Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results
for the second quarter of 2013, which included the following:
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Total sales for the second quarter of $573 million were higher by 34
percent compared to the year ago quarter.
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Income from continuing operations was $94 million ($0.65 per diluted
share).
-
Non-GAAP adjusted income from continuing operations was $59 million
($0.41 per diluted share).
-
Adjusted EBITDA from continuing operations for the second quarter was
$122 million compared to $37 million in the second quarter of 2012.
-
Cash and cash equivalents were $631 million as of June 30, 2013.
“This was another good quarter for LP as the U.S. housing market
continues to recover,” said Curt Stevens, CEO. “While OSB prices
moderated during the second quarter, this segment showed good earnings.
Strong demand in Siding and South America also added to our results.”
For the second quarter of 2013, LP reported income from continuing
operations of $94 million, or $0.65 per diluted share, as compared to a
loss from continuing operations of $37 million, or $0.27 per diluted
share for the second quarter of 2012. The results for the second quarter
of 2013 included a gain on acquisition of $36 million.
ORIENTED STRAND BOARD (OSB) SEGMENT
LP’s OSB segment manufactures and distributes OSB structural panel
products. The OSB segment reported net sales for the second quarter of
2013 of $306 million, an increase from $195 million of net sales in the
second quarter of 2012. For the second quarter of 2013, the OSB segment
reported operating income of $95 million compared to $17 million in the
second quarter of 2012. For the second quarter, LP realized an increase
of $80 million in adjusted EBITDA from continuing operations for this
segment compared to the second quarter of 2012. For the second quarter,
sales volumes were higher by 2 percent and sales prices increased by 59
percent compared to the same period in 2012. The increase in sales price
accounted for approximately $110 million increase in both operating
results and adjusted EBITDA from continuing operations.
SIDING SEGMENT
LP’s Siding segment consists of LP SmartSide® siding as well as LP’s
prefinished CanExel® siding line. These products are used in new
construction as well as in the repair and remodeling markets. The Siding
segment reported net sales of $153 million in the second quarter of
2013, an increase of 11 percent from $137 million in the year-ago second
quarter. For the second quarter of 2013, the Siding segment reported
operating income of $27 million compared to $19 million in the year-ago
quarter. For the second quarter, LP reported $32 million in adjusted
EBITDA from continuing operations for this segment, an increase of $8
million compared to the second quarter of 2012. The increase in OSB
sales prices sold in this segment accounted for approximately $5 million
increase in both operating results and adjusted EBITDA from continuing
operations.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of I-Joist (IJ), Laminated Veneer Lumber
and Laminated Strand Lumber (LVL and LSL). These products are
principally used in new construction. EWP sales in the second quarter of
2013 totaled $61 million, an increase from $52 million reported a year
ago. Operating losses were $5 million for the second quarter of 2013
compared to $3 million in the second quarter of 2012.
SOUTH AMERICA SEGMENT
The South American segment consists of OSB mills located in Chile and
Brazil. South America sales in the second quarter of 2013 totaled $44
million, an increase of 4 percent from $43 million in the year-ago
second quarter. For the second quarter of 2013, the South America
segment reported operating income of $6 million compared to $4 million
reported a year ago. For the second quarter, LP reported $9 million in
adjusted EBITDA from continuing operations for this segment, an increase
of $3 million compared to the second quarter of 2012.
COMPANY OUTLOOK
“Housing starts appear to have been constrained by weather, labor and
financing issues in the second quarter. We will continue to be agile in
our operations as the weather improves and builders address these
issues. The consensus projection for housing starts for this year is a
25 percent increase over 2012, with starts projected to increase at
least another 25 percent in 2014. We will be ready to respond,”
concluded Stevens.
LP is a premier supplier of building materials, delivering innovative,
high-quality commodity and specialty products to its retail, wholesale,
homebuilding and industrial customers. Visit LP’s web site at www.lpcorp.com
for additional information on the company as well as reconciliation of
non-GAAP results.
FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific
Corporation's (LP) future results and performance that are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The matters addressed in these statements
are subject to a number of risks, uncertainties and assumptions that may
cause actual results to differ materially from those projected,
including, but not limited to, the effect of general economic
conditions, including the level of interest rates and housing starts,
market demand for the company's products, and prices for structural
products; the availability, cost and other terms of capital; the
efficiency and consequences of operations improvement initiatives and
cash conservation measures; the effect of forestry, land use,
environmental and other governmental regulations; the ability to obtain
regulatory approvals; and the risk of losses from fires, floods and
other natural disasters. These and other factors that could cause or
contribute to actual results differing materially from those
contemplated by such forward-looking statements are discussed in greater
detail in the company's Securities and Exchange Commission filings.
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LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
FINANCIAL AND QUARTERLY DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
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Quarter Ended June 30,
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Six Months Ended June 30,
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2013
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2012
|
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2013
|
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2012
|
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Net sales
|
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$
|
572.6
|
|
|
$
|
427.8
|
|
|
$
|
1,110.1
|
|
|
$
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789.3
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|
|
|
|
|
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|
|
|
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Income from operations
|
|
$
|
88.9
|
|
|
$
|
19.0
|
|
|
$
|
178.1
|
|
|
$
|
16.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes and equity in
(income) loss of unconsolidated affiliates
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$
|
114.5
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|
|
$
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(45.5
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)
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|
$
|
195.9
|
|
|
$
|
(56.1
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)
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|
|
|
|
|
|
|
|
|
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Non-GAAP adjusted income (loss) from continuing operations
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$
|
59.2
|
|
|
$
|
2.8
|
|
|
$
|
117.8
|
|
|
$
|
(6.0
|
)
|
|
|
|
|
|
|
|
|
|
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Income (loss) from continuing operations
|
|
$
|
94.2
|
|
|
$
|
(37.2
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)
|
|
$
|
159.6
|
|
|
$
|
(48.4
|
)
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss)
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|
$
|
94.1
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|
$
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(37.3
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)
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$
|
159.4
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|
|
$
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(48.6
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)
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|
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|
|
|
|
|
|
|
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Net income (loss) per share - basic
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$
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0.68
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|
$
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(0.27
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)
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|
$
|
1.15
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|
|
$
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(0.35
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)
|
|
|
|
|
|
|
|
|
|
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Net income (loss) per share - diluted
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$
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0.65
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|
|
$
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(0.27
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)
|
|
$
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1.10
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$
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(0.35
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)
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|
|
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Average shares of stock outstanding - basic
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139.1
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137.0
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138.8
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136.8
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|
|
|
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Average shares of stock outstanding - diluted
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144.1
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137.0
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144.3
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136.8
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CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
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Quarter Ended
June 30,
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Six Months Ended
June 30,
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2013
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2012
|
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2013
|
|
2012
|
|
Net sales
|
|
$
|
572.6
|
|
|
$
|
427.8
|
|
|
$
|
1,110.11
|
1
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|
$
|
789.3
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Operating costs and expenses:
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Cost of sales
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422.7
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|
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359.9
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815.3
|
|
|
673.2
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Depreciation and amortization
|
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20.8
|
|
|
17.9
|
|
|
39.5
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37.0
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Selling and administrative
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35.5
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30.7
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70.9
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62.0
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(Gain) loss on sale or impairment of long-lived assets, net
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(0.7
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)
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0.1
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|
(0.7
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)
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0.2
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Other operating credits and charges, net
|
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5.4
|
|
|
0.2
|
|
|
7.0
|
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|
—
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Total operating costs and expenses
|
|
483.7
|
|
|
408.8
|
|
|
932.0
|
|
|
772.4
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|
Income from operations
|
|
88.9
|
|
|
19.0
|
|
|
178.1
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|
|
16.9
|
|
|
|
|
|
|
|
|
|
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Non-operating income (expense):
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|
|
|
|
|
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Interest expense, net of capitalized interest
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|
(9.8
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)
|
|
(13.1
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)
|
|
(20.4
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)
|
|
(25.7
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)
|
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Investment income
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|
3.1
|
|
|
3.4
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|
6.6
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|
|
7.6
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Early debt extinguishment
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—
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|
(52.2
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)
|
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—
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|
(52.2
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)
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Gain on acquisition
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35.9
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|
|
—
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|
|
35.9
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|
|
—
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Other non-operating items
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|
(3.6
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)
|
|
(2.6
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)
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|
(4.3
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)
|
|
(2.7
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)
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Total non-operating income (expense)
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25.6
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|
(64.5
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)
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17.8
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(73.0
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)
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|
|
|
|
|
|
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Income (loss) from continuing operations before taxes and equity in
(income) loss of unconsolidated affiliates
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114.5
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(45.5
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)
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195.9
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|
(56.1
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)
|
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Provision (benefit) for income taxes
|
|
24.4
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|
|
(11.1
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)
|
|
47.6
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|
|
(12.3
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)
|
|
Equity in (income) loss of unconsolidated affiliates
|
|
(4.1
|
)
|
|
2.8
|
|
|
(11.3
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)
|
|
4.6
|
|
|
Income (loss) from continuing operations
|
|
94.2
|
|
|
(37.2
|
)
|
|
159.6
|
|
|
(48.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations before taxes
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|
Benefit for income taxes
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
Loss from discontinued operations
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
94.1
|
|
|
$
|
(37.3
|
)
|
|
$
|
159.4
|
|
|
$
|
(48.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share of common stock (basic):
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.68
|
|
|
$
|
(0.27
|
)
|
|
$
|
1.15
|
|
|
$
|
(0.35
|
)
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net income (loss) per share
|
|
$
|
0.68
|
|
|
$
|
(0.27
|
)
|
|
$
|
1.15
|
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share of common stock (diluted):
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.65
|
|
|
$
|
(0.27
|
)
|
|
$
|
1.10
|
|
|
$
|
(0.35
|
)
|
|
Loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net income (loss) per share
|
|
$
|
0.65
|
|
|
$
|
(0.27
|
)
|
|
$
|
1.10
|
|
|
$
|
(0.35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
139.1
|
|
|
137.0
|
|
|
138.8
|
|
|
136.8
|
|
|
Average shares of stock outstanding - diluted
|
|
144.1
|
|
|
137.0
|
|
|
144.3
|
|
|
136.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
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|
|
|
|
|
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|
|
June 30, 2013
|
|
December 31, 2012
|
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ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
630.7
|
|
|
$
|
560.9
|
|
|
Receivables
|
|
103.5
|
|
|
82.7
|
|
|
Inventories
|
|
247.0
|
|
|
209.8
|
|
|
Other current assets
|
|
11.8
|
|
|
6.0
|
|
|
Deferred income taxes
|
|
21.6
|
|
|
12.3
|
|
|
Current portion of notes receivable from asset sales
|
|
91.4
|
|
|
91.4
|
|
|
Assets held for sale
|
|
31.4
|
|
|
32.5
|
|
|
Total current assets
|
|
1,137.4
|
|
|
995.6
|
|
|
|
|
|
|
|
|
Timber and timberlands
|
|
72.7
|
|
|
40.1
|
|
|
|
|
|
|
|
|
Property, plant and equipment, at cost
|
|
2,218.0
|
|
|
2,061.6
|
|
|
Accumulated depreciation
|
|
(1,341.1
|
)
|
|
(1,310.8
|
)
|
|
Net property, plant and equipment
|
|
876.9
|
|
|
750.8
|
|
|
|
|
|
|
|
|
Goodwill
|
|
9.7
|
|
|
—
|
|
|
Notes receivable from asset sales
|
|
432.2
|
|
|
432.2
|
|
|
Long-term investments
|
|
4.0
|
|
|
2.0
|
|
|
Restricted cash
|
|
10.6
|
|
|
12.0
|
|
|
Investments in and advances to affiliates
|
|
4.3
|
|
|
68.6
|
|
|
Deferred debt costs
|
|
8.4
|
|
|
9.2
|
|
|
Other assets
|
|
15.7
|
|
|
15.5
|
|
|
Long-term deferred tax asset
|
|
—
|
|
|
5.0
|
|
|
Total assets
|
|
$
|
2,571.9
|
|
|
$
|
2,331.0
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
7.5
|
|
|
$
|
7.8
|
|
|
Current portion of limited recourse notes payable
|
|
90.0
|
|
|
90.0
|
|
|
Accounts payable and accrued liabilities
|
|
165.2
|
|
|
139.5
|
|
|
Current portion of contingency reserves
|
|
2.0
|
|
|
2.0
|
|
|
Total current liabilities
|
|
264.7
|
|
|
239.3
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current portion
|
|
777.3
|
|
|
782.7
|
|
|
Contingency reserves, excluding current portion
|
|
12.3
|
|
|
12.8
|
|
|
Other long-term liabilities
|
|
181.8
|
|
|
168.8
|
|
|
Deferred income taxes
|
|
153.3
|
|
|
93.6
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Common stock
|
|
150.7
|
|
|
150.4
|
|
|
Additional paid-in capital
|
|
504.9
|
|
|
533.6
|
|
|
Retained earnings
|
|
870.0
|
|
|
710.6
|
|
|
Treasury stock
|
|
(232.3
|
)
|
|
(252.9
|
)
|
|
Accumulated comprehensive loss
|
|
(110.8
|
)
|
|
(107.9
|
)
|
|
Total stockholders’ equity
|
|
1,182.5
|
|
|
1,033.8
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
2,571.9
|
|
|
$
|
2,331.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
94.1
|
|
|
$
|
(37.3
|
)
|
|
$
|
159.4
|
|
|
$
|
(48.6
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
20.8
|
|
|
17.9
|
|
|
39.5
|
|
|
37.0
|
|
|
(Income) loss from unconsolidated affiliates
|
|
(4.1
|
)
|
|
2.8
|
|
|
(11.3
|
)
|
|
4.6
|
|
|
(Gain) loss on sale or impairment of long-lived assets
|
|
(0.7
|
)
|
|
0.1
|
|
|
(0.7
|
)
|
|
0.2
|
|
|
Gain on acquisition
|
|
(35.9
|
)
|
|
—
|
|
|
(35.9
|
)
|
|
—
|
|
|
Early debt extinguishment
|
|
—
|
|
|
52.2
|
|
|
—
|
|
|
52.2
|
|
|
Other operating credits and charges, net
|
|
5.4
|
|
|
0.2
|
|
|
7.0
|
|
|
—
|
|
|
Stock-based compensation related to stock plans
|
|
2.1
|
|
|
1.6
|
|
|
4.2
|
|
|
4.3
|
|
|
Exchange (gain) loss on remeasurement
|
|
0.2
|
|
|
(1.2
|
)
|
|
(0.1
|
)
|
|
(0.9
|
)
|
|
Cash settlement of contingencies
|
|
(0.3
|
)
|
|
(0.6
|
)
|
|
(0.4
|
)
|
|
(1.2
|
)
|
|
Cash settlements of warranties, net of accruals
|
|
(2.3
|
)
|
|
(1.5
|
)
|
|
(4.3
|
)
|
|
(3.9
|
)
|
|
Pension expense, net of cash payments
|
|
1.1
|
|
|
2.5
|
|
|
2.6
|
|
|
4.1
|
|
|
Non-cash interest expense, net
|
|
0.2
|
|
|
0.8
|
|
|
0.6
|
|
|
1.4
|
|
|
Other adjustments, net of acquisition
|
|
0.1
|
|
|
1.2
|
|
|
0.6
|
|
|
1.1
|
|
|
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in receivables
|
|
34.5
|
|
|
5.0
|
|
|
(17.9
|
)
|
|
(35.5
|
)
|
|
(Increase) decrease in inventories
|
|
20.5
|
|
|
9.8
|
|
|
(28.1
|
)
|
|
(36.0
|
)
|
|
Increase in other current assets
|
|
(7.4
|
)
|
|
(4.9
|
)
|
|
(6.0
|
)
|
|
(3.0
|
)
|
|
Increase (decrease) in accounts payable and accrued liabilities
|
|
(3.2
|
)
|
|
9.7
|
|
|
8.9
|
|
|
19.4
|
|
|
Increase (decrease) in deferred income taxes
|
|
21.7
|
|
|
(11.2
|
)
|
|
45.5
|
|
|
(12.5
|
)
|
|
Net cash provided by (used in) operating activities
|
|
146.8
|
|
|
47.1
|
|
|
163.6
|
|
|
(17.3
|
)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment additions
|
|
(12.4
|
)
|
|
(4.2
|
)
|
|
(25.6
|
)
|
|
(6.8
|
)
|
|
Investments in and advances to joint ventures
|
|
7.1
|
|
|
1.1
|
|
|
13.9
|
|
|
(1.9
|
)
|
|
Proceeds from sales of assets
|
|
1.7
|
|
|
0.2
|
|
|
1.7
|
|
|
9.1
|
|
|
Acquisition, net of cash acquired
|
|
(67.4
|
)
|
|
—
|
|
|
(67.4
|
)
|
|
—
|
|
|
Decrease in restricted cash under letters of credit/credit facility
|
|
(0.1
|
)
|
|
0.1
|
|
|
1.4
|
|
|
1.0
|
|
|
Net cash provided by (used in) investing activities
|
|
(71.1
|
)
|
|
(2.8
|
)
|
|
(76.0
|
)
|
|
1.4
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of long-term debt
|
|
—
|
|
|
350.0
|
|
|
—
|
|
|
350.0
|
|
|
Repayment of long-term debt
|
|
(2.6
|
)
|
|
(242.1
|
)
|
|
(3.6
|
)
|
|
(242.1
|
)
|
|
Short term borrowings, net of repayments
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
Taxes paid related to net share settlement of equity awards
|
|
(0.2
|
)
|
|
—
|
|
|
(12.0
|
)
|
|
—
|
|
|
Payment of debt issuance fees
|
|
—
|
|
|
(6.3
|
)
|
|
—
|
|
|
(6.3
|
)
|
|
Other, net
|
|
—
|
|
|
0.4
|
|
|
0.1
|
|
|
0.4
|
|
|
Net cash provided by (used in) financing activities
|
|
(2.9
|
)
|
|
102.0
|
|
|
(15.6
|
)
|
|
102.0
|
|
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
|
(2.6
|
)
|
|
0.3
|
|
|
(2.2
|
)
|
|
1.0
|
|
|
Net increase in cash and cash equivalents
|
|
70.2
|
|
|
146.6
|
|
|
69.8
|
|
|
87.1
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
560.5
|
|
|
280.5
|
|
|
560.9
|
|
|
340.0
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
630.7
|
|
|
$
|
427.1
|
|
|
$
|
630.7
|
|
|
$
|
427.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
|
Dollar amounts in millions
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Net sales:
|
|
|
|
|
|
|
|
|
OSB
|
$
|
306.2
|
|
|
$
|
194.9
|
|
|
$
|
592.9
|
|
|
$
|
344.4
|
|
|
Siding
|
152.7
|
|
|
137.0
|
|
|
286.5
|
|
|
250.1
|
|
|
Engineered Wood Products
|
60.9
|
|
|
51.7
|
|
|
124.3
|
|
|
100.3
|
|
|
South America
|
44.3
|
|
|
42.7
|
|
|
89.4
|
|
|
85.1
|
|
|
Other
|
9.3
|
|
|
10.7
|
|
|
18.4
|
|
|
20.8
|
|
|
Intersegment sales
|
(0.8
|
)
|
|
(9.2
|
)
|
|
(1.4
|
)
|
|
(11.4
|
)
|
|
|
$
|
572.6
|
|
|
$
|
427.8
|
|
|
$
|
1,110.1
|
|
|
$
|
789.3
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
OSB
|
$
|
95.4
|
|
|
$
|
17.0
|
|
|
$
|
193.5
|
|
|
$
|
16.7
|
|
|
Siding
|
27.1
|
|
|
19.4
|
|
|
47.8
|
|
|
36.1
|
|
|
Engineered Wood Products
|
(5.1
|
)
|
|
(3.4
|
)
|
|
(8.6
|
)
|
|
(6.3
|
)
|
|
South America
|
6.3
|
|
|
3.6
|
|
|
12.5
|
|
|
6.7
|
|
|
Other
|
(2.0
|
)
|
|
(1.9
|
)
|
|
(2.9
|
)
|
|
(2.5
|
)
|
|
Other operating credits and charges, net
|
(5.4
|
)
|
|
(0.2
|
)
|
|
(7.0
|
)
|
|
—
|
|
|
Other operating credits and charges associated with unconsolidated
affiliates
|
(2.7
|
)
|
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
Gain (loss) on sale or impairment of long-lived assets
|
0.7
|
|
|
(0.1
|
)
|
|
0.7
|
|
|
(0.2
|
)
|
|
General corporate and other expenses, net
|
(21.3
|
)
|
|
(18.2
|
)
|
|
(43.9
|
)
|
|
(38.2
|
)
|
|
Foreign currency losses
|
(3.6
|
)
|
|
(2.6
|
)
|
|
(4.3
|
)
|
|
(2.7
|
)
|
|
Gain on acquisition
|
35.9
|
|
|
—
|
|
|
35.9
|
|
|
—
|
|
|
Early debt extinguishment
|
—
|
|
|
(52.2
|
)
|
|
—
|
|
|
(52.2
|
)
|
|
Investment income
|
3.1
|
|
|
3.4
|
|
|
6.6
|
|
|
7.6
|
|
|
Interest expense, net of capitalized interest
|
(9.8
|
)
|
|
(13.1
|
)
|
|
(20.4
|
)
|
|
(25.7
|
)
|
|
Income (loss) from continuing operations before taxes
|
118.6
|
|
|
(48.3
|
)
|
|
207.2
|
|
|
(60.7
|
)
|
|
Provision (benefit) for income taxes
|
24.4
|
|
|
(11.1
|
)
|
|
47.6
|
|
|
(12.3
|
)
|
|
Income (loss) from continuing operations
|
$
|
94.2
|
|
|
$
|
(37.2
|
)
|
|
$
|
159.6
|
|
|
$
|
(48.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES (1)
The following table sets forth production volumes for the quarter
and six months ended June 30, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Oriented strand board, million square feet 3/8" basis(1)
|
|
1,000
|
|
|
922
|
|
|
1,892
|
|
|
1,721
|
|
Oriented strand board, million square feet 3/8" basis (produced by
wood-based siding mills)
|
|
46
|
|
|
51
|
|
|
84
|
|
|
96
|
|
Wood-based siding, million square feet 3/8" basis
|
|
266
|
|
|
236
|
|
|
517
|
|
|
476
|
|
Engineered I-Joist, million lineal feet(1)
|
|
18
|
|
|
18
|
|
|
37
|
|
|
32
|
|
Laminated veneer lumber (LVL), thousand cubic feet(1) and
laminated strand lumber (LSL), thousand cubic feet
|
|
1,961
|
|
|
1,723
|
|
|
3,862
|
|
|
3,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes volumes produced by joint venture
operations or under sales arrangements and sold to LP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2013