LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT - November 5, 2014

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8-K - 8-K - LOUISIANA-PACIFIC CORPa093014lpx8k.htm
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EX-99.1 - EXHIBIT - LOUISIANA-PACIFIC CORPq32014pressrelease.htm


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended September 30, 2014
Adjustments
As adjusted Quarter Ended September 30, 2014
 
As reported Quarter Ended June 30, 2014
Adjustments
As adjusted Quarter Ended June 30, 2014
 
As reported Quarter Ended September 30, 2013
Adjustments
As adjusted Quarter Ended September 30, 2013
 
 
Net sales
$
518.1

 
$
518.1

 
$
518.5

 
$
518.5

 
$
507.4

 
$
507.4

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
477.0

 
477.0

 
461.5

 
461.5

 
416.3

 
416.3

 
Depreciation and amortization
26.9

 
26.9

 
24.9

 
24.9

 
25.8

 
25.8

 
Selling and administrative
31.9

0.1

32.0

 
35.9

(1.4
)
34.5

 
33.5

(3.0
)
30.5

 
(Gain) loss on sale or impairment of long-lived assets, net
(3.6
)
3.6

—

 
(0.5
)
0.5

—

 
0.3

(0.3
)
—

 
Other operating credits and charges, net
0.5

(0.5
)
—

 
0.6

(0.6
)
—

 
(16.1
)
16.1

—

 
Total operating costs and expenses
532.7

 
535.9

 
522.4

 
520.9

 
459.8

 
472.6

 
Income (loss) from operations
(14.6
)
 
(17.8
)
 
(3.9
)
 
(2.4
)
 
47.6

 
34.8

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(8.3
)
 
(8.3
)
 
(7.4
)
 
(7.4
)
 
(7.6
)
 
(7.6
)
 
Investment income
0.9

 
0.9

 
1.7

 
1.7

 
1.7

 
1.7

 
Other non-operating items
(1.3
)
—

(1.3
)
 
3.8

(3.7
)
0.1

 
0.2

0.8

1.0

 
Total non-operating income (expense)
(8.7
)
 
(8.7
)
 
(1.9
)
 
(5.6
)
 
(5.7
)
 
(4.9
)
 
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates
(23.3
)
 
(26.5
)
 
(5.8
)
 
(8.0
)
 
41.9

 
29.9

 
Provision (benefit) for income taxes
(3.6
)
3.6

—

 
(6.7
)
6.7

—

 
4.4

(4.4
)
—

 
"Normalized" tax rate @ 35%
—

(8.8
)
(8.8
)
 
—

(2.4
)
(2.4
)
 
—

10.5

10.5

 
Equity in income of unconsolidated affiliates
(1.4
)
 
(1.4
)
 
(1.2
)
—

(1.2
)
 
—

—

—

 
Income (loss) from continuing operations
(18.3
)
 
(16.3
)
 
2.1

 
(4.4
)
 
37.5

 
19.4

 
Income (loss) from discontinued operations before taxes
(3.2
)
 
(3.2
)
 
—

 
—

 
1.0

 
1.0

 
Provision (benefit) for income taxes
(1.1
)
 
(1.1
)
 
—

 
—

 
0.4

 
0.4

 
Income (loss) from discontinued operations
(2.1
)
 
(2.1
)
 
—

 
—

 
0.6

 
0.6

 
Net income (loss)
$
(20.4
)
 
$
(18.4
)
 
2.1

 
$
(4.4
)
 
$
38.1

 
$
20.0

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.13
)
 
$
(0.12
)
 
$
0.01

 
$
(0.03
)
 
$
0.27

 
$
0.14

 
Income (loss) from discontinued operations
(0.01
)
 
(0.01
)
 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
(0.14
)
 
$
(0.13
)
 
$
0.01

 
$
(0.03
)
 
$
0.27

 
$
0.14

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.13
)
 
$
(0.12
)
 
$
0.01

 
$
(0.03
)
 
$
0.26

 
$
0.13

 
Income (loss) from discontinued operations
(0.01
)
 
(0.01
)
 
—

 
—

 
—

 
0.01

 
Net income (loss) per share
$
(0.14
)
 
$
(0.13
)
 
$
0.01

 
$
(0.03
)
 
$
0.26

 
$
0.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.8

 
140.8

 
140.8

 
140.8

 
140.0

 
140.0

 
Average shares of stock outstanding - diluted
140.8

 
140.8

 
144.0

 
140.8

 
144.0

 
144.0





 
 
As reported Nine Months Ended September 30, 2014
Adjustments
As adjusted Nine Months Ended September 30, 2014
 
As reported Nine Months Ended September 30, 2013
Adjustments
As adjusted Nine Months Ended September 30, 2013
 
 
 
Net sales
$
1,481.3

 
$
1,481.3

 
$
1,605.5

 
$
1,605.5

 
 
Operating costs and expenses:
 
 
—

 
 
 
 
 
 
Cost of sales
1,326.9

 
1,326.9

 
1,221.7

 
1,221.7

 
 
Depreciation and amortization
77.4

 
77.4

 
65.0

 
65.0

 
 
Selling and administrative
108.7

(4.7
)
104.0

 
103.6

(3.0
)
100.6

 
 
Gain on sale or impairment of long-lived assets, net
(4.1
)
4.1

—

 
(0.4
)
0.4

—

 
 
Other operating credits and charges, net
1.1

(1.1
)
—

 
(9.1
)
9.1

—

 
 
Total operating costs and expenses
1,510.0

 
1,508.3

 
1,380.8

 
1,387.3

 
 
Income (loss) from operations
(28.7
)
 
(27.0
)
 
224.7

 
218.2

 
 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(23.4
)
 
(23.4
)
 
(28.0
)
 
(28.0
)
 
 
Investment income
4.4

 
4.4

 
8.3

 
8.3

 
 
Other non-operating items
(1.8
)
2.1

0.3

 
31.8

(35.1
)
(3.3
)
 
 
Total non-operating income (expense)
(20.8
)
 
(18.7
)
 
12.1

 
(23.0
)
 
 
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates
(49.5
)
 
(45.7
)
 
236.8

 
195.2

 
 
Provision (benefit) for income taxes
(15.9
)
15.9

—

 
51.6

(51.6
)
—

 
 
"Normalized" tax rate @ 35%
—

(14.9
)
(14.9
)
 
—

72.6

72.6

 
 
Equity in income of unconsolidated affiliates
(3.2
)
 
(3.2
)
 
(11.3
)
(2.7
)
(14.0
)
 
 
Income (loss) from continuing operations
(30.4
)
 
(27.6
)
 
196.5

 
136.6

 
 
Income (loss) from discontinued operations before taxes
(3.2
)
 
(3.2
)
 
1.6

 
1.6

 
 
Provision (benefit) for income taxes
(1.1
)
 
(1.1
)
 
0.6

 
0.6

 
 
Income (loss) from discontinued operations
(2.1
)
 
(2.1
)
 
1.0

 
1.0

 
 
Net income (loss)
$
(32.5
)
 
$
(29.7
)
 
197.5

 
$
137.6

 
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.22
)
 
$
(0.20
)
 
$
1.41

 
$
0.98

 
 
Income (loss) from discontinued operations
(0.01
)
 
(0.01
)
 
0.01

 
0.01

 
 
Net income (loss) per share
$
(0.23
)
 
$
(0.21
)
 
$
1.42

 
$
0.99

 
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.22
)
 
$
(0.20
)
 
$
1.36

 
$
0.94

 
 
Income (loss) from discontinued operations
(0.01
)
 
(0.01
)
 
0.01

 
0.01

 
 
Net income (loss) per share
$
(0.23
)
 
$
(0.21
)
 
$
1.37

 
$
0.95

 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.9

 
140.9

 
139.1

 
139.1

 
 
Average shares of stock outstanding - diluted
140.9

 
140.9

 
144.1

 
144.1

 



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