RusForest AB
RusForest Releases Second Quarter 2012 Report
RusForest AB 31.08.2012 08:05 --------------------------------------------------------------------------- RusForest AB (publ) ('RusForest' or the 'Company') (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its second quarter 2012 report. Stockholm, 2012-08-31 08:05 CEST (GLOBE NEWSWIRE) -- Second quarter revenue up 135 percent from prior year RusForest AB (publ) ('RusForest' or the 'Company') (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its second quarter 2012 report. Second Quarter Highlights -- Sawlogs : Harvested 131,806 cubic meters (2011: 97,980 cubic meters) and 364,531 cubic meters (2011: 222,683 cubic meters) of sawlogs during the three and six months ended June 30, 2012, respectively. -- Sawnwood : Produced 67,584 cubic meters (2011: 51,692 cubic meters) and 135,146 cubic meters (2011: 110,848 cubic meters) of sawnwood during the three and six months ended June 30, 2012, respectively. -- Revenue : Generated revenue of SEK 154.2 million (2011: SEK 114.3 million) and SEK 276.9 million (2011: SEK 202.6 million) for the three and six months ended June 30, 2012, respectively. -- EBITDA : Recognized earnings before interest, tax, depreciation and amortization ('EBITDA') of SEK -92.2 million (2011: SEK -35.5 million) and SEK -161.5 million (SEK -60.9 million) for the three and six months ended June 30, 2012, respectively. -- Working Capital : Closed the second quarter of 2012 with a cash balance of SEK 82.6 million and positive working capital of SEK 114.9 million. Management Comments Garrett Soden, the Company's new Chief Executive Officer, commented, 'RusForest is unique in the capital markets today as the only publicly-traded forestry company focused on Russia. The Company is vertically integrated from forest leases through sawmills, is self-sufficient in raw material and has access to some of the highest-quality, lowest-cost timber in the world. The Company has near-term operational and financing challenges, but I am excited to join with a clear mandate to drive efficiency and create shareholder value.' Conference Call Management will host a telephone conference today at 14:00 CET (08:00 a.m. ET) in order to review the second quarter 2012 results. Dial-in instructions and a presentation are available on the Company's website at www.rusforest.com. Please note that the Company will not publish Swedish documents in the future except as required for the Annual Report or otherwise as set out under applicable laws and regulations. About RusForest RusForest is a publicly-traded Swedish forestry company operating in eastern Siberia and the Arkhangelsk region of Russia. The Company controls approximately 3 million hectares of timber through long-term leases with an annual allowable cut ('AAC') of approximately 3.6 million cubic meters. RusForest owns five sawmills in close proximity to its forest leases and is self-sufficient in raw material to produce more than 400,000 cubic meters per year of sawnwood products. RusForest is listed on NASDAQ OMX Stockholm First North (ticker symbol 'RUSF'). RusForest's largest shareholder is Vostok Nafta Investment Ltd, which owns approximately 29 percent of the Company's shares. RusForest AB's Certified Adviser on First North is Pareto Öhman AB. For additional information, please visit the Company's website at www.rusforest.com or contact: Robert Eriksson, Investor Relations, Telephone: +46 701 11 26 15 or Mia O'Connor, Investor Relations, Telephone: +46 8 771 85 00 News Source: NASDAQ OMX 31.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: RusForest AB Sweden Phone: Fax: E-mail: Internet: ISIN: SE0001732728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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