TORONTO - Norbord Inc. reported a 2009 loss of $58 million compared to a loss of $115 million in 2008.
For the full year, though, Norbord saide it generated breakeven EBITDA compared to negative EBITDA of $60 million in the prior year. Approximately $43 million of the year-over-year improvement was generated by the North American operations. Overhead cost reductions and lower input prices, especially resin and wax, had a significant positive impact on EBITDA results.
"I am pleased with the progress made in 2009 to improve Norbord's earning potential," said Barrie Shineton, Norbord president and CEO. "As expected, markets for our building material products were weak again this year as the historic collapse in both US and UK housing activity and the fallout from the global financial market breakdown continued through most of 2009. Against this backdrop, Norbord conserved cash by curtailing considerable production capacity and reducing overhead costs. These actions, together with lower key input prices, led to our breakeven EBITDA result. We also completed significant recapitalization initiatives during the year.”
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