Q1'20 . Adjusted net earnings in Q1'21 was $ 270.6 million compared to $ 164.7 million in Q4'20 and $ 0.7 million in Q1'20 . Adjusted EBITDA was a record $ 392.1 million on sales of $ 849.3 million in Q1'21 versus $ 248.6 million on sales of $ 662.3 million in Q4'20 . Notable items in the quarter : Strong Free Cash Flow Generation о Interfor generated $ 377.7 million of cash flow from operations before changes in working capital , or $ 5.73 per share . Working capital investment increased by $ 92.6 million , primarily related to higher trade receivables driven by lumber prices and seasonally higher log inventories in B.C. о Net debt ended the quarter at $ ( 236.0 ) million , or ( 21.7 ) % of invested capital , resulting in available liquidity of $ 943.6 million . Strategic Capital Investments ○ Capital spending was $ 29.2 million , including $ 18.7 million on high - return discretionary projects . The majority of this discretionary spending was focused on a new kiln at the Adams Lake , BC sawmill and the ongoing multi - year rebuild of the Eatonton , Georgia sawmill . о The new kiln installed at our Adams Lake sawmill was fully operational by mid - February and allows for increased site - wide production and a significantly improved grade mix . This project was complementary to Interfor's Q1'20 acquisition of 349,000 cubic metres of annual cutting rights from Canfor Corporation which solidified Adams Lake's long - term log supply and operational platform . ○ The major rebuild of our Eatonton , Georgia sawmill is on - track for completion in Q4 of 2021 , with full ramp - up expected to take approximately nine months thereafter . This project will add approximately 110 million board feet of annual production capacity and result in lower cash conversion costs and improved grade mix . Inclusive of this project , US $ 108 million has been spent on the Company's Phase II strategic capital plan through March 31 , 2021 . The Company has received Board approval to proceed with strategic capital investments at its sawmills in Castlegar , BC , and Perry , Georgia of approximately $ 35 million and US $ 30 million , respectively . These investments will provide a combination of benefits in the form of higher production , improved lumber recovery and grade mix , and lower conversion costs . Completion of both projects is expected in Q3 of 2022 . 1 Refer to Adjusted EBITDA in the Non - GAAP Measures section