LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - LPX 1ST QUARTER NON-GAAP IS RECONCILIATION - May 7, 2012

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EX-99.1 - LPX 1ST QUARTER 2012 PRESS RELEASE - LOUISIANA-PACIFIC CORPq12012pressrelease.htm
EX-99.2 - LPX 1ST QUARTER 2012 EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORPa033112ebitdareconciliation.htm


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations

 
As reported Quarter Ended March 31, 2012
 
As Adjusted Quarter Ended March 31, 2012
 
Quarter Ended December 31, 2011
 
As adjusted Quarter Ended December 31, 2011
 
Quarter Ended March 31, 2011
 
As adjusted Quarter Ended March 31, 2011
 
Adjustments
Adjustments
 
Adjustments
Net sales
$
361.5

 
$
361.5

 
$
312.2

 
$
312.2

 
$
331.7

 
$
331.7

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
313.3

 
313.3

 
290.9

 
290.9

 
295.0

 
295.0

Depreciation and amortization
19.1

 
19.1

 
17.7

 
17.7

 
21.4

 
21.4

Selling and administrative
31.3

 
31.3

 
28.3

 
28.3

 
28.8

 
28.8

Loss on sale or impairment of long-lived assets, net
0.1

(0.1
)
—

 
0.9

(0.9
)
—

 
5.5

(5.5
)
—

Other operating credits and charges, net
(0.2
)
0.2

—

 
—

—

—

 
(0.8
)
0.8

—

Total operating costs and expenses
363.6

 
363.7

 
337.8

 
336.9

 
349.9

 
345.2

Loss from operations
(2.1
)
 
(2.2
)
 
(25.6
)
 
(24.7
)
 
(18.2
)
 
(13.5
)
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(12.6
)
(1.0
)
(13.6
)
 
(14.3
)
 
(14.3
)
 
(14.0
)
 
(14.0
)
Investment income
4.2

 
4.2

 
4.5

 
4.5

 
4.0

 
4.0

Other-than-temporary investment impairment
—

 
—

 
(14.8
)
14.8

—

 
—

 
—

Other non-operating items
(0.1
)
 
(0.1
)
 
0.6

 
0.6

 
1.8

 
1.8

Total non-operating expense
(8.5
)
 
(9.5
)
 
(24.0
)
 
(9.2
)
 
(8.2
)
 
(8.2
)
Loss from continuing operations before taxes and equity in losses of unconsolidated affiliates
(10.6
)
 
(11.7
)
 
(49.6
)
 
(33.9
)
 
(26.4
)
 
(21.7
)
Benefit for income taxes
(1.2
)
1.2

—

 
(3.0
)
3.0

—

 
(6.8
)
6.8

—

"Normalized" tax rate @ 35%
 
(4.7
)
(4.7
)
 
 
(13.5
)
(13.5
)
 
 
(8.8
)
(8.8
)
Equity in loss of unconsolidated affiliates
1.8

 
1.8

 
10.2

(5.6
)
4.6

 
3.3

 
3.3

Loss from continuing operations
(11.2
)
 
(8.8
)
 
(56.8
)
 
(25.0
)
 
(22.9
)
 
(16.2
)
Loss from discontinued operations before taxes
(0.2
)
 
(0.2
)
 
0.2

 
0.2

 
—

 
—

Benefit for income taxes
(0.1
)
 
(0.1
)
 
0.6

 
0.6

 
—

 
—

Loss from discontinued operations
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
 
—

 
—

Net loss
(11.3
)
 
(8.9
)
 
(57.2
)
 
(25.4
)
 
(22.9
)
 
(16.2
)
Less: Net income attributed to non-controlling interest
—

 
—

 
—

 
—

 
0.1

 
0.1

Loss attributed to Louisiana-Pacific Corporation
$
(11.3
)
 
$
(8.9
)
 
$
(57.2
)
 
$
(25.4
)
 
$
(23.0
)
 
$
(16.3
)
Loss per share of common stock (basic and diluted):
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(0.08
)
 
$
(0.06
)
 
$
(0.42
)
 
$
(0.19
)
 
$
(0.18
)
 
$
(0.12
)
Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

Net loss per share
$
(0.08
)
 
$
(0.06
)
 
$
(0.42
)
 
$
(0.19
)
 
$
(0.18
)
 
$
(0.12
)
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic and diluted
136.6

 
136.6

 
136.3

 
136.3

 
131.3

 
131.3

 
 
 
 
 
 
 
 
 
 
 
 
Amounts attributed to LP Corporation common shareholders
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations, net of tax
$
(11.2
)
 
$
(8.8
)
 
$
(56.8
)
 
$
(25.0
)
 
$
(23.0
)
 
$
(16.2
)
Loss from discontinued operations, net of tax
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
 
—

 
—

 
$
(11.3
)
 
$
(8.9
)
 
$
(57.2
)
 
$
(25.4
)
 
$
(23.0
)
 
$
(16.2
)



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