May 11, 2012. /Lesprom Network/. Ainsworth Lumber Co. Ltd. announced its financial results for the 1Q ended March 31, 2012. For the 1Q 2012, Ainsworth recorded net income from continuing operations of $0.7 million, compared to $77.7 million in the 1Q 2011. This change is primarily the result of a $73 million gain that was recorded in the 1Q 2011 on the acquisition of the remaining 50% interest in mill in High Level, Alberta, Canada. Sales were $85.1 million in the 1Q 2012, an increase of $13.6 million from the 1Q 2011 due to an increase in volume and an increase in OSB pricing, most notably in Western Canada. Adjusted EBITDA for the 1Q 2012 was $10 million compared to adjusted EBITDA of $6.4 million in the same quarter last year. Adjusted EBITDA margin for the 1Q 2012 was 11.8% compared to an adjusted EBITDA margin of 9.0% for the same period in 2011. The cost of products sold per msf (3/8-inch basis) for the 1Q 2012 was 1.7% higher than the same period in 2011. Ainsworth President and COO, Jim Lake, said, "I am pleased to report that Ainsworth's performance improved in the 1Q 2012. The Company recorded positive EBITDA of $10 million, which was $7.3 million higher than the prior quarter and $3.6 million higher than the same quarter last year. Our EBITDA improvement reflects a stronger pricing environment and better operating results at all three mills." Ainsworth Engineered wood products include oriented strand board (OSB), oriented strand lumber (OSL) and specialty overlaid panels.