GreenFirst Reports Financial Results for the First Quarter of 2023
First Quarter of 2023 Highlights: *First quarter 2023 net loss from continuing operations was $20.2 million, compared to net loss of $25.9 million in the fourth quarter of 2022 on the same basis. Lumber prices dropped, reflecting economic headwinds and lower demand in Q1 2023, with an average selling price of $605/mfbm compared to $644/mfbm in Q4 2022. The Q1 2023 valuation provision for lumber and logs inventory was increased to $11.9 million from $8.7 million at the end of Q4 2022. *Sold its two Quebec mills for gross proceeds of $94.1 million, subject to working capital adjustments, at a $3.5 million loss on disposal. *Reducing overheads and operating costs while increasing production efficiencies. *Signed a non-binding letter of intent to sell approximately 30 of 118 acres of the land in Kenora. *The Company has significantly deleveraged its balance sheet by reducing its outstanding debt and is no longer subject to financial covenant ratios.