Attached files
file | filename |
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8-K - LOUISIANA-PACIFIC CORP | lpx0630128k.htm |
EX-99.2 - EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORP | a063012ebitdareconciliation.htm |
EX-99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORP | q22012pressrelease.htm |
Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
As reported Quarter Ended June 30, 2012 | As Adjusted Quarter Ended June 30, 2012 | As reported Quarter Ended March 31, 2012 | As adjusted Quarter Ended March 31, 2012 | As reported Quarter Ended June 30, 2011 | As adjusted Quarter Ended June 30, 2011 | |||||||||||||||||||||
Adjustments | Adjustments | Adjustments | ||||||||||||||||||||||||
Net sales | $ | 427.8 | $ | 427.8 | $ | 361.5 | $ | 361.5 | $ | 362.4 | $ | 362.4 | ||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of sales | 359.9 | 359.9 | 313.3 | 313.3 | 336.3 | 336.3 | ||||||||||||||||||||
Depreciation and amortization | 17.9 | 17.9 | 19.1 | 19.1 | 20.2 | 20.2 | ||||||||||||||||||||
Selling and administrative | 30.7 | 30.7 | 31.3 | 31.3 | 27.6 | 27.6 | ||||||||||||||||||||
Loss on sale or impairment of long-lived assets, net | 0.1 | (0.1 | ) | — | 0.1 | (0.1 | ) | — | 2.5 | (2.5 | ) | — | ||||||||||||||
Other operating credits and charges, net | 0.2 | (0.2 | ) | — | (0.2 | ) | 0.2 | — | (0.6 | ) | 0.6 | — | ||||||||||||||
Total operating costs and expenses | 408.8 | 408.5 | 363.6 | 363.7 | 386.0 | 384.1 | ||||||||||||||||||||
Income (loss) from operations | 19.0 | 19.3 | (2.1 | ) | (2.2 | ) | (23.6 | ) | (21.7 | ) | ||||||||||||||||
Non-operating income (expense): | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (13.1 | ) | — | (13.1 | ) | (12.6 | ) | 1.0 | (13.6 | ) | (14.4 | ) | (14.4 | ) | ||||||||||||
Investment income | 3.4 | 3.4 | 4.2 | 4.2 | 3.5 | 3.5 | ||||||||||||||||||||
Early debt extinguishment | (52.2 | ) | 52.2 | — | — | — | — | |||||||||||||||||||
Other non-operating items | (2.6 | ) | (2.6 | ) | (0.1 | ) | (0.1 | ) | 0.6 | 0.6 | ||||||||||||||||
Total non-operating expense | (64.5 | ) | (12.3 | ) | (8.5 | ) | (9.5 | ) | (10.3 | ) | (10.3 | ) | ||||||||||||||
Income (loss) from continuing operations before taxes and equity in losses of unconsolidated affiliates | (45.5 | ) | 7.0 | (10.6 | ) | (11.7 | ) | (33.9 | ) | (32.0 | ) | |||||||||||||||
Benefit for income taxes | (11.1 | ) | 11.1 | — | (1.2 | ) | 1.2 | — | (8.4 | ) | 8.4 | — | ||||||||||||||
"Normalized" tax rate @ 35% | 1.4 | 1.4 | (4.7 | ) | (4.7 | ) | (13.8 | ) | (13.8 | ) | ||||||||||||||||
Equity in loss of unconsolidated affiliates | 2.8 | 2.8 | 1.8 | 1.8 | 7.4 | 7.4 | ||||||||||||||||||||
Income (loss) from continuing operations | (37.2 | ) | 2.8 | (11.2 | ) | (8.8 | ) | (32.9 | ) | (25.6 | ) | |||||||||||||||
Loss from discontinued operations before taxes | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | (4.1 | ) | (4.1 | ) | ||||||||||||||
Benefit for income taxes | — | — | (0.1 | ) | (0.1 | ) | (1.6 | ) | (1.6 | ) | ||||||||||||||||
Loss from discontinued operations | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (2.5 | ) | (2.5 | ) | ||||||||||||||
Net income (loss) | (37.3 | ) | 2.7 | (11.3 | ) | (8.9 | ) | (35.4 | ) | (28.1 | ) | |||||||||||||||
Less: Net income attributed to non-controlling interest | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||
Income (loss) attributed to Louisiana-Pacific Corporation | $ | (37.3 | ) | $ | 2.7 | $ | (11.3 | ) | $ | (8.9 | ) | $ | (35.5 | ) | $ | (28.2 | ) | |||||||||
Income (loss) per share of common stock (basic and diluted): | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.27 | ) | $ | 0.02 | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.25 | ) | $ | (0.19 | ) | |||||||||
Loss from discontinued operations | — | — | — | — | (0.02 | ) | (0.02 | ) | ||||||||||||||||||
Net income (loss) per share | $ | (0.27 | ) | $ | 0.02 | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.27 | ) | $ | (0.21 | ) | |||||||||
Average shares of stock outstanding - basic and diluted | 137.0 | 137.0 | 136.6 | 136.6 | 131.4 | 131.4 | ||||||||||||||||||||
Amounts attributed to LP Corporation common shareholders | ||||||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (37.2 | ) | $ | 2.8 | $ | (11.2 | ) | $ | (8.8 | ) | $ | (33.0 | ) | $ | (25.6 | ) | |||||||||
Loss from discontinued operations, net of tax | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (2.5 | ) | (2.5 | ) | ||||||||||||||
$ | (37.3 | ) | $ | 2.7 | $ | (11.3 | ) | $ | (8.9 | ) | $ | (35.5 | ) | $ | (28.1 | ) |
As reported Six Months Ended June 30, 2012 | As Adjusted Six Months Ended June 30, 2012 | As reported Six Months Ended June 30, 2011 | As adjusted Six Months Ended June 30, 2011 | ||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
Net sales | $ | 789.3 | $ | 789.3 | $ | 694.1 | $ | 694.1 | |||||||||
Operating costs and expenses: | |||||||||||||||||
Cost of sales | 673.2 | 673.2 | 631.3 | 631.3 | |||||||||||||
Depreciation and amortization | 37.0 | 37.0 | 41.6 | 41.6 | |||||||||||||
Selling and administrative | 62.0 | 62.0 | 56.4 | 56.4 | |||||||||||||
Loss on sale or impairment of long-lived assets, net | 0.2 | (0.2 | ) | — | 8.0 | (8.0 | ) | — | |||||||||
Other operating credits and charges, net | — | — | — | (1.4 | ) | 1.4 | — | ||||||||||
Total operating costs and expenses | 772.4 | 772.2 | 735.9 | 729.3 | |||||||||||||
Income (loss) from operations | 16.9 | 17.1 | (41.8 | ) | (35.2 | ) | |||||||||||
Non-operating income (expense): | |||||||||||||||||
Interest expense, net of capitalized interest | (25.7 | ) | (1.0 | ) | (26.7 | ) | (28.4 | ) | (28.4 | ) | |||||||
Investment income | 7.6 | 7.6 | 7.5 | 7.5 | |||||||||||||
Early debt extinguishment | (52.2 | ) | 52.2 | — | — | ||||||||||||
Other non-operating items | (2.7 | ) | (2.7 | ) | 2.4 | 2.4 | |||||||||||
Total non-operating expense | (73.0 | ) | (21.8 | ) | (18.5 | ) | (18.5 | ) | |||||||||
Loss from continuing operations before taxes and equity in losses of unconsolidated affiliates | (56.1 | ) | (4.7 | ) | (60.3 | ) | (53.7 | ) | |||||||||
Benefit for income taxes | (12.3 | ) | 12.3 | — | (15.2 | ) | 15.2 | — | |||||||||
"Normalized" tax rate @ 35% | (3.3 | ) | (3.3 | ) | (22.5 | ) | (22.5 | ) | |||||||||
Equity in loss of unconsolidated affiliates | 4.6 | 4.6 | 10.7 | 10.7 | |||||||||||||
Loss from continuing operations | (48.4 | ) | (6.0 | ) | (55.8 | ) | (41.9 | ) | |||||||||
Loss from discontinued operations before taxes | (0.3 | ) | (0.3 | ) | (4.1 | ) | (4.1 | ) | |||||||||
Benefit for income taxes | (0.1 | ) | (0.1 | ) | (1.6 | ) | (1.6 | ) | |||||||||
Loss from discontinued operations | (0.2 | ) | (0.2 | ) | (2.5 | ) | (2.5 | ) | |||||||||
Net loss | (48.6 | ) | (6.2 | ) | (58.3 | ) | (44.4 | ) | |||||||||
Less: Net income attributed to non-controlling interest | — | — | 0.2 | 0.2 | |||||||||||||
Loss attributed to Louisiana-Pacific Corporation | $ | (48.6 | ) | $ | (6.2 | ) | $ | (58.5 | ) | $ | (44.6 | ) | |||||
Loss per share of common stock (basic and diluted): | |||||||||||||||||
Loss from continuing operations | $ | (0.35 | ) | $ | (0.04 | ) | $ | (0.43 | ) | $ | (0.32 | ) | |||||
Loss from discontinued operations | — | — | (0.02 | ) | (0.02 | ) | |||||||||||
Net loss per share | $ | (0.35 | ) | $ | (0.04 | ) | $ | (0.45 | ) | $ | (0.34 | ) | |||||
Average shares of stock outstanding - basic and diluted | 136.8 | 136.8 | 131.3 | 131.3 | |||||||||||||
Amounts attributed to LP Corporation common shareholders | |||||||||||||||||
Loss from continuing operations, net of tax | $ | (48.4 | ) | $ | (6.0 | ) | $ | (56.0 | ) | $ | (42.1 | ) | |||||
Loss from discontinued operations, net of tax | (0.2 | ) | (0.2 | ) | (2.5 | ) | (2.5 | ) | |||||||||
$ | (48.6 | ) | (6.2 | ) | $ | (58.5 | ) | $ | (44.6 | ) |