Feb 17, 2012. /Lesprom Network/. West Fraser Timber Co. Ltd. reported earnings after discontinued operations of $6 million on sales of $650 million in the 4Q 2011 and earnings after discontinued operations of $73 million, on sales of $2,762 million for 2011. "We ended a challenging year with a difficult quarter as markets for our products continue to be unsettled." said Hank Ketcham, West Fraser's Chairman, President and CEO. "We are very encouraged with the results of our capital investment program as well as the continued commitment of our employees to West Fraser's long-term success." In the quarter lumber operations generated an operating loss of $30 million (3Q - negative $15 million) and EBITDA of negative $8 million (3Q - $6 million). The decline in results reflects weaker prices for lower-grade SPF lumber and wider-dimension SYP lumber and reduced shipments. The panel segment, which includes plywood, LVL and MDF, did not generate any operating earnings in the quarter (3Q - negative $2 million) and EBITDA of $4 million (3Q - $2 million) as Canadian dollar plywood and MDF prices showed some improvement. Pulp and paper operations generated operating earnings in the quarter of $13 million (3Q - $19 million) and EBITDA of $27 million (3Q - $36 million). Pulp prices weakened during the quarter with the NBSK benchmark averaging 7% lower than in the 3Q. The Board of Directors of the Company has declared a dividend of $0.14 per share on the Common shares and the Class B Common shares in the capital of the Company, payable on April 5, 2012 to shareholders of record on March 23, 2012. West Fraser is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. The Company has operations in western Canada and the southern United States.