Ainsworth Lumber Co. Ltd. (TSX:ANS) reported heavy losses in 2007.
The Vancouver company's annual revenue fell 34% to $544.2 million compared with $827.1 million in 2006. Its net loss doubled to $216.5 million from $108 million in 2006 due to decreases in sales of oriented strand board (OSB) and increases in asset write-downs. The net loss included a $135.4 million asset impairment charge.
OSB prices have fallen in the past year to US$161 per thousand square foot from US$218 in 2006.
Declining prices and demand from the recession in the U.S. housing market has forced the company to close three of its OSB plants in the past few months. Ainsworth also announced the indefinite closure of its plant in High Level, Alberta.
Ainsworth's share price range during the past week: between $3.59 and $4.37; 52-week high: $10.70; 52-week low: $3.11.