| 1 Carbon Credit ProjectDuring the first quarter, Acadian generated sales of $28.8 million, compared to $22.4 million in the prior year period. Acadian’s first significant sale of carbon credits occurred during the first quarter and contributed $4.9 million to sales. Timber sales volumes increased 35% year-over-year primarily as a result of increased contractor availability, which was partially offset by the impacts of unfavourable weather conditions, as well as lower timber services activity. Biomass sales volume decreased 59% from the prior year quarter due to limited processing capacity and fiber availability.Sales for New Brunswick Timberlands were $19.1 million compared to $17.9 million during the prior year period, with increased sales volumes partially offset by lower timber services activity. Sales volume, excluding biomass, increased 44% due primarily to increased contractor capacity. Softwood sawlog and hardwood sawlog sales volumes increased 35% and 28%, respectively, and softwood pulpwood and hardwood pulpwood sales volumes increased 29% and 75%, respectively. Biomass sales volume decreased 50% from the prior year period due to limited processing capacity and fiber availability.Sales for Maine Timberlands during the first quarter totaled $4.8 million compared to $4.5 million in the prior year period. Sales volume, excluding biomass, increased 10% reflecting increased contractor availability, partially offset by unfavourable weather conditions.The registration process for the second and third tranches of carbon credits for this project is expected to be completed in the second half of 2024. The current model for the project estimates an additional 1.1 million credits to be generated over the remainder of the 10-year crediting period.Chief Financial Officer Tel: 506-737-2345 Email: [email protected]Interim Condensed Consolidated Balance Sheets(CAD thousands)Acadian Timber Corp.Interim Condensed Consolidated Statements of Net Income(CAD thousands, except per share data)Acadian Timber Corp.Interim Condensed Consolidated Statements of Comprehensive Income(CAD thousands)Acadian Timber Corp.Interim Condensed Consolidated Statements of Cash Flows(CAD thousands)Acadian Timber Corp.Reconciliations to Adjusted EBITDA and Free Cash Flow (GlobeNewsWire) |