LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - RECONCILIATION OF ADJUSTED EBITDA - February 7, 2012

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8-K - FOURTH QUARTER AND YEAR ENDED EARNINGS RELEASE - LOUISIANA-PACIFIC CORPa8k.htm
EX-10.2 - CHANGE IN CONTROL AGREEMENT - LOUISIANA-PACIFIC CORPexhibit102.htm
EX-99.1 - PRESS RELEASE FOR QUARTER AND YEAR ENDED DECEMBER 31, 2011 - LOUISIANA-PACIFIC CORPexhibit991.htm


Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2011 and 2010.
Three Months Ended December 31, 2011 (Dollar amounts in millions)
OSB
Siding
EWP
South America
Other
Corporate
Total
Sales
$
130.6

$
93.0

$
46.4

$
33.8

$
9.1

$
(0.7
)
$
312.2

Depreciation and amortization
8.5

3.3

2.4

2.8

0.2

0.5

17.7

Cost of sales and selling and administrative
134.5

83.6

47.5

29.4

8.8

15.5

319.3

Loss on sale or impairment of long lived assets
—

—

—

 
—

0.9

0.9

Other operating credits and charges, net
—

—

—

 
—

—

—

Total operating costs
143.0

86.9

49.9

32.2

9.0

16.9

337.9

Loss from operations
(12.4
)
6.1

(3.5
)
1.6

0.1

(17.6
)
(25.7
)
Total non-operating income (expense)
 
 
 
 
 
(9.2
)
(9.2
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(12.4
)
6.1

(3.5
)
1.6

0.1

(26.8
)
(34.9
)
Provision for income taxes
 
 
 
 
 
2.9

2.9

Equity in loss of unconsolidated affiliates
3.1

—

0.1

—

5.2

—

8.4

Loss from continuing operations
$
(15.5
)
$
6.1

$
(3.6
)
$
1.6

$
(5.1
)
$
(29.7
)
$
(46.2
)
 
 
 
 
 
 
 
 
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
 
 
 
Loss from continuing operations
(15.5
)
6.1

(3.6
)
1.6

(5.1
)
(29.7
)
(46.2
)
Provision for income taxes
—

—

—

—

—

2.9

2.9

Interest expense, net of capitalized interest
—

—

—

—

—

14.3

14.3

Depreciation and amortization
8.5

3.3

2.4

2.8

0.2

0.5

17.7

EBITDA from continuing operations
(7.0
)
9.4

(1.2
)
4.4

(4.9
)
(12.0
)
(11.3
)
Stock based compensation expense
0.2

0.1

0.1

—

—

0.9

1.3

Loss on sale or impairment of long lived assets
 
 
 
 
 
0.9

0.9

Investment income
 
 
 
 
 
(4.5
)
(4.5
)
Other operating credits and charges, net
 
 
 
 
 
—

—

Adjusted EBITDA from continuing operations
$
(6.8
)
$
9.5

$
(1.1
)
$
4.4

$
(4.9
)
$
(14.7
)
$
(13.6
)









Three Months Ended December 31, 2010 (Dollar amounts in millions)
OSB
Siding
EWP
South America
Other
Corporate
Total
Sales
$
127.2

$
102.8

$
49.3

$
25.3

$
12.2

$
(0.5
)
$
316.3

Depreciation and amortization
9.5

4

3.6

2.5

0.3

0.6

20.5

Cost of sales and selling and administrative
127.7

87.1

50.8

23.2

10

17.3

316.1

Loss on sale or impairment of long lived assets
—

—

—

—

—

0.4

0.4

Other operating credits and charges, net
—

—

—

—

—

(2.7
)
(2.7
)
Total operating costs
137.2

91.1

54.4

25.7

10.3

15.6

334.3

Loss from operations
(10.0
)
11.7

(5.1
)
(0.4
)
1.9

(16.1
)
(18.0
)
Total non-operating income (expense)
 
 
 
 
 
10.4

10.4

Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(10.0
)
11.7

(5.1
)
(0.4
)
1.9

(5.7
)
(7.6
)
Benefit for income taxes
 
 
 
 
 
(8.1
)
(8.1
)
Equity in loss of unconsolidated affiliates
2.6

—

0.3

—

—

—

2.9

Loss from continuing operations
$
(12.6
)
$
11.7

$
(5.4
)
$
(0.4
)
$
1.9

$
2.4

$
(2.4
)
 
 
 
 
 
 
 
 
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
 
 
 
Loss from continuing operations
$
(12.6
)
$
11.7

$
(5.4
)
$
(0.4
)
$
1.9

$
2.4

$
(2.4
)
Benefit for income taxes
—

—

—

—

—

(8.1
)
(8.1
)
Interest expense, net of capitalized interest
—

—

—

—

—

14.1

14.1

Depreciation and amortization
9.5

4.0

3.6

2.5

0.3

0.6

20.5

EBITDA from continuing operations
(3.1
)
15.7

(1.8
)
2.1

2.2

9.0

24.1

Stock based compensation expense
0.3

0.2

0.1

—

—

1.1

1.7

Loss on sale or impairment of long lived assets
 
 
 
 
 
0.4

0.4

Investment income
 
 
 
 
 
(23.3
)
(23.3
)
Other operating credits and charges, net
 
 
 
 
 
(2.7
)
(2.7
)
Adjusted EBITDA from continuing operations
(2.8
)
15.9

(1.7
)
2.1

2.2

(15.5
)
0.2









Year Ended December 31, 2011 (Dollar amounts in millions)
 OSB
Siding
EWP
South America
Other
Corporate
Total
Sales
$
542.0

$
429.8

$
203.3

$
144.9

$
39.4

$
(2.5
)
$
1,356.9

Depreciation and amortization
36.3

15.5

12.6

11.6

0.8

2.1

78.9

Cost of sales and selling and administrative
554.7

372.3

206.2

121.7

38.8

61.8

1,355.5

Gain (loss) on sales of and impairments of long-lived assets
—

—

—

—

—

73.9

73.9

Other operating credits and charges, net
—

—

—

—

—

(11.2
)
(11.2
)
Total operating costs
591.0

387.8

218.8

133.3

39.6

126.6

1,497.1

Income (loss) from operations
(49.0
)
42.0

(15.5
)
11.6

(0.2
)
(129.1
)
(140.2
)
Total non-operating expense
 
 
 
 
 
(29.2
)
(29.2
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
(49.0
)
42.0

(15.5
)
11.6

(0.2
)
(158.3
)
(169.4
)
Benefit for income taxes
 
 
 
 
 
(33.2
)
(33.2
)
Equity in (income) loss of unconsolidated affiliates
14.5

—

—

—

10.6

—

25.1

Income (loss) from continuing operations
$
(63.5
)
$
42.0

$
(15.5
)
$
11.6

$
(10.8
)
$
(125.1
)
$
(161.3
)
 
 
 
 
 
 
 
 
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
 
 
 
Income (loss) from continuing operations
(63.5
)
42.0

(15.5
)
11.6

(10.8
)
(125.1
)
(161.3
)
Benefit for income taxes
—

—

—

—

—

(33.2
)
(33.2
)
Interest expense, net of capitalized interest
—

—

—

—

—

56.9

56.9

Depreciation and amortization
36.3

15.5

12.6

11.6

0.8

2.1

78.9

EBITDA from continuing operations
(27.2
)
57.5

(2.9
)
23.2

(10.0
)
(99.3
)
(58.7
)
Stock based compensation expense
0.8

0.5

0.5

—

—

6.0

7.8

(Gain) loss on sale or impairment of long-lived assets
 
 
 
 
 
73.9

73.9

Other operating credits and charges, net
 
 
 
 
 
(11.2
)
(11.2
)
Investment income
 
 
 
 
 
(28.7
)
(28.7
)
Adjusted EBITDA from continuing operations
$
(26.4
)
$
58.0

$
(2.4
)
$
23.2

$
(10.0
)
$
(59.3
)
$
(16.9
)







Year Ended December 31, 2010 (Dollar amounts in millions)
OSB
Siding
EWP
South America
Other
Corporate
Total
Sales
$
602.7

$
427.8

$
192.0

$
124.7

$
42.9

$
(6.5
)
$
1,383.6

Depreciation and amortization
37.4

18.1

13.1

10.0

1.1

2.3

82.0

Cost of sales and selling and administrative
537.7

358.4

199.3

107.5

39.2

64.6

1,306.7

Gain (loss) on sales of and impairments of long-lived assets
—

—

—

—

—

2.4

2.4

Other operating credits and charges, net
—

—

—

—

—

0.1

0.1

Total operating costs
575.1

376.5

212.4

117.5

40.3

69.4

1,391.2

Income (loss) from operations
27.6

51.3

(20.4
)
7.2

2.6

(75.9
)
(7.6
)
Total non-operating expense
 
 
 
 
 
(40.3
)
(40.3
)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates
27.6

51.3

(20.4
)
7.2

2.6

(116.2
)
(47.9
)
Benefit for income taxes
 
 
 
 
 
(22.1
)
(22.1
)
Equity in (income) loss of unconsolidated affiliates
1.8

 
0.9

 
3.7

 
6.4

Income (loss) from continuing operations
$
25.8

$
51.3

$
(21.3
)
$
7.2

$
(1.1
)
$
(94.1
)
$
(32.2
)
 
 
 
 
 
 
 
 
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
 
 
 
Income (loss) from continuing operations
25.8

51.3

(21.3
)
7.2

(1.1
)
(94.1
)
(32.2
)
Benefit for income taxes
—

—

—

 
—

(22.1
)
(22.1
)
Interest expense, net of capitalized interest
—

—

—

 
—

63.9

63.9

Depreciation and amortization
37.4

18.1

13.1

10.0

1.1

2.3

82.0

EBITDA from continuing operations
63.2

69.4

(8.2
)
17.2

—

(50.0
)
91.6

Stock based compensation expense
1.0

0.6

0.6

—

—

6.6

8.8

(Gain) loss on sale or impairment of long-lived assets
 
 
 
 
 
2.4

2.4

Other operating credits and charges, net
 
 
 
 
 
0.1

0.1

Other than temporary asset impairment
 
 
 
 
 
17.0

17.0

Investment income
 
 
 
 
 
(38.4
)
(38.4
)
Adjusted EBITDA from continuing operations
$
64.2

$
70.0

$
(7.6
)
$
17.2

$
—

$
(62.3
)
$
81.5




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