This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Ainsworth Lumber earns $20.26-million in third quarter 2009-11-06 10:42 ET - News Release Mr. Rick Huff reports AINSWORTH FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2009
Ainsworth Lumber Co. Ltd. today released its unaudited financial results for the quarter ended Sept. 30, 2009.
During the third quarter of 2009, Ainsworth's three active OSB mills operated at capacity, taking no demand-related downtime. The company's facility at High Level, Alta., remains idle until market conditions improve. Net income from continuing operations for the third quarter of 2009 was $21.6-million compared with a net loss of $42.3-million for the same period in 2008. The improvement was largely attributable to foreign-exchange gains associated with the company's outstanding United States-dollar-denominated debt.
Ainsworth president and chief executive officer Rick Huff said: "We recorded positive earnings before interest, taxes, depreciation and amortization (EBITDA), and net income in the third quarter of 2009 despite a decline in revenues as a result of persistent, challenging market conditions. We attribute much of this accomplishment to the strategic decisions we made to focus our resources on our best-performing assets, divest underperforming ones, adjust our cost structure to meet the realities of this market, and better capitalize on the expertise and dedication of our people. The remainder is available to Stockwatch subscribers.
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