LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - RECONCILIATION OF ADJUSTED EBITDA - November 7, 2011

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Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2011 and 2010.
 
Three Months Ended September 30, 2011 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
Other
 
Corporate
 
Total
Sales
$
138.8

 
$
112.0

 
$
54.9

 
$
45.8

 
$
(0.9
)
 
$
350.6

Depreciation and amortization
9.1

 
3.9

 
2.9

 
3.1

 
0.6

 
19.6

Cost of sales and selling and administrative
141.7

 
96.3

 
55.5

 
41.3

 
13.7

 
348.5

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
65.0

 
65.0

Other operating credits and charges, net
—

 
—

 
—

 
—

 
(9.8
)
 
(9.8
)
Total operating costs
150.8

 
100.2

 
58.4

 
44.4

 
69.5

 
423.3

Loss from operations
(12.0
)
 
11.8

 
(3.5
)
 
1.4

 
(70.4
)
 
(72.7
)
Total non-operating income (expense)
 
 
 
 
 
 
 
 
(1.5
)
 
(1.5
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(12.0
)
 
11.8

 
(3.5
)
 
1.4

 
(71.9
)
 
(74.2
)
Benefit for income taxes
 
 
 
 
 
 
 
 
(20.9
)
 
(20.9
)
Equity in loss of unconsolidated affiliates
4.0

 
—

 
(0.3
)
 
2.3

 
—

 
6.0

Loss from continuing operations
(16.0
)
 
11.8

 
(3.2
)
 
(0.9
)
 
(51.0
)
 
(59.3
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
(16.0
)
 
11.8

 
(3.2
)
 
(0.9
)
 
(51.0
)
 
(59.3
)
Benefit for income taxes
—

 
—

 
—

 
—

 
(20.9
)
 
(20.9
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
14.2

 
14.2

Depreciation and amortization
9.1

 
3.9

 
2.9

 
3.1

 
0.6

 
19.6

EBITDA from continuing operations
(6.9
)
 
15.7

 
(0.3
)
 
2.2

 
(57.1
)
 
(46.4
)
Stock based compensation expense
0.2

 
0.1

 
0.1

 
—

 
1.1

 
1.5

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
65.0

 
65.0

Investment income
 
 
 
 
 
 
 
 
(16.7
)
 
(16.7
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
(9.8
)
 
(9.8
)
Adjusted EBITDA from continuing operations
$
(6.7
)
 
$
15.8

 
$
(0.2
)
 
$
2.2

 
$
(17.5
)
 
$
(6.4
)




Three Months Ended September 30, 2010
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
Other
 
Corporate
 
Total
Sales
$
140.1

 
$
104.6

 
$
38.0

 
$
41.2

 
$
(1.1
)
 
$
322.8

Depreciation and amortization
9.4

 
3.6

 
2.3

 
2.8

 
0.6

 
18.7

Cost of sales and selling and administrative
133.3

 
91.7

 
40.3

 
36.7

 
14.8

 
316.8

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
0.9

 
0.9

Other operating credits and charges, net
—

 
—

 
—

 
—

 
2.3

 
2.3

Total operating costs
142.7

 
95.3

 
42.6

 
39.5

 
18.6

 
338.7

Loss from operations
(2.6
)
 
9.3

 
(4.6
)
 
1.7

 
(19.7
)
 
(15.9
)
Total non-operating income (expense)
 
 
 
 
 
 
 
 
(27.7
)
 
(27.7
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(2.6
)
 
9.3

 
(4.6
)
 
1.7

 
(47.4
)
 
(43.6
)
Benefit for income taxes
 
 
 
 
 
 
 
 
(16.4
)
 
(16.4
)
Equity in (income) loss of unconsolidated affiliates
2.4

 
—

 
0.3

 
1.0

 
—

 
3.7

Loss from continuing operations
(5.0
)
 
9.3

 
(4.9
)
 
0.7

 
(31.0
)
 
(30.9
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
(5.0
)
 
9.3

 
(4.9
)
 
0.7

 
(31.0
)
 
(30.9
)
Benefit for income taxes
—

 
—

 
—

 
—

 
(16.4
)
 
(16.4
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
15.3

 
15.3

Depreciation and amortization
9.4

 
3.6

 
2.3

 
2.8

 
0.6

 
18.7

EBITDA from continuing operations
4.4

 
12.9

 
(2.6
)
 
3.5

 
(31.5
)
 
(13.3
)
Stock based compensation expense
0.2

 
0.2

 
0.1

 
—

 
1.2

 
1.7

Gain on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
0.9

 
0.9

Investment income
 
 
 
 
 
 
 
 
(4.9
)
 
(4.9
)
Other-than-temporary impairment
 
 
 
 
 
 
 
 
16.9

 
16.9

Other operating credits and charges, net
 
 
 
 
 
 
 
 
2.3

 
2.3

Adjusted EBITDA from continuing operations
$
4.6

 
$
13.1

 
$
(2.5
)
 
$
3.5

 
$
(15.1
)
 
$
3.6

 




Nine Months Ended September 30, 2011
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
Other
 
Corporate
 
Total
Sales
$
411.4

 
$
336.6

 
$
156.9

 
$
141.6

 
$
(1.8
)
 
$
1,044.7

Depreciation and amortization
27.8

 
12.2

 
10.2

 
9.5

 
1.5

 
61.2

Cost of sales and selling and administrative
420.3

 
288.5

 
158.6

 
122.5

 
46.3

 
1,036.2

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
73.0

 
73.0

Other operating credits and charges, net
—

 
—

 
—

 
—

 
(11.2
)
 
(11.2
)
Total operating costs
448.1

 
300.7

 
168.8

 
132.0

 
109.6

 
1,159.2

Loss from operations
(36.7
)
 
35.9

 
(11.9
)
 
9.6

 
(111.4
)
 
(114.5
)
Total non-operating income (expense)
 
 
 
 
 
 
 
 
(20.0
)
 
(20.0
)
Loss before income taxes and equity in earnings of unconsolidated affiliates
(36.7
)
 
35.9

 
(11.9
)
 
9.6

 
(131.4
)
 
(134.5
)
Benefit for income taxes
 
 
 
 
 
 
 
 
(36.1
)
 
(36.1
)
Equity in (income) loss of unconsolidated affiliates
11.3

 
—

 
—

 
5.4

 
—

 
16.7

Loss from continuing operations
(48.0
)
 
35.9

 
(11.9
)
 
4.2

 
(95.3
)
 
(115.1
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
(48.0
)
 
35.9

 
(11.9
)
 
4.2

 
(95.3
)
 
(115.1
)
Benefit for income taxes
—

 
—

 
—

 
—

 
(36.1
)
 
(36.1
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
42.6

 
42.6

Depreciation and amortization
27.8

 
12.2

 
10.2

 
9.5

 
1.5

 
61.2

EBITDA from continuing operations
(20.2
)
 
48.1

 
(1.7
)
 
13.7

 
(87.3
)
 
(47.4
)
Stock based compensation expense
0.6

 
0.4

 
0.3

 
—

 
5.1

 
6.4

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
73.0

 
73.0

Investment income
 
 
 
 
 
 
 
 
(24.2
)
 
(24.2
)
Other operating credits and charges, net
 
 
 
 
 
 
 
 
(11.2
)
 
(11.2
)
Adjusted EBITDA from continuing operations
$
(19.6
)
 
$
48.5

 
$
(1.4
)
 
$
13.7

 
$
(44.6
)
 
$
(3.4
)





Nine Months Ended September 30, 2010
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
Other
 
Corporate
 
Total
Sales
$
475.5

 
$
325.0

 
$
142.7

 
$
130.1

 
$
(6.0
)
 
$
1,067.3

Depreciation and amortization
28.0

 
14.1

 
9.4

 
8.4

 
1.6

 
61.5

Cost of sales and selling and administrative
409.9

 
271.3

 
148.6

 
113.4

 
47.4

 
990.6

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
2.1

 
2.1

Other operating credits and charges, net
—

 
—

 
—

 
—

 
2.8

 
2.8

Total operating costs
437.9

 
285.4

 
158.0

 
121.8

 
53.9

 
1,057.0

Loss from operations
37.6

 
39.6

 
(15.3
)
 
8.3

 
(59.9
)
 
10.3

Total non-operating income (expense)
 
 
 
 
 
 
 
 
(50.6
)
 
(50.6
)
Loss before income taxes and equity in earnings of unconsolidated affiliates
37.6

 
39.6

 
(15.3
)
 
8.3

 
(110.5
)
 
(40.3
)
Benefit for income taxes
 
 
 
 
 
 
 
 
(14.0
)
 
(14.0
)
Equity in (income) loss of unconsolidated affiliates
(0.8
)
 
—

 
0.6

 
3.7

 
—

 
3.5

Loss from continuing operations
38.4

 
39.6

 
(15.9
)
 
4.6

 
(96.5
)
 
(29.8
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
38.4

 
39.6

 
(15.9
)
 
4.6

 
(96.5
)
 
(29.8
)
Benefit for income taxes
—

 
—

 
—

 
—

 
(14.0
)
 
(14.0
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
49.8

 
49.8

Depreciation and amortization
28.0

 
14.1

 
9.4

 
8.4

 
1.6

 
61.5

EBITDA from continuing operations
66.4

 
53.7

 
(6.5
)
 
13.0

 
(59.1
)
 
67.5

Stock based compensation expense
0.7

 
0.5

 
0.4

 
—

 
5.5

 
7.1

Loss on sale or impairment of long lived assets
 
 
 
 
 
 
 
 
2.1

 
2.1

Investment income
 
 
 
 
 
 
 
 
(15.1
)
 
(15.1
)
Other-than-temporary investment impairment
 
 
 
 
 
 
 
 
16.9

 
16.9

Other operating credits and charges, net
 
 
 
 
 
 
 
 
2.8

 
2.8

Adjusted EBITDA from continuing operations
$
67.1

 
$
54.2

 
$
(6.1
)
 
$
13.0

 
$
(46.9
)
 
$
81.3




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