Louisiana-Pacific Corporation (LP) (NYSE:LPX) reported today results for
the third quarter of 2013, which included the following:
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Total sales for the third quarter of $507 million were higher by 10
percent compared to the year ago quarter.
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Income from continuing operations was $38 million ($0.26 per diluted
share).
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Non-GAAP adjusted income from continuing operations was $19 million
($0.13 per diluted share).
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Adjusted EBITDA from continuing operations for the third quarter was
$65 million compared to $75 million in the third quarter of 2012.
-
Cash and cash equivalents were $670 million as of September 30, 2013.
“Each of our business segments generated positive adjusted EBITDA in the
quarter,” CEO Curt Stevens said. “OSB prices continued to decline in the
quarter which hurt our earnings while Siding and South America had
better results than the same quarter last year.”
For the third quarter of 2013, LP reported income from continuing
operations of $38 million, or $0.26 per diluted share, as compared to
$31 million, or $0.22 per diluted share for the third quarter of 2012.
ORIENTED STRAND BOARD (OSB) SEGMENT
LP’s OSB segment manufactures and distributes OSB structural panel
products. The OSB segment reported net sales for the third quarter of
2013 of $245 million, an increase from $227 million of net sales in the
third quarter of 2012. For the third quarter of 2013, the OSB segment
reported operating income of $30 million compared to $49 million in the
third quarter of 2012. For the third quarter, adjusted EBITDA from
continuing operations for this segment decreased by $14 million compared
to the third quarter of 2012. For the third quarter, sales volumes were
higher by 15 percent and sales prices decreased by 5 percent compared to
the same period in 2012. The decrease in sales price accounted for
approximately $13 million of the decrease in both operating results and
adjusted EBITDA from continuing operations.
SIDING SEGMENT
LP’s Siding segment consists of SmartSide® trim & 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 $149 million in the third quarter of 2013,
an increase of 11 percent from $134 million in the year-ago third
quarter. For the third quarter of 2013, the Siding segment reported
operating income of $23 million compared to $20 million in the year-ago
quarter. For the third quarter, LP reported $27 million in adjusted
EBITDA from continuing operations for this segment, an increase of $3
million compared to the third quarter of 2012. The decrease in OSB sales
prices sold in this segment accounted for approximately $1 million of
the decrease in both operating results and adjusted EBITDA from
continuing operations.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of SolidStart® 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 third quarter
of 2013 totaled $72 million, an increase from $62 million reported in
the third quarter of 2012. Operating losses were $2 million for the
third quarter of 2013 compared to $3 million in the third quarter of
2012. LP reported an improvement in adjusted EBITDA from continuing
operations of $1 million for this segment as compared to the same
quarter in 2012.
SOUTH AMERICA SEGMENT
The South American segment consists of OSB mills located in Chile and
Brazil. South America sales in the third quarter of 2013 totaled $42
million, essentially flat from the year-ago third quarter. For the third
quarter of 2013, the South America segment reported operating income of
$5 million in the third quarter of the current year and 2012. LP
reported $8 million in adjusted EBITDA from continuing operations for
this segment in the third quarter of the current year and 2012.
COMPANY OUTLOOK
“We saw the pace of improvement in the housing market slow over the
summer,” Stevens continued. “However, the pace of permit activity,
builder confidence and a slightly better economy should allow housing
starts to grow in coming quarters.”
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.
About LP
Louisiana-Pacific Corporation is a leading manufacturer of
quality engineered wood building materials including OSB, structural
framing products, and exterior siding for use in residential,
industrial and light commercial construction. From manufacturing
facilities in the U.S., Canada, Chile and Brazil, LP products are sold
to builders and homeowners through building materials distributors and
dealers and retail home centers. Founded in 1973, LP is headquartered in
Nashville, Tennessee and traded on the New York Stock Exchange under
LPX. For more information, visit www.lpcorp.com.
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
September 30,
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Nine Months Ended
September 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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$
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507.4
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$
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462.1
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$
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1,605.5
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$
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1,237.3
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|
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|
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Income from operations
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|
$
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47.6
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$
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42.9
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|
|
|
$
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224.7
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$
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57.1
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Income (loss) from continuing operations before taxes and equity
in (income) loss of unconsolidated affiliates
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$
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41.9
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$
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36.7
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|
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|
$
|
236.8
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|
|
$
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(22.1
|
)
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|
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Non-GAAP adjusted income from continuing operations
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$
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19.4
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$
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28.7
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$
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136.6
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|
$
|
20.9
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|
|
|
|
|
|
|
|
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Income (loss) from continuing operations
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|
$
|
37.5
|
|
|
$
|
31.0
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|
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|
$
|
196.5
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|
$
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(19.1
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)
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|
|
|
|
|
|
|
|
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Net income (loss)
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$
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38.1
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$
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31.3
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$
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197.5
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$
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(17.3
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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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0.27
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|
$
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0.23
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$
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1.42
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$
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(0.13
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)
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Net income (loss) per share - diluted
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$
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0.26
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$
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0.22
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$
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1.37
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$
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(0.13
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)
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Average shares of stock outstanding - basic
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140.0
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137.1
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139.1
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136.9
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Average shares of stock outstanding - diluted
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144.0
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142.6
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|
144.1
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|
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136.9
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|
|
|
|
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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
September 30,
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Nine Months Ended
September 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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$
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507.4
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$
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462.1
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$
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1,605.5
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$
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1,237.3
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Operating costs and expenses:
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Cost of sales
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416.3
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364.4
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1,221.7
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1,026.9
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Depreciation and amortization
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25.8
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18.8
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65.0
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55.5
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Selling and administrative
|
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33.5
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30.5
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103.6
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92.1
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(Gain) loss on sale or impairment of long-lived assets, net
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0.3
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4.3
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(0.4
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)
|
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4.5
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Other operating credits and charges, net
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|
(16.1
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)
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|
1.2
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(9.1
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)
|
|
1.2
|
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Total operating costs and expenses
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|
|
459.8
|
|
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419.2
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1,380.8
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1,180.2
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Income from operations
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|
|
47.6
|
|
|
42.9
|
|
|
|
224.7
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57.1
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Non-operating income (expense):
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Interest expense, net of capitalized interest
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(7.6
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)
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|
(10.7
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)
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(28.0
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)
|
|
(36.4
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)
|
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Investment income
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|
|
1.7
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|
|
4.1
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8.3
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|
11.7
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Early debt extinguishment
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|
|
(0.8
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)
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—
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(0.8
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)
|
|
(52.2
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)
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Gain on acquisition
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—
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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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1.0
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0.4
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(3.3
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)
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|
(2.3
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)
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Total non-operating income (expense)
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|
(5.7
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)
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|
(6.2
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)
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12.1
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(79.2
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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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|
|
41.9
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36.7
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236.8
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|
|
(22.1
|
)
|
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Provision (benefit) for income taxes
|
|
|
4.4
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|
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7.7
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51.6
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|
(5.6
|
)
|
|
Equity in (income) loss of unconsolidated affiliates
|
|
|
—
|
|
|
(2.0
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)
|
|
|
(11.3
|
)
|
|
2.6
|
|
|
Income (loss) from continuing operations
|
|
|
37.5
|
|
|
31.0
|
|
|
|
196.5
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|
(19.1
|
)
|
|
|
|
|
|
|
|
|
|
|
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Income from discontinued operations before taxes
|
|
|
1.0
|
|
|
0.5
|
|
|
|
1.6
|
|
|
2.8
|
|
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Provision for income taxes
|
|
|
0.4
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|
|
0.2
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|
|
|
0.6
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|
1.0
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Income from discontinued operations
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|
|
0.6
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|
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0.3
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|
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|
1.0
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1.8
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|
|
|
|
|
|
|
|
|
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Net income (loss)
|
|
|
$
|
38.1
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|
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$
|
31.3
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|
|
|
$
|
197.5
|
|
|
$
|
(17.3
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)
|
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|
|
|
|
|
|
|
|
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|
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Income (loss) per share of common stock (basic):
|
|
|
|
|
|
|
|
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|
|
Income (loss) from continuing operations
|
|
|
$
|
0.27
|
|
|
$
|
0.23
|
|
|
|
$
|
1.41
|
|
|
$
|
(0.14
|
)
|
|
Income from discontinued operations
|
|
|
—
|
|
|
—
|
|
|
|
0.01
|
|
|
0.01
|
|
|
Net income (loss) per share
|
|
|
$
|
0.27
|
|
|
$
|
0.23
|
|
|
|
$
|
1.42
|
|
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share of common stock (diluted):
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
|
$
|
1.36
|
|
|
$
|
(0.14
|
)
|
|
Income from discontinued operations
|
|
|
—
|
|
|
—
|
|
|
|
0.01
|
|
|
0.01
|
|
|
Net income (loss) per share
|
|
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
|
$
|
1.37
|
|
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
|
140.0
|
|
|
137.1
|
|
|
|
139.1
|
|
|
136.9
|
|
|
Average shares of stock outstanding - diluted
|
|
|
144.0
|
|
|
142.6
|
|
|
|
144.1
|
|
|
136.9
|
|
|
|
|
|
|
|
|
|
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CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
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|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
|
December 31, 2012
|
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ASSETS
|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
|
$
|
669.5
|
|
|
|
$
|
560.9
|
|
|
Receivables
|
|
|
109.2
|
|
|
|
82.7
|
|
|
Inventories
|
|
|
225.0
|
|
|
|
209.8
|
|
|
Other current assets
|
|
|
10.2
|
|
|
|
6.0
|
|
|
Deferred income taxes
|
|
|
13.7
|
|
|
|
12.3
|
|
|
Current portion of notes receivable from asset sales
|
|
|
—
|
|
|
|
91.4
|
|
|
Assets held for sale
|
|
|
31.4
|
|
|
|
32.5
|
|
|
Total current assets
|
|
|
1,059.0
|
|
|
|
995.6
|
|
|
|
|
|
|
|
|
|
|
Timber and timberlands
|
|
|
72.2
|
|
|
|
40.1
|
|
|
|
|
|
|
|
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|
|
Property, plant and equipment, at cost
|
|
|
2,214.3
|
|
|
|
2,061.6
|
|
|
Accumulated depreciation
|
|
|
(1,350.3
|
)
|
|
|
(1,310.8
|
)
|
|
Net property, plant and equipment
|
|
|
864.0
|
|
|
|
750.8
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
9.7
|
|
|
|
—
|
|
|
Notes receivable from asset sales
|
|
|
432.2
|
|
|
|
432.2
|
|
|
Long-term investments
|
|
|
3.8
|
|
|
|
2.0
|
|
|
Restricted cash
|
|
|
11.2
|
|
|
|
12.0
|
|
|
Investments in and advances to affiliates
|
|
|
4.2
|
|
|
|
68.6
|
|
|
Deferred debt costs
|
|
|
7.4
|
|
|
|
9.2
|
|
|
Other assets
|
|
|
33.8
|
|
|
|
15.5
|
|
|
Long-term deferred tax asset
|
|
|
—
|
|
|
|
5.0
|
|
|
Total assets
|
|
|
$
|
2,497.5
|
|
|
|
$
|
2,331.0
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
2.3
|
|
|
|
$
|
7.8
|
|
|
Current portion of limited recourse notes payable
|
|
|
—
|
|
|
|
90.0
|
|
|
Accounts payable and accrued liabilities
|
|
|
173.5
|
|
|
|
139.5
|
|
|
Current portion of contingency reserves
|
|
|
2.0
|
|
|
|
2.0
|
|
|
Total current liabilities
|
|
|
177.8
|
|
|
|
239.3
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current portion
|
|
|
763.3
|
|
|
|
782.7
|
|
|
Contingency reserves, excluding current portion
|
|
|
12.4
|
|
|
|
12.8
|
|
|
Other long-term liabilities
|
|
|
171.8
|
|
|
|
168.8
|
|
|
Deferred income taxes
|
|
|
148.4
|
|
|
|
93.6
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
152.0
|
|
|
|
150.4
|
|
|
Additional paid-in capital
|
|
|
505.7
|
|
|
|
533.6
|
|
|
Retained earnings
|
|
|
908.1
|
|
|
|
710.6
|
|
|
Treasury stock
|
|
|
(232.2
|
)
|
|
|
(252.9
|
)
|
|
Accumulated comprehensive loss
|
|
|
(109.8
|
)
|
|
|
(107.9
|
)
|
|
Total stockholders’ equity
|
|
|
1,223.8
|
|
|
|
1,033.8
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
2,497.5
|
|
|
|
$
|
2,331.0
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
38.1
|
|
|
|
$
|
31.3
|
|
|
|
$
|
197.5
|
|
|
|
$
|
(17.3
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
25.8
|
|
|
|
18.8
|
|
|
|
65.0
|
|
|
|
55.5
|
|
|
(Income) loss from unconsolidated affiliates
|
|
|
—
|
|
|
|
(2.0
|
)
|
|
|
(11.3
|
)
|
|
|
2.6
|
|
|
(Gain) loss on sale or impairment of long-lived assets
|
|
|
0.3
|
|
|
|
4.3
|
|
|
|
(0.4
|
)
|
|
|
4.5
|
|
|
Gain on acquisition
|
|
|
—
|
|
|
|
—
|
|
|
|
(35.9
|
)
|
|
|
—
|
|
|
Gain on sale of discontinued operation
|
|
|
(1.7
|
)
|
|
|
—
|
|
|
|
(1.7
|
)
|
|
|
—
|
|
|
Early debt extinguishment
|
|
|
0.8
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
52.2
|
|
|
Payment of long-term deposit
|
|
|
(17.1
|
)
|
|
|
—
|
|
|
|
(17.1
|
)
|
|
|
—
|
|
|
Other operating credits and charges, net
|
|
|
(16.1
|
)
|
|
|
1.2
|
|
|
|
(9.1
|
)
|
|
|
1.2
|
|
|
Stock-based compensation related to stock plans
|
|
|
2.4
|
|
|
|
1.8
|
|
|
|
6.6
|
|
|
|
6.4
|
|
|
Exchange (gain) loss on remeasurement
|
|
|
(0.4
|
)
|
|
|
5.7
|
|
|
|
(0.5
|
)
|
|
|
4.8
|
|
|
Cash settlement of contingencies
|
|
|
—
|
|
|
|
(0.4
|
)
|
|
|
(0.4
|
)
|
|
|
(1.6
|
)
|
|
Cash settlements of warranties
|
|
|
(3.4
|
)
|
|
|
(3.0
|
)
|
|
|
(7.7
|
)
|
|
|
(6.9
|
)
|
|
Pension expense, net of cash payments
|
|
|
(0.1
|
)
|
|
|
2.2
|
|
|
|
2.5
|
|
|
|
6.3
|
|
|
Non-cash interest expense, net
|
|
|
1.2
|
|
|
|
0.5
|
|
|
|
1.8
|
|
|
|
1.9
|
|
|
Other adjustments, net of acquisition
|
|
|
0.3
|
|
|
|
(1.7
|
)
|
|
|
1.2
|
|
|
|
(0.3
|
)
|
|
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in receivables
|
|
|
(7.9
|
)
|
|
|
(2.8
|
)
|
|
|
(25.8
|
)
|
|
|
(38.3
|
)
|
|
(Increase) decrease in inventories
|
|
|
15.8
|
|
|
|
(5.6
|
)
|
|
|
(12.3
|
)
|
|
|
(41.6
|
)
|
|
(Increase) decrease in other current assets
|
|
|
1.7
|
|
|
|
0.6
|
|
|
|
(4.3
|
)
|
|
|
(2.4
|
)
|
|
Increase in accounts payable and accrued liabilities
|
|
|
17.1
|
|
|
|
7.2
|
|
|
|
26.0
|
|
|
|
26.6
|
|
|
Increase (decrease) in deferred income taxes
|
|
|
2.4
|
|
|
|
7.7
|
|
|
|
47.9
|
|
|
|
(4.8
|
)
|
|
Net cash provided by operating activities
|
|
|
59.2
|
|
|
|
65.8
|
|
|
|
222.8
|
|
|
|
48.8
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment additions
|
|
|
(17.7
|
)
|
|
|
(9.3
|
)
|
|
|
(43.3
|
)
|
|
|
(16.1
|
)
|
|
Investments in and advances to joint ventures
|
|
|
—
|
|
|
|
8.8
|
|
|
|
13.9
|
|
|
|
6.6
|
|
|
Proceeds from sales of assets
|
|
|
15.0
|
|
|
|
—
|
|
|
|
16.7
|
|
|
|
9.1
|
|
|
Acquisition, net of cash acquired
|
|
|
—
|
|
|
|
—
|
|
|
|
(67.4
|
)
|
|
|
—
|
|
|
Receipt of proceeds from notes receivable
|
|
|
91.4
|
|
|
|
—
|
|
|
|
91.4
|
|
|
|
—
|
|
|
(Increase) decrease in restricted cash under letters of
credit/credit facility
|
|
|
(0.7
|
)
|
|
|
—
|
|
|
|
0.7
|
|
|
|
1.0
|
|
|
Net cash provided by (used in) investing activities
|
|
|
88.0
|
|
|
|
(0.5
|
)
|
|
|
12.0
|
|
|
|
0.6
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of long-term debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
350.0
|
|
|
Repayment of long-term debt
|
|
|
(109.5
|
)
|
|
|
(0.2
|
)
|
|
|
(113.1
|
)
|
|
|
(242.3
|
)
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
—
|
|
|
|
—
|
|
|
|
(12.0
|
)
|
|
|
—
|
|
|
Payment of debt issuance fees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6.3
|
)
|
|
Other, net
|
|
|
(0.1
|
)
|
|
|
0.8
|
|
|
|
(0.1
|
)
|
|
|
1.2
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(109.6
|
)
|
|
|
0.6
|
|
|
|
(125.2
|
)
|
|
|
102.6
|
|
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
|
|
1.2
|
|
|
|
(2.5
|
)
|
|
|
(1.0
|
)
|
|
|
(1.5
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
38.8
|
|
|
|
63.4
|
|
|
|
108.6
|
|
|
|
150.5
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
630.7
|
|
|
|
427.1
|
|
|
|
560.9
|
|
|
|
340.0
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
669.5
|
|
|
|
$
|
490.5
|
|
|
|
$
|
669.5
|
|
|
|
$
|
490.5
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
Dollar amounts in millions
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
$
|
245.4
|
|
|
|
$
|
226.6
|
|
|
|
$
|
838.3
|
|
|
|
$
|
571.0
|
|
|
Siding
|
|
|
149.0
|
|
|
|
134.1
|
|
|
|
435.5
|
|
|
|
384.2
|
|
|
Engineered Wood Products
|
|
|
71.8
|
|
|
|
61.5
|
|
|
|
196.1
|
|
|
|
161.8
|
|
|
South America
|
|
|
41.5
|
|
|
|
42.0
|
|
|
|
130.9
|
|
|
|
127.1
|
|
|
Other
|
|
|
3.9
|
|
|
|
3.4
|
|
|
|
10.3
|
|
|
|
10.1
|
|
|
Intersegment sales
|
|
|
(4.2
|
)
|
|
|
(5.5
|
)
|
|
|
(5.6
|
)
|
|
|
(16.9
|
)
|
|
|
|
|
$
|
507.4
|
|
|
|
$
|
462.1
|
|
|
|
$
|
1,605.5
|
|
|
|
$
|
1,237.3
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
$
|
30.2
|
|
|
|
$
|
49.3
|
|
|
|
$
|
223.7
|
|
|
|
$
|
66.0
|
|
|
Siding
|
|
|
22.5
|
|
|
|
20.3
|
|
|
|
70.3
|
|
|
|
56.4
|
|
|
Engineered Wood Products
|
|
|
(2.0
|
)
|
|
|
(3.0
|
)
|
|
|
(10.6
|
)
|
|
|
(9.3
|
)
|
|
South America
|
|
|
5.3
|
|
|
|
4.5
|
|
|
|
17.8
|
|
|
|
11.2
|
|
|
Other
|
|
|
(2.1
|
)
|
|
|
(2.6
|
)
|
|
|
(6.1
|
)
|
|
|
(7.8
|
)
|
|
Other operating credits and charges, net
|
|
|
16.1
|
|
|
|
(1.2
|
)
|
|
|
9.1
|
|
|
|
(1.2
|
)
|
|
Other operating credits and charges associated with unconsolidated
affiliates
|
|
|
—
|
|
|
|
—
|
|
|
|
(2.7
|
)
|
|
|
—
|
|
|
Gain (loss) on sale or impairment of long-lived assets
|
|
|
(0.3
|
)
|
|
|
(4.3
|
)
|
|
|
0.4
|
|
|
|
(4.5
|
)
|
|
General corporate and other expenses, net
|
|
|
(22.1
|
)
|
|
|
(18.1
|
)
|
|
|
(65.9
|
)
|
|
|
(56.3
|
)
|
|
Foreign currency gain (loss)
|
|
|
1.0
|
|
|
|
0.4
|
|
|
|
(3.3
|
)
|
|
|
(2.3
|
)
|
|
Gain on acquisition
|
|
|
—
|
|
|
|
—
|
|
|
|
35.9
|
|
|
|
—
|
|
|
Early debt extinguishment
|
|
|
(0.8
|
)
|
|
|
—
|
|
|
|
(0.8
|
)
|
|
|
(52.2
|
)
|
|
Investment income
|
|
|
1.7
|
|
|
|
4.1
|
|
|
|
8.3
|
|
|
|
11.7
|
|
|
Interest expense, net of capitalized interest
|
|
|
(7.6
|
)
|
|
|
(10.7
|
)
|
|
|
(28.0
|
)
|
|
|
(36.4
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
|
41.9
|
|
|
|
38.7
|
|
|
|
248.1
|
|
|
|
(24.7
|
)
|
|
Provision (benefit) for income taxes
|
|
|
4.4
|
|
|
|
7.7
|
|
|
|
51.6
|
|
|
|
(5.6
|
)
|
|
Income (loss) from continuing operations
|
|
|
$
|
37.5
|
|
|
|
$
|
31.0
|
|
|
|
$
|
196.5
|
|
|
|
$
|
(19.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES (1)
The following table sets forth production volumes for the quarter
and nine months ended September 30, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Oriented strand board, million square feet 3/8" basis(1)
|
|
|
996
|
|
|
903
|
|
|
2,888
|
|
|
2,625
|
|
Oriented strand board, million square feet 3/8" basis (produced by
wood-based siding mills)
|
|
|
42
|
|
|
51
|
|
|
126
|
|
|
146
|
|
Wood-based siding, million square feet 3/8" basis
|
|
|
251
|
|
|
229
|
|
|
768
|
|
|
704
|
|
Engineered I-Joist, million lineal feet(1)
|
|
|
19
|
|
|
18
|
|
|
56
|
|
|
50
|
|
Laminated veneer lumber (LVL), thousand cubic feet(1) and
laminated strand lumber (LSL), thousand cubic feet
|
|
|
1,976
|
|
|
1,752
|
|
|
5,838
|
|
|
5,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes volumes produced by joint venture
operations or under sales arrangements and sold to LP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2013