LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT - August 5, 2014

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Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended June 30, 2014
Adjustments
As adjusted Quarter Ended June 30, 2014
 
As reported Quarter Ended March 31, 2014
Adjustments
As adjusted Quarter Ended March 31, 2014
 
As reported Quarter Ended June 30, 2013
Adjustments
As adjusted Quarter Ended June 30, 2013
 
 
Net sales
$
518.5

 
$
518.5

 
$
444.7

 
$
444.7

 
$
567.0

 
$
567.0

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
461.5

 
461.5

 
388.4

 
388.4

 
418.0

 
418.0

 
Depreciation and amortization
24.9

 
24.9

 
25.6

 
25.6

 
20.6

 
20.6

 
Selling and administrative
35.9

(1.4
)
34.5

 
40.9

(3.3
)
37.6

 
35.0

 
35.0

 
Gain on sale or impairment of long-lived assets, net
(0.5
)
0.5

—

 
—

—

—

 
(0.7
)
0.7

—

 
Other operating credits and charges, net
0.6

(0.6
)
—

 
—

—

—

 
5.4

(5.4
)
—

 
Total operating costs and expenses
522.4

 
520.9

 
454.9

 
451.6

 
478.3

 
473.6

 
Income (loss) from operations
(3.9
)
 
(2.4
)
 
(10.2
)
 
(6.9
)
 
88.7

 
93.4

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(7.4
)
 
(7.4
)
 
(7.7
)
 
(7.7
)
 
(9.8
)
 
(9.8
)
 
Investment income
1.7

 
1.7

 
1.8

 
1.8

 
3.1

 
3.1

 
Other non-operating items
3.8

(3.7
)
0.1

 
(4.3
)
5.8

1.5

 
32.3

(35.9
)
(3.6
)
 
Total non-operating income (expense)
(1.9
)
 
(5.6
)
 
(10.2
)
 
(4.4
)
 
25.6

 
(10.3
)
 
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates
(5.8
)
 
(8.0
)
 
(20.4
)
 
(11.3
)
 
114.3

 
83.1

 
Provision (benefit) for income taxes
(6.7
)
6.7

—

 
(5.6
)
5.6

—

 
24.3

(24.3
)
—

 
"Normalized" tax rate @ 35%
—

(2.4
)
(2.4
)
 
—

(3.7
)
(3.7
)
 
—

31.5

31.5

 
Equity in income of unconsolidated affiliates
(1.2
)
 
(1.2
)
 
(0.6
)
—

(0.6
)
 
(4.1
)
(2.7
)
(6.8
)
 
Income (loss) from continuing operations
2.1

 
(4.4
)
 
(14.2
)
 
(7.0
)
 
94.1

 
58.4

 
Income from discontinued operations before taxes
—

 
—

 
—

 
—

 
0.2

 
0.2

 
Provision for income taxes
—

 
—

 
—

 
—

 
—

 
—

 
Income from discontinued operations
—

 
—

 
—

 
—

 
0.2

 
0.2

 
Net income (loss)
$
2.1

 
$
(4.4
)
 
(14.2
)
 
$
(7.0
)
 
$
94.3

 
$
58.6

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.01

 
$
(0.03
)
 
$
(0.10
)
 
$
(0.05
)
 
$
0.67

 
$
0.42

 
Income from discontinued operations
—

 
—

 
—

 
—

 
0.01

 
—

 
Net income (loss) per share
$
0.01

 
$
(0.03
)
 
$
(0.10
)
 
$
(0.05
)
 
$
0.68

 
$
0.42

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.01

 
$
(0.03
)
 
$
(0.10
)
 
$
(0.05
)
 
$
0.65

 
$
0.41

 
Income from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
0.01

 
$
(0.03
)
 
$
(0.10
)
 
$
(0.05
)
 
$
0.65

 
$
0.41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.8

 
140.8

 
140.8

 
140.8

 
139.1

 
139.1

 
Average shares of stock outstanding - diluted
144.0

 
140.8

 
140.8

 
140.8

 
144.1

 
144.1





 
 
As reported Six Months Ended June 30, 2014
Adjustments
As adjusted Six Months Ended June 30, 2014
 
As reported Six Months Ended June 30, 2013
Adjustments
As adjusted Six Months Ended June 30, 2013
 
 
 
Net sales
$
963.2

 
$
963.2

 
$
1,098.1

 
$
1,098.1

 
 
Operating costs and expenses:
 
 
—

 
 
 
 
 
 
Cost of sales
849.9

 
849.9

 
805.2

 
805.2

 
 
Depreciation and amortization
50.5

 
50.5

 
39.2

 
39.2

 
 
Selling and administrative
76.8

(4.7
)
72.1

 
70.2

—

70.2

 
 
Gain on sale or impairment of long-lived assets, net
(0.5
)
0.5

—

 
(0.7
)
0.7

—

 
 
Other operating credits and charges, net
0.6

(0.6
)
—

 
7.0

(7.0
)
—

 
 
Total operating costs and expenses
977.3

 
972.5

 
920.9

 
914.6

 
 
Income (loss) from operations
(14.1
)
 
(9.3
)
 
177.2

 
183.5

 
 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(15.1
)
 
(15.1
)
 
(20.4
)
 
(20.4
)
 
 
Investment income
3.5

 
3.5

 
6.6

 
6.6

 
 
Other non-operating items
(0.5
)
2.1

1.6

 
31.6

(35.9
)
(4.3
)
 
 
Total non-operating income (expense)
(12.1
)
 
(10.0
)
 
17.8

 
(18.1
)
 
 
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates
(26.2
)
 
(19.3
)
 
195.0

 
165.4

 
 
Provision (benefit) for income taxes
(12.3
)
12.3

—

 
47.2

(47.2
)
—

 
 
"Normalized" tax rate @ 35%
—

(6.1
)
(6.1
)
 
—

62.8

62.8

 
 
Equity in income of unconsolidated affiliates
(1.8
)
 
(1.8
)
 
(11.3
)
(2.7
)
(14.0
)
 
 
Income (loss) from continuing operations
(12.1
)
 
(11.4
)
 
159.1

 
116.6

 
 
Income from discontinued operations before taxes
—

 
—

 
0.5

 
0.5

 
 
Provision for income taxes
—

 
—

 
0.2

 
0.2

 
 
Income from discontinued operations
—

 
—

 
0.3

 
0.3

 
 
Net income (loss)
$
(12.1
)
 
$
(11.4
)
 
159.4

 
$
116.9

 
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.09
)
 
$
(0.08
)
 
$
1.14

 
$
0.83

 
 
Income from discontinued operations
—

 
—

 
0.01

 
0.01

 
 
Net income (loss) per share
$
(0.09
)
 
$
(0.08
)
 
$
1.15

 
$
0.84

 
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.09
)
 
$
(0.08
)
 
$
1.10

 
$
0.81

 
 
Income from discontinued operations
—

 
—

 
—

 
—

 
 
Net income (loss) per share
$
(0.09
)
 
$
(0.08
)
 
$
1.10

 
$
0.81

 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.8

 
140.8

 
138.8

 
138.8

 
 
Average shares of stock outstanding - diluted
140.8

 
140.8

 
144.3

 
144.3

 



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