Adjusted EBITDA was $50.7 million in the 2Q 2013 compared to $16.9 million in the same period of 2012.
Net income from continuing operations in the 2Q 2013 was $2.8 million compared to a net loss from continuing operations of $11.4 million in the 2Q 2012. The $14.2 million increase included a $33.9 million increase in gross profit and a $5.7 million reduction in finance expense, partially offset by increased costs of curtailed operations associated with activity at the High Level mill, and fluctuations in non-cash accounting gains and losses and income tax expense.
In the first half of 2013, sales were $269.3 million compared to $175.6 million in the same period of 2012. The $93.7 million increase was related to a 57.7% increase in realized pricing, partially offset by a 2.7% decrease in sales volumes.
Adjusted EBITDA for the year to date was $113.2 million in 2013 compared to $26.5 million in 2012.
Net income from operations in the first six months of 2013 was $39.3 million, compared to a net loss from continuing operations of $10.8 million for the same period in 2012, representing an increase of $50.1 million. The increase included an $86.8 million increase in gross profit, an $11.9 million decrease in finance expense, and a $2.9 million variation in foreign exchange gain/loss on operations, partially offset by increased costs of curtailed operations, and fluctuations in non-accounting gains and losses and income tax expense.
Ainsworth President and CEO, Jim Lake said, "The 2Q 2013 was another solid period for Ainsworth. The Company generated adjusted EBITDA of $50.7 million, which represented a $33.8 million improvement versus the 2Q 2012. We continued to benefit from the early stages of the U.S. housing market recovery, generating adjusted EBITDA of $113.2 million in the first half of 2013 compared to $26.5 million in the same period in 2012."
Ainsworth Lumber Co. Ltd. is a leading manufacturer and marketer of oriented strand board ("OSB") with a focus on value-added specialty products for markets in North America and Asia. Ainsworth's four OSB manufacturing facilities, located in Alberta, British Columbia and Ontario, have a combined annual capacity of 2.5 billion square feet (3/8-inch basis) OSB.
