Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results
for the fourth quarter and year ended December 31, 2013, which included
the following:
-
Total sales for the fourth quarter of $480 million, 6 percent higher
than the year ago quarter, and total sales for the year were $2.1
billion, 23 percent higher than the previous year.
-
Loss from continuing operations for the fourth quarter was $19 million
($0.14 per diluted share) and income of $177 million ($1.23 per
diluted share) for the year.
-
Non-GAAP adjusted loss from continuing operations was $7 million
($0.05 per diluted share) for the fourth quarter and income of $129
million ($0.90 per diluted share) for the year.
-
Adjusted EBITDA from continuing operations for the fourth quarter was
$24 million compared to $71 million in the fourth quarter of 2012. For
the year, EBITDA from continuing operations was $330 million compared
to $200 million the previous year.
-
Cash and cash equivalents were $657 million as of December 31, 2013.
“Each of our segments recorded positive adjusted EBITDA in the fourth
quarter and combined to generate $330 million of EBITDA for the full
year of 2013,” said Curt Stevens, CEO. “At about 920,000 housing starts
in 2013, LP shipped record volumes of our SmartSide siding and a variety
of value-added OSB products. This performance bodes well for the future
as housing continues to improve.”
FOURTH QUARTER RESULTS
For the quarter ended December 31, 2013, LP reported net sales of $480
million, up from $454 million in the fourth quarter of 2012. For the
fourth quarter, the company reported an operating loss of $22 million as
compared to operating income of $47 million in 2012.
For the fourth quarter of 2013, LP reported loss from continuing
operations of $19 million, or $0.14 per diluted share, compared to
income of $49 million, or $0.34 per diluted share, for the fourth
quarter of 2012. Adjusted EBITDA from continuing operations for the
fourth quarter of 2013 was $24 million compared to $71 million in the
fourth quarter of 2012.
YEAR END RESULTS
For the year ended December 31, 2013, LP reported net sales of $2.1
billion compared to $1.7 billion in 2012. For the year ended 2013, the
company reported operating income of $203 million compared to $104
million in 2012.
For 2013, LP reported income from continuing operations of $177 million,
or $1.23 per diluted share, compared to $30 million, or $0.20 per
diluted share, for 2012. Adjusted EBITDA from continuing operations for
the year was $330 million compared to $200 million for 2012.
ORIENTED STRAND BOARD (OSB) SEGMENT
LP’s OSB segment manufactures and distributes OSB structural panel
products. LP is currently operating 10 facilities and has indefinitely
curtailed one other facility due to market conditions. The OSB segment
reported net sales for the fourth quarter of 2013 of $230 million, down
5 percent compared to $243 million of net sales in the fourth quarter of
2012. For the fourth quarter of 2013, the OSB segment reported an
operating profit of $7 million compared to $58 million in the fourth
quarter of 2012. For the fourth quarter, adjusted EBITDA from continuing
operations for this segment was $23 million compared to $68 million in
the fourth quarter of 2012. For the fourth quarter of 2013 as compared
to the fourth quarter of 2012, sales volumes increased 17 percent and
sales price decreased 20 percent. The decrease in selling price
unfavorably impacted operating results and adjusted EBITDA from
continuing operations by approximately $55 million for the quarter as
compared to the fourth quarter of 2012.
For the full year, OSB reported sales of $1 billion, up 31 percent from
the prior year and had operating income of $230 million compared to $124
million in 2012. Adjusted EBITDA for 2013 was $285 million compared to
$166 million in 2012. For the year, sales volumes increased 11 percent
and sales prices increased 20 percent. The increase in selling price
favorably impacted operating results and adjusted EBITDA from continuing
operations by approximately $170 million for the year as compared to
2012.
SIDING SEGMENT
LP’s Siding segment consists of 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 $138 million in the fourth quarter of
2013, an increase of 19 percent from $117 million in the year-ago fourth
quarter. For the fourth quarter of 2013, the Siding segment reported
operating income of $16 million compared to $11 million in the year-ago
quarter. For the fourth quarter, Siding reported $20 million in adjusted
EBITDA from continuing operations, an increase of $5 million as compared
to the fourth quarter of 2012. The decrease in OSB sales prices sold in
this segment accounted for approximately $2 million reduction in both
operating results and adjusted EBITDA from continuing operations.
For the full year, Siding reported sales of $574 million, up 15 percent
from the prior year and had operating income of $86 million compared to
$67 million in 2012. Adjusted EBITDA for 2013 was $103 million compared
to $83 million in 2012. The increase in OSB sales prices sold in this
segment accounted for approximately $8 million increase in both
operating results and adjusted EBITDA from continuing operations.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of LP SolidStart® I-Joist (IJ), Laminated
Veneer Lumber and Laminated Strand Lumber (LVL and LSL). EWP segment
sales in the fourth quarter of 2013 totaled $72 million, up 39 percent
from $52 million in the year-ago quarter. Operating losses decreased 20
percent to $4 million for the fourth quarter of 2013 from $5 million for
the fourth quarter of 2012. For the fourth quarter, EWP segment showed
an increase of $2 million in adjusted EBITDA from continuing operations
as compared to the same quarter of 2012.
For the full year, EWP reported sales of $268 million, up 25 percent
from the prior year and operating losses of $14 million in 2013 and
2012. Adjusted EBITDA for 2013 was a loss of $1 million as compared to a
loss of $2 million in 2012.
SOUTH AMERICA
The South America segment is comprised of its facilities in Chile and
Brazil. The South America segment reported sales in the fourth quarter
of 2013 of $41 million, down 3 percent from $42 million in the fourth
quarter of 2012. Operating income was $2 million for the fourth quarter
of 2013, a decrease of $5 million from the fourth quarter of 2012. For
the fourth quarter, LP reported adjusted EBITDA from continuing
operations in this segment of $5 million, an decline of $5 million as
compared to the fourth quarter of 2012.
For the full year, South America reported sales of $172 million, up 2
percent from the prior year and operating income of $20 million compared
to an operating income of $18 million in 2012. Adjusted EBITDA for 2013
was $31 million compared to $30 million in 2012.
COMPANY OUTLOOK
“The consensus forecast for 2014 housing starts is up nearly 20 percent
to a little over 1.1 million,” continued Stevens. “All of LP’s
businesses are well-positioned to capitalize on this growth by providing
more quality products to our customers to meet their needs. And,
following regulatory approvals, we are looking forward to welcoming
Ainsworth into our company to accelerate our growth,” concluded Stevens.
About LP
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 a 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.
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
|
|
|
|
FINANCIAL AND QUARTERLY DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Net sales
|
|
$
|
479.7
|
|
|
$
|
453.9
|
|
|
$
|
2,085.2
|
|
|
$
|
1,691.2
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
$
|
(22.0
|
)
|
|
$
|
47.1
|
|
|
$
|
202.8
|
|
|
$
|
104.2
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes and equity in
income of unconsolidated affiliates
|
|
$
|
(30.3
|
)
|
|
$
|
56.9
|
|
|
$
|
206.6
|
|
|
$
|
34.8
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted income (loss) from continuing operations
|
|
$
|
(7.4
|
)
|
|
$
|
26.4
|
|
|
$
|
129.3
|
|
|
$
|
47.3
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(19.2
|
)
|
|
$
|
48.6
|
|
|
$
|
177.4
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(20.4
|
)
|
|
$
|
46.1
|
|
|
$
|
177.1
|
|
|
$
|
28.8
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - basic
|
|
$
|
(0.15
|
)
|
|
$
|
0.33
|
|
|
$
|
1.27
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - fully diluted
|
|
$
|
(0.15
|
)
|
|
$
|
0.32
|
|
|
$
|
1.23
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
140.6
|
|
|
138.6
|
|
|
139.6
|
|
|
137.1
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - fully diluted
|
|
140.6
|
|
|
143.3
|
|
|
144.3
|
|
|
142.6
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Net sales
|
|
$
|
479.7
|
|
|
$
|
453.9
|
|
|
$
|
2,085.2
|
|
|
$
|
1,691.2
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
415.3
|
|
|
356.3
|
|
|
1,636.9
|
|
|
1,383.2
|
|
|
Depreciation and amortization
|
|
26.3
|
|
|
17.9
|
|
|
91.3
|
|
|
73.4
|
|
|
Selling and administrative
|
|
46.6
|
|
|
36.3
|
|
|
150.2
|
|
|
128.4
|
|
|
Loss on sale or impairment of long-lived assets, net
|
|
0.6
|
|
|
0.4
|
|
|
0.2
|
|
|
4.9
|
|
|
Other operating credits and charges, net
|
|
12.9
|
|
|
(4.1
|
)
|
|
3.8
|
|
|
(2.9
|
)
|
|
Total operating costs and expenses
|
|
501.7
|
|
|
406.8
|
|
|
1,882.4
|
|
|
1,587.0
|
|
|
Income (loss) from operations
|
|
(22.0
|
)
|
|
47.1
|
|
|
202.8
|
|
|
104.2
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest
|
|
(8.0
|
)
|
|
(12.9
|
)
|
|
(36.0
|
)
|
|
(49.3
|
)
|
|
Investment income
|
|
2.0
|
|
|
3.1
|
|
|
10.3
|
|
|
14.8
|
|
|
Other non-operating items
|
|
(2.3
|
)
|
|
19.6
|
|
|
29.5
|
|
|
(34.9
|
)
|
|
Total non-operating income (expense)
|
|
(8.3
|
)
|
|
9.8
|
|
|
3.8
|
|
|
(69.4
|
)
|
|
Income (loss) from continuing operations before taxes and equity in
income of unconsolidated affiliates
|
|
(30.3
|
)
|
|
56.9
|
|
|
206.6
|
|
|
34.8
|
|
|
Provision (benefit) for income taxes
|
|
(10.5
|
)
|
|
12.6
|
|
|
41.1
|
|
|
7.0
|
|
|
Equity in income of unconsolidated affiliates
|
|
(0.6
|
)
|
|
(4.3
|
)
|
|
(11.9
|
)
|
|
(1.7
|
)
|
|
Income (loss) from continuing operations
|
|
(19.2
|
)
|
|
48.6
|
|
|
177.4
|
|
|
29.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations before taxes
|
|
(1.9
|
)
|
|
(3.9
|
)
|
|
(0.4
|
)
|
|
(1.1
|
)
|
|
Benefit for income taxes
|
|
(0.7
|
)
|
|
(1.4
|
)
|
|
(0.1
|
)
|
|
(0.4
|
)
|
|
Loss from discontinued operations
|
|
(1.2
|
)
|
|
(2.5
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
Income (loss)
|
|
$
|
(20.4
|
)
|
|
$
|
46.1
|
|
|
$
|
177.1
|
|
|
$
|
28.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share of common stock (basic):
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.14
|
)
|
|
$
|
0.35
|
|
|
$
|
1.27
|
|
|
$
|
0.22
|
|
|
Loss from discontinued operations
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|
—
|
|
|
(0.01
|
)
|
|
Net income (loss) per share
|
|
$
|
(0.15
|
)
|
|
$
|
0.33
|
|
|
$
|
1.27
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share of common stock (diluted):
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.14
|
)
|
|
$
|
0.34
|
|
|
$
|
1.23
|
|
|
$
|
0.20
|
|
|
Loss from discontinued operations
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|
—
|
|
|
—
|
|
|
Net income (loss) per share
|
|
$
|
(0.15
|
)
|
|
$
|
0.32
|
|
|
$
|
1.23
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
140.6
|
|
|
138.6
|
|
|
139.6
|
|
|
137.1
|
|
|
Average shares of stock outstanding - diluted
|
|
140.6
|
|
|
143.3
|
|
|
144.3
|
|
|
142.6
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
656.8
|
|
|
$
|
560.9
|
|
|
Receivables, net
|
|
78.1
|
|
|
82.7
|
|
|
Inventories
|
|
224.4
|
|
|
209.8
|
|
|
Prepaid expenses and other current assets
|
|
7.7
|
|
|
6.0
|
|
|
Deferred income taxes
|
|
50.9
|
|
|
12.3
|
|
|
Current portion of notes receivable from asset sales
|
|
—
|
|
|
91.4
|
|
|
Assets held for sale
|
|
16.3
|
|
|
17.6
|
|
|
Total current assets
|
|
1,034.2
|
|
|
980.7
|
|
|
|
|
|
|
|
|
Timber and timberlands
|
|
71.6
|
|
|
40.1
|
|
|
|
|
|
|
|
|
Property, plant and equipment, at cost
|
|
2,294.6
|
|
|
2,114.9
|
|
|
Accumulated depreciation
|
|
(1,407.8
|
)
|
|
(1,349.2
|
)
|
|
Net property, plant and equipment
|
|
886.8
|
|
|
765.7
|
|
|
|
|
|
|
|
|
Goodwill
|
|
9.7
|
|
|
—
|
|
|
Notes receivable from asset sales
|
|
432.2
|
|
|
432.2
|
|
|
Investments in and advances to affiliates
|
|
3.2
|
|
|
68.6
|
|
|
Deferred debt costs
|
|
6.8
|
|
|
9.2
|
|
|
Long-term investments
|
|
3.7
|
|
|
2.0
|
|
|
Restricted cash
|
|
11.3
|
|
|
12.0
|
|
|
Other assets
|
|
33.8
|
|
|
15.5
|
|
|
Long-term deferred tax asset
|
|
—
|
|
|
5.0
|
|
|
Total assets
|
|
$
|
2,493.3
|
|
|
$
|
2,331.0
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
2.3
|
|
|
$
|
7.8
|
|
|
Accounts payable and accrued liabilities
|
|
161.9
|
|
|
139.5
|
|
|
Current portion of limited recourse notes payable
|
|
—
|
|
|
90.0
|
|
|
Current portion of contingency reserves
|
|
2.0
|
|
|
2.0
|
|
|
Total current liabilities
|
|
166.2
|
|
|
239.3
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current portion
|
|
762.7
|
|
|
782.7
|
|
|
Deferred income taxes
|
|
188.7
|
|
|
93.6
|
|
|
Contingency reserves, excluding current portion
|
|
13.3
|
|
|
12.8
|
|
|
Other long-term liabilities
|
|
136.1
|
|
|
168.8
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Common stock
|
|
152.0
|
|
|
150.4
|
|
|
Additional paid-in capital
|
|
508.0
|
|
|
533.6
|
|
|
Retained earnings
|
|
887.7
|
|
|
710.6
|
|
|
Treasury stock
|
|
(232.2
|
)
|
|
(252.9
|
)
|
|
Accumulated comprehensive loss
|
|
(89.2
|
)
|
|
(107.9
|
)
|
|
Total stockholders’ equity
|
|
1,226.3
|
|
|
1,033.8
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
2,493.3
|
|
|
$
|
2,331.0
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(20.4
|
)
|
|
$
|
46.1
|
|
|
$
|
177.1
|
|
|
$
|
28.8
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
26.3
|
|
|
17.9
|
|
|
91.3
|
|
|
73.4
|
|
|
Income from unconsolidated affiliates
|
|
(0.6
|
)
|
|
(4.3
|
)
|
|
(11.9
|
)
|
|
(1.7
|
)
|
|
Other operating credits and charges, net
|
|
12.9
|
|
|
(4.1
|
)
|
|
3.8
|
|
|
(2.9
|
)
|
|
Gain from acquisition
|
|
—
|
|
|
—
|
|
|
(35.9
|
)
|
|
—
|
|
|
Gain on sale of discontinued operations
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
Gain on sale of joint venture
|
|
(1.2
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
Payment of long-term deposit
|
|
—
|
|
|
—
|
|
|
(17.1
|
)
|
|
—
|
|
|
Loss on sale or impairment of long-lived assets
|
|
0.6
|
|
|
0.4
|
|
|
0.2
|
|
|
4.9
|
|
|
Gain on settlement of litigation related to ARS
|
|
—
|
|
|
(20.0
|
)
|
|
—
|
|
|
(20.0
|
)
|
|
Early debt extinguishment
|
|
1.5
|
|
|
—
|
|
|
2.3
|
|
|
52.2
|
|
|
Stock-based compensation expense
|
|
2.2
|
|
|
2.0
|
|
|
8.8
|
|
|
8.4
|
|
|
Exchange (gain) loss on remeasurement
|
|
(2.4
|
)
|
|
(1.4
|
)
|
|
(2.9
|
)
|
|
3.4
|
|
|
Cash settlement of contingencies
|
|
—
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
(1.4
|
)
|
|
Cash settlement of warranties, net of accruals
|
|
(1.9
|
)
|
|
1.8
|
|
|
(9.6
|
)
|
|
(5.1
|
)
|
|
Pension expense, net
|
|
3.8
|
|
|
2.1
|
|
|
6.3
|
|
|
8.4
|
|
|
Non-cash interest expense, net
|
|
(1.0
|
)
|
|
2.9
|
|
|
0.8
|
|
|
4.8
|
|
|
Other adjustments, net
|
|
(1.6
|
)
|
|
1.0
|
|
|
(0.4
|
)
|
|
0.7
|
|
|
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in receivables
|
|
30.3
|
|
|
25.0
|
|
|
4.5
|
|
|
(13.3
|
)
|
|
Increase in inventories
|
|
(5.4
|
)
|
|
(2.9
|
)
|
|
(17.7
|
)
|
|
(44.5
|
)
|
|
(Increase) decrease in prepaid expenses
|
|
2.4
|
|
|
2.7
|
|
|
(1.9
|
)
|
|
0.3
|
|
|
Increase (decrease) in accounts payable and accrued liabilities
|
|
(13.6
|
)
|
|
(14.9
|
)
|
|
12.4
|
|
|
11.7
|
|
|
Increase (decrease) in deferred income taxes
|
|
(12.2
|
)
|
|
8.5
|
|
|
35.7
|
|
|
3.7
|
|
|
Net cash provided by operating activities
|
|
19.7
|
|
|
63.0
|
|
|
242.5
|
|
|
111.8
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment additions
|
|
(32.3
|
)
|
|
(15.1
|
)
|
|
(75.6
|
)
|
|
(31.2
|
)
|
|
Proceeds from sales of assets
|
|
—
|
|
|
0.1
|
|
|
16.7
|
|
|
9.2
|
|
|
Acquisitions, net of cash
|
|
—
|
|
|
—
|
|
|
(67.4
|
)
|
|
—
|
|
|
Proceeds from (investments and advances) to joint ventures
|
|
—
|
|
|
6.1
|
|
|
13.9
|
|
|
12.7
|
|
|
Proceeds from sale of joint venture
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
Receipt of proceeds from notes receivable
|
|
—
|
|
|
10.0
|
|
|
91.4
|
|
|
10.0
|
|
|
Proceeds from settlement of litigation related to ARS
|
|
—
|
|
|
20.0
|
|
|
—
|
|
|
20.0
|
|
|
(Increase) decrease in restricted cash under letters of
credit/credit facility
|
|
—
|
|
|
(0.2
|
)
|
|
0.7
|
|
|
0.8
|
|
|
Net cash provided by (used in) investing activities
|
|
(29.4
|
)
|
|
20.9
|
|
|
(17.4
|
)
|
|
21.5
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of long term debt
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
350.2
|
|
|
Repayment of long term debt
|
|
(0.1
|
)
|
|
(10.8
|
)
|
|
(113.2
|
)
|
|
(253.1
|
)
|
|
Taxes paid related to net share settlement of equity awards
|
|
(0.1
|
)
|
|
—
|
|
|
(12.1
|
)
|
|
—
|
|
|
Payment of debt issuance fees
|
|
(1.2
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
(6.3
|
)
|
|
Sale of common stock under equity plans
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
1.3
|
|
|
Net cash provided by (used in) financing activities
|
|
(1.2
|
)
|
|
(10.5
|
)
|
|
(126.4
|
)
|
|
92.1
|
|
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
|
(1.8
|
)
|
|
(3.0
|
)
|
|
(2.8
|
)
|
|
(4.5
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(12.7
|
)
|
|
70.4
|
|
|
95.9
|
|
|
220.9
|
|
|
Cash and cash equivalents at beginning of period
|
|
669.5
|
|
|
490.5
|
|
|
560.9
|
|
|
340.0
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
656.8
|
|
|
$
|
560.9
|
|
|
$
|
656.8
|
|
|
$
|
560.9
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
|
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
Year Ended December 31,
|
|
Dollar amounts in millions
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
OSB
|
|
$
|
229.8
|
|
|
$
|
243.1
|
|
|
$
|
1,068.1
|
|
|
$
|
814.1
|
|
|
Siding
|
|
138.3
|
|
|
116.7
|
|
|
573.8
|
|
|
500.9
|
|
|
Engineered Wood Products
|
|
71.5
|
|
|
51.6
|
|
|
267.6
|
|
|
213.4
|
|
|
South America
|
|
40.6
|
|
|
41.7
|
|
|
171.5
|
|
|
168.8
|
|
|
Other
|
|
3.1
|
|
|
2.7
|
|
|
13.4
|
|
|
12.8
|
|
|
Intersegment sales
|
|
(3.6
|
)
|
|
(1.9
|
)
|
|
(9.2
|
)
|
|
(18.8
|
)
|
|
|
|
$
|
479.7
|
|
|
$
|
453.9
|
|
|
$
|
2,085.2
|
|
|
$
|
1,691.2
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
OSB
|
|
$
|
6.6
|
|
|
$
|
58.0
|
|
|
$
|
230.3
|
|
|
$
|
124.0
|
|
|
Siding
|
|
15.5
|
|
|
11.0
|
|
|
85.8
|
|
|
67.4
|
|
|
Engineered Wood Products
|
|
(3.7
|
)
|
|
(4.6
|
)
|
|
(14.3
|
)
|
|
(13.9
|
)
|
|
South America
|
|
2.1
|
|
|
6.8
|
|
|
20.0
|
|
|
18.0
|
|
|
Other
|
|
(0.3
|
)
|
|
(1.1
|
)
|
|
(6.4
|
)
|
|
(8.9
|
)
|
|
Other operating credits and charges, net
|
|
(12.9
|
)
|
|
4.1
|
|
|
(3.8
|
)
|
|
2.9
|
|
|
Loss on sale or impairment of long-lived assets
|
|
(0.6
|
)
|
|
(0.4
|
)
|
|
(0.2
|
)
|
|
(4.9
|
)
|
|
General corporate and other expenses, net
|
|
(28.1
|
)
|
|
(22.4
|
)
|
|
(96.7
|
)
|
|
(78.7
|
)
|
|
Other non-operating income (expense)
|
|
(2.3
|
)
|
|
19.6
|
|
|
29.5
|
|
|
(34.9
|
)
|
|
Investment income
|
|
2.0
|
|
|
3.1
|
|
|
10.3
|
|
|
14.8
|
|
|
Interest expense, net of capitalized interest
|
|
(8.0
|
)
|
|
(12.9
|
)
|
|
(36.0
|
)
|
|
(49.3
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
(29.7
|
)
|
|
61.2
|
|
|
218.5
|
|
|
36.5
|
|
|
Provision (benefit) for income taxes
|
|
(10.5
|
)
|
|
12.6
|
|
|
41.1
|
|
|
7.0
|
|
|
Income (loss) from continuing operations
|
|
$
|
(19.2
|
)
|
|
$
|
48.6
|
|
|
$
|
177.4
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES (1)
|
|
|
|
|
|
|
|
The following table sets forth production volumes for the quarter
and year ended December 31, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Oriented strand board, million square feet 3/8" basis(1)
|
|
1,039
|
|
|
839
|
|
|
3,927
|
|
|
3,464
|
Oriented strand board, million square feet 3/8" basis
(produced
by wood-based siding mills)
|
|
43
|
|
|
49
|
|
|
169
|
|
|
196
|
|
Wood-based siding, million square feet 3/8" basis
|
|
243
|
|
|
218
|
|
|
1,011
|
|
|
923
|
|
Engineered I-Joist, million lineal feet(1)
|
|
18
|
|
|
14
|
|
|
74
|
|
|
63
|
|
Laminated veneer lumber (LVL), thousand cubic feet(1) and
laminated strand lumber (LSL), thousand cubic feet
|
|
1,945
|
|
|
1,469
|
|
|
7,783
|
|
|
6,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes volumes produced by joint venture
operations or under sales arrangements and sold to LP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014