01:55 PM EDT, 03/15/2024 (MT Newswires) -- GreenFirst Forest Products Inc. ( ICLTF ) overnight Thursday reported a fourth-quarter net loss of $21.6 million, or $0.12 per diluted share, narrower than a loss of $43.6 million, or $0.25 per diluted share, a year earlier.

Total net sales from continuing operations for the quarter ended Dec. 31, 2023, were $103.2 million, up from $100.2 million a year earlier.

Adjusted EBITDA loss from continuing operations for Q4 was $18 million, down from a loss of $27.4 million a year earlier.

The board hass agreed to reduce its size to five directors at the next annual general meeting of shareholders on April 19. Barbara Anie, Sean Willy, and Candice Bergen have voluntarily decided not to stand for re-election at the AGM.

Anie and Willy will continue to the AGM and Bergen has resigned.

The reduction is part of efforts to align with the reduced size and location of GreenFirst's operations, the company said.

The company's stock dropped 5.4% on last look on Friday.

Price: 0.70, Change: -0.04, Percent Change: -5.41