LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EBITDA RECONCILIATION - July 31, 2012

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Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2012 and 2011.
Three Months Ended June 30, 2012 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
194.9

 
$
137.0

 
$
51.7

 
$
42.7

 
$
10.7

 
$
(9.2
)
 
$
427.8

Depreciation and amortization
8.3

 
3.9

 
2.4

 
2.7

 
0.2

 
0.4

 
17.9

Cost of sales and selling and administrative
168.7

 
113.7

 
52.7

 
36.4

 
10.5

 
8.6

 
390.6

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
0.1

 
0.1

Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Total operating costs
177.0

 
117.6

 
55.1

 
39.1

 
10.7

 
9.3

 
408.8

Income (loss) from operations
17.9

 
19.4

 
(3.4
)
 
3.6

 
—

 
(18.5
)
 
19.0

Total non-operating income (expense)
 
 
 
 
 
 
 
 
 
 
(64.5
)
 
(64.5
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
17.9

 
19.4

 
(3.4
)
 
3.6

 
—

 
(83.0
)
 
(45.5
)
Benefit for income taxes
 
 
 
 
 
 
 
 
 
 
(11.1
)
 
(11.1
)
Equity in loss of unconsolidated affiliates
0.9

 
—

 
—

 
—

 
1.9

 
—

 
2.8

Income (loss) from continuing operations
$
17.0

 
$
19.4

 
$
(3.4
)
 
$
3.6

 
$
(1.9
)
 
$
(71.9
)
 
$
(37.2
)
Reconciliation of loss from continuing operations to adjusted income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
17.0

 
$
19.4

 
$
(3.4
)
 
$
3.6

 
$
(1.9
)
 
$
(71.9
)
 
$
(37.2
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Gain (loss) on sales of and impairments of long-lived assets
 
 
 
 
 
 
 
 
 
 
0.1

 
0.1

Reversal of interest expense adjustment
 
 
 
 
 
 
 
 
 
 
(1.0
)
 
(1.0
)
Less: benefit for income taxes as reported
 
 
 
 
 
 
 
 
 
 
(11.1
)
 
(11.1
)
"Normalized tax"
 
 
 
 
 
 
 
 
 
 
17.2

 
17.2

Adjusted operating income (loss) from continuing operations
$
17.0

 
$
19.4

 
$
(3.4
)
 
$
3.6

 
$
(1.9
)
 
$
(66.5
)
 
$
(31.8
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
17.0

 
19.4

 
(3.4
)
 
3.6

 
(1.9
)
 
(71.9
)
 
(37.2
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(11.1
)
 
(11.1
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
13.1

 
13.1

Depreciation and amortization
8.3

 
3.9

 
2.4

 
2.7

 
0.2

 
0.4

 
17.9

EBITDA from continuing operations
25.3

 
23.3

 
(1.0
)
 
6.3

 
(1.7
)
 
(69.5
)
 
(17.3
)
Stock based compensation expense
0.3

 
0.2

 
0.1

 
—

 
—

 
1.3

 
1.9

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
0.1

 
0.1

Investment income
 
 
 
 
 
 
 
 
 
 
(3.4
)
 
(3.4
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Early debt extinguishment
 
 
 
 
 
 
 
 
 
 
52.2

 
52.2

Depreciation included in equity in loss (earnings) of unconsolidated affiliates
2.1

 
—

 
0.1

 
—

 
0.7

 
—

 
2.9

Adjusted EBITDA from continuing operations
$
27.7

 
$
23.5

 
$
(0.8
)
 
$
6.3

 
$
(1.0
)
 
$
(19.1
)
 
$
36.6

 








Three Months Ended June 30, 2011
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
140.6

 
$
118.6

 
$
53.6

 
$
39.5

 
$
10.4

 
$
(0.3
)
 
$
362.4

Depreciation and amortization
9.4

 
3.9

 
3.1

 
3.0

 
0.3

 
0.5

 
20.2

Cost of sales and selling and administrative
148.6

 
103.4

 
53.7

 
32.3

 
10.2

 
15.7

 
363.9

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
2.5

 
2.5

Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(0.6
)
 
(0.6
)
Total operating costs
158.0

 
107.3

 
56.8

 
35.3

 
10.5

 
18.1

 
386.0

Income (loss) from operations
(17.4
)
 
11.3

 
(3.2
)
 
4.2

 
(0.1
)
 
(18.4
)
 
(23.6
)
Total non-operating income (expense)
 
 
 
 
 
 
 
 
 
 
(10.3
)
 
(10.3
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(17.4
)
 
11.3

 
(3.2
)
 
4.2

 
(0.1
)
 
(28.7
)
 
(33.9
)
Benefit for income taxes
 
 
 
 
 
 
 
 
 
 
(8.4
)
 
(8.4
)
Equity in loss of unconsolidated affiliates
5.5

 
—

 
—

 
—

 
1.9

 
—

 
7.4

Income (loss) from continuing operations
$
(22.9
)
 
$
11.3

 
$
(3.2
)
 
$
4.2

 
$
(2.0
)
 
$
(20.3
)
 
$
(32.9
)
Reconciliation of loss from continuing operations to adjusted income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(22.9
)
 
$
11.3

 
$
(3.2
)
 
$
4.2

 
$
(2.0
)
 
$
(20.3
)
 
$
(32.9
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(0.6
)
 
(0.6
)
Gain (loss) on sales of and impairments of long-lived assets
 
 
 
 
 
 
 
 
 
 
2.5

 
2.5

Less: benefit for income taxes as reported
 
 
 
 
 
 
 
 
 
 
(8.4
)
 
(8.4
)
"Normalized tax"
 
 
 
 
 
 
 
 
 
 
10.9

 
10.9

Adjusted operating income (loss) from continuing operations
$
(22.9
)
 
$
11.3

 
$
(3.2
)
 
$
4.2

 
$
(2.0
)
 
$
(15.9
)
 
$
(28.5
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(22.9
)
 
$
11.3

 
$
(3.2
)
 
$
4.2

 
$
(2.0
)
 
$
(20.3
)
 
$
(32.9
)
Benefit for income taxes
 
 
 
 
 
 
 
 
 
 
(8.4
)
 
(8.4
)
Interest expense, net of capitalized interest
 
 
 
 
 
 
 
 
 
 
14.4

 
14.4

Depreciation and amortization
9.4

 
3.9

 
3.1

 
3.0

 
0.3

 
0.5

 
20.2

EBITDA from continuing operations
(13.5
)
 
15.2

 
(0.1
)
 
7.2

 
(1.7
)
 
(13.8
)
 
(6.7
)
Stock based compensation expense
0.2

 
0.1

 
0.1

 
—

 
—

 
1.0

 
1.4

Gain on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
2.5

 
2.5

Investment income
 
 
 
 
 
 
 
 
 
 
(3.5
)
 
(3.5
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(0.6
)
 
(0.6
)
Depreciation included in equity in loss (earnings) of unconsolidated affiliates
2.1

 
—

 
0.1

 
—

 
1.2

 
—

 
3.4

Adjusted EBITDA from continuing operations
$
(11.2
)
 
$
15.3

 
$
0.1

 
$
7.2

 
$
(0.5
)
 
$
(14.4
)
 
$
(3.5
)





Six Months Ended June 30, 2012 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
344.4

 
$
250.1

 
$
100.3

 
$
85.1

 
$
20.8

 
$
(11.4
)
 
$
789.3

Depreciation and amortization
17.0

 
8.1

 
5.2

 
5.6

 
0.4

 
0.7

 
37.0

Cost of sales and selling and administrative
308.6

 
205.9

 
101.4

 
72.8

 
20.4

 
26.1

 
735.2

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
—

 
—

Total operating costs
325.6

 
214.0

 
106.6

 
78.4

 
20.8

 
27.0

 
772.4

Income (loss) from operations
18.8

 
36.1

 
(6.3
)
 
6.7

 
—

 
(38.4
)
 
16.9

Total non-operating income (expense)
 
 
 
 
 
 
 
 
 
 
(73.0
)
 
(73.0
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
18.8

 
36.1

 
(6.3
)
 
6.7

 
—

 
(111.4
)
 
(56.1
)
Benefit for income taxes
 
 
 
 
 
 
 
 
 
 
(12.3
)
 
(12.3
)
Equity in loss of unconsolidated affiliates
2.1

 
—

 
—

 
—

 
2.5

 
—

 
4.6

Income (loss) from continuing operations
16.7

 
36.1

 
(6.3
)
 
6.7

 
(2.5
)
 
(99.1
)
 
(48.4
)
Reconciliation of loss from continuing operations to adjusted income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
16.7

 
36.1

 
(6.3
)
 
6.7

 
(2.5
)
 
(99.1
)
 
(48.4
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
—

 
—

Gain (loss) on sales of and impairments of long-lived assets
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Less: benefit for income taxes as reported
 
 
 
 
 
 
 
 
 
 
(12.3
)
 
(12.3
)
"Normalized tax"
 
 
 
 
 
 
 
 
 
 
21.2

 
21.2

Adjusted operating income (loss) from continuing operations
16.7

 
36.1

 
(6.3
)
 
6.7

 
(2.5
)
 
(90.0
)
 
(39.3
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
16.7

 
36.1

 
(6.3
)
 
6.7

 
(2.5
)
 
(99.1
)
 
(48.4
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(12.3
)
 
(12.3
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
25.7

 
25.7

Depreciation and amortization
17.0

 
8.1

 
5.2

 
5.6

 
0.4

 
0.7

 
37.0

EBITDA from continuing operations
33.7

 
44.2

 
(1.1
)
 
12.3

 
(2.1
)
 
(85.0
)
 
2.0

Stock based compensation expense
0.5

 
0.3

 
0.3

 
—

 
—

 
3.5

 
4.6

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
0.2

 
0.2

Investment income
 
 
 
 
 
 
 
 
 
 
(7.6
)
 
(7.6
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
—

 
—

Early debt extinguishment
 
 
 
 
 
 
 
 
 
 
52.2

 
52.2

Depreciation included in equity in loss (earnings) of unconsolidated affiliates
4.1

 
—

 
0.2

 
—

 
2.2

 
—

 
6.5

Adjusted EBITDA from continuing operations
$
38.3

 
$
44.5

 
$
(0.6
)
 
$
12.3

 
$
0.1

 
$
(36.7
)
 
$
57.9






Six Months Ended June 30, 2011 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
272.6

 
$
224.7

 
$
101.9

 
$
74.9

 
$
20.9

 
$
(0.9
)
 
$
694.1

Depreciation and amortization
18.7

 
8.2

 
7.3

 
5.9

 
0.5

 
1.0

 
41.6

Cost of sales and selling and administrative
278.6

 
192.5

 
103.0

 
61.1

 
19.9

 
32.6

 
687.7

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
8.0

 
8.0

Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(1.4
)
 
(1.4
)
Total operating costs
297.3

 
200.7

 
110.3

 
67.0

 
20.4

 
40.2

 
735.9

Income (loss) from operations
(24.7
)
 
24.0

 
(8.4
)
 
7.9

 
0.5

 
(41.1
)
 
(41.8
)
Total non-operating income (expense)
 
 
 
 
 
 
 
 
 
 
(18.5
)
 
(18.5
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(24.7
)
 
24.0

 
(8.4
)
 
7.9

 
0.5

 
(59.6
)
 
(60.3
)
Benefit for income taxes
 
 
 
 
 
 
 
 
 
 
(15.2
)
 
(15.2
)
Equity in loss of unconsolidated affiliates
7.3

 
—

 
0.3

 
—

 
3.1

 
—

 
10.7

Income (loss) from continuing operations
(32.0
)
 
24.0

 
(8.7
)
 
7.9

 
(2.6
)
 
(44.4
)
 
(55.8
)
Reconciliation of loss from continuing operations to adjusted income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
(32.0
)
 
24.0

 
(8.7
)
 
7.9

 
(2.6
)
 
(44.4
)
 
(55.8
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(1.4
)
 
(1.4
)
Gain (loss) on sales of and impairments of long-lived assets
 
 
 
 
 
 
 
 
 
 
8.0

 
8.0

Less: benefit for income taxes as reported
 
 
 
 
 
 
 
 
 
 
(15.2
)
 
(15.2
)
"Normalized tax"
 
 
 
 
 
 
 
 
 
 
22.5

 
22.5

Adjusted operating income (loss) from continuing operations
(32.0
)
 
24.0

 
(8.7
)
 
7.9

 
(2.6
)
 
(30.5
)
 
(41.9
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
(32.0
)
 
24.0

 
(8.7
)
 
7.9

 
(2.6
)
 
(44.4
)
 
(55.8
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(15.2
)
 
(15.2
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
28.4

 
28.4

Depreciation and amortization
18.7

 
8.2

 
7.3

 
5.9

 
0.5

 
1.0

 
41.6

EBITDA from continuing operations
(13.3
)
 
32.2

 
(1.4
)
 
13.8

 
(2.1
)
 
(30.2
)
 
(1.0
)
Stock based compensation expense
0.4

 
0.2

 
0.2

 
—

 
—

 
4.0

 
4.8

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
 
 
8.0

 
8.0

Investment income
 
 
 
 
 
 
 
 
 
 
(7.5
)
 
(7.5
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
 
 
(1.4
)
 
(1.4
)
Early debt extinguishment
 
 
 
 
 
 
 
 
 
 
—

 
—

Depreciation included in equity in loss (earnings) of unconsolidated affiliates
4.1

 
—

 
0.3

 
—

 
2.4

 
—

 
6.8

Adjusted EBITDA from continuing operations
$
(8.8
)
 
$
32.4

 
$
(0.9
)
 
$
13.8

 
$
0.3

 
$
(27.1
)
 
$
9.7






 


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