Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LOUISIANA-PACIFIC CORP | a8k123114.htm |
| EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORP | exhibit991pressrelease1231.htm |
| EX-99.2 - EXHIBIT 99.2 - EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORP | exhibit992ebitdarec123114.htm |
Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
As reported Quarter Ended December 31, 2014 | As Adjusted Quarter Ended December 31, 2014 | As reported Quarter Ended September 30, 2014 | As adjusted Quarter Ended September 30, 2014 | As reported Quarter Ended December 31, 2013 | As adjusted Quarter Ended December 31, 2013 | |||||||||||||||||||||
Adjustments | Adjustments | Adjustments | ||||||||||||||||||||||||
Net sales | $ | 453.5 | $ | 453.5 | $ | 518.1 | $ | 518.1 | $ | 479.7 | $ | 479.7 | ||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of sales | 430.9 | 430.9 | 477.0 | 477.0 | 415.3 | 415.3 | ||||||||||||||||||||
Depreciation and amortization | 23.3 | 23.3 | 26.9 | 26.9 | 26.3 | 26.3 | ||||||||||||||||||||
Selling and administrative | 40.8 | — | 40.8 | 31.9 | 0.1 | 32.0 | 46.6 | (1 | ) | 45.6 | ||||||||||||||||
Loss on sale or impairment of long lived assets | 1.0 | (1.0 | ) | — | (3.6 | ) | 3.6 | — | 0.6 | (0.6 | ) | — | ||||||||||||||
Other operating credits and charges, net | 6.4 | (6.4 | ) | — | 0.5 | (0.5 | ) | — | 12.9 | (12.9 | ) | — | ||||||||||||||
Total operating costs and expenses | 502.4 | 495.0 | 532.7 | 535.9 | 501.7 | 487.2 | ||||||||||||||||||||
Income (loss) from operations | (48.9 | ) | (41.5 | ) | (14.6 | ) | (17.8 | ) | (22.0 | ) | (7.5 | ) | ||||||||||||||
Non-operating income (expense): | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (6.4 | ) | (1.5 | ) | (7.9 | ) | (8.3 | ) | (8.3 | ) | (8.0 | ) | 1.5 | (6.5 | ) | |||||||||||
Investment income | 1.1 | 1.1 | 0.9 | 0.9 | 2.0 | 2.0 | ||||||||||||||||||||
Other non-operating items | (1.3 | ) | — | (1.3 | ) | (1.3 | ) | — | (1.3 | ) | (2.3 | ) | — | (2.3 | ) | |||||||||||
Total non-operating income (expense) | (6.6 | ) | (8.1 | ) | (8.7 | ) | (8.7 | ) | (8.3 | ) | (6.8 | ) | ||||||||||||||
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (55.5 | ) | (49.6 | ) | (23.3 | ) | (26.5 | ) | (30.3 | ) | (14.3 | ) | ||||||||||||||
Provision (benefit) for income taxes | (11.3 | ) | 11.3 | — | (3.6 | ) | 3.6 | — | (10.5 | ) | 10.5 | — | ||||||||||||||
"Normalized" tax rate @ 35% | — | (17.3 | ) | (17.3 | ) | — | (8.8 | ) | (8.8 | ) | (4.7 | ) | (4.7 | ) | ||||||||||||
Equity in income of unconsolidated affiliates | (1.2 | ) | 1.0 | (0.2 | ) | (1.4 | ) | (1.4 | ) | (0.6 | ) | (0.6 | ) | |||||||||||||
Income (loss) from continuing operations | (43.0 | ) | (32.1 | ) | (18.3 | ) | (16.3 | ) | (19.2 | ) | (9.0 | ) | ||||||||||||||
Income (loss) from discontinued operations before tax | 0.2 | 0.2 | (3.2 | ) | (3.2 | ) | (1.9 | ) | (1.9 | ) | ||||||||||||||||
Provision (benefit) for income taxes | 0.1 | 0.1 | (1.1 | ) | (1.1 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||||||
Income (loss) from discontinued operations | 0.1 | 0.1 | (2.1 | ) | (2.1 | ) | (1.2 | ) | (1.2 | ) | ||||||||||||||||
Net income (loss) | $ | (42.9 | ) | $ | (32.0 | ) | $ | (20.4 | ) | $ | (18.4 | ) | $ | (20.4 | ) | $ | (10.2 | ) | ||||||||
Income (loss) per share of common stock (basic): | ||||||||||||||||||||||||||
Income (loss) per share from continuing operations | $ | (0.30 | ) | $ | (0.23 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.06 | ) | ||||||||
Loss per share from discontinued operations | — | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||||
Net Income (loss) per share | $ | (0.30 | ) | $ | (0.23 | ) | $ | (0.14 | ) | $ | (0.13 | ) | $ | (0.15 | ) | $ | (0.07 | ) | ||||||||
Income (loss) per share of common stock (diluted): | ||||||||||||||||||||||||||
Income (loss) per share from continuing operations | $ | (0.30 | ) | $ | (0.23 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.06 | ) | ||||||||
Income (loss) per share from discontinued operations | — | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||||
Net Income (loss) per share | $ | (0.30 | ) | $ | (0.23 | ) | $ | (0.14 | ) | $ | (0.13 | ) | $ | (0.15 | ) | $ | (0.07 | ) | ||||||||
Average shares of stock outstanding - basic | 141.7 | 141.7 | 140.8 | 140.8 | 140.6 | 140.6 | ||||||||||||||||||||
Average shares of stock outstanding - diluted | 141.7 | 141.7 | 140.8 | 140.8 | 140.6 | 140.6 | ||||||||||||||||||||
As Reported Year Ended December 31, 2014 | As Adjusted Year Ended December 31, 2014 | As Reported Year Ended December 31, 2013 | As Adjusted Year Ended December 31, 2013 | ||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
Net sales | $ | 1,934.8 | $ | 1,934.8 | $ | 2,085.2 | $ | 2,085.2 | |||||||||
Operating costs and expenses: | |||||||||||||||||
Cost of sales | 1,757.8 | 1,757.8 | 1,636.9 | 1,636.9 | |||||||||||||
Depreciation and amortization | 100.7 | 100.7 | 91.3 | 91.3 | |||||||||||||
Selling and administrative | 149.5 | (4.7 | ) | 144.8 | 150.2 | (6.3 | ) | 143.9 | |||||||||
Loss on sale or impairment of long-lived assets, net | (3.1 | ) | 3.1 | — | 0.2 | (0.2 | ) | — | |||||||||
Other operating credits and charges, net | 7.5 | (7.5 | ) | — | 3.8 | (3.8 | ) | — | |||||||||
Total operating costs and expenses | 2,012.4 | 2,003.3 | 1,882.4 | 1,872.1 | |||||||||||||
Income from operations | (77.6 | ) | (68.5 | ) | 202.8 | 213.1 | |||||||||||
Non-operating income (expense): | |||||||||||||||||
Interest expense, net of capitalized interest | (29.8 | ) | (1.5 | ) | (31.3 | ) | (36.0 | ) | (36.0 | ) | |||||||
Investment income | 5.5 | 5.5 | 10.3 | 10.3 | |||||||||||||
Early debt extinguishment | — | — | — | (2.3 | ) | 2.3 | — | ||||||||||
Other non-operating items | (3.1 | ) | 2.1 | (1.0 | ) | 31.8 | (35.8 | ) | (4.0 | ) | |||||||
Total non-operating income (expense) | (27.4 | ) | (26.8 | ) | 3.8 | (29.7 | ) | ||||||||||
Income from continuing operations before taxes and equity in income of unconsolidated affiliates | (105.0 | ) | (95.3 | ) | 206.6 | 183.4 | |||||||||||
Provision for income taxes | (27.2 | ) | 27.2 | — | 41.1 | (41.1 | ) | — | |||||||||
"Normalized" tax rate @ 35% | — | (32.2 | ) | (32.2 | ) | — | 68.7 | 68.7 | |||||||||
Equity in income of unconsolidated affiliates | (4.4 | ) | 1.0 | (3.4 | ) | (11.9 | ) | (2.7 | ) | (14.6 | ) | ||||||
Income from continuing operations | (73.4 | ) | (59.7 | ) | 177.4 | 129.3 | |||||||||||
Loss from discontinued operations before taxes | (3.0 | ) | (3.0 | ) | (0.4 | ) | (0.4 | ) | |||||||||
Benefit for income taxes | (1.0 | ) | (1.0 | ) | (0.1 | ) | (0.1 | ) | |||||||||
Loss from discontinued operations | (2.0 | ) | (2.0 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Net income | $ | (75.4 | ) | $ | (61.7 | ) | $ | 177.1 | $ | 129.0 | |||||||
Income (loss) per share of common stock (basic): | |||||||||||||||||
Income from continuing operations | $ | (0.52 | ) | $ | (0.42 | ) | $ | 1.27 | $ | 0.93 | |||||||
Loss from discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||
Net income per share | $ | (0.53 | ) | $ | (0.43 | ) | $ | 1.27 | $ | 0.92 | |||||||
Income (loss) per share of common stock (diluted): | |||||||||||||||||
Income from continuing operations | $ | (0.52 | ) | $ | (0.42 | ) | $ | 1.23 | $ | 0.90 | |||||||
Loss from discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||
Net income per share | $ | (0.53 | ) | $ | (0.43 | ) | $ | 1.23 | $ | 0.89 | |||||||
Average shares of stock outstanding - basic | 141.1 | 141.1 | 139.6 | 139.6 | |||||||||||||
Average shares of stock outstanding - diluted | 141.1 | 141.1 | 144.3 | 144.3 | |||||||||||||