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Message: Third Quarter Results
| December 1, 2008 |
| Cathay Forest Announces Third Quarter Results |
| TORONTO, ONTARIO--(Marketwire - Dec. 1, 2008) - Cathay Forest Products Corp. ("Cathay" or the "Company") (TSX VENTURE:CFZ) is pleased to announce its financial results for the fiscal third quarter ended September 30, 2008. Cathay reported revenues of $5,560,299 for the three-month period ended September 30, 2008, representing a more than 10% increase compared with revenues of $5,005,991 for the same period last year. The increase is attributed to the growth of log importing sales. It is anticipated that this line of business will continue to increase in volume. Additional revenue from the harvesting and shipment of logs from Cathay's property will be realized beginning in the fourth quarter of fiscal 2008. For the nine-month period ended September 30, 2008, revenue stands at $16,196,572, an increase of $5,702,897 over the comparable nine-month period in 2007 reflecting the increased revenue contribution from the log importing business. Net loss for the latest three month period was $538,719 or $0.005 per share. The Company continues to maintain a strong cash position at the end of the quarter with $22,229,696 in cash and cash equivalents. This level of cash amount is sufficient to meet all foreseeable needs of the Company. The development of the Company's Russian forestry infrastructure continues, and harvesting operations are now well underway. Shipment of roundwood lumber to China began in November 2008. About Cathay Forest Products Cathay Forest is a forest products company that manages over 1,000,000 hectares of standing timber properties and fast-growth, high-yield poplar plantations in China and Russia. Cathay Forest is building a world-class forest products company through a customer base that includes the domestic Chinese pulp and paper industry and other wood products customers in the Japanese market. |
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