Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LOUISIANA-PACIFIC CORP | a063014lpx8k.htm |
| EX-99.1 - EXHIBIT - LOUISIANA-PACIFIC CORP | q22014pressrelease.htm |
| EX-99.3 - EXHIBIT - LOUISIANA-PACIFIC CORP | a063014lpxisreconciliation.htm |
Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2014 and 2013.
Three Months Ended June 30, 2014 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Sales | $ | 223.7 | $ | 169.7 | $ | 80.6 | $ | 41.9 | $ | 4.0 | $ | (1.4 | ) | $ | 518.5 | ||||||||||||
Depreciation and amortization | 13.5 | 4.3 | 3.9 | 2.6 | — | 0.6 | 24.9 | ||||||||||||||||||||
Cost of sales and selling and administrative | 215.7 | 139.5 | 82.9 | 35.3 | 5.3 | 18.7 | 497.4 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Total operating costs | 229.2 | 143.8 | 86.8 | 37.9 | 5.3 | 19.4 | 522.4 | ||||||||||||||||||||
Income (loss) from operations | (5.5 | ) | 25.9 | (6.2 | ) | 4.0 | (1.3 | ) | (20.8 | ) | (3.9 | ) | |||||||||||||||
Total non-operating expense | — | — | — | — | — | (1.9 | ) | (1.9 | ) | ||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates | (5.5 | ) | 25.9 | (6.2 | ) | 4.0 | (1.3 | ) | (22.7 | ) | (5.8 | ) | |||||||||||||||
Income tax benefit | — | — | — | — | — | (6.7 | ) | (6.7 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (1.2 | ) | — | — | — | (1.2 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | (5.5 | ) | $ | 25.9 | $ | (5.0 | ) | $ | 4.0 | $ | (1.3 | ) | $ | (16.0 | ) | $ | 2.1 | |||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (5.5 | ) | $ | 25.9 | $ | (5.0 | ) | $ | 4.0 | $ | (1.3 | ) | $ | (16.0 | ) | $ | 2.1 | |||||||||
Income tax benefit | — | — | — | — | — | (6.7 | ) | (6.7 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 7.4 | 7.4 | ||||||||||||||||||||
Depreciation and amortization | 13.5 | 4.3 | 3.9 | 2.6 | — | 0.6 | 24.9 | ||||||||||||||||||||
EBITDA from continuing operations | 8.0 | 30.2 | (1.1 | ) | 6.6 | (1.3 | ) | (14.7 | ) | 27.7 | |||||||||||||||||
Stock based compensation expense | 0.3 | 0.1 | 0.2 | — | — | 1.8 | 2.4 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (1.7 | ) | (1.7 | ) | ||||||||||||||||||
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — | — | — | — | — | (2.3 | ) | (2.3 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Depreciation included in equity in (income) loss of unconsolidated affiliates | — | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 8.3 | $ | 30.3 | $ | (0.8 | ) | $ | 6.6 | $ | (1.3 | ) | $ | (16.8 | ) | $ | 26.3 | ||||||||||
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 | $ | 3.7 | $ | (0.8 | ) | $ | 567.0 | ||||||||||||
Depreciation and amortization | 10.6 | 4.4 | 2.6 | 2.5 | — | 0.5 | 20.6 | ||||||||||||||||||||
Cost of sales and selling and administrative | 206.7 | 121.2 | 61.4 | 35.5 | 5.5 | 22.7 | 453.0 | ||||||||||||||||||||
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 | 5.5 | 27.9 | 478.3 | ||||||||||||||||||||
Income (loss) from operations | 88.9 | 27.1 | (3.1 | ) | 6.3 | (1.8 | ) | (28.7 | ) | 88.7 | |||||||||||||||||
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 | (1.8 | ) | (3.1 | ) | 114.3 | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | 24.3 | 24.3 | ||||||||||||||||||||
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 | $ | (2.2 | ) | $ | (27.4 | ) | $ | 94.1 | ||||||||||
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 | $ | (2.2 | ) | $ | (27.4 | ) | $ | 94.1 | ||||||||||
Provision for income taxes | — | — | — | — | — | 24.3 | 24.3 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 9.8 | 9.8 | ||||||||||||||||||||
Depreciation and amortization | 10.6 | 4.4 | 2.6 | 2.5 | — | 0.5 | 20.6 | ||||||||||||||||||||
EBITDA from continuing operations | 106.0 | 31.5 | (2.5 | ) | 8.8 | (2.2 | ) | 7.2 | 148.8 | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 5.4 | 5.4 | ||||||||||||||||||||
Other operating credit and charges associated with unconsolidated affiliates | — | — | — | — | — | 2.7 | 2.7 | ||||||||||||||||||||
Gain on acquisition | — | — | — | — | — | (35.9 | ) | (35.9 | ) | ||||||||||||||||||
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 | $ | (1.4 | ) | $ | (22.9 | ) | $ | 121.6 | ||||||||||
Six Months Ended June 30, 2014 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Sales | $ | 418.6 | $ | 313.2 | $ | 147.0 | $ | 78.5 | $ | 7.7 | $ | (1.8 | ) | $ | 963.2 | ||||||||||||
Depreciation and amortization | 27.1 | 8.5 | 8.5 | 4.9 | — | 1.5 | 50.5 | ||||||||||||||||||||
Cost of sales and selling and administrative | 398.9 | 259.6 | 148.4 | 65.4 | 9.7 | 44.7 | 926.7 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Total operating costs | 426.0 | 268.1 | 156.9 | 70.3 | 9.7 | 46.3 | 977.3 | ||||||||||||||||||||
Income (loss) from operations | (7.4 | ) | 45.1 | (9.9 | ) | 8.2 | (2.0 | ) | (48.1 | ) | (14.1 | ) | |||||||||||||||
Total non-operating expense | — | — | — | — | — | (12.1 | ) | (12.1 | ) | ||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates | (7.4 | ) | 45.1 | (9.9 | ) | 8.2 | (2.0 | ) | (60.2 | ) | (26.2 | ) | |||||||||||||||
Benefit for income taxes | — | — | — | — | — | (12.3 | ) | (12.3 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (1.8 | ) | — | — | — | (1.8 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | (7.4 | ) | $ | 45.1 | $ | (8.1 | ) | $ | 8.2 | $ | (2.0 | ) | $ | (47.9 | ) | $ | (12.1 | ) | ||||||||
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (7.4 | ) | $ | 45.1 | $ | (8.1 | ) | $ | 8.2 | $ | (2.0 | ) | $ | (47.9 | ) | $ | (12.1 | ) | ||||||||
Benefit for income taxes | — | — | — | — | — | (12.3 | ) | (12.3 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 15.1 | 15.1 | ||||||||||||||||||||
Depreciation and amortization | 27.1 | 8.5 | 8.5 | 4.9 | — | 1.5 | 50.5 | ||||||||||||||||||||
EBITDA from continuing operations | 19.7 | 53.6 | 0.4 | 13.1 | (2.0 | ) | (43.6 | ) | 41.2 | ||||||||||||||||||
Stock based compensation expense | 0.5 | 0.3 | 0.3 | — | — | 3.4 | 4.5 | ||||||||||||||||||||
Gain on sale or impairment of long lived assets | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (3.5 | ) | (3.5 | ) | ||||||||||||||||||
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — | — | — | — | — | 6.8 | 6.8 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Depreciation included in equity in (income) loss of unconsolidated affiliates | — | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 20.2 | $ | 53.9 | $ | 0.8 | $ | 13.1 | $ | (2.0 | ) | $ | (36.8 | ) | $ | 49.2 | |||||||||||
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 | $ | 6.4 | $ | (1.4 | ) | $ | 1,098.1 | ||||||||||||
Depreciation and amortization | 19.0 | 8.3 | 5.9 | 5.1 | — | 0.9 | 39.2 | ||||||||||||||||||||
Cost of sales and selling and administrative | 394.9 | 230.4 | 124.8 | 71.8 | 9.2 | 44.3 | 875.4 | ||||||||||||||||||||
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 | 9.2 | 51.5 | 920.9 | ||||||||||||||||||||
Income (loss) from operations | 179.0 | 47.8 | (6.4 | ) | 12.5 | (2.8 | ) | (52.9 | ) | 177.2 | |||||||||||||||||
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 | (2.8 | ) | (35.1 | ) | 195.0 | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | 47.2 | 47.2 | ||||||||||||||||||||
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 | $ | (3.8 | ) | $ | (82.3 | ) | $ | 159.1 | ||||||||||
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 | $ | (3.8 | ) | $ | (82.3 | ) | $ | 159.1 | ||||||||||
Provision for income taxes | — | — | — | — | — | 47.2 | 47.2 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 20.4 | 20.4 | ||||||||||||||||||||
Depreciation and amortization | 19.0 | 8.3 | 5.9 | 5.1 | — | 0.9 | 39.2 | ||||||||||||||||||||
EBITDA from continuing operations | 212.5 | 56.1 | (2.7 | ) | 17.6 | (3.8 | ) | (13.8 | ) | 265.9 | |||||||||||||||||
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 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 7.0 | 7.0 | ||||||||||||||||||||
Other operating credits and charges associated with joint ventures | — | — | — | — | — | 2.7 | 2.7 | ||||||||||||||||||||
Gain on acquisition | — | — | — | — | — | (35.9 | ) | (35.9 | ) | ||||||||||||||||||
Depreciation included in equity in 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 | $ | (2.2 | ) | $ | (44.1 | ) | $ | 241.7 | ||||||||||