Significantly improved Q1 from Ainsworth
May 14, 2013, Vancouver, B.C. – Ainsworth Lumber has announced its financial results for the first quarter of 2013, and says it is benefiting from the early stages of the U.S. housing market recovery.
First quarter highlights:
- Adjusted EBITDA of $62.5 million versus $9.6 million in the same quarter last year.
- Achieved a strong quarter of production at 408 million square feet.
- Progressing well towards restarting our High Level, Alberta mill this year.
- Strengthened balance sheet will support strategic investment in the business.
Sales were $141.8 million compared to $85.1 million in the first quarter of 2012. The $56.7 million increase was mainly due to a 70 per cent increase in realized pricing that was partially offset by a 2 per cent decrease in sales volumes. Adjusted EBITDA for the first quarter of 2013 was $62.5 million compared to adjusted EBITDA of $9.6 million in the same quarter last year.
Net income from continuing operations was $36.5 million in the first quarter of 2013 compared to $0.6 million in the first quarter of 2012. This increase included a $52.9 million increase in gross profit, an $8.1 million gain on derivative financial instrument, and a $6.2 million reduction in finance expense, partially offset by fluctuations in non-cash accounting gains and losses and income tax expense.
For the full reslease visit, www.ainsworthengineered.com.