Norbord posts lower fourth-quarter as US housing market troubles persist

TORONTO - Norbord Inc. (TSX:NBD) posted a loss in the fourth quarter as the wood panel maker continued to be affected by troubles in the U.S. housing market.

The Toronto-based company, which reports results in U.S. dollars, lost $9 million, or 21 cents per share, which was steady with the loss booked a year earlier.

Norbord's EBITDA (earnings before interest, taxes, depreciation and amortization) was $9 million compared with $14 million in EBITDA in the same three months of 2010.

Sales were $229 million, down from $240 million.

"The road to recovery has been bumpy, but it’s my view that the U.S. housing sector is at an inflection point and is now in the early phase of a more gradual rebound," said president and CEO Barrie Shineton in a note to shareholders.

"While opinions still vary, several previously bearish housing economists have shifted positions and are now calling a bottom in the market."

For the full-year, Norbord booked an $11 million loss, or 25 cents per share, versus a profit of $13 million or 30 cents a share in 2010. Sales were $965 million compared to $962 million.

Norbord is an international producer of wood-based panels such as oriented strandboard, particleboard and fibreboard used in homebuilding, furniture making and construction.

The company, with 2,000 employees, is controlled by Brookfield Asset Management (TSX:BAM.A) and operates 13 plants in Canada, the United States and Europe.