Nov 09, 2011. /Lesprom Network/. Ainsworth Lumber reported its financial results for the 3Q 2011. Adjusted EBITDA for the 3Q 2011 was $0.7 million compared to $9.8 million in the same quarter of 2010. EBITDA margin on sales was 1% compared to 12.1% in the 3Q 2010, as the company said in a press release received by Lesprom Network. The decrease was primarily the result of a $9.5 million decrease in gross profit (sales less cost of products sold (exclusive of amortization)) due to a decrease in the Western Canadian pricing for OSB compared with the same quarter in 2010. Ainsworth President and COO Jim Lake said, "In the 3Q 2011 Ainsworth recorded positive EBITDA from continuing operations despite facing considerable market challenges, including an unfavourable foreign exchange position, historically low North American oriented strand board ("OSB") prices, and an expected decline in overseas sales. We achieved this on the strength of ongoing market share gains with our value added product segments and several operational successes." "Despite the difficult conditions we continue to face, I believe Ainsworth is well positioned to emerge from this period well positioned for growth and continued value creation. The Company recorded the best quarter in its history in terms of safety. I have always held true the belief that people that are conscientious about safety tend to pay close attention to detail in everything they do, and that is now translating into improved operational and financial performance across our organization," added Mr. Lake. Ainsworth recorded a net loss from continuing operations of $58.9 million in the 3Q 2011 compared to net income of $10.5 million in the 3Q 2010. This decrease is primarily due to a $60.5 million increase in the unrealized foreign exchange loss on long-term debt and a $9.5 million decrease in gross profit, partially offset by a $5.7 million increase in income tax recovery.