Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LOUISIANA-PACIFIC CORP | lpx0930128k.htm |
| EX-99.1 - EXHIBIT 99.1 - LOUISIANA-PACIFIC CORP | q32012pressrelease.htm |
| EX-99.2 - EXHIBIT 99.2 - LOUISIANA-PACIFIC CORP | a093012ebitdareconciliation.htm |
Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
As reported Quarter Ended September 30, 2012 | As Adjusted Quarter Ended September 30, 2012 | As reported Quarter Ended June 30, 2012 | As adjusted Quarter Ended June 30, 2012 | As reported Quarter Ended September 30, 2011 | As adjusted Quarter Ended September 30, 2011 | |||||||||||||||||||||
Adjustments | Adjustments | Adjustments | ||||||||||||||||||||||||
Net sales | $ | 467.8 | $ | 467.8 | $ | 427.8 | $ | 427.8 | $ | 350.6 | $ | 350.6 | ||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of sales | 369.3 | 369.3 | 359.9 | 359.9 | 322.0 | 322.0 | ||||||||||||||||||||
Depreciation and amortization | 18.9 | 18.9 | 17.9 | 17.9 | 19.6 | 19.6 | ||||||||||||||||||||
Selling and administrative | 30.6 | 30.6 | 30.7 | 30.7 | 26.5 | 26.5 | ||||||||||||||||||||
Loss on sale or impairment of long-lived assets, net | 4.3 | (4.3 | ) | — | 0.1 | (0.1 | ) | — | 65.0 | (65.0 | ) | — | ||||||||||||||
Other operating credits and charges, net | 1.2 | (1.2 | ) | — | 0.2 | (0.2 | ) | — | (9.8 | ) | 9.8 | — | ||||||||||||||
Total operating costs and expenses | 424.3 | 418.8 | 408.8 | 408.5 | 423.3 | 368.1 | ||||||||||||||||||||
Income (loss) from operations | 43.5 | 49.0 | 19.0 | 19.3 | (72.7 | ) | (17.5 | ) | ||||||||||||||||||
Non-operating income (expense): | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (10.7 | ) | (10.7 | ) | (13.1 | ) | — | (13.1 | ) | (14.2 | ) | (14.2 | ) | |||||||||||||
Investment income | 4.1 | 4.1 | 3.4 | 3.4 | 16.7 | (15.2 | ) | 1.5 | ||||||||||||||||||
Early debt extinguishment | — | — | — | (52.2 | ) | 52.2 | — | — | — | |||||||||||||||||
Other non-operating items | 0.4 | 0.4 | (2.6 | ) | (2.6 | ) | (4.0 | ) | (4.0 | ) | ||||||||||||||||
Total non-operating expense | (6.2 | ) | (6.2 | ) | (64.5 | ) | (12.3 | ) | (1.5 | ) | (16.7 | ) | ||||||||||||||
Income (loss) from continuing operations before taxes and equity in income (losses) of unconsolidated affiliates | 37.3 | 42.8 | (45.5 | ) | 7.0 | (74.2 | ) | (34.2 | ) | |||||||||||||||||
Provision (benefit) for income taxes | 7.9 | (7.9 | ) | — | (11.1 | ) | 11.1 | — | (20.9 | ) | 20.9 | — | ||||||||||||||
"Normalized" tax rate @ 35% | — | 15.7 | 15.7 | — | 1.4 | 1.4 | — | (14.1 | ) | (14.1 | ) | |||||||||||||||
Equity in (income) loss of unconsolidated affiliates | (2.0 | ) | (2.0 | ) | 2.8 | 2.8 | 6.0 | 6.0 | ||||||||||||||||||
Income (loss) from continuing operations | 31.4 | 29.1 | (37.2 | ) | 2.8 | (59.3 | ) | (26.1 | ) | |||||||||||||||||
Loss from discontinued operations before taxes | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (10.3 | ) | (10.3 | ) | ||||||||||||||
Benefit for income taxes | (0.1 | ) | (0.1 | ) | — | — | (4.0 | ) | (4.0 | ) | ||||||||||||||||
Loss from discontinued operations | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (6.3 | ) | (6.3 | ) | ||||||||||||||
Net income (loss) | 31.3 | 29.0 | (37.3 | ) | 2.7 | (65.6 | ) | (32.4 | ) | |||||||||||||||||
Less: Net income attributed to non-controlling interest | — | — | — | — | — | — | ||||||||||||||||||||
Income (loss) attributed to Louisiana-Pacific Corporation | $ | 31.3 | $ | 29.0 | $ | (37.3 | ) | $ | 2.7 | $ | (65.6 | ) | $ | (32.4 | ) | |||||||||||
Income (loss) per share of common stock (basic): | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.23 | $ | 0.21 | $ | (0.27 | ) | $ | 0.02 | $ | (0.44 | ) | $ | (0.19 | ) | |||||||||||
Loss from discontinued operations | — | — | — | — | (0.05 | ) | (0.05 | ) | ||||||||||||||||||
Net income (loss) per share | $ | 0.23 | $ | 0.21 | $ | (0.27 | ) | $ | 0.02 | $ | (0.49 | ) | $ | (0.24 | ) | |||||||||||
Income (loss) per share of common stock (diluted): | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.22 | $ | 0.20 | $ | (0.27 | ) | $ | 0.02 | $ | (0.44 | ) | $ | (0.19 | ) | |||||||||||
Loss from discontinued operations | — | — | — | — | (0.05 | ) | (0.05 | ) | ||||||||||||||||||
Net income (loss) per share | $ | 0.22 | $ | 0.20 | $ | (0.27 | ) | $ | 0.02 | $ | (0.49 | ) | $ | (0.24 | ) | |||||||||||
Average shares of stock outstanding - basic | 137.1 | 137.1 | 137.0 | 137.0 | 134.5 | 134.5 | ||||||||||||||||||||
Average shares of stock outstanding - diluted | 142.6 | 142.6 | 137.0 | 137.0 | 134.5 | 134.5 | ||||||||||||||||||||
Amounts attributed to LP Corporation common shareholders | ||||||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | 31.4 | $ | 29.1 | $ | (37.2 | ) | $ | 2.8 | $ | (59.3 | ) | $ | (26.1 | ) | |||||||||||
Loss from discontinued operations, net of tax | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (6.3 | ) | (6.3 | ) | ||||||||||||||
$ | 31.3 | $ | 29.0 | $ | (37.3 | ) | $ | 2.7 | $ | (65.6 | ) | $ | (32.4 | ) | ||||||||||||
As reported Nine Months Ended September 30, 2012 | As Adjusted Nine Months Ended September 30, 2012 | As reported Nine Months Ended September 30, 2011 | As adjusted Nine Months Ended September 30, 2011 | ||||||||||||||
Adjustments | Adjustments | ||||||||||||||||
Net sales | $ | 1,257.1 | $ | 1,257.1 | $ | 1,044.7 | $ | 1,044.7 | |||||||||
Operating costs and expenses: | |||||||||||||||||
Cost of sales | 1,042.5 | 1,042.5 | 953.3 | 953.3 | |||||||||||||
Depreciation and amortization | 55.9 | 55.9 | 61.2 | 61.2 | |||||||||||||
Selling and administrative | 92.6 | 92.6 | 82.9 | 82.9 | |||||||||||||
Loss on sale or impairment of long-lived assets, net | 4.5 | (4.5 | ) | — | 73.0 | (73.0 | ) | — | |||||||||
Other operating credits and charges, net | 1.2 | (1.2 | ) | — | (11.2 | ) | 11.2 | — | |||||||||
Total operating costs and expenses | 1,196.7 | 1,191.0 | 1,159.2 | 1,097.4 | |||||||||||||
Income (loss) from operations | 60.4 | 66.1 | (114.5 | ) | (52.7 | ) | |||||||||||
Non-operating income (expense): | |||||||||||||||||
Interest expense, net of capitalized interest | (36.4 | ) | (1.0 | ) | (37.4 | ) | (42.6 | ) | (42.6 | ) | |||||||
Investment income | 11.7 | 11.7 | 24.2 | (15.2 | ) | 9.0 | |||||||||||
Early debt extinguishment | (52.2 | ) | 52.2 | — | — | — | |||||||||||
Other non-operating items | (2.3 | ) | (2.3 | ) | (1.6 | ) | (1.6 | ) | |||||||||
Total non-operating expense | (79.2 | ) | (28.0 | ) | (20.0 | ) | (35.2 | ) | |||||||||
Income (loss )from continuing operations before taxes and equity in losses of unconsolidated affiliates | (18.8 | ) | 38.1 | (134.5 | ) | (87.9 | ) | ||||||||||
Benefit for income taxes | (4.4 | ) | 4.4 | — | (36.1 | ) | 36.1 | — | |||||||||
"Normalized" tax rate @ 35% | — | 12.4 | 12.4 | — | (36.6 | ) | (36.6 | ) | |||||||||
Equity in loss of unconsolidated affiliates | 2.6 | 2.6 | 16.7 | 16.7 | |||||||||||||
Income (loss) from continuing operations | (17.0 | ) | 23.1 | (115.1 | ) | (68.0 | ) | ||||||||||
Loss from discontinued operations before taxes | (0.5 | ) | (0.5 | ) | (14.4 | ) | (14.4 | ) | |||||||||
Benefit for income taxes | (0.2 | ) | (0.2 | ) | (5.6 | ) | (5.6 | ) | |||||||||
Loss from discontinued operations | (0.3 | ) | (0.3 | ) | (8.8 | ) | (8.8 | ) | |||||||||
Net income (loss) | (17.3 | ) | 22.8 | (123.9 | ) | (76.8 | ) | ||||||||||
Less: Net income attributed to non-controlling interest | — | — | 0.2 | 0.2 | |||||||||||||
Income (loss) attributed to Louisiana-Pacific Corporation | $ | (17.3 | ) | $ | 22.8 | $ | (124.1 | ) | $ | (77.0 | ) | ||||||
Income (loss) per share of common stock (basic and diluted): | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.17 | $ | (0.87 | ) | $ | (0.51 | ) | ||||||
Loss from discontinued operations | — | — | (0.07 | ) | (0.07 | ) | |||||||||||
Net income (loss) per share | $ | (0.13 | ) | $ | 0.17 | $ | (0.94 | ) | $ | (0.58 | ) | ||||||
Average shares of stock outstanding - basic | 136.9 | 136.9 | 132.4 | 132.4 | |||||||||||||
Average shares of stock outstanding - diluted | 136.9 | 136.9 | 132.4 | 132.4 | |||||||||||||
Amounts attributed to LP Corporation common shareholders | |||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (17.0 | ) | $ | 23.1 | $ | (115.3 | ) | $ | (68.2 | ) | ||||||
Loss from discontinued operations, net of tax | (0.3 | ) | (0.3 | ) | (8.8 | ) | (8.8 | ) | |||||||||
$ | (17.3 | ) | 22.8 | $ | (124.1 | ) | $ | (77.0 | ) | ||||||||