ABOUT FORWARD-LOOKING STATEMENTS

Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 provide a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about their businesses and other matters as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statements. This report contains, and other reports and documents filed by us with the Securities and Exchange Commission (“the Commission”) may contain, forward-looking statements. These statements are or will be based upon the beliefs and assumptions of, and on information available to, our management.

The following statements are or may constitute forward-looking statements: (1) statements preceded by, followed by or that include words like “may,” “will,” “could,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “potential,” “continue” or “future” or the negative or other variations thereof and (2) other statements regarding matters that are not historical facts, including without limitation, plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, completion of anticipated asset sales and the adequacy of reserves for loss contingencies.

Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to the following:

• changes in general economic conditions;

• changes in the cost and availability of capital;

• changes in the level of home construction activity;

• changes in competitive conditions and prices for our products;

• changes in the relationship between supply of and demand for building products, including the effects of industry-wide increases in manufacturing capacity;

• changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products;

• changes in tax laws, and interpretations thereof;

• changes in the cost of and availability of energy, primarily natural gas, electricity and diesel fuel;

• changes in other significant operating expenses;

• changes in exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, EURO and the Chilean peso;

• changes in general and industry-specific environmental laws and regulations;

• changes in circumstances giving rise to environmental liabilities or expenditures;

• the resolution of product-related litigation and other legal proceedings; and

• acts of God or public authorities, war, civil unrest, fire, floods, earthquakes and other matters beyond our control.

In addition to the foregoing and any risks and uncertainties specifically identified in the text surrounding forward-looking statements, any statements in the reports and other documents filed by us with the Commission that warn of risks or uncertainties associated with future results, events or circumstances identify important factors that could cause actual results, events and circumstances to differ materially from those reflected in the forward-looking statements.

ABOUT THIRD PARTY INFORMATION

In this report, we rely on and refer to information regarding industry data obtained from market research, publicly available information, industry publications, U.S. government sources and other third parties. Although we believe the information is reliable, we cannot guarantee the accuracy or completeness of the information and have not independently verified it.

Item 1. Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE) (UNAUDITED)

	Quarter Ended September 30,						Nine Months Ended September 30,
	2004			2003			2004			2003

Net Sales	$	740.5		$	670.7		$	2,261.1		$	1,550.4

OPERATING COSTS AND EXPENSES
Cost of sales	462.3			399.4			1,286.1			1,101.6
Depreciation, amortization and cost of timber harvested	39.9			33.3			105.4			96.8
Selling and administrative	39.6			42.5			124.8			119.0
(Gain) loss on sale or impairment of long-lived assets	2.7			(22.5		)	12.5			(64.2		)
Other operating credits and charges, net	15.5			5.7			24.6			31.1
Total operating costs and expenses	560.0			458.4			1,553.4			1,284.3

Income from operations	180.5			212.3			707.7			266.1

NON-OPERATING INCOME (EXPENSE)
Foreign currency exchange gain (loss)	1.8			0.9			2.9			(0.8		)
Loss on early extinguishment of debt	(0.2		)	(1.5		)	(41.5		)	(1.5		)
Interest expense	(14.4		)	(22.0		)	(49.8		)	(67.2		)
Interest income	11.3			8.1			30.6			23.9
Total non-operating income (expense)	(1.5		)	(14.5		)	(57.8		)	(45.6		)

Income before taxes, minority interest, and equity in earnings of unconsolidated affliates	179.0			197.8			649.9			220.5
Provision for income taxes	73.2			88.1			243.8			99.3
Equity in (income) loss of unconsolidated affliates	(0.5		)	(0.7		)	(1.8		)	(0.3		)

Income from continuing operations before cumulative effect of change in accounting principle	106.3			110.4			407.9			121.5

DISCONTINUED OPERATIONS
Income (loss) from discontinued operations	3.0			22.8			(1.4		)	(20.7		)
Provision (benefit) for income taxes	1.2			8.7			(0.5		)	(7.8		)
Income (loss) from discontinued operations	1.8			14.1			(0.9		)	(12.9		)

Income (loss) before cumulative effect of change in accounting principle	108.1			124.5			407.0			108.6
Cumulative effect of change in accounting principle, net of tax	—			—			—			0.1
Net income (loss)	$	108.1		$	124.5		$	407.0		$	108.7

Net income (loss) per share of common stock:
Income from continuing operations	$	0.97		$	1.05		$	3.77		$	1.16
Income (loss) from discontinued operations	0.02			0.13			(0.01		)	(0.12		)
Cumulative effect of change in accounting principle	—			—			—

DELAWARE		93-0609074
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

414 Union Street, Suite 2000, Nashville, TN 37219
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (615) 986-5600