Acadian Timber Corp. Reports Third Quarter Results

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Postmedia has not reviewed the content. by GlobeNewswire Acadian Timber Corp. Reports Third Quarter ResultsAuthor of the article:Investors, analysts and other interested parties may access Acadian Timber Corp.’s 2026 Third Quarter Results conference call and webcast on Thursday, October 29, 2026 at 1:00PM ET. Please register here or follow the link on our website at www.acadiantimber.com/presentations-webcasts, to receive your unique PIN. For those unable to participate, a recorded rebroadcast will be available until 4:00PM ET October 29, 2027.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountEDMUNDSTON, New Brunswick, Oct. 28, 2026 (GLOBE NEWSWIRE) — Acadian Timber Corp. (“Acadian” or the “Company”) (TSX:ADN) today reported financial and operating results1 for the three months ended September 26, 2026 (the “third quarter” or “Q3 2026”).This advertisement has not loaded yet, but your article continues below.“The changes that we made in Maine are paying off, with higher volumes and lower costs driving significantly stronger Adjusted EBITDA,” said Malcolm Cockwell, Interim President and Chief Executive Officer. “New Brunswick faced weaker demand for some products and stronger pricing for others, while we continued making progress with our real estate and carbon credit initiatives.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againDuring the third quarter, Acadian generated sales of $24.0 million compared to $23.0 million in the third quarter of 2025. Acadian generated $4.4 million of net income, $5.0 million of Adjusted EBITDA and $3.3 million of Free Cash Flow during the third quarter. The Board of Directors declared dividends of $5.4 million, or $0.29 per share, to our shareholders.Acadian’s balance sheet remains solid with $16.4 million of net liquidity as at September 26, 2026, which includes funds available under our credit facilities.Financial and Operating Highlights Three Months EndedNine Months Ended(CAD thousands, except volume and per share information)September26, 2026September27, 2025September26, 2026September27, 2025Timber sales and services$24,021$23,017$61,994$64,980Adjusted EBITDA$5,023$3,508$11,143$10,602Adjusted EBITDA margin 21% 15% 18% 16%Net income$4,384$2,928$9,168$9,253Free Cash Flow 3,253 991 5,950 4,778Common shares outstanding 18,780,533 18,123,203 18,780,533 18,123,203Per share – basic and diluted Net income$0.23$0.16$0.49$0.51Free Cash Flow 0.17 0.05 0.32 0.27Book value 19.35 18.67 19.35 18.67Timber sales volume (000s m3) 225.3 260.6 625.1 718.5This advertisement has not loaded yet, but your article continues below.Results for Q3 2026 and for the nine months ended September 26, 2026 reflect improvements at our internal harvesting operations in Maine, and increased pricing for our products, partially offset by lower sales volumes in New Brunswick.Timber sales and services were $24.0 million in Q3 2026, $1.0 million higher than Q3 2025. Timber sales were relatively flat, as a 17% increase in the weighted average selling price offset 14% lower sales volumes, both excluding biomass. Pricing benefited from stronger end-use markets and higher fuel surcharges. While volumes increased in Maine due to operational improvements, volumes decreased in New Brunswick due to weaker softwood pulpwood demand. Timber services revenue increased $0.8 million compared to Q3 2025, reflecting increased activity for neighbouring landowners in Maine.Operating costs and expenses increased $0.2 million from Q3 2025. Increased cost of sales per m3 in New Brunswick, higher land management costs and higher silviculture spending were partially offset by the impact of lower total sales volumes and lower cost of sales per m3 in Maine.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Net income for Q3 2026 totaled $4.4 million, or $0.23 per share, compared to $2.9 million or $0.16 per share during the same period last year. Higher operating income, higher non-cash fair value adjustments and higher gains on the sale of timberlands and other fixed assets were partially offset by higher income tax expense.For the nine months ended September 26, 2026 timber sales and services were $62.0 million, $3.0 million lower than the same period of 2025. Timber sales decreased $2.5 million, as 13% lower sales volumes were partially offset by a 9% increase in the weighted average selling price, both excluding biomass, for the reasons described above. Timber services revenue decreased $0.4 million, as lower activity on Crown licensed timberlands in New Brunswick was largely offset by increased activity for neighbouring landowners in Maine. Net income totaled $9.2 million, or $0.49 per share, compared to $9.3 million or $0.51 per share during the same period last year. Higher non-cash fair value adjustments and higher gains on the sale of timberlands and other fixed assets were offset by higher income tax expense.This advertisement has not loaded yet, but your article continues below.Segmented Results of OperationsNew Brunswick TimberlandsAcadian’s New Brunswick Timberlands business owns and manages 775,000 acres of freehold timberlands in New Brunswick, and provides management services to 1.3 million acres of Crown licensed timberlands in New Brunswick. All harvesting operations are performed by third-party contractors.Freehold sales were $15.8 million in Q3 2026, compared to $16.9 million last year, reflecting primarily lower softwood sales volumes due to elevated customer roundwood inventories and abundant sawmill residuals in the region, partially offset by higher hardwood sales volumes. The impact of lower sales volumes was largely offset by a 19% increase in the weighted average selling price, excluding biomass, driven by stronger softwood lumber markets and higher fuel surcharges. Freehold variable costs per m3 were 16% higher due to higher fuel adjustment costs. Timber services activity was consistent with the same period last year. Adjusted EBITDA was $3.9 million for Q3 2026, compared to $4.4 million in Q3 2025.This advertisement has not loaded yet, but your article continues below.For the nine months ended September 26, 2026, freehold sales were $42.8 million, compared to $47.0 million last year, reflecting lower sales volumes. The impact of lower sales volumes was partially offset by an 11% increase in the weighted average selling price, excluding biomass, for the reasons described above. Freehold variable costs per m3 were 14% higher, also for the reasons described above. Timber services activity was $2.4 million lower year over year as a result of a change in customer mix which redirected harvesting from Crown licensed timberlands to our freehold operations. Adjusted EBITDA was $11.8 million, compared to $14.2 million in the same period of 2025.Acadian’s Maine Timberlands business owns and manages 300,000 acres of freehold timberlands in Maine. Prior to January 1, 2025, all harvesting operations in Maine Timberlands were performed by third-party contractors. During Q1 2025, Acadian established its own internal harvesting operations. The transition and rationale for the relevant transactions were described in Acadian’s Q1 2025 interim report dated May 7, 2025.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Freehold sales were $3.5 million in Q3 2026, compared to $2.1 million in Q3 2025, reflecting a 54% increase in sales volumes, excluding biomass, as a result of operational improvements within our internal harvesting operations. The weighted average selling price, excluding biomass, increased 2% in U.S. dollar terms, due to a favourable product mix and higher fuel surcharges partly offset by a higher proportion of roadside sales. Timber services and other activity increased by $0.8 million, as the activity on neighbouring landowners increased. Freehold cost of sales per m3 were 39% lower than Q3 2025 due to reduced fixed costs and operational efficiencies. Gain on sale of timberlands was $0.8 million higher than the same period of 2025. Adjusted EBITDA was $1.3 million compared to $(0.5) million in Q3 2025.For the nine months ended September 26, 2026, freehold sales were $8.6 million, compared to $6.9 million last year, reflecting higher sales volumes. The weighted average selling price, excluding biomass, in U.S. dollar terms decreased 3% compared to the same period last year due to an increase in roadside sales, combined with stumpage sales that occurred during Q1 2026, partially offset by higher fuel surcharges. Freehold cost of sales per m3 were 27% lower for the reasons cited above. Timber services and other activity was $2.0 million higher than the first nine months of 2025, reflecting increased activity for neighbouring landowners in Maine. Gain on sale of timberlands, which were small, waterfront building lots, was $0.6 million higher than the same period of 2025. Adjusted EBITDA was $1.4 million compared to $(2.1) million.This advertisement has not loaded yet, but your article continues below.Environmental Solutions leverages the ecological functions of Acadian’s land and technical expertise of its team to address pressing environmental challenges, such as climate change. During Q3 2026 and Q3 2025, no carbon credits were sold. Acadian is in the process of registering additional carbon credits for sale, which is expected to occur by the end of 2026.Real Estate is an emerging business, which develops new sources of revenue from Acadian’s land through recreational activities and leases, commercial leases, and land sales. The financial performance of Real Estate is currently included in the reported results for New Brunswick Timberlands and Maine Timberlands. As these activities are further developed, Real Estate may be reported as its own segment.Detailed Segmented Results The table below summarizes operating and financial results for New Brunswick Timberlands: Three Months EndedNine Months Ended(CAD thousands, except volume)September26, 2026September27, 2025September26, 2026September27, 2025Sales (000s m3) Softwood 104.7 156.7 294.7 388.0Hardwood 69.8 64.5 192.2 204.3Biomass 12.2 15.4 39.2 48.2Total 186.7 236.6 526.1 640.5Sales ($000s) Softwood$9,621$11,592$24,546$28,459Hardwood 5,971 5,063 17,658 17,798Biomass 165 234 599 757Total$15,757$16,889$42,803$47,014Timber services and other 3,659 3,626 7,568 10,001Total Sales ($000s)$19,416$20,515$50,371$57,015Adjusted EBITDA ($000s)$3,907$4,363$11,810$14,218Adjusted EBITDA margin 20% 21% 23% 25%This advertisement has not loaded yet, but your article continues below.The table below summarizes operating and financial results for Maine Timberlands: Three Months EndedNine Months Ended(CAD thousands, except volume)September26, 2026September27, 2025September26, 2026September27, 2025Sales (000s m3) Softwood 27.2 13.4 71.1 44.0Hardwood 9.8 10.6 23.7 29.7Biomass 1.6 — 4.2 4.3Total 38.6 24.0 99.0 78.0Sales ($000s) Softwood$2,511$1,289$6,311$4,139Hardwood 925 858 2,175 2,664Biomass 40 — 102 113Total$3,476$2,147$8,588$6,916Timber services and other 1,129 355 3,035 1,049Total Sales ($000s)$4,605$2,502$11,623$7,965Adjusted EBITDA ($000s)$1,346$(503)$1,383$(2,114)Adjusted EBITDA margin 29% (20%) 12% (27%)Sufficient contractor availability in New Brunswick is expected to continue through the remainder of 2026 and the 2027 winter season. In Maine, we expect to build upon the improvements made since Q2 and to continue progressing towards our targeted production levels as well as cost structure over the course of the year.Demand for Acadian’s products is mainly driven by regional supply dynamics. Near-term sawlog demand and pricing is expected to remain stable until end-use markets improve. Demand and pricing for pulpwood in both New Brunswick and Maine is expected to remain at reduced levels until existing customers increase their production and new facilities that consume pulpwood as well as biomass are commissioned.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Looking through to end-use markets, most macroeconomic indicators are neutral in the short-term and positive in the long-term. The consensus forecast for U.S. housing starts is steady at approximately 1.34 million starts in each of 2026 and 2027. Temporary and permanent curtailments of forest products facilities in other regions of North America are expected to support the demand and pricing conditions for Acadian’s customers in New Brunswick and Maine. These trends align with our conviction in the stability of the northeastern forestry sector.Furthermore, several regional initiatives, including the planned conversion of a coal plant to biomass and announcements relating to expansions of existing sawmills and pulp mills, lend confidence to growing demand for our products. Noting that Acadian maintains multiple customers for each of its products, the positive and incremental demand represented by these announcements may be partially offset by the recent curtailment of a regional hardwood pulp mill.Tariffs and duties continue impacting most of our customers. Higher fuel costs, which took effect in early-Q2 and which we are able to partially recover from our customers, are also impacting our customers. While we have not observed significant curtailments among our customers so far this year, these factors are expected to continue limiting the extent to which our customers utilize the full capacity of their manufacturing facilities.This advertisement has not loaded yet, but your article continues below.With respect to voluntary carbon credits, demand and pricing are expected to remain stable. Issuance of the next tranche of carbon credits from Acadian’s current project has been delayed due to the transition to ACR’s updated Improved Forest Management protocol. The registration of additional carbon credits is anticipated before the end of 2026, and the updated protocol is expected to improve the marketability of the resulting carbon credits. While Acadian is evaluating opportunities to develop additional projects, our focus is on the existing carbon credit project in Maine.Acadian is pleased to announce a dividend of $0.29 per share, payable on January 15, 2027 to shareholders of record December 31, 2026.Acadian Timber Corp. (“Acadian”) is one of the largest timberland owners in Eastern Canada and the Northeastern U.S. We own and manage 775,000 acres of freehold timberlands in New Brunswick and approximately 300,000 acres of freehold timberlands in Maine. Acadian also provides timber services relating to 1.3 million acres of Crown licensed timberlands in New Brunswick. This advertisement has not loaded yet, but your article continues below.Our primary business is the production of softwood and hardwood sawlogs, pulpwood, and biomass by-products, sold to approximately 85 regional customers. Acadian also generates income through other operations, including Real Estate and Environmental Solutions. Acadian’s business strategy is to maximize cash flows from its existing timberland assets through sustainable forest management and other land use activities. We aim to grow our business by acquiring additional timberland assets at value and actively manage those assets to drive improved performance.Acadian’s shares are listed for trading on the Toronto Stock Exchange under the symbol ADN.For further information, please visit our website at www.acadiantimber.com or contact:Susan WoodChief Financial OfficerTel: 506-737-2345 Email: ir@acadiantimber.comCautionary Statement Regarding Forward-Looking Information and StatementsThis News Release contains forward-looking information and statements within the meaning of applicable Canadian securities laws that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Acadian Timber Corp. and its subsidiaries (collectively, “Acadian”), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking information is included in this News Release and includes statements made in the section entitled “Outlook” and without limitation other statements regarding management’s beliefs, intentions, results, performance, goals, achievements, future events, plans and objectives, business strategy, growth strategy and prospects, access to capital, liquidity and trading volumes, dividends, taxes, capital expenditures, projected costs, market trends and similar statements concerning anticipated future events, results, achievements, circumstances, performance or expectations that are not historical facts. All forward-looking statements in this News Release are qualified by these cautionary statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Actual results may vary. These forward-looking statements include, but are not limited to:This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Expectations regarding the number and timing of carbon credits that will be successfully registered and available for sale. Actual credit issuances will be adjusted each reporting period based on actual harvesting, natural disturbances and other factors, as well as periodic updating for inventory and verification activities.Expectations regarding product demand, pricing and end use markets, including expectations for U.S. housing starts, which may be impacted by changes in interest rates, U.S. population demographics and the inventory of homes for sale. Expectations regarding product demand and pricing are based on anticipated market conditions, anticipated regional inventory levels of key customers, and the economic situation of key customers. Estimates for U.S. housing starts are based on forecasts published by major financial institutions.Expectations regarding future production volumes and costs which may be impacted by operational efficiency, the regional supply of skilled operators, product demand, sales pricing, fuel price volatility, and end use markets.Expectations regarding the impacts of escalated duties on softwood lumber and tariffs or potential tariffs levied on U.S. imports from Canada, which may include direct impacts related to changes to the price of and demand for Acadian’s products originating in Canada as well as the U.S., and indirect impacts associated with changes in the price of and demand for the products of Acadian’s key customers and the greater economy.Expectations regarding future contractor availability, which may be impacted by regional supply of trained contractors and changes in the demographics of the available workforce.This advertisement has not loaded yet, but your article continues below.Other risks and factors are discussed in Management’s Discussion and Analysis for the third quarter of 2026 dated October 28, 2026, and the Annual Information Form and Management Information Circular dated March 27, 2026, and other filings of Acadian made with securities regulatory authorities, which are available on SEDAR+ at www.sedarplus.ca. Forward-looking information is based on various material factors or assumptions, which are based on information currently available to Acadian. Readers are cautioned that the preceding list of material factors or assumptions is not exhaustive. Although the forward-looking statements contained in this News Release are based upon what management believes are reasonable assumptions, Acadian cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements in this News Release are made as of the date of this News Release based on information currently available to management and should not be relied upon as representing Acadian’s views as of any date subsequent to the date of this News Release. Acadian assumes no obligation to update or revise these forward-looking statements to reflect new information, events, circumstances or otherwise, except as may be required by applicable law.This advertisement has not loaded yet, but your article continues below.Acadian Timber Corp.Consolidated Balance Sheets(unaudited) (CAD thousands)As atSeptember 26, 2026December 31, 2025Assets Current assets Cash$4,749$4,808Accounts receivable and other assets 5,932 9,154Inventories 1,988 3,032 12,669 16,994Timber 536,335 521,865Land, roads, and other fixed assets 88,552 88,498Intangible assets 6,215 6,256Total assets$643,771$633,613Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities$9,223$12,212Current income taxes payable 878 1,353Dividends payable to shareholders 5,446 5,303Short-term debt 1,202 —Current portion of long-term debt 45,998 698 62,747 19,566Long-term debt 67,842 110,009Deferred income tax liabilities, net 149,785 144,294Total liabilities 280,374 273,869Shareholders’ equity 363,397 359,744Total liabilities and shareholders’ equity$643,771$633,613Acadian Timber Corp.Consolidated Statements of Net Income and Comprehensive Income(unaudited) Three Months EndedNine Months Ended(CAD thousands, except per share data)September26, 2026September27, 2025September26, 2026September27, 2025Sales$24,021$23,017$61,994$64,980Operating costs and expenses Cost of sales 16,374 15,968 43,225 45,427Selling, administration and other 2,016 2,672 7,556 8,391Silviculture 1,875 1,421 2,312 2,087 20,265 20,061 53,093 55,905Operating income 3,756 2,956 8,901 9,075Interest expense, net (1,151) (1,049) (3,410) (2,934)Other items Fair value adjustments and other 2,740 1,192 8,798 5,554Gain on sale of timberlands and other fixed assets 790 — 798 158Income before income taxes 6,135 3,099 15,087 11,853Income tax expense (1,751) (171) (5,919) (2,600)Net income$4,384$2,928$9,168$9,253Other comprehensive income Items that may be reclassified subsequently to net income: Unrealized foreign currency translation income / (loss) (209) 1,299 2,369 (2,044)Comprehensive income$4,175$4,227$11,537$7,209Net income per share – basic and diluted$0.23$0.16$0.49$0.51This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Acadian Timber Corp.Consolidated Statements of Cash Flows(unaudited) Three Months EndedNine Months Ended(CAD thousands)September26, 2026September27, 2025September26, 2026September27, 2025Cash provided by (used for): Operating activities Net income$4,384$2,928$9,168$9,253Adjustments to net income: Income tax expense 1,751 171 5,919 2,600Depreciation and amortization 477 552 1,444 1,369Fair value adjustments and other (2,740) (1,192) (8,798) (5,554)Gain on sale of timberlands and other fixed assets (790) — (798) (158)Income taxes received / (paid) (400) 103 (2,247) (2,904)Net change in non-cash working capital balances and other 463 117 1,114 (2,405) 3,145 2,679 5,802 2,201Financing activities Proceeds from short-term debt — — 2,763 —Repayment of short-term debt (1,184) — (1,595) —Proceeds from equipment loan — — — 2,189Mandatory debt repayments (194) (178) (525) (398)Dividends paid to shareholders (2,592) (2,592) (7,770) (7,773) (3,970) (2,770) (7,127) (5,982)Investing activities Business acquisition — — — (6,510)Additions to timber, land, roads, and other fixed assets (170) (148) (406) (3,138)Proceeds from sale of timberlands and other fixed assets 1,249 19 1,672 605 1,079 (129) 1,266 (9,043)Increase / (Decrease) in cash during the period 254 (220) (59) (12,824)Cash, beginning of period 4,495 2,646 4,808 15,250Cash, end of period$4,749$2,426$4,749$2,426This advertisement has not loaded yet, but your article continues below.Acadian Timber Corp.Reconciliations to Adjusted EBITDA and Free Cash Flow(unaudited) Three Months EndedNine Months Ended(CAD thousands)September26, 2026September27, 2025September26, 2026September27, 2025Net income$4,384$2,928$9,168$9,253Add / (deduct): Interest expense, net 1,151 1,049 3,410 2,934Income tax expense 1,751 171 5,919 2,600Depreciation and amortization 477 552 1,444 1,369Fair value adjustments and other (2,740) (1,192) (8,798) (5,554)Adjusted EBITDA1$5,023$3,508$11,143$10,602Add / (deduct): Interest paid on debt, net (1,122) (1,085) (3,319) (3,036)Additions to land, roads, and other fixed assets (170) (148) (406) (949)Mandatory debt repayments (194) (178) (525) (398)Gain on sale of timberlands and other fixed assets (790) — (798) (158)Proceeds from sale of timberlands and other assets 1,249 19 1,672 605Current income tax expense (743) (1,125) (1,817) (1,888)Free Cash Flow1$3,253$991$5,950$4,778________________________________________1 This news release makes reference to “Adjusted EBITDA”, which Acadian’s management defines as net income before interest, income taxes, fair value adjustments, non-cash cost of sales related to carbon credits, recovery of or impairment of land and roads and depreciation and amortization, and to “Adjusted EBITDA margin”, which is Adjusted EBITDA as a percentage of sales. Reference is also made to “Free Cash Flow”, which Acadian’s management defines as Adjusted EBITDA less interest paid, current income tax expense, capital expenditures excluding acquisitions of timberlands and non-cash expenditures, and mandatory debt repayments, plus net proceeds from the sale of timberlands and other fixed assets (proceeds less gains or losses). Management believes that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are key performance measures in evaluating Acadian’s operations and are important in enhancing investors’ understanding of the Company’s operating performance. Adjusted EBITDA and Adjusted EBITDA margin are indicative of the underlying profitability of Acadian’s operating segments and are used to evaluate operational performance. Free Cash Flow is used to evaluate Acadian’s ability to generate sustainable cash flows from our operations that are available for dividends, repurchases of common shares, debt reduction, acquisitions, and other capital allocation activities. Reference is also made to “net liquidity” which includes cash and cash equivalents and funds available under credit facilities less amounts reserved to support the minimum cash balance related to long‐term debt. Please refer to the section entitled “Non-IFRS Measures” in Management’s Discussion and Analysis for further details.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.