LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - August 6, 2013

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Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended June 30, 2013
Adjustments
As adjusted Quarter Ended June 30, 2013
 
As reported Quarter Ended March 31, 2013
Adjustments
As adjusted Quarter Ended March 31, 2013
 
As reported Quarter Ended June 30, 2012
Adjustments
As adjusted Quarter Ended June 30, 2012
 
 
Net sales
$
572.6

 
$
572.6

 
$
537.5

 
$
537.5

 
$
427.8

 
$
427.8

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
422.7

 
422.7

 
392.6

 
392.6

 
359.9

 
359.9

 
Depreciation and amortization
20.8

 
20.8

 
18.7

 
18.7

 
17.9

 
17.9

 
Selling and administrative
35.5

 
35.5

 
35.4

 
35.4

 
30.7

 
30.7

 
(Gain) loss on sale or impairment of long-lived assets, net
(0.7
)
0.7

—

 
—

—

—

 
0.1

(0.1
)
—

 
Other operating credits and charges, net
5.4

(5.4
)
—

 
1.6

(1.6
)
—

 
0.2

(0.2
)
—

 
Total operating costs and expenses
483.7

 
479.0

 
448.3

 
446.7

 
408.8

 
408.5

 
Income from operations
88.9

 
93.6

 
89.2

 
90.8

 
19.0

 
19.3

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(9.8
)
 
(9.8
)
 
(10.6
)
 
(10.6
)
 
(13.1
)
 
(13.1
)
 
Investment income
3.1

 
3.1

 
3.5

 
3.5

 
3.4

 
3.4

 
Early debt extinguishment
—

 
—

 
—

 
—

 
(52.2
)
52.2

—

 
Gain on acquisition
35.9

(35.9
)
—

 
—

 
—

 
 
 
 
 
Other non-operating items
(3.6
)
 
(3.6
)
 
(0.7
)
 
(0.7
)
 
(2.6
)
 
(2.6
)
 
Total non-operating income (expense)
25.6

 
(10.3
)
 
(7.8
)
 
(7.8
)
 
(64.5
)
 
(12.3
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
114.5

 
83.3

 
81.4

 
83.0

 
(45.5
)
 
7.0

 
Provision (benefit) for income taxes
24.4

(24.4
)
—

 
23.2

(23.2
)
—

 
(11.1
)
11.1

—

 
"Normalized" tax rate @ 35%
—

30.9

30.9

 
—

31.6

31.6

 
—

1.4

1.4

 
Equity in (income) loss of unconsolidated affiliates
(4.1
)
(2.7
)
(6.8
)
 
(7.2
)
 
(7.2
)
 
2.8

 
2.8

 
Income (loss) from continuing operations
94.2

 
59.2

 
65.4

 
58.6

 
(37.2
)
 
2.8

 
Loss from discontinued operations before taxes
(0.2
)
 
(0.2
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Benefit for income taxes
(0.1
)
 
(0.1
)
 
—

 
—

 
—

 
—

 
Loss from discontinued operations
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Net income (loss)
$
94.1

 
$
59.1

 
65.3

 
$
58.5

 
$
(37.3
)
 
$
2.7

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.68

 
$
0.43

 
$
0.47

 
$
0.42

 
$
(0.27
)
 
$
0.02

 
Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
0.68

 
$
0.43

 
$
0.47

 
$
0.42

 
$
(0.27
)
 
$
0.02

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.65

 
$
0.41

 
$
0.45

 
$
0.41

 
$
(0.27
)
 
$
0.02

 
Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
0.65

 
$
0.41

 
$
0.45

 
$
0.41

 
$
(0.27
)
 
$
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
139.1

 
139.1

 
138.4

 
138.4

 
137.0

 
137.0

 
Average shares of stock outstanding - diluted
144.1

 
144.1

 
144.4

 
144.4

 
137.0

 
137.0





 
 
As reported Six Months Ended June 30, 2013
Adjustments
As Adjusted Six Months Ended June 30, 2013
 
As reported Six Months Ended June 30, 2012
Adjustments
As Adjusted Six Months Ended June 30, 2012
 
 
Net sales
$
1,110.1

 
$
1,110.1

 
$
789.3

 
$
789.3

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
815.3

 
815.3

 
673.2

 
673.2

 
Depreciation and amortization
39.5

 
39.5

 
37.0

 
37.0

 
Selling and administrative
70.9

 
70.9

 
62.0

 
62.0

 
Loss on sale or impairment of long-lived assets, net
(0.7
)
0.7

—

 
0.2

(0.2
)
—

 
Other operating credits and charges, net
7.0

(7.0
)
—

 
—

—

—

 
Total operating costs and expenses
932.0

 
925.7

 
772.4

 
772.2

 
Income (loss) from operations
178.1

 
184.4

 
16.9

 
17.1

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(20.4
)
 
(20.4
)
 
(25.7
)
(1.0
)
(26.7
)
 
Investment income
6.6

 
6.6

 
7.6

 
7.6

 
Early debt extinguishment
—

 
—

 
(52.2
)
52.2

—

 
Gain on acquisition
35.9

(35.9
)
—

 
—

 
—

 
Other non-operating items
(4.3
)
 
(4.3
)
 
(2.7
)
 
(2.7
)
 
Total non-operating income (expense)
17.8

 
(18.1
)
 
(73.0
)
 
(21.8
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
195.9

 
166.3

 
(56.1
)
 
(4.7
)
 
Provision (benefit) for income taxes
47.6

(47.6
)
—

 
(12.3
)
12.3

—

 
"Normalized" tax rate @ 35%
—

62.5

62.5

 
—

(3.3
)
(3.3
)
 
Equity in (income) loss of unconsolidated affiliates
(11.3
)
(2.7
)
(14.0
)
 
4.6

 
4.6

 
Income (loss) from continuing operations
159.6

 
117.8

 
(48.4
)
 
(6.0
)
 
Loss from discontinued operations before taxes
(0.3
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
Benefit for income taxes
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Loss from discontinued operations
(0.2
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
 
Net income (loss)
$
159.4

 
$
117.6

 
$
(48.6
)
 
$
(6.2
)
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.15

 
$
0.85

 
$
(0.35
)
 
$
(0.04
)
 
Loss from discontinued operations
—

 
—

 
—

 
—

 
Net income (loss) per share
$
1.15

 
$
0.85

 
$
(0.35
)
 
$
(0.04
)
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.10

 
$
0.82

 
$
(0.35
)
 
$
(0.04
)
 
Loss from discontinued operations
—

 
—

 
—

 
—

 
Net income (loss) per share
$
1.10

 
$
0.82

 
$
(0.35
)
 
$
(0.04
)
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
138.8

 
138.8

 
136.8

 
136.8

 
Average shares of stock outstanding - diluted
144.3

 
144.3

 
136.8

 
136.8




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