Timberwest posts 2009 results

TimberWest is reporting that 2009 was its worst year on record for the company.

Sales were $318.4 million in 2007, $163.7 million in 2008, and $150.3 million in 2009.

TimberWest is reported a net loss of $55.4 million for 2009.

With the difficult economic and business conditions, TimberWest continued to defer private and public land harvests, conserve cash and protect its balance sheet.

TimberWest completed a refinancing package by raising $150 million by way of a 9% five-year convertible debenture issue and finalized a three-year revolving loan agreement with a syndicate of banks, deferred all 2009 distribution payments on the Stapled Units for 18 months, elected to pay interest on the convertible debentures in kind and has further reduced the workforce and overhead costs.

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TimberWest Forest Corp. Announces 2009 Fourth Quarter and Annual Results (TimberWest)