GreenFirst Reports Strong Results for the First Quarter of 2022 TORONTO , May 11, 2022 |CNW| - GreenFirst Forest Products Inc. (TSX: GFP ) ("GreenFirst" or the "Company") today announced results for the first quarter of 2022. The Company''s condensed consolidated interim financial statements and related Management Discussion and Analysis ("MDA") are available on GreenFirst''s website at www.greenfirst.ca and on SEDAR at www.sedar.com . All amounts are in thousands of Canadian dollars unless indicated otherwise. First Quarter of 2022 Highlights First quarter 2022 ("Q1 2022") net earnings were $34.0 million , or $0.18 per share (diluted), compared to $8.0 million , or $ 0.04 per share, in the fourth quarter of 2021 ("Q4 2021"), which was the Company''s first full quarter operating its acquired forest-products assets Q1 2022 Adjusted EBITDA was $44.9 million (see, Reconciliation of Adjusted EBITDA), an improvement of 144% compared to the Adjusted EBITDA in Q4 2021 Lumber pricing improved significantly in Q1 2022 and outlook continues to be strong for the remainder of the second quarter of 2022 and beyond, with continued volatility but above-historical levels expected Asset-backed revolving loan facility of $65.0 million was undrawn at quarter end and has remained undrawn at May 11, 2022 .