Acadian Timber earnings slip in Q2

VANCOUVER — Acadian Timber reported Q2 operating earnings of $3.2 million, a $0.3 million decrease year-over-year, reflecting reduced sales volume. Net income totaled $5.8 million, or $0.35 per share, compared to $0.34 for the same period in 2015, as lower operating earnings and unrealized foreign exchange gain on long-term debt were more than offset by higher non-cash fair value adjustments to the company’s timberlands as a result of lower harvest volumes. At the same time, the company announced the immediate departure of chief operating officer Brian Banfill and chief financial officer Erika Reilly. Reilly is succeeded by Wyatt Hartley.