This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Canfor loses $5.2-million in Q3 2009-10-29 18:41 ET - News Release
Mr. Dave Lefebvre reports WEAK U.S. HOUSING MARKET CONTINUES TO IMPACT CANFOR RESULTS Canfor Corp. has released its results for the third quarter of 2009. The continuing downturn in the U.S. housing market continued to significantly impact Canfor's financial performance in the period; however, further cost reductions, higher pulp sales revenues and a foreign exchange translation gain on U.S.-dollar debt limited the company's net loss for the third quarter of 2009 to $5.2-million (four cents per share). These results compared with net income of $10.5-million (seven cents per share) for the second quarter of 2009, and a net loss of $94.2-million (66 cents per share) for the third quarter of 2008. For the nine months ended Sept. 30, 2009, the company's net loss was $53.5-million (38 cents per share), compared with a net loss of $115.4-million (81 cents per share) for the comparable period in 2008.
The net loss for the third quarter of 2009 included several items affecting comparability with prior periods, which had an overall positive impact on net income of $27.0-million (19 cents per share). The most significant of these items was a foreign exchange translation gain on the company's U.S.-dollar-denominated debt, net of investments, of $19.6-million (14 cents per share), as a result of the stronger Canadian dollar. Other items affecting comparability in the quarter included gains on derivative financial instruments, and restructuring, mill closure and severance costs.
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