Norbord posts quarterly loss of $7 million

Norbord Inc. has reported a loss of $7 million or $0.16 per share in the third quarter of 2009. Norbord recorded losses of $18 million or $0.42 per share in the prior quarter and $18 million or $1.21 per share in the third quarter of 2008.

Norbord recorded positive EBITDA of $10 million in Q3 2009 compared to negative $2 million in Q2 2009 and negative $9 million in the same period last year. North American operations generated positive EBITDA of $9 million in Q3 2009 compared to negative $6 million in Q2 2009 and negative $2 million in Q3 2008. Norbord's European mills generated positive EBITDA of $5 million in Q3 2009 compared to positive $4 million in Q2 2009 and negative $5 million in Q3 2008.

"I'm pleased to report that positive EBITDA was recorded in both our North American and European operations this quarter," said Barrie Shineton, President and CEO. "This better result reflected a seasonal increase in North American OSB prices and the benefits of our continued work to reduce operating costs and improve product mix. Looking ahead, most market indicators remain weak. In my view, high unemployment and restrictions on credit availability for first time home buyers in the US and the UK will continue to impact housing and panel demand. We expect it will take 6 to 12 months for these trends to reverse and meaningful improvement to occur in new home construction."

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Norbord Reports Third Quarter 2009 Results (Norbord)