LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - November 3, 2015

Attached files

file filename
8-K - 8-K - LOUISIANA-PACIFIC CORPa93015lpx8k.htm
EX-99.1 - EXHIBIT 99.1 - LOUISIANA-PACIFIC CORPex991-q32015pressrelease.htm
EX-99.3 - EXHIBIT 99.3 - LOUISIANA-PACIFIC CORPex993-93015lpxisreconcilia.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, 2015 and 2014.
Three Months Ended September 30, 2015 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
200.0

 
$
157.8

 
$
74.4

 
$
26.8

 
$
6.8

 
$
(0.9
)
 
$
464.9

Depreciation and amortization
14.6

 
5.0

 
3.3

 
2.0

 
0.4

 
0.6

 
25.9

Cost of sales and selling and administrative
196.5

 
135.6

 
74.0

 
22.4

 
7.0

 
19.0

 
454.5

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.9

 
0.9

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.0

 
1.0

Total operating costs
211.1

 
140.6

 
77.3

 
24.4

 
7.4

 
21.5

 
482.3

Income (loss) from operations
(11.1
)
 
17.2

 
(2.9
)
 
2.4

 
(0.6
)
 
(22.4
)
 
(17.4
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(11.6
)
 
(11.6
)
Income (loss) before income taxes and equity in income of unconsolidated affiliates
(11.1
)
 
17.2

 
(2.9
)
 
2.4

 
(0.6
)
 
(34.0
)
 
(29.0
)
Income tax provision
—

 
—

 
—

 
—

 
—

 
(2.4
)
 
(2.4
)
Equity in income of unconsolidated affiliates
—

 
—

 
(2.0
)
 
—

 
—

 
—

 
(2.0
)
Income (loss) from continuing operations
$
(11.1
)
 
$
17.2

 
$
(0.9
)
 
$
2.4

 
$
(0.6
)
 
$
(31.6
)
 
$
(24.6
)
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(11.1
)
 
$
17.2

 
$
(0.9
)
 
$
2.4

 
$
(0.6
)
 
$
(31.6
)
 
$
(24.6
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(2.4
)
 
(2.4
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
8.4

 
8.4

Depreciation and amortization
14.6

 
5.0

 
3.3

 
2.0

 
0.4

 
0.6

 
25.9

EBITDA
3.5

 
22.2

 
2.4

 
4.4

 
(0.2
)
 
(25.0
)
 
7.3

Stock based compensation expense
0.4

 
0.1

 
0.1

 
—

 
—

 
1.7

 
2.3

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.9

 
0.9

Investment income
—

 
—

 
—

 
—

 
—

 
(0.5
)
 
(0.5
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.0

 
1.0

Adjusted EBITDA
$
3.9

 
$
22.3

 
$
2.5

 
$
4.4

 
$
(0.2
)
 
$
(21.9
)
 
$
11.0

 








Three Months Ended September 30, 2014
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
233.4

 
$
163.2

 
$
77.3

 
$
36.0

 
$
8.3

 
$
(0.1
)
 
$
518.1

Depreciation and amortization
15.4

 
4.5

 
4.0

 
2.0

 
0.2

 
0.8

 
26.9

Cost of sales and selling and administrative
234.4

 
137.9

 
74.8

 
33.7

 
10.5

 
17.6

 
508.9

Loss 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

 
78.8

 
35.7

 
10.7

 
15.3

 
532.7

Income (loss) from operations
(16.4
)
 
20.8

 
(1.5
)
 
0.3

 
(2.4
)
 
(15.4
)
 
(14.6
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

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

 
(1.5
)
 
0.3

 
(2.4
)
 
(24.1
)
 
(23.3
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

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

 
—

 
(1.4
)
 
—

 
—

 
—

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

 
$
(0.1
)
 
$
0.3

 
$
(2.4
)
 
$
(20.5
)
 
$
(18.3
)
Reconciliation of net income (loss) to Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(16.4
)
 
$
20.8

 
$
(0.1
)
 
$
0.3

 
$
(2.4
)
 
$
(20.5
)
 
$
(18.3
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
—

 
—

 
8.3

 
8.3

Depreciation and amortization
15.4

 
4.5

 
4.0

 
2.0

 
0.2

 
0.8

 
26.9

EBITDA
(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

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(3.6
)
 
(3.6
)
Investment income
—

 
—

 
—

 
—

 
—

 
(0.9
)
 
(0.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
0.5

 
0.5

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

 
—

 
—

 
—

 
—

 
(0.1
)
 
(0.1
)
Adjusted EBITDA from continuing operations
$
(0.8
)
 
$
25.5

 
$
4.0

 
$
2.3

 
$
(2.2
)
 
$
(17.2
)
 
$
11.6



 




Nine Months Ended September 30, 2015 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
601.2

 
$
495.2

 
$
211.2

 
$
101.4

 
$
21.5

 
$
(0.9
)
 
$
1,429.6

Depreciation and amortization
43.6

 
15.1

 
9.6

 
6.2

 
1.3

 
2.1

 
77.9

Cost of sales and selling and administrative
615.2

 
400.8

 
213.0

 
88.4

 
22.7

 
62.2

 
1,402.3

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
1.5

 
1.5

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
12.6

 
12.6

Total operating costs
658.8

 
415.9

 
222.6

 
94.6

 
24.0

 
78.4

 
1,494.3

Income (loss) from operations
(57.6
)
 
79.3

 
(11.4
)
 
6.8

 
(2.5
)
 
(79.3
)
 
(64.7
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(25.7
)
 
(25.7
)
Income (loss) before income taxes and equity in income of unconsolidated affiliates
(57.6
)
 
79.3

 
(11.4
)
 
6.8

 
(2.5
)
 
(105.0
)
 
(90.4
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(7.7
)
 
(7.7
)
Equity in income of unconsolidated affiliates
—

 
—

 
(4.1
)
 
—

 
—

 
—

 
(4.1
)
Income (loss) from continuing operations
$
(57.6
)
 
$
79.3

 
$
(7.3
)
 
$
6.8

 
$
(2.5
)
 
$
(97.3
)
 
$
(78.6
)
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(57.6
)
 
$
79.3

 
$
(7.3
)
 
$
6.8

 
$
(2.5
)
 
$
(97.3
)
 
$
(78.6
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(7.7
)
 
(7.7
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
23.1

 
23.1

Depreciation and amortization
43.6

 
15.1

 
9.6

 
6.2

 
1.3

 
2.1

 
77.9

EBITDA from continuing operations
(14.0
)
 
94.4

 
2.3

 
13.0

 
(1.2
)
 
(79.8
)
 
14.7

Stock based compensation expense
0.8

 
0.6

 
0.4

 
—

 
—

 
5.6

 
7.4

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
1.5

 
1.5

Investment income
—

 
—

 
—

 
—

 
—

 
(2.9
)
 
(2.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
12.6

 
12.6

Adjusted EBITDA from continuing operations
$
(13.2
)
 
$
95.0

 
$
2.7

 
$
13.0

 
$
(1.2
)
 
$
(63.0
)
 
$
33.3






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

 
$
476.4

 
$
215.4

 
$
114.5

 
$
24.9

 
$
(1.9
)
 
$
1,481.3

Depreciation and amortization
42.5

 
13.0

 
12.0

 
6.9

 
0.7

 
2.3

 
77.4

Cost of sales and selling and administrative
633.3

 
397.5

 
215.1

 
99.1

 
28.3

 
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

 
227.1

 
106.0

 
29.0

 
61.6

 
1,510.0

Income (loss) from operations
(23.8
)
 
65.9

 
(11.7
)
 
8.5

 
(4.1
)
 
(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

 
(11.7
)
 
8.5

 
(4.1
)
 
(84.3
)
 
(49.5
)
Income tax benefit
—

 
—

 
—

 
—

 
—

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

 
—

 
(3.2
)
 
—

 
—

 
—

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

 
$
(8.5
)
 
$
8.5

 
$
(4.1
)
 
$
(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

 
$
(8.5
)
 
$
8.5

 
$
(4.1
)
 
$
(68.4
)
 
$
(30.4
)
Income tax benefit
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
—

 
—

 
23.4

 
23.4

Depreciation and amortization
42.5

 
13.0

 
12.0

 
6.9

 
0.7

 
2.3

 
77.4

EBITDA from continuing operations
18.7

 
78.9

 
3.5

 
15.4

 
(3.4
)
 
(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

 
$
4.0

 
$
15.4

 
$
(3.4
)
 
$
(53.9
)
 
$
60.9







Stock widget

Investing forum

LOUISIANA-PACIFIC CORP Reports