Tenon, the company left over after a selldown of Fletcher Forest assets, today talked of what it is like to do business in a "near perfect storm".
The company sells mouldings and lumber into the US housing market, and as an exporter suffers when the New Zealand Dollar is high.
Tenon today reported net profit after tax of $US3 ($NZ4.3) million in the year to June 30, down from $US5m last year.
Earnings before interest, tax and depreciation of $US16m were down from $US20m last year.
There was no dividend. Revenue was $US377m, down from $US394m last year.
The company dubbed the New Zealand dollar a "significant villain", costing it $US6m in lost earnings.
"Absent the negative movement in the New Zealand dollar, we would have actually reported higher operating earnings in 2008 than we achieved in the better operating conditions in 2007," the company said.
The operating environment in the US worsened as 2008 progressed and the company expects the conditions that prevailed in the second half of its year to continue throughout fiscal 2009.
The company said it was working on the factors it could control.