Attached files
file | filename |
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8-K - 8-K - LOUISIANA-PACIFIC CORP | a93015lpx8k.htm |
EX-99.1 - EXHIBIT 99.1 - LOUISIANA-PACIFIC CORP | ex991-q32015pressrelease.htm |
EX-99.2 - EXHIBIT 99.2 - LOUISIANA-PACIFIC CORP | ex992-093015ebitdareconcil.htm |
Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
As reported Quarter Ended September 30, 2015 | Adjustments | As adjusted Quarter Ended September 30, 2015 | As reported Quarter Ended June 30, 2015 | Adjustments | As adjusted Quarter Ended June 30, 2015 | As reported Quarter Ended September 30, 2014 | Adjustments | As adjusted Quarter Ended September 30, 2014 | |||||||||||||||||||
Net sales | $ | 464.9 | $ | 464.9 | $ | 493.0 | $ | 493.0 | $ | 518.1 | $ | 518.1 | |||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||
Cost of sales | 416.2 | 416.2 | 443.4 | 443.4 | 477.0 | 477.0 | |||||||||||||||||||||
Depreciation and amortization | 25.9 | 25.9 | 25.3 | 25.3 | 26.9 | 26.9 | |||||||||||||||||||||
Selling and administrative | 38.3 | 38.3 | 37.9 | 37.9 | 31.9 | 0.1 | 32.0 | ||||||||||||||||||||
(Gain) loss on sale or impairment of long-lived assets, net | 0.9 | (0.9 | ) | — | 0.5 | (0.5 | ) | — | (3.6 | ) | 3.6 | — | |||||||||||||||
Other operating credits and charges, net | 1.0 | (1.0 | ) | — | — | — | — | 0.5 | (0.5 | ) | — | ||||||||||||||||
Total operating costs and expenses | 482.3 | 480.4 | 507.1 | 506.6 | 532.7 | 535.9 | |||||||||||||||||||||
Income (loss) from operations | (17.4 | ) | (15.5 | ) | (14.1 | ) | (13.6 | ) | (14.6 | ) | (17.8 | ) | |||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (8.4 | ) | (8.4 | ) | (7.2 | ) | (7.2 | ) | (8.3 | ) | (8.3 | ) | |||||||||||||||
Investment income | 0.5 | 0.5 | 1.0 | 1.0 | 0.9 | 0.9 | |||||||||||||||||||||
Other non-operating items | (3.7 | ) | (3.7 | ) | 0.4 | 0.4 | (1.3 | ) | — | (1.3 | ) | ||||||||||||||||
Total non-operating income (expense) | (11.6 | ) | (11.6 | ) | (5.8 | ) | (5.8 | ) | (8.7 | ) | (8.7 | ) | |||||||||||||||
Income (loss) before taxes and equity in income of unconsolidated affiliates | (29.0 | ) | (27.1 | ) | (19.9 | ) | (19.4 | ) | (23.3 | ) | (26.5 | ) | |||||||||||||||
Provision (benefit) for income taxes | (2.4 | ) | 2.4 | — | 1.0 | (1.0 | ) | — | (3.6 | ) | 3.6 | — | |||||||||||||||
"Normalized" tax rate @ 35% | — | (8.9 | ) | (8.9 | ) | — | (6.3 | ) | (6.3 | ) | — | (8.8 | ) | (8.8 | ) | ||||||||||||
Equity in income of unconsolidated affiliates | (2.0 | ) | (2.0 | ) | (1.4 | ) | (1.4 | ) | (1.4 | ) | (1.4 | ) | |||||||||||||||
Income (loss) from continuing operations | (24.6 | ) | (16.2 | ) | (19.5 | ) | (11.7 | ) | (18.3 | ) | (16.3 | ) | |||||||||||||||
Income (loss) from discontinued operations before taxes | (2.9 | ) | (2.9 | ) | — | — | (3.2 | ) | (3.2 | ) | |||||||||||||||||
Provision (benefit) for income taxes | (1.0 | ) | (1.0 | ) | — | — | (1.1 | ) | (1.1 | ) | |||||||||||||||||
Income (loss) from discontinued operations | (1.9 | ) | (1.9 | ) | — | — | (2.1 | ) | (2.1 | ) | |||||||||||||||||
Net income (loss) | $ | (26.5 | ) | $ | (18.1 | ) | $ | (19.5 | ) | $ | (11.7 | ) | $ | (20.4 | ) | $ | (18.4 | ) | |||||||||
Income (loss) per share of common stock (basic and diluted): | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.17 | ) | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.12 | ) | |||||||||
Income (loss) from discontinued operations | (0.02 | ) | (0.02 | ) | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||
Net income (loss) per share | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.14 | ) | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.13 | ) | |||||||||
Average shares of stock outstanding - basic and diluted | 142.6 | 142.6 | 142.3 | 142.3 | 140.8 | 140.8 |
As reported Nine Months Ended September 30, 2015 | Adjustments | As adjusted Nine Months Ended September 30 , 2015 | As reported Nine Months Ended September 30, 2014 | Adjustments | As adjusted Nine Months Ended September 30 , 2014 | |||||||||||||
Net sales | $ | 1,429.6 | $ | 1,429.6 | $ | 1,481.3 | $ | 1,481.3 | ||||||||||
Operating costs and expenses: | — | — | ||||||||||||||||
Cost of sales | 1,287.4 | 1,287.4 | 1,326.9 | 1,326.9 | ||||||||||||||
Depreciation and amortization | 77.9 | 77.9 | 77.4 | 77.4 | ||||||||||||||
Selling and administrative | 114.9 | 114.9 | 108.7 | (4.7 | ) | 104.0 | ||||||||||||
Gain on sale or impairment of long-lived assets, net | 1.5 | (1.5 | ) | — | (4.1 | ) | 4.1 | — | ||||||||||
Other operating credits and charges, net | 12.6 | (12.6 | ) | — | 1.1 | (1.1 | ) | — | ||||||||||
Total operating costs and expenses | 1,494.3 | 1,480.2 | 1,510.0 | 1,508.3 | ||||||||||||||
Income (loss) from operations | (64.7 | ) | (50.6 | ) | (28.7 | ) | (27.0 | ) | ||||||||||
Non-operating income (expense): | ||||||||||||||||||
Interest expense, net of capitalized interest | (23.1 | ) | (23.1 | ) | (23.4 | ) | (23.4 | ) | ||||||||||
Investment income | 2.9 | 2.9 | 4.4 | 4.4 | ||||||||||||||
Other non-operating items | (5.5 | ) | (5.5 | ) | (1.8 | ) | 2.1 | 0.3 | ||||||||||
Total non-operating income (expense) | (25.7 | ) | (25.7 | ) | (20.8 | ) | (18.7 | ) | ||||||||||
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (90.4 | ) | (76.3 | ) | (49.5 | ) | (45.7 | ) | ||||||||||
Provision (benefit) for income taxes | (7.7 | ) | 7.7 | — | (15.9 | ) | 15.9 | — | ||||||||||
"Normalized" tax rate @ 35% | — | (25.3 | ) | (25.3 | ) | — | (14.9 | ) | (14.9 | ) | ||||||||
Equity in income of unconsolidated affiliates | (4.1 | ) | (4.1 | ) | (3.2 | ) | (3.2 | ) | ||||||||||
Income (loss) from continuing operations | (78.6 | ) | (46.9 | ) | (30.4 | ) | (27.6 | ) | ||||||||||
Income (loss) from discontinued operations before taxes | (2.9 | ) | (2.9 | ) | (3.2 | ) | (3.2 | ) | ||||||||||
Provision (benefit) for income taxes | (1.0 | ) | (1.0 | ) | (1.1 | ) | (1.1 | ) | ||||||||||
Income (loss) from discontinued operations | (1.9 | ) | (1.9 | ) | (2.1 | ) | (2.1 | ) | ||||||||||
Net income (loss) | $ | (80.5 | ) | $ | (48.8 | ) | $ | (32.5 | ) | $ | (29.7 | ) | ||||||
Income (loss) per share of common stock (basic and diluted): | ||||||||||||||||||
Income (loss) from continuing operations | $ | (0.55 | ) | $ | (0.33 | ) | $ | (0.22 | ) | $ | (0.20 | ) | ||||||
Income (loss) from discontinued operations | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net income (loss) per share | $ | (0.57 | ) | $ | (0.35 | ) | $ | (0.23 | ) | $ | (0.21 | ) | ||||||
Average shares of stock outstanding - basic and diluted | 142.3 | 142.3 | 140.9 | 140.9 |