Acadian Timber Corp
TSX:ADN
Income Statement
Earnings Waterfall
Acadian Timber Corp
Income Statement
Acadian Timber Corp
| Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
8
|
7
|
7
|
8
|
8
|
7
|
7
|
7
|
7
|
6
|
5
|
3
|
3
|
3
|
4
|
4
|
4
|
4
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
4
|
4
|
4
|
4
|
4
|
4
|
4
|
5
|
5
|
4
|
4
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
0
|
0
|
|
| Revenue |
77
N/A
|
79
+3%
|
77
-4%
|
75
-2%
|
71
-6%
|
66
-7%
|
66
+0%
|
68
+3%
|
71
+5%
|
69
-3%
|
66
-4%
|
63
-5%
|
58
-9%
|
64
+10%
|
67
+5%
|
71
+6%
|
72
+2%
|
72
-1%
|
72
0%
|
66
-8%
|
63
-5%
|
66
+4%
|
66
0%
|
69
+5%
|
68
-1%
|
70
+2%
|
71
+2%
|
74
+5%
|
77
+4%
|
74
-5%
|
77
+4%
|
77
+1%
|
81
+4%
|
84
+4%
|
85
+1%
|
84
-1%
|
81
-4%
|
79
-2%
|
76
-4%
|
77
+1%
|
84
+8%
|
84
+1%
|
92
+9%
|
95
+3%
|
100
+5%
|
102
+2%
|
101
-1%
|
100
-2%
|
98
-2%
|
100
+2%
|
98
-1%
|
100
+2%
|
101
+1%
|
94
-6%
|
92
-2%
|
91
-1%
|
86
-6%
|
93
+9%
|
95
+1%
|
96
+1%
|
99
+4%
|
96
-3%
|
95
-1%
|
91
-5%
|
86
-5%
|
90
+5%
|
93
+3%
|
93
+0%
|
100
+7%
|
120
+20%
|
120
-1%
|
116
-3%
|
112
-3%
|
88
-21%
|
85
-3%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(50)
|
(51)
|
(50)
|
(48)
|
(47)
|
(45)
|
(45)
|
(45)
|
(45)
|
(43)
|
(42)
|
(43)
|
(42)
|
(46)
|
(46)
|
(46)
|
(46)
|
(46)
|
(47)
|
(44)
|
(43)
|
(44)
|
(44)
|
(46)
|
(46)
|
(46)
|
(47)
|
(50)
|
(51)
|
(48)
|
(50)
|
(49)
|
(50)
|
(52)
|
(52)
|
(51)
|
(50)
|
(48)
|
(47)
|
(48)
|
(53)
|
(54)
|
(60)
|
(65)
|
(68)
|
(69)
|
(70)
|
(68)
|
(67)
|
(68)
|
(67)
|
(67)
|
(68)
|
(63)
|
(62)
|
(61)
|
(57)
|
(63)
|
(64)
|
(65)
|
(68)
|
(66)
|
(65)
|
(63)
|
(60)
|
(62)
|
(64)
|
(64)
|
(67)
|
(81)
|
(81)
|
(78)
|
(77)
|
(62)
|
(60)
|
|
| Gross Profit |
27
N/A
|
29
+7%
|
27
-6%
|
27
-1%
|
24
-10%
|
21
-13%
|
21
0%
|
23
+11%
|
27
+16%
|
26
-2%
|
24
-9%
|
20
-17%
|
15
-24%
|
18
+17%
|
21
+20%
|
25
+17%
|
26
+5%
|
26
0%
|
25
-4%
|
22
-11%
|
20
-11%
|
21
+7%
|
22
+2%
|
23
+5%
|
23
+0%
|
23
+3%
|
24
+1%
|
25
+5%
|
27
+7%
|
26
-4%
|
27
+6%
|
28
+5%
|
31
+8%
|
32
+6%
|
33
+3%
|
33
-1%
|
31
-6%
|
31
0%
|
30
-5%
|
29
-1%
|
31
+5%
|
30
-2%
|
32
+7%
|
31
-4%
|
32
+5%
|
33
+1%
|
32
-3%
|
32
-1%
|
31
-1%
|
32
+1%
|
32
+0%
|
33
+4%
|
32
-1%
|
31
-5%
|
30
-3%
|
30
+1%
|
28
-7%
|
31
+9%
|
31
+2%
|
31
-1%
|
32
+3%
|
30
-4%
|
30
-1%
|
28
-8%
|
26
-6%
|
29
+10%
|
29
+2%
|
30
+1%
|
33
+11%
|
39
+20%
|
39
-1%
|
38
-2%
|
35
-8%
|
27
-25%
|
25
-5%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(15)
|
(15)
|
(15)
|
(15)
|
(14)
|
(14)
|
(13)
|
(14)
|
(15)
|
(15)
|
(15)
|
(16)
|
(12)
|
(11)
|
(10)
|
(8)
|
(7)
|
(13)
|
(13)
|
(8)
|
(9)
|
(9)
|
(9)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(7)
|
(7)
|
(0)
|
(0)
|
(1)
|
(8)
|
(7)
|
(8)
|
(7)
|
(8)
|
(8)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(11)
|
(10)
|
(10)
|
(11)
|
(11)
|
(11)
|
(10)
|
(10)
|
(9)
|
(9)
|
(9)
|
(9)
|
(9)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(11)
|
(14)
|
(14)
|
(15)
|
(15)
|
(13)
|
(13)
|
|
| Selling, General & Administrative |
(6)
|
(6)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(7)
|
(8)
|
(9)
|
(9)
|
(8)
|
(8)
|
(7)
|
(7)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(6)
|
(6)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(9)
|
(9)
|
(10)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(9)
|
(8)
|
(8)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(9)
|
(12)
|
(12)
|
(13)
|
(12)
|
(11)
|
(11)
|
|
| Depreciation & Amortization |
(9)
|
(9)
|
(8)
|
(8)
|
(8)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(7)
|
(4)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
0
|
0
|
0
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(6)
|
(6)
|
(1)
|
(3)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
6
|
6
|
6
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
|
| Operating Income |
12
N/A
|
14
+16%
|
12
-14%
|
12
-1%
|
10
-15%
|
7
-28%
|
8
+7%
|
9
+21%
|
12
+29%
|
11
-7%
|
9
-22%
|
4
-49%
|
3
-36%
|
6
+127%
|
12
+82%
|
17
+48%
|
19
+9%
|
13
-29%
|
12
-8%
|
15
+21%
|
10
-30%
|
12
+16%
|
13
+4%
|
16
+25%
|
16
-1%
|
16
+4%
|
16
-3%
|
17
+7%
|
19
+11%
|
18
-5%
|
20
+11%
|
21
+8%
|
30
+42%
|
32
+6%
|
33
+2%
|
26
-22%
|
24
-7%
|
23
-1%
|
22
-6%
|
22
-2%
|
22
+3%
|
21
-7%
|
22
+6%
|
21
-6%
|
22
+7%
|
23
+3%
|
22
-4%
|
21
-4%
|
21
0%
|
21
+1%
|
20
-3%
|
22
+9%
|
22
-2%
|
21
-5%
|
20
-1%
|
21
+3%
|
19
-7%
|
22
+13%
|
22
+3%
|
22
-3%
|
22
+2%
|
21
-5%
|
20
-3%
|
18
-12%
|
16
-9%
|
19
+16%
|
19
+2%
|
20
+2%
|
22
+12%
|
26
+17%
|
25
-3%
|
24
-4%
|
20
-13%
|
13
-35%
|
12
-7%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(11)
|
(20)
|
(23)
|
(19)
|
(10)
|
(9)
|
2
|
15
|
18
|
24
|
19
|
1
|
(3)
|
(3)
|
(4)
|
(4)
|
(5)
|
(5)
|
(7)
|
(7)
|
(4)
|
(5)
|
0
|
(1)
|
(4)
|
(5)
|
(6)
|
(8)
|
(9)
|
(4)
|
(10)
|
(10)
|
(15)
|
(15)
|
(19)
|
(20)
|
(7)
|
(8)
|
(2)
|
(0)
|
(4)
|
(5)
|
2
|
3
|
0
|
(2)
|
(7)
|
(11)
|
(7)
|
(4)
|
(6)
|
1
|
(10)
|
(9)
|
(6)
|
(2)
|
8
|
8
|
3
|
(3)
|
(4)
|
(6)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
21
|
21
|
21
|
16
|
(5)
|
0
|
0
|
(2)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
7
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
0
|
1
|
1
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
1
|
2
|
2
|
2
|
2
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
0
|
0
|
1
|
0
|
0
|
0
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
4
|
2
|
2
|
2
|
14
|
15
|
15
|
15
|
2
|
2
|
3
|
2
|
3
|
1
|
2
|
1
|
46
|
45
|
44
|
45
|
13
|
15
|
16
|
17
|
(1)
|
(1)
|
(1)
|
(2)
|
9
|
9
|
9
|
10
|
28
|
29
|
28
|
10
|
(2)
|
(1)
|
(0)
|
18
|
12
|
13
|
11
|
11
|
7
|
6
|
8
|
11
|
34
|
38
|
37
|
37
|
23
|
22
|
22
|
18
|
10
|
9
|
9
|
10
|
|
| Pre-Tax Income |
1
N/A
|
(6)
N/A
|
(11)
-82%
|
(7)
+36%
|
0
N/A
|
(1)
N/A
|
10
N/A
|
25
+151%
|
31
+24%
|
36
+16%
|
29
-21%
|
6
-78%
|
22
+242%
|
26
+21%
|
31
+17%
|
34
+10%
|
12
-65%
|
11
-6%
|
7
-35%
|
20
+187%
|
22
+6%
|
22
+1%
|
28
+28%
|
17
-39%
|
14
-19%
|
14
N/A
|
12
-14%
|
11
-5%
|
11
-4%
|
16
+45%
|
11
-27%
|
64
+457%
|
60
-6%
|
61
+2%
|
58
-4%
|
20
-66%
|
32
+61%
|
32
+1%
|
38
+19%
|
21
-44%
|
18
-16%
|
16
-10%
|
24
+48%
|
36
+50%
|
33
-8%
|
31
-6%
|
27
-13%
|
39
+44%
|
43
+12%
|
47
+9%
|
25
-47%
|
22
-12%
|
12
-47%
|
12
+3%
|
33
+176%
|
31
-5%
|
41
+32%
|
41
+0%
|
37
-11%
|
27
-28%
|
25
-6%
|
24
-4%
|
29
+21%
|
49
+70%
|
51
+4%
|
53
+4%
|
54
+2%
|
40
-26%
|
41
+3%
|
44
+7%
|
40
-10%
|
31
-22%
|
27
-12%
|
20
-28%
|
20
0%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
0
|
(10)
|
(10)
|
(12)
|
(9)
|
0
|
1
|
(6)
|
(6)
|
(4)
|
(3)
|
3
|
2
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(2)
|
(7)
|
(6)
|
(6)
|
(7)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(20)
|
(20)
|
(20)
|
(20)
|
(6)
|
(11)
|
(11)
|
(11)
|
(5)
|
(1)
|
(2)
|
(2)
|
(5)
|
(5)
|
(5)
|
(5)
|
(13)
|
(13)
|
(13)
|
(7)
|
(5)
|
(4)
|
(5)
|
(10)
|
(9)
|
(10)
|
(9)
|
(9)
|
(8)
|
(8)
|
(8)
|
(9)
|
(14)
|
(14)
|
(15)
|
(14)
|
(11)
|
(11)
|
(12)
|
(12)
|
(9)
|
(8)
|
(6)
|
(5)
|
|
| Income from Continuing Operations |
1
|
(16)
|
(21)
|
(19)
|
(9)
|
(1)
|
11
|
19
|
25
|
32
|
25
|
9
|
23
|
25
|
29
|
31
|
9
|
8
|
5
|
14
|
15
|
16
|
21
|
14
|
11
|
9
|
8
|
7
|
7
|
12
|
8
|
43
|
40
|
41
|
38
|
14
|
21
|
21
|
27
|
16
|
16
|
15
|
22
|
31
|
28
|
26
|
22
|
26
|
30
|
34
|
18
|
17
|
7
|
7
|
23
|
22
|
32
|
32
|
27
|
19
|
17
|
16
|
20
|
36
|
37
|
38
|
40
|
29
|
30
|
32
|
28
|
22
|
19
|
14
|
15
|
|
| Net Income (Common) |
1
N/A
|
(16)
N/A
|
(21)
-33%
|
(19)
+12%
|
(9)
+50%
|
(1)
+94%
|
11
N/A
|
19
+80%
|
25
+34%
|
32
+27%
|
25
-22%
|
9
-63%
|
23
+150%
|
25
+9%
|
29
+13%
|
31
+9%
|
9
-71%
|
8
-9%
|
5
-41%
|
14
+179%
|
15
+10%
|
16
+6%
|
21
+33%
|
14
-36%
|
11
-22%
|
9
-14%
|
8
-17%
|
7
-5%
|
7
-8%
|
12
+84%
|
8
-32%
|
43
+420%
|
40
-8%
|
41
+2%
|
38
-6%
|
14
-64%
|
21
+54%
|
21
+1%
|
27
+27%
|
16
-40%
|
16
+2%
|
15
-11%
|
22
+47%
|
31
+43%
|
28
-9%
|
26
-8%
|
22
-14%
|
26
+19%
|
30
+16%
|
34
+13%
|
18
-49%
|
17
-1%
|
7
-57%
|
7
-7%
|
23
+234%
|
22
-4%
|
32
+43%
|
32
+2%
|
27
-15%
|
19
-32%
|
17
-7%
|
16
-8%
|
20
+28%
|
36
+74%
|
37
+4%
|
38
+3%
|
40
+4%
|
29
-26%
|
30
+1%
|
32
+7%
|
28
-13%
|
22
-22%
|
19
-11%
|
14
-27%
|
15
+5%
|
|
| EPS (Diluted) |
0.07
N/A
|
-1.33
N/A
|
-1.76
-32%
|
-1.54
+12%
|
-0.56
+64%
|
-0.04
+93%
|
0.63
N/A
|
1.13
+79%
|
1.52
+35%
|
1.93
+27%
|
1.51
-22%
|
0.56
-63%
|
1.39
+148%
|
1.52
+9%
|
1.71
+12%
|
1.87
+9%
|
0.55
-71%
|
0.5
-9%
|
0.3
-40%
|
0.82
+173%
|
0.9
+10%
|
0.95
+6%
|
1.27
+34%
|
0.82
-35%
|
0.66
-20%
|
0.53
-20%
|
0.46
-13%
|
0.43
-7%
|
0.39
-9%
|
0.72
+85%
|
0.44
-39%
|
2.58
+486%
|
2.3
-11%
|
2.45
+7%
|
2.28
-7%
|
0.82
-64%
|
1.24
+51%
|
1.26
+2%
|
1.59
+26%
|
0.96
-40%
|
0.99
+3%
|
0.88
-11%
|
1.29
+47%
|
1.84
+43%
|
1.68
-9%
|
1.55
-8%
|
1.33
-14%
|
1.57
+18%
|
1.82
+16%
|
2.06
+13%
|
1.05
-49%
|
1.04
-1%
|
0.45
-57%
|
0.41
-9%
|
1.37
+234%
|
1.32
-4%
|
1.89
+43%
|
1.94
+3%
|
1.65
-15%
|
1.12
-32%
|
1.04
-7%
|
0.95
-9%
|
1.22
+28%
|
2.11
+73%
|
2.19
+4%
|
2.26
+3%
|
2.34
+4%
|
1.72
-26%
|
1.73
+1%
|
1.84
+6%
|
1.6
-13%
|
1.24
-23%
|
1.1
-11%
|
0.79
-28%
|
0.83
+5%
|
|