Ainsworth President and Chief Operating Officer, Jim Lake said, “I am pleased to report that Ainsworth recorded positive financial results and achieved another safety milestone in the second quarter of 2012. The Company recorded positive EBITDA of $17.1 million, which was $7.1 million higher than the prior quarter and $14.4 million higher than the same quarter last year. Our EBITDA improvement reflects a stronger pricing environment and better operating results. In addition, for the first time in Ainsworth’s history, our Grande Prairie, Alberta mill and our Barwick, Ontario mill have both operated accident-free for one year and counting.”

Financial Results
Sales were $90.5 million in the second quarter of 2012, an increase of $10.0 million from the second quarter of 2011 due to an improvement in market prices, most notably in Western Canada, partially offset by a decrease in sales volumes. Adjusted EBITDA for the second quarter of 2012 was $17.1 million compared to adjusted EBITDA of $2.7 million in the same quarter last year. Ainsworth recorded a net loss from continuing operations of $11.3 million in the second quarter of 2012, compared to a loss of $12.9 million in the second quarter of 2011. This change is primarily the result of a $14.4 million improvement in gross margin, partially offset by unrealized foreign exchange losses on long-term debt.

Source: Ainsworth Lumber