LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - November 3, 2015

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8-K - 8-K - LOUISIANA-PACIFIC CORPa93015lpx8k.htm
EX-99.1 - EXHIBIT 99.1 - LOUISIANA-PACIFIC CORPex991-q32015pressrelease.htm
EX-99.2 - EXHIBIT 99.2 - LOUISIANA-PACIFIC CORPex992-093015ebitdareconcil.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




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