LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EXHIBIT - November 5, 2014

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EX-99.1 - EXHIBIT - LOUISIANA-PACIFIC CORPq32014pressrelease.htm



Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2014 and 2013.
Three Months Ended September 30, 2014 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
233.4

 
$
163.2

 
$
82.1

 
$
36.0

 
$
3.5

 
$
(0.1
)
 
$
518.1

Depreciation and amortization
15.4

 
4.5

 
4.2

 
2.0

 
—

 
0.8

 
26.9

Cost of sales and selling and administrative
234.4

 
137.9

 
79.6

 
33.7

 
5.7

 
17.6

 
508.9

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(3.6
)
 
(3.6
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
0.5

 
0.5

Total operating costs
249.8

 
142.4

 
83.8

 
35.7

 
5.7

 
15.3

 
532.7

Income (loss) from operations
(16.4
)
 
20.8

 
(1.7
)
 
0.3

 
(2.2
)
 
(15.4
)
 
(14.6
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(8.7
)
 
(8.7
)
Income (loss) before income taxes and equity in income of unconsolidated affiliates
(16.4
)
 
20.8

 
(1.7
)
 
0.3

 
(2.2
)
 
(24.1
)
 
(23.3
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(3.6
)
 
(3.6
)
Equity in income of unconsolidated affiliates
—

 
—

 
(1.4
)
 
—

 
—

 
—

 
(1.4
)
Income (loss) from continuing operations
$
(16.4
)
 
$
20.8

 
$
(0.3
)
 
$
0.3

 
$
(2.2
)
 
$
(20.5
)
 
$
(18.3
)
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(16.4
)
 
$
20.8

 
$
(0.3
)
 
$
0.3

 
$
(2.2
)
 
$
(20.5
)
 
$
(18.3
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(3.6
)
 
(3.6
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
8.3

 
8.3

Depreciation and amortization
15.4

 
4.5

 
4.2

 
2.0

 
—

 
0.8

 
26.9

EBITDA from continuing operations
(1.0
)
 
25.3

 
3.9

 
2.3

 
(2.2
)
 
(15.0
)
 
13.3

Stock based compensation expense
0.2

 
0.2

 
0.1

 
—

 
—

 
1.9

 
2.4

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(3.6
)
 
(3.6
)
Investment income
—

 
—

 
—

 
—

 
—

 
(0.9
)
 
(0.9
)
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd.
—

 
—

 
—

 
—

 
—

 
(0.1
)
 
(0.1
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
0.5

 
0.5

Adjusted EBITDA from continuing operations
$
(0.8
)
 
$
25.5

 
$
4.0

 
$
2.3

 
$
(2.2
)
 
$
(17.2
)
 
$
11.6

 








Three Months Ended September 30, 2013
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
245.4

 
$
149.0

 
$
71.8

 
$
41.5

 
$
3.9

 
$
(4.2
)
 
$
507.4

Depreciation and amortization
15.2

 
4.1

 
3.1

 
3.0

 
—

 
0.4

 
25.8

Cost of sales and selling and administrative
200.0

 
122.4

 
71.3

 
33.2

 
5.4

 
17.5

 
449.8

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.3

 
0.3

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
(16.1
)
 
(16.1
)
Total operating costs
215.2

 
126.5

 
74.4

 
36.2

 
5.4

 
2.1

 
459.8

Income (loss) from operations
30.2

 
22.5

 
(2.6
)
 
5.3

 
(1.5
)
 
(6.3
)
 
47.6

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(5.7
)
 
(5.7
)
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
30.2

 
22.5

 
(2.6
)
 
5.3

 
(1.5
)
 
(12.0
)
 
41.9

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
4.4

 
4.4

Equity in (income) loss of unconsolidated affiliates
—

 
—

 
(0.6
)
 
—

 
0.6

 
—

 
—

Income (loss) from continuing operations
$
30.2

 
$
22.5

 
$
(2.0
)
 
$
5.3

 
$
(2.1
)
 
$
(16.4
)
 
$
37.5

Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
30.2

 
$
22.5

 
$
(2.0
)
 
$
5.3

 
$
(2.1
)
 
$
(16.4
)
 
$
37.5

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
4.4

 
4.4

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
7.6

 
7.6

Depreciation and amortization
15.2

 
4.1

 
3.1

 
3.0

 
—

 
0.4

 
25.8

EBITDA from continuing operations
45.4

 
26.6

 
1.1

 
8.3

 
(2.1
)
 
(4.0
)
 
75.3

Stock based compensation expense
0.2

 
0.2

 
0.2

 
—

 
—

 
1.8

 
2.4

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.3

 
0.3

Investment income
—

 
—

 
—

 
—

 
—

 
(1.7
)
 
(1.7
)
Expenses associated with proposed acquisition of Ainsworth Lumber co. Ltd.
—

 
—

 
—

 
—

 
—

 
3.0

 
3.0

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
(16.1
)
 
(16.1
)
Early debt extinguishment
—

 
—

 
—

 
—

 
—

 
0.8

 
0.8

Depreciation included in equity in income (loss) of unconsolidated affiliates
—

 
—

 
—

 
—

 
0.8

 
—

 
0.8

Adjusted EBITDA from continuing operations
$
45.6

 
$
26.8

 
$
1.3

 
$
8.3

 
$
(1.3
)
 
$
(15.9
)
 
$
64.8



 




Nine Months Ended September 30, 2014 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
652.0

 
$
476.4

 
$
229.1

 
$
114.5

 
$
11.2

 
$
(1.9
)
 
$
1,481.3

Depreciation and amortization
42.5

 
13.0

 
12.7

 
6.9

 
—

 
2.3

 
77.4

Cost of sales and selling and administrative
633.3

 
397.5

 
228.0

 
99.1

 
15.4

 
62.3

 
1,435.6

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(4.1
)
 
(4.1
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.1

 
1.1

Total operating costs
675.8

 
410.5

 
240.7

 
106.0

 
15.4

 
61.6

 
1,510.0

Income (loss) from operations
(23.8
)
 
65.9

 
(11.6
)
 
8.5

 
(4.2
)
 
(63.5
)
 
(28.7
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(20.8
)
 
(20.8
)
Income (loss) before income taxes and equity in income of unconsolidated affiliates
(23.8
)
 
65.9

 
(11.6
)
 
8.5

 
(4.2
)
 
(84.3
)
 
(49.5
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(15.9
)
 
(15.9
)
Equity in income of unconsolidated affiliates
—

 
—

 
(3.2
)
 
—

 
—

 
—

 
(3.2
)
Income (loss) from continuing operations
$
(23.8
)
 
$
65.9

 
$
(8.4
)
 
$
8.5

 
$
(4.2
)
 
$
(68.4
)
 
$
(30.4
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(23.8
)
 
$
65.9

 
$
(8.4
)
 
$
8.5

 
$
(4.2
)
 
$
(68.4
)
 
$
(30.4
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(15.9
)
 
(15.9
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
23.4

 
23.4

Depreciation and amortization
42.5

 
13.0

 
12.7

 
6.9

 
—

 
2.3

 
77.4

EBITDA from continuing operations
18.7

 
78.9

 
4.3

 
15.4

 
(4.2
)
 
(58.6
)
 
54.5

Stock based compensation expense
0.7

 
0.5

 
0.4

 
—

 
—

 
5.3

 
6.9

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(4.1
)
 
(4.1
)
Investment income
—

 
—

 
—

 
—

 
—

 
(4.4
)
 
(4.4
)
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd.
—

 
—

 
—

 
—

 
—

 
6.8

 
6.8

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.1

 
1.1

Depreciation included in equity in (income) loss of unconsolidated affiliates
—

 
—

 
0.1

 
—

 
—

 
—

 
0.1

Adjusted EBITDA from continuing operations
$
19.4

 
$
79.4

 
$
4.8

 
$
15.4

 
$
(4.2
)
 
$
(53.9
)
 
$
60.9








Nine Months Ended September 30, 2013
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
838.3

 
$
435.5

 
$
196.1

 
$
130.9

 
$
10.3

 
$
(5.6
)
 
$
1,605.5

Depreciation and amortization
34.2

 
12.4

 
9.0

 
8.1

 
—

 
1.3

 
65.0

Cost of sales and selling and administrative
595.8

 
352.8

 
196.1

 
105.0

 
13.9

 
61.7

 
1,325.3

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.4
)
 
(0.4
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
(9.1
)
 
(9.1
)
Total operating costs
630.0

 
365.2

 
205.1

 
113.1

 
13.9

 
53.5

 
1,380.8

Income (loss) from operations
208.3

 
70.3

 
(9.0
)
 
17.8

 
(3.6
)
 
(59.1
)
 
224.7

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
12.1

 
12.1

Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
208.3

 
70.3

 
(9.0
)
 
17.8

 
(3.6
)
 
(47.0
)
 
236.8

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
51.6

 
51.6

Equity in (income) loss of unconsolidated affiliates
(15.4
)
 
—

 
1.6

 
—

 
2.5

 
—

 
(11.3
)
Income (loss) from continuing operations
$
223.7

 
$
70.3

 
$
(10.6
)
 
$
17.8

 
$
(6.1
)
 
$
(98.6
)
 
$
196.5

Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
223.7

 
$
70.3

 
$
(10.6
)
 
$
17.8

 
$
(6.1
)
 
$
(98.6
)
 
$
196.5

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
51.6

 
51.6

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
28.0

 
28.0

Depreciation and amortization
34.2

 
12.4

 
9.0

 
8.1

 
—

 
1.3

 
65.0

EBITDA from continuing operations
257.9

 
82.7

 
(1.6
)
 
25.9

 
(6.1
)
 
(17.7
)
 
341.1

Stock based compensation expense
0.7

 
0.5

 
0.4

 
—

 
—

 
5.0

 
6.6

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.4
)
 
(0.4
)
Investment income
—

 
—

 
—

 
—

 
—

 
(8.3
)
 
(8.3
)
Expenses associated with proposed acquisition of Ainsworth Lumber co. Ltd.
—

 
—

 
—

 
—

 
—

 
3.0

 
3.0

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
(9.1
)
 
(9.1
)
Early debt extinguishment
—

 
—

 
—

 
—

 
—

 
0.8

 
0.8

Other operating credits and charges associated with joint ventures
—

 
—

 
—

 
—

 
—

 
2.7

 
2.7

Gain on acquisition
—

 
—

 
—

 
—

 
—

 
(35.9
)
 
(35.9
)
Depreciation included in equity in loss of unconsolidated affiliates
3.4

 
—

 
0.1

 
—

 
2.4

 
—

 
5.9

Adjusted EBITDA from continuing operations
$
262.0

 
$
83.2

 
$
(1.1
)
 
$
25.9

 
$
(3.7
)
 
$
(59.9
)
 
$
306.4





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