LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 6, 2013

Attached files

file filename
8-K - 8-K - LOUISIANA-PACIFIC CORPa063013lpx8k.htm
EX-99.1 - EXHIBIT 99.1 - LOUISIANA-PACIFIC CORPq22013pressrelease.htm
EX-99.3 - EXHIBIT 99.3 - LOUISIANA-PACIFIC CORPa063013lpxisreconciliation.htm




Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter ended June 30, 2013 and 2012.
Three Months Ended June 30, 2013 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
306.2

 
$
152.7

 
$
60.9

 
$
44.3

 
$
9.3

 
$
(0.8
)
 
$
572.6

Depreciation and amortization
10.6

 
4.4

 
2.6

 
2.5

 
0.2

 
0.5

 
20.8

Cost of sales and selling and administrative
206.7

 
121.2

 
61.4

 
35.5

 
10.7

 
22.7

 
458.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
5.4

 
5.4

Total operating costs
217.3

 
125.6

 
64.0

 
38.0

 
10.9

 
27.9

 
483.7

Income (loss) from operations
88.9

 
27.1

 
(3.1
)
 
6.3

 
(1.6
)
 
(28.7
)
 
88.9

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
25.6

 
25.6

Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
88.9

 
27.1

 
(3.1
)
 
6.3

 
(1.6
)
 
(3.1
)
 
114.5

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
24.4

 
24.4

Equity in (income) loss of unconsolidated affiliates
(6.5
)
 
—

 
2.0

 
—

 
0.4

 
—

 
(4.1
)
Income (loss) from continuing operations
$
95.4

 
$
27.1

 
$
(5.1
)
 
$
6.3

 
$
(2.0
)
 
$
(27.5
)
 
$
94.2

Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
95.4

 
$
27.1

 
$
(5.1
)
 
$
6.3

 
$
(2.0
)
 
$
(27.5
)
 
$
94.2

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
24.4

 
24.4

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
9.8

 
9.8

Depreciation and amortization
10.6

 
4.4

 
2.6

 
2.5

 
0.2

 
0.5

 
20.8

EBITDA from continuing operations
106.0

 
31.5

 
(2.5
)
 
8.8

 
(1.8
)
 
7.2

 
149.2

Stock based compensation expense
0.3

 
0.2

 
0.1

 
—

 
—

 
1.5

 
2.1

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Investment income
—

 
—

 
—

 
—

 
—

 
(3.1
)
 
(3.1
)
Gain on acquisition
—

 
—

 
—

 
—

 
—

 
(35.9
)
 
(35.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
5.4

 
5.4

Other operating credits and charges associated with unconsolidated affiliates
—

 
—

 
—

 
—

 
—

 
2.7

 
2.7

Depreciation included in equity in (income) loss of unconsolidated affiliates
1.4

 
—

 
0.1

 
—

 
0.8

 
—

 
2.3

Adjusted EBITDA from continuing operations
$
107.7

 
$
31.7

 
$
(2.3
)
 
$
8.8

 
$
(1.0
)
 
$
(22.9
)
 
$
122.0

 








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 expense
—

 
—

 
—

 
—

 
—

 
(64.5
)
 
(64.5
)
Income (loss) before income taxes and equity in loss 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 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 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








Six Months Ended June 30, 2013 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
592.9

 
$
286.5

 
$
124.3

 
$
89.4

 
$
18.4

 
$
(1.4
)
 
$
1,110.1

Depreciation and amortization
19.0

 
8.3

 
5.9

 
5.1

 
0.3

 
0.9

 
39.5

Cost of sales and selling and administrative
394.9

 
230.4

 
124.8

 
71.8

 
20.0

 
44.3

 
886.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
7.0

 
7.0

Total operating costs
413.9

 
238.7

 
130.7

 
76.9

 
20.3

 
51.5

 
932.0

Income (loss) from operations
179.0

 
47.8

 
(6.4
)
 
12.5

 
(1.9
)
 
(52.9
)
 
178.1

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
17.8

 
17.8

Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
179.0

 
47.8

 
(6.4
)
 
12.5

 
(1.9
)
 
(35.1
)
 
195.9

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
47.6

 
47.6

Equity in (income) loss of unconsolidated affiliates
(14.5
)
 
—

 
2.2

 
—

 
1.0

 
—

 
(11.3
)
Income (loss) from continuing operations
$
193.5

 
$
47.8

 
$
(8.6
)
 
$
12.5

 
$
(2.9
)
 
$
(82.7
)
 
$
159.6

Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
193.5

 
$
47.8

 
$
(8.6
)
 
$
12.5

 
$
(2.9
)
 
$
(82.7
)
 
$
159.6

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
47.6

 
47.6

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
20.4

 
20.4

Depreciation and amortization
19.0

 
8.3

 
5.9

 
5.1

 
0.3

 
0.9

 
39.5

EBITDA from continuing operations
212.5

 
56.1

 
(2.7
)
 
17.6

 
(2.6
)
 
(13.8
)
 
267.1

Stock based compensation expense
0.5

 
0.3

 
0.2

 
—

 
—

 
3.2

 
4.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Investment income
—

 
—

 
—

 
—

 
—

 
(6.6
)
 
(6.6
)
Gain on acquisition
—

 
—

 
—

 
—

 
—

 
(35.9
)
 
(35.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
7.0

 
7.0

Other operating credits and charges associated with unconsolidated affiliates
—

 
—

 
—

 
—

 
—

 
2.7

 
2.7

Depreciation included in equity in (income) loss of unconsolidated affiliates
3.4

 
—

 
0.1

 
—

 
1.6

 
—

 
5.1

Adjusted EBITDA from continuing operations
$
216.4

 
$
56.4

 
$
(2.4
)
 
$
17.6

 
$
(1.0
)
 
$
(44.1
)
 
$
242.9





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

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 expense
—

 
—

 
—

 
—

 
—

 
(73.0
)
 
(73.0
)
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
18.8

 
36.1

 
(6.3
)
 
6.7

 
—

 
(111.4
)
 
(56.1
)
Provision 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 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
)
Provision 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
)
Early debt extinguishment
—

 
—

 
—

 
—

 
—

 
52.2

 
52.2

Depreciation included in equity in loss 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

 


Stock widget

Investing forum

LOUISIANA-PACIFIC CORP Reports