Ainsworth reports a net loss of $12.4 in their fourth quarter

Ainsworth Lumber Co. Ltd. has released its 2009 fourth quarter and year end results.

In their fourth quarter, Ainsworth recorded a net loss of $12.4 million, compared to a net loss of $156.7 million in the fourth quarter of 2008.

Over the full year of 2009, Ainsworth recorded a net loss of $21.6 million, compared to a net loss of $321.8 million in 2008.

Ainsworth completed a full strategic review, divested its portfolio of non-core assets, strengthened the management team and continued to find ways to cut costs and improve operational efficiency. The Company's President and CEO Rick Huff said, "2009 saw us take decisive action to streamline the business, strengthen our foundation and ensure we emerge from this period stronger and well positioned for growth. In all, we ended the year with positive adjusted EBITDA for the first time since 2006, despite North American housing starts falling by 33% in 2009."

"Ainsworth began 2010 with a clear strategic direction. We are focusing our resources on our best assets, leveraging our highly skilled workforce and flexible mill technology to produce more high value, high margin products, and continuing to pursue opportunities in overseas markets. With a strong balance sheet, great assets, exceptional people, and approximately 1.1 billion square feet of incremental capacity that will be available to us in the future, we are well positioned to anticipate an increase in the demand for OSB," added Mr. Huff.

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Ainsworth Announces 2009 Fourth Quarter and Year End Results (Ainsworth)