Western Forest Products Inc.

Western Forest Products Inc.

February 25, 2009 18:26 ET

Western Reports Fourth Quarter and Full Year 2008

DUNCAN, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - Western Forest Products Inc. (TSX:WEF) ("Western" or "the Company") today announced results for the fourth quarter and year ended December 31, 2008.

Summary of Selected Results
Three months ended Twelve months ended
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(millions of dollars Dec 31, Dec 31, Dec 31, Dec 31,
except where noted) 2008 2007 2008 2007
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Sales $ 175.3 $ 136.6 $ 814.8 $ 890.5
Net income (loss) and
comprehensive income (loss) (24.3) (42.9) (85.6) (55.8)
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Basic and diluted net income (loss)
per share (dollars) $ (0.12) $ (0.21) $ (0.42) $ (0.27)
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Depressed market conditions in the forest industry, the economic downturn and a strong Canadian dollar seriously impeded Western's financial performance in 2008. The Company's Annual Report for 2008 containing discussion and analysis for the fourth quarter and full year as well as the Annual Information Form are available on SEDAR and the Company's website at www.westernforest.com.

Forward Looking Statements and Information

This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "estimate", "expect", "anticipate", "plan", "intend", "believe", "should", "may" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, regulations or public policy, misjudgments in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risk Factors" section in our Annual Information Form dated February 25, 2009 and under the "Risks and Uncertainties" section of our MD&A in our 2008 Annual Report of the same date. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.

Western Forest Products

Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 7.4 million cubic metres of timber of which approximately 7.1 million cubic metres is from Crown lands and lumber capacity in excess of 1.6 billion board feet from eight sawmills and four remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 30 countries worldwide.

Contact Information

  • Western Forest Products Inc.
    Dominic Gammiero
    President & CEO
    (250) 715-2207
    Western Forest Products Inc.
    Murray Johnston
    Vice President & CFO
    (250) 715-2209
    Website: www.westernforest.com