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-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - LOUISIANA-PACIFIC CORP | ex993isreconciliation12312.htm |
Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2014 and 2013.
Three Months Ended December 31, 2014 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net sales | $ | 203.2 | $ | 140.9 | $ | 65.6 | $ | 35.9 | $ | 7.9 | $ | — | $ | 453.5 | |||||||||||||
Depreciation and amortization | 13.6 | 4.4 | 1.8 | 2.2 | 0.4 | 0.9 | 23.3 | ||||||||||||||||||||
Cost of sales and selling and administrative | 218.4 | 122.6 | 69.5 | 30.9 | 6.7 | 23.6 | 471.7 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 6.4 | 6.4 | ||||||||||||||||||||
Total operating costs | 232.0 | 127.0 | 71.3 | 33.1 | 7.1 | 31.9 | 502.4 | ||||||||||||||||||||
Income (loss) from operations | (28.8 | ) | 13.9 | (5.7 | ) | 2.8 | 0.8 | (31.9 | ) | (48.9 | ) | ||||||||||||||||
Total non-operating income | — | — | — | — | — | (6.6 | ) | (6.6 | ) | ||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates | (28.8 | ) | 13.9 | (5.7 | ) | 2.8 | 0.8 | (38.5 | ) | (55.5 | ) | ||||||||||||||||
Benefit for income taxes | — | — | — | — | — | (11.3 | ) | (11.3 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (0.2 | ) | — | — | (1.0 | ) | (1.2 | ) | |||||||||||||||||
Income (loss) from continuing operations | $ | (28.8 | ) | $ | 13.9 | $ | (5.5 | ) | $ | 2.8 | $ | 0.8 | $ | (26.2 | ) | $ | (43.0 | ) | |||||||||
Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (28.8 | ) | $ | 13.9 | $ | (5.5 | ) | $ | 2.8 | $ | 0.8 | $ | (26.2 | ) | $ | (43.0 | ) | |||||||||
Benefit for income taxes | — | — | — | — | — | (11.3 | ) | (11.3 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 6.4 | 6.4 | ||||||||||||||||||||
Depreciation and amortization | 13.6 | 4.4 | 1.8 | 2.2 | 0.4 | 0.9 | 23.3 | ||||||||||||||||||||
EBITDA from continuing operations | (15.2 | ) | 18.3 | (3.7 | ) | 5.0 | 1.2 | (30.2 | ) | (24.6 | ) | ||||||||||||||||
Stock based compensation expense | 0.2 | 0.2 | 0.2 | — | — | 1.9 | 2.5 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (1.1 | ) | (1.1 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 6.4 | 6.4 | ||||||||||||||||||||
Other operating credits and charges, associated with JV's | — | — | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||||||||||||
Depreciation included in equity in income of unconsolidated affiliates | — | — | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | (15.0 | ) | $ | 18.5 | $ | (3.6 | ) | $ | 5.0 | $ | 1.2 | $ | (22.9 | ) | $ | (16.8 | ) | |||||||||
Three Months Ended December 31, 2013 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net sales | $ | 229.8 | $ | 138.3 | $ | 67.4 | $ | 40.6 | $ | 7.2 | $ | (3.6 | ) | $ | 479.7 | ||||||||||||
Depreciation and amortization | 15.7 | 4.0 | 3.3 | 2.4 | 0.4 | 0.5 | 26.3 | ||||||||||||||||||||
Cost of sales and selling and administrative | 207.5 | 118.8 | 68.3 | 36.1 | 7.2 | 24.0 | 461.9 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 12.9 | 12.9 | ||||||||||||||||||||
Total operating costs | 223.2 | 122.8 | 71.6 | 38.5 | 7.6 | 38.0 | 501.7 | ||||||||||||||||||||
Income (loss) from operations | 6.6 | 15.5 | (4.2 | ) | 2.1 | (0.4 | ) | (41.6 | ) | (22.0 | ) | ||||||||||||||||
Total non-operating expense | — | — | — | — | — | (8.3 | ) | (8.3 | ) | ||||||||||||||||||
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 6.6 | 15.5 | (4.2 | ) | 2.1 | (0.4 | ) | (49.9 | ) | (30.3 | ) | ||||||||||||||||
Provision for income taxes | — | — | — | — | — | (10.5 | ) | (10.5 | ) | ||||||||||||||||||
Equity in (income) loss of unconsolidated affiliates | — | — | (0.6 | ) | — | — | — | (0.6 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 6.6 | $ | 15.5 | $ | (3.6 | ) | $ | 2.1 | $ | (0.4 | ) | $ | (39.4 | ) | $ | (19.2 | ) | |||||||||
Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 6.6 | $ | 15.5 | $ | (3.6 | ) | $ | 2.1 | $ | (0.4 | ) | $ | (39.4 | ) | $ | (19.2 | ) | |||||||||
Provision for income taxes | — | — | — | — | — | (10.5 | ) | (10.5 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 8.0 | 8.0 | ||||||||||||||||||||
Depreciation and amortization | 15.7 | 4.0 | 3.3 | 2.4 | 0.4 | 0.5 | 26.3 | ||||||||||||||||||||
EBITDA from continuing operations | 22.3 | 19.5 | (0.3 | ) | 4.5 | — | (41.4 | ) | 4.6 | ||||||||||||||||||
Stock based compensation expense | 0.3 | 0.1 | 0.2 | — | — | 1.6 | 2.2 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 0.6 | 0.6 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 12.9 | 12.9 | ||||||||||||||||||||
Gain on sale of joint venture | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||
Loss on early debt extinguishment | 1.5 | 1.5 | |||||||||||||||||||||||||
Expenses related to proposed acquisition of Ainsworth Lumber Co. Ltd. | 4.6 | 4.6 | |||||||||||||||||||||||||
Investment income | — | — | — | — | — | (2.0 | ) | (2.0 | ) | ||||||||||||||||||
Depreciation included in equity in (income) loss of unconsolidated affiliates | — | — | 0.1 | — | 0.4 | — | 0.5 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 22.6 | $ | 19.6 | $ | — | $ | 4.5 | $ | 0.4 | $ | (23.4 | ) | $ | 23.7 | ||||||||||||
Year Ended December 31, 2014 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Sales | $ | 855.2 | $ | 617.3 | $ | 281.0 | $ | 150.4 | $ | 32.8 | $ | (1.9 | ) | $ | 1,934.8 | ||||||||||||
Depreciation and amortization | 56.1 | 17.4 | 13.7 | 9.1 | 1.1 | 3.3 | 100.7 | ||||||||||||||||||||
Cost of sales and selling and administrative | 851.7 | 520.1 | 284.7 | 130.0 | 35.2 | 85.6 | 1,907.3 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 7.5 | 7.5 | ||||||||||||||||||||
Total operating costs | 907.8 | 537.5 | 298.4 | 139.1 | 36.3 | 93.3 | 2,012.4 | ||||||||||||||||||||
Income (loss) from operations | (52.6 | ) | 79.8 | (17.4 | ) | 11.3 | (3.5 | ) | (95.2 | ) | (77.6 | ) | |||||||||||||||
Total non-operating expense | — | — | — | — | — | (27.4 | ) | (27.4 | ) | ||||||||||||||||||
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (52.6 | ) | 79.8 | (17.4 | ) | 11.3 | (3.5 | ) | (122.6 | ) | (105.0 | ) | |||||||||||||||
Provision for income taxes | — | — | — | — | — | (27.2 | ) | (27.2 | ) | ||||||||||||||||||
Equity in (income) loss of unconsolidated affiliates | — | — | (3.4 | ) | — | — | (1.0 | ) | (4.4 | ) | |||||||||||||||||
Income (loss) from continuing operations | $ | (52.6 | ) | $ | 79.8 | $ | (14.0 | ) | $ | 11.3 | $ | (3.5 | ) | $ | (94.4 | ) | $ | (73.4 | ) | ||||||||
Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (52.6 | ) | $ | 79.8 | $ | (14.0 | ) | $ | 11.3 | $ | (3.5 | ) | $ | (94.4 | ) | $ | (73.4 | ) | ||||||||
Provision for income taxes | — | — | — | — | — | (27.2 | ) | (27.2 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 29.8 | 29.8 | ||||||||||||||||||||
Depreciation and amortization | 56.1 | 17.4 | 13.7 | 9.1 | 1.1 | 3.3 | 100.7 | ||||||||||||||||||||
EBITDA from continuing operations | 3.5 | 97.2 | (0.3 | ) | 20.4 | (2.4 | ) | (88.5 | ) | 29.9 | |||||||||||||||||
Stock based compensation expense | 0.9 | 0.7 | 0.5 | — | — | 7.3 | 9.4 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 7.5 | 7.5 | ||||||||||||||||||||
Other operating credits and charges, associated with JV's | — | — | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||||||
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — | — | — | — | — | 6.8 | 6.8 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (5.5 | ) | (5.5 | ) | ||||||||||||||||||
Depreciation included in equity in (income) loss of unconsolidated affiliates | — | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 4.4 | $ | 97.9 | $ | 0.3 | $ | 20.4 | $ | (2.4 | ) | $ | (76.5 | ) | $ | 44.1 | |||||||||||
Year Ended December 31, 2013 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Sales | $ | 1,068.1 | $ | 573.8 | $ | 250.4 | $ | 171.5 | $ | 30.6 | $ | (9.2 | ) | $ | 2,085.2 | ||||||||||||
Depreciation and amortization | 49.9 | 16.4 | 11.4 | 10.5 | 1.3 | 1.8 | 91.3 | ||||||||||||||||||||
Cost of sales and selling and administrative | 803.3 | 471.6 | 252.6 | 141.0 | 32.9 | 85.7 | 1,787.1 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 0.2 | 0.2 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||
Total operating costs | 853.2 | 488.0 | 264.0 | 151.5 | 34.2 | 91.5 | 1,882.4 | ||||||||||||||||||||
Income (loss) from operations | 214.9 | 85.8 | (13.6 | ) | 20.0 | (3.6 | ) | (100.7 | ) | 202.8 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 214.9 | 85.8 | (13.6 | ) | 20.0 | (3.6 | ) | (96.9 | ) | 206.6 | |||||||||||||||||
Provision for income taxes | — | — | — | — | — | 41.1 | 41.1 | ||||||||||||||||||||
Equity in (income) loss of unconsolidated affiliates | (15.4 | ) | — | 1.0 | — | 2.5 | — | (11.9 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 230.3 | $ | 85.8 | $ | (14.6 | ) | $ | 20.0 | $ | (6.1 | ) | $ | (138.0 | ) | $ | 177.4 | ||||||||||
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 230.3 | $ | 85.8 | $ | (14.6 | ) | $ | 20.0 | $ | (6.1 | ) | $ | (138.0 | ) | $ | 177.4 | ||||||||||
Provision for income taxes | — | — | — | — | — | 41.1 | 41.1 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 36.0 | 36.0 | ||||||||||||||||||||
Depreciation and amortization | 49.9 | 16.4 | 11.4 | 10.5 | 1.3 | 1.8 | 91.3 | ||||||||||||||||||||
EBITDA from continuing operations | 280.2 | 102.2 | (3.2 | ) | 30.5 | (4.8 | ) | (59.1 | ) | 345.8 | |||||||||||||||||
Stock based compensation expense | 1.0 | 0.6 | 0.6 | — | — | 6.6 | 8.8 | ||||||||||||||||||||
Loss on sales of and impairments of long-lived assets | — | — | — | — | — | 0.2 | 0.2 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||
Other operating credit and charges, associated with JV's | 2.7 | 2.7 | |||||||||||||||||||||||||
Gain on acquisition | (35.9 | ) | (35.9 | ) | |||||||||||||||||||||||
Gain on sale of joint venture | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||
Early debt extinguishment | — | — | — | — | — | 2.3 | 2.3 | ||||||||||||||||||||
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — | — | — | — | — | 7.6 | 7.6 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (10.3 | ) | (10.3 | ) | ||||||||||||||||||
Depreciation included in equity in loss of unconsolidated affiliates | 3.4 | — | 0.2 | — | 2.8 | — | 6.4 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 284.6 | $ | 102.8 | $ | (2.4 | ) | $ | 30.5 | $ | (2.0 | ) | $ | (83.3 | ) | $ | 330.2 | ||||||||||