VANCOUVER, BC – TimberWest Forest Corp. announced that log sales volumes were down 24% in the second quarter of 2008 compared to the same period last year. Sales were down 18% compared to the prior year period. The company recorded a distributable cash loss of $3.2 million in the quarter, after taking a restructuring charge in May of $7.7 million for the permanent closure of Elk Falls, its last remaining saw mill.
“Market conditions continue to be extremely difficult and TimberWest is therefore staying the course with its harvest deferral strategy,” said Paul McElligott, president and CEO.
Additionally, the company announced a review of distribution policy and potential capital reorganization.
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