Industrial wood pellet producer Pinnacle reports second quarter results
VANCOUVER, BC, Aug. 13, 2019 (CNW) -Pinnacle Renewable Energy announced its financial results for the quarter ended June 28, 2019 (2Q 2019).
Q2 2019 Highlights
- Revenue increased 22.4% to $104.2 million, compared to Q2 2018;
- Adjusted EBITDA¹ totaled $16.1 million, compared to $14.9 million in Q2 2018;
- Excluding the impact of the implementation of IFRS 162and the incident at the Company's Entwistle facility, Q2 2019 Adjusted EBITDA¹ was $13.6 million;
- Pinnacle sold approximately 478,000 metric tons ("MT") of industrial wood pellets, an increase of 24.2% compared to Q2 2018;
- Expanded Pinnacle's credit facility from $380 million to $530 million, and extended the maturity date to June 14, 2024; and
- Secured ...