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8-K - LPX 8K DATED 2/8/2013 - LOUISIANA-PACIFIC CORPa8k123112.htm
EX-99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORPexhibit991pressrelease1231.htm
EX-99.2 - EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORPexhibit992ebitdarec123112.htm


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
As reported Quarter Ended December 31, 2012
 
As Adjusted Quarter Ended December 31, 2012
 
As reported Quarter Ended September 30, 2012
 
As adjusted Quarter Ended September 30, 2012
 
As reported Quarter Ended December 31, 2011
 
As adjusted Quarter Ended December 31, 2011
 
Adjustments
Adjustments
 
Adjustments
Net sales
$
458.7

 
$
458.7

 
$
467.8

 
$
467.8

 
$
312.2

 
$
312.2

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
360.6

 
360.6

 
369.3

 
369.3

 
290.9

 
290.9

Depreciation and amortization
18.0

 
18.0

 
18.9

 
18.9

 
17.7

 
17.7

Selling and administrative
36.8

 
36.8

 
30.6

 
30.6

 
28.3

 
28.3

Loss on sale or impairment of long-lived assets, net
0.4

(0.4
)

 
4.3

(4.3
)

 
0.9

(0.9
)

Other operating credits and charges, net
(4.1
)
4.1


 
1.2

(1.2
)

 



Total operating costs and expenses
411.7

 
415.4

 
424.3

 
418.8

 
337.8

 
336.9

Income (loss) from operations
47.0

 
43.3

 
43.5

 
49.0

 
(25.6
)
 
(24.7
)
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(12.9
)
2.7

(10.2
)
 
(10.7
)
 
(10.7
)
 
(14.3
)
 
(14.3
)
Investment income
3.1

 
3.1

 
4.1

 
4.1

 
4.5


4.5

Other non-operating items
19.6

(20.0
)
(0.4
)
 
0.4

 
0.4

 
(14.2
)
14.8

0.6

Total non-operating income (expense)
9.8

 
(7.5
)
 
(6.2
)
 
(6.2
)
 
(24.0
)
 
(9.2
)
Income (loss) from continuing operations before taxes and equity in income (losses) of unconsolidated affiliates
56.8

 
35.8

 
37.3

 
42.8

 
(49.6
)
 
(33.9
)
Provision (benefit) for income taxes
12.0

(12.0
)

 
7.9

(7.9
)

 
(3.0
)
3.0


"Normalized" tax rate @ 35%

14.0

14.0

 

15.7

15.7

 

(15.4
)
(15.4
)
Equity in (income) loss of unconsolidated affiliates
(4.3
)
 
(4.3
)
 
(2.0
)
 
(2.0
)
 
10.2

 
10.2

Income (loss) from continuing operations
49.1

 
26.1

 
31.4

 
29.1

 
(56.8
)
 
(28.7
)
Loss from discontinued operations before taxes
(3.8
)
 
(3.8
)
 
(0.2
)
 
(0.2
)
 
0.2

 
0.2

Provision (benefit) for income taxes
(0.8
)
 
(0.8
)
 
(0.1
)
 
(0.1
)
 
0.6

 
0.6

Loss from discontinued operations
(3.0
)
 
(3.0
)
 
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
Net income (loss)
46.1

 
23.1

 
31.3

 
29.0

 
(57.2
)
 
(29.1
)
Less: Net income attributed to non-controlling interest

 

 

 

 

 

Income (loss) attributed to Louisiana-Pacific Corporation
$
46.1

 
$
23.1

 
$
31.3

 
$
29.0

 
$
(57.2
)
 
$
(29.1
)
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.35

 
$
0.19

 
$
0.23

 
$
0.21

 
$
(0.42
)
 
$
(0.21
)
Loss from discontinued operations
(0.02
)
 
(0.02
)
 

 

 

 

Net income (loss) per share
$
0.33

 
$
0.17

 
$
0.23

 
$
0.21

 
$
(0.42
)
 
$
(0.21
)
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.34

 
$
0.18

 
$
0.22

 
$
0.20

 
$
(0.42
)
 
$
(0.21
)
Loss from discontinued operations
(0.02
)
 
(0.02
)
 

 

 

 

Net income (loss) per share
$
0.32

 
$
0.16

 
$
0.22

 
$
0.20

 
$
(0.42
)
 
$
(0.21
)
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
138.6

 
138.6

 
137.1

 
137.1

 
136.3

 
136.3

Average shares of stock outstanding - diluted
143.3

 
143.3

 
142.6

 
142.6

 
136.3

 
136.3

Amounts attributed to LP Corporation common shareholders
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations, net of tax
$
49.1

 
$
26.1

 
$
31.4

 
$
29.1

 
$
(56.8
)
 
$
(28.7
)
Loss from discontinued operations, net of tax
(3.0
)
 
(3.0
)
 
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
 
$
46.1

 
$
23.1

 
$
31.3

 
$
29.0

 
$
(57.2
)
 
$
(29.1
)







 
As Reported Year Ended December 31, 2012
 
As Adjusted Year Ended December 31, 2012
 
As Reported Year Ended December 31, 2011
 
As Adjusted Year Ended December 31, 2011
 
Adjustments
Adjustments
Net sales
$
1,715.8

 
$
1,715.8

 
$
1,356.9

 
$
1,356.9

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of sales
1,403.1

 
1,403.1

 
1,244.2

 
1,244.2

Depreciation and amortization
73.9

 
73.9

 
78.9

 
78.9

Selling and administrative
129.4

 
129.4

 
111.2

 
111.2

Loss on sale or impairment of long-lived assets, net
4.9

(4.9
)

 
73.9

(73.9
)

Other operating credits and charges, net
(2.9
)
2.9


 
(11.2
)
11.2


Total operating costs and expenses
1,608.4

 
1,606.4

 
1,497.0

 
1,434.3

Income (loss) from operations
107.4

 
109.4

 
(140.1
)
 
(77.4
)
Non-operating income (expense):
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(49.3
)
2.0

(47.3
)
 
(56.9
)
 
(56.9
)
Investment income
14.8

 
14.8

 
13.5


13.5

Early debt extinguishment
(52.2
)
52.2


 

 

Other non-operating items
17.3

(20.0
)
(2.7
)
 
(0.6
)
(0.4
)
(1.0
)
Total non-operating income (expense)
(69.4
)
 
(35.2
)
 
(44.0
)
 
(44.4
)
Income (loss )from continuing operations before taxes and equity in (income) loss of unconsolidated affiliates
38.0

 
74.2

 
(184.1
)
 
(121.8
)
Provision (benefit) for income taxes
7.6

(7.6
)

 
(39.1
)
39.1


"Normalized" tax rate @ 35%

26.6

26.6

 

(52.0
)
(52.0
)
Equity in (income) loss of unconsolidated affiliates
(1.7
)
 
(1.7
)
 
26.9

 
26.9

Income (loss) from continuing operations
32.1

 
49.3

 
(171.9
)
 
(96.7
)
Loss from discontinued operations before taxes
(4.3
)
 
(4.3
)
 
(14.2
)
 
(14.2
)
Benefit for income taxes
(1.0
)
 
(1.0
)
 
(5.0
)
 
(5.0
)
Loss from discontinued operations
(3.3
)
 
(3.3
)
 
(9.2
)
 
(9.2
)
Net income (loss)
28.8

 
46.0

 
(181.1
)
 
(105.9
)
Less: Net income attributed to non-controlling interest

 

 
0.2

 
0.2

Income (loss) attributed to Louisiana-Pacific Corporation
$
28.8

 
$
46.0

 
$
(181.3
)
 
$
(106.1
)
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.23

 
$
0.36

 
$
(1.29
)
 
$
(0.73
)
Loss from discontinued operations
(0.02
)
 
(0.02
)
 
(0.07
)
 
(0.07
)
Net income (loss) per share
$
0.21

 
$
0.34

 
$
(1.36
)
 
$
(0.80
)
 
 
 
 
 
 
 
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.22

 
$
0.35

 
$
(1.29
)
 
$
(0.73
)
Loss from discontinued operations
(0.02
)
 
(0.02
)
 
(0.07
)
 
(0.07
)
Net income (loss) per share
$
0.20

 
$
0.33

 
$
(1.36
)
 
$
(0.80
)
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
137.1

 
137.1

 
133.2

 
133.2

Average shares of stock outstanding - diluted
142.6

 
142.6

 
133.2

 
133.2

 
 
 
 
 
 
 
 
Amounts attributed to LP Corporation common shareholders
 
 
 
 
 
 
 
Income (loss) from continuing operations, net of tax
$
32.1

 
$
49.3

 
$
(171.9
)
 
$
(96.9
)
Loss from discontinued operations, net of tax
(3.3
)
 
(3.3
)
 
(9.2
)
 
(9.2
)
 
$
28.8

 
46.0

 
$
(181.1
)
 
$
(106.1
)