Ainsworth Announces 2011 Third Quarter Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/11 -- Ainsworth Lumber Co. Ltd. (TSX: ANS)(TSX: ANS.WT) -
Highlights
Ainsworth Lumber Co. Ltd. today reported its financial results for the third quarter of 2011.
Adjusted EBITDA for the third quarter of 2011 was $0.7 million compared to $9.8 million in the same quarter of 2010. EBITDA margin on sales was 1.0% compared to 12.1% in the third quarter of 2010. The decrease was primarily the result of a $9.5 million decrease in gross profit (sales less cost of products sold (exclusive of amortization)) due to a decrease in the Western Canadian pricing for OSB compared with the same quarter in 2010. The Canadian dollar was an average of six cents stronger than the U.S. dollar in the third quarter of 2011 compared to the same period in 2010, which had a negative impact on gross profit. If foreign exchange rates had been consistent with the third quarter of 2010, adjusted EBITDA would have been $2.8 million higher.
Ainsworth President and Chief Operating Officer Jim Lake said, "In the third quarter of 2011 Ainsworth recorded positive EBITDA from continuing operations despite facing considerable market challenges, including an unfavourable foreign exchange position, historically low North American oriented strand board ("OSB") prices, and an expected decline in overseas sales. We achieved this on the strength of ongoing market share gains with our value added product segments and several operational successes."
"Despite the difficult conditions we continue to face, I believe Ainsworth is well positioned to emerge from this period well positioned for growth and continued value creation. The Company recorded the best quarter in its history in terms of safety. I have always held true the belief that people that are conscientious about safety tend to pay close attention to detail in everything they do, and that is now translating into improved operational and financial performance across our organization," added Mr. Lake.
In the third quarter of 2011, the published benchmark price indicator for North Central delivered 7/16" OSB averaged U.S. $184 per msf, a marginal increase from an average quarterly price of U.S. $180 per msf in the third quarter of 2010. The average Western Canadian published price for 7/16" OSB was U.S. $137 per msf in the third quarter of 2011, down from an average price of U.S. $164 msf in the same period of 2010.
Ainsworth recorded a net loss from continuing operations of $58.9 million in the third quarter of 2011 compared to net income of $10.5 million in the third quarter of 2010. This decrease is primarily due to a $60.5 million increase in the unrealized foreign exchange loss on long-term debt and a $9.5 million decrease in gross profit, partially offset by a $5.7 million increase in income tax recovery.
Conference Call Information
Ainsworth will hold a conference call on Wednesday, November 9, 2011 at 10:00 a.m. PST (1:00 p.m. EST) to discuss the 2011 third quarter results. The dial-in phone number is 1-800-319-4610 from inside the U.S. or Canada and 1-604-638-5340 from outside the U.S. or Canada. To access the post-view line, dial 1-800-319-6413, or 1-604-638-9010, Reservation 4176#. This recording will be available until the end of the day on November 16, 2011.
Forward-Looking Statements
Forward-looking information provided in this news release relating to the Company's expectations regarding OSB demand and pricing and the Company's future prospects are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators. The Company believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Company's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking information include, without limitation, factors detailed from time to time in the Company's periodic reports filed with the Canadian Securities Administrators and other regulatory authorities. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.
Contacts:
Ainsworth Lumber Co. Ltd.
Chris Davies
Chief Financial Officer
604-661-3200
604-661-3201 (FAX)
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Datum: 08.11.2011 - 18:10 Uhr
Sprache: Deutsch
News-ID 1054938
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