LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - February 8, 2017

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EX-99.2 - EXHIBIT 99.2 - EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORPexhibit992ebitdarec123116.htm
EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORPexhibit991pressrelease1231.htm
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Exhibit 99.3 Reconciliation of Adjusted income (loss) from continuing operations
 
As reported Quarter Ended December 31, 2016
 
As Adjusted Quarter Ended December 31, 2016
 
As reported Quarter Ended September 30, 2016
 
As adjusted Quarter Ended September 30, 2016
 
As reported Quarter Ended December 31, 2015
 
As adjusted Quarter Ended December 31, 2015
 
Adjustments
Adjustments
 
Adjustments
Net sales
$
550.0

 
$
550.0

 
$
596.4

 
$
596.4

 
$
462.9

 
$
462.9

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
422.8

 
422.8

 
442.6

 
442.6

 
395.3

 
395.3

Depreciation and amortization
26.8

 
26.8

 
29.6

 
29.6

 
24.0

 
24.0

Selling and administrative
47.8


47.8

 
47.0


47.0

 
37.9

—

37.9

(Gain) loss on sale or impairment of long lived assets, net
(9.4
)
9.4

—

 
0.3

(0.3
)
—

 
0.6

(0.6
)
—

Other operating credits and charges, net
6.0

(6.0
)
—

 
—

—

—

 
3.7

(3.7
)
—

Total operating costs and expenses
494.0

 
497.4

 
519.5

 
519.2

 
461.5

 
457.2

Income from operations
56.0

 
52.6

 
76.9

 
77.2

 
1.4

 
5.7

Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(5.8
)
0.3

(5.5
)
 
(9.0
)
1.0

(8.0
)
 
(8.1
)
—

(8.1
)
Investment income
1.8

 
1.8

 
2.5

 
2.5

 
1.5

 
1.5

Other non-operating items
(3.4
)
4.1

0.7

 
(13.7
)
13.2

(0.5
)
 
0.2



0.2

Total non-operating income (expense)
(7.4
)
 
(3.0
)
 
(20.2
)
 
(6.0
)
 
(6.4
)
 
(6.4
)
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates
48.6

 
49.6

 
56.7

 
71.2

 
(5.0
)
 
(0.7
)
Provision (benefit) for income taxes
6.7

(6.7
)
—

 
(7.5
)
7.5

—

 
5.0

(5.0
)
—

"Normalized" tax rate @ 35%
—

17.6

17.6

 
—

25.4

25.4

 
 
0.4

0.4

Equity in income of unconsolidated affiliates
(0.8
)

(0.8
)
 
(1.4
)
 
(1.4
)
 
(2.6
)
0.7

(1.9
)
Income (loss) from continuing operations
42.7

 
32.8

 
65.6

 
47.2

 
(7.4
)
 
0.8

Loss from discontinued operations before tax
(0.8
)
 
(0.8
)
 
—

 
—

 
(0.3
)
 
(0.3
)
Benefit for income taxes
(0.3
)
 
(0.3
)
 
—

 
—

 
(0.1
)
 
(0.1
)
Loss from discontinued operations
(0.5
)
 
(0.5
)
 
—

 
—

 
(0.2
)
 
(0.2
)
Net income (loss)
$
42.2

 
$
32.3

 
$
65.6

 
$
47.2

 
$
(7.6
)
 
$
0.6

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
Income (loss) per share from continuing operations
$
0.30

 
$
0.23

 
$
0.46

 
$
0.33

 
$
(0.05
)
 
$
0.01

Loss from discontinued operations
(0.01
)
 
—

 
—

 
—

 
—

 
—

Net Income (loss) per share - basic
$
0.29

 
$
0.23

 
$
0.46

 
$
0.33

 
$
(0.05
)
 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.29

 
$
0.23

 
$
0.45

 
$
0.32

 
$
(0.05
)
 
$
0.01

Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

Net Income (loss) per share
$
0.29

 
$
0.23

 
$
0.45

 
$
0.32

 
$
(0.05
)
 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
143.7

 
143.7

 
143.7

 
143.7

 
142.7

 
142.7

Average shares of stock outstanding - diluted
145.5

 
145.5

 
145.4

 
145.4

 
142.7

 
142.7






 
As Reported Year Ended December 31, 2016
 
As Adjusted Year Ended December 31, 2016
 
As Reported Year Ended December 31, 2015
 
As Adjusted Year Ended December 31, 2015
 
Adjustments
Adjustments
Net sales
$
2,233.4

 
$
2,233.4

 
$
1,892.5

 
$
1,892.5

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of sales
1,724.0

 
1,724.0

 
1,682.7

 
1,682.7

Depreciation and amortization
112.8

 
112.8

 
101.9

 
101.9

Selling and administrative
183.6


183.6

 
152.8


152.8

(Gain) Loss on sale or impairment of long-lived assets, net
(8.4
)
8.4

—

 
2.1

(2.1
)
—

Other operating credits and charges, net
17.4

(17.4
)
—

 
16.3

(16.3
)
—

Total operating costs and expenses
2,029.4

 
2,020.4

 
1,955.8

 
1,937.4

Income (loss) from operations
204.0

 
213.0

 
(63.3
)
 
(44.9
)
Non-operating income (expense):
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(32.1
)
2.8

(29.3
)
 
(31.2
)
 
(31.2
)
Investment income
8.2

 
8.2

 
4.4



4.4

Other non-operating items
(15.2
)
17.3

2.1

 
(5.3
)


(5.3
)
Total non-operating income (expense)
(39.1
)
 
(19.0
)
 
(32.1
)
 
(32.1
)
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates
164.9

 
194.0

 
(95.4
)
 
(77.0
)
Provision (benefit) for income taxes
19.8

(19.8
)
—

 
(2.7
)
2.7

—

"Normalized" tax rate @ 35%
—

69.7

69.7

 
—

(24.9
)
(24.9
)
Equity in income of unconsolidated affiliates
(5.2
)
—

(5.2
)
 
(6.7
)
0.7

(6.0
)
Income (loss) from continuing operations
150.3

 
129.5

 
(86.0
)
 
(46.1
)
Loss from discontinued operations before taxes
(0.8
)
 
(0.8
)
 
(3.2
)
 
(3.2
)
Benefit for income taxes
(0.3
)
 
(0.3
)
 
(1.1
)
 
(1.1
)
Loss from discontinued operations
(0.5
)
 
(0.5
)
 
(2.1
)
 
(2.1
)
Net income (loss)
$
149.8

 
$
129.0

 
$
(88.1
)
 
$
(48.2
)
 
 
 
 
 
 
 
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.05

 
$
0.90

 
$
(0.60
)
 
$
(0.32
)
Loss from discontinued operations
(0.01
)
 
—

 
(0.02
)
 
(0.02
)
Net income (loss) per share
$
1.04

 
$
0.90

 
$
(0.62
)
 
$
(0.34
)
 
 
 
 
 
 
 
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.03

 
$
0.89

 
$
(0.60
)
 
$
(0.32
)
Loss from discontinued operations
—

 
—

 
(0.02
)
 
(0.02
)
Net income (loss) per share
$
1.03

 
$
0.89

 
$
(0.62
)
 
$
(0.34
)
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
143.4

 
143.4

 
142.4

 
142.4

Average shares of stock outstanding - diluted
145.3

 
145.3

 
142.4

 
142.4




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