May 15, 2013. /Lesprom Network/. Ainsworth Lumber Co. Ltd. announced its financial results for the 1Q ended March 31, 2013. Sales in the 1Q 2013 were $141.8 million compared to $85.1 million in the 1Q 2012. The $56.7 million increase was mainly due to a 70% increase in realized pricing that was partially offset by a 2% decrease in sales volumes, as the company said in a press release received by Lesprom Network.

Adjusted EBITDA for the 1Q 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 1Q 2013 compared to $0.6 million in the 1Q 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.

Ainsworth President and CEO, Jim Lake said, “I am pleased to report very strong 1Q results as we benefited from the early stages of the U.S. housing market recovery and significantly stronger OSB pricing. During the first three months of the year, we generated adjusted EBITDA of $62.5 million which represented an increase of $20.5 million over the previous quarter and our best quarter in seven years. Adjusted EBITDA margins improved to an impressive 44.1% on shipment volumes of 397 million square feet (3/8” basis) and sales of $141.8 million. 1Q production of 408.1 million square feet (3/8” basis) was slightly higher than last quarter, and one of the best quarters for combined production from our three operating mills.”

Ainsworth is a leading Canadian forest products company, headquartered in Vancouver, Canada, with a reputation for the highest quality in engineered wood products.