Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results
for the third quarter of 2014, which included the following:
-
Sales for the third quarter of $518 million were higher by 2 percent
compared to the year ago quarter.
-
Loss from continuing operations was $18 million ($0.13 per diluted
share).
-
Non-GAAP adjusted loss from continuing operations was $16 million
($0.12 per diluted share).
-
Adjusted EBITDA from continuing operations for the third quarter was
$12 million compared to $65 million in the third quarter of 2013.
-
Cash and cash equivalents were $580 million as of September 30, 2014.
“LP’s financial results continue to be negatively affected by poor OSB
pricing,” said Curt Stevens, CEO. “We have seen higher demand for most
of our products but less than anticipated due to the anemic housing
recovery.”
For the third quarter of 2014, LP reported a loss from continuing
operations of $18 million, or $0.13 per diluted share, as compared to
income from continuing operations of $38 million, or $0.26 per diluted
share for the third quarter of 2013. Reductions in OSB pricing accounted
for $44 million decrease in both operating results and adjusted EBITDA
from continuing operations.
YEAR TO DATE RESULTS
For the nine months ended September 30, 2014, LP reported net sales of
$1.5 billion compared to $1.6 billion in the first nine months of 2013.
For the first nine months of 2014, LP reported loss from continuing
operations of $30 million, or $0.22 per diluted share, compared to
income of $197 million, or $1.36 per diluted share, for the same period
in 2013. Adjusted EBITDA from continuing operations for the first nine
months of 2014 was $61 million compared to $306 million for 2013.
Reductions in OSB pricing accounted for $282 million decrease in both
operating results and adjusted EBITDA from continuing operations.
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
2014 of $233 million, a 5 percent decrease from $245 million of net
sales in the third quarter of 2013. For the third quarter of 2014, the
OSB segment reported an operating loss of $16 million compared to
operating income of $30 million in the third quarter of 2013. For the
third quarter, adjusted EBITDA from continuing operations for this
segment decreased by $46 million compared to the third quarter of 2013.
For the third quarter, sales volumes were higher by 13 percent and sales
prices decreased by 16 percent compared to the same period in 2013. The
decrease in sales price accounted for approximately $44 million of the
decrease in both operating results and adjusted EBITDA from continuing
operations.
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 $163 million in the third quarter of 2014,
an increase of 10 percent from $149 million in the year-ago third
quarter. For the third quarter of 2014, the Siding segment reported
operating income of $21 million compared to $23 million in the year-ago
quarter. For the third quarter, the Siding segment reported $26 million
in adjusted EBITDA from continuing operations, a decrease of $1 million
compared to the third quarter of 2013.
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). These products
are principally used in new construction. EWP sales in the third quarter
of 2014 totaled $82 million, an increase from $72 million reported in
the third quarter of 2013. Operations were about breakeven for the third
quarter of 2014 compared to a loss of $2.0 million in the third quarter
of 2013. The EWP segment reported an improvement in adjusted EBITDA from
continuing operations of $3 million as compared to the same quarter in
2013.
SOUTH AMERICA SEGMENT
The South American segment consists of OSB mills located in Chile and
Brazil. South America sales in the third quarter of 2014 totaled $36
million, down from $42 million in the year-ago third quarter. For the
third quarter of 2014, the South America segment reported a decrease in
operating income of $5 million compared to the third quarter of 2013.
South America segment reported $2 million in adjusted EBITDA from
continuing operations in the third quarter a reduction from $8 million
in 2013.
STOCK BUYBACK
On October 31, 2014, LP’s Board of Directors authorized LP to repurchase
up to $100 million of the LP’s common stock. The purchases may be made
from time to time as market conditions warrant and subject to regulatory
considerations.
COMPANY OUTLOOK
“I expect housing to continue to increase but probably at a rate below
the 20 percent pace in the current consensus forecasts,” continued
Stevens. “For LP, we will base our preliminary 2015 planning on 1.1
million housing starts,” he concluded.
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 September 30,
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Nine Months Ended September 30,
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2014
|
|
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2013
|
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2014
|
|
|
2013
|
|
Net sales
|
|
|
$
|
518.1
|
|
|
|
$
|
507.4
|
|
|
|
$
|
1,481.3
|
|
|
|
$
|
1,605.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
$
|
(14.6
|
)
|
|
|
$
|
47.6
|
|
|
|
$
|
(28.7
|
)
|
|
|
$
|
224.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes and equity in
income of unconsolidated affiliates
|
|
|
$
|
(23.3
|
)
|
|
|
$
|
41.9
|
|
|
|
$
|
(49.5
|
)
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|
|
$
|
236.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Non-GAAP adjusted income (loss) from continuing operations
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|
$
|
(16.3
|
)
|
|
|
$
|
19.4
|
|
|
|
$
|
(27.6
|
)
|
|
|
$
|
136.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Income (loss) from continuing operations
|
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|
$
|
(18.3
|
)
|
|
|
$
|
37.5
|
|
|
|
$
|
(30.4
|
)
|
|
|
$
|
196.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss)
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|
$
|
(20.4
|
)
|
|
|
$
|
38.1
|
|
|
|
$
|
(32.5
|
)
|
|
|
$
|
197.5
|
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss) per share - basic
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$
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(0.14
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)
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|
$
|
0.27
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|
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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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|
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Net income (loss) per share - diluted
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$
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(0.14
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)
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|
|
$
|
0.26
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|
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|
$
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(0.23
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)
|
|
|
$
|
1.37
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|
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|
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|
|
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|
|
|
|
|
|
|
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Average shares of stock outstanding - basic
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|
140.8
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|
|
|
140.0
|
|
|
|
140.9
|
|
|
|
139.1
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Average shares of stock outstanding - diluted
|
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|
140.8
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|
144.0
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140.9
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144.1
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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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2014
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2013
|
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2014
|
|
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2013
|
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Net sales
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|
|
$
|
518.1
|
|
|
|
$
|
507.4
|
|
|
|
$
|
1,481.3
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|
$
|
1,605.5
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|
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Operating costs and expenses:
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|
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|
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Cost of sales
|
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|
477.0
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|
|
|
416.3
|
|
|
|
1,326.9
|
|
|
|
1,221.7
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|
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Depreciation and amortization
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|
|
26.9
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|
|
|
25.8
|
|
|
|
77.4
|
|
|
|
65.0
|
|
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Selling and administrative
|
|
|
31.9
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|
|
|
33.5
|
|
|
|
108.7
|
|
|
|
103.6
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(Gain) loss on sale or impairment of long-lived assets, net
|
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|
(3.6
|
)
|
|
|
0.3
|
|
|
|
(4.1
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)
|
|
|
(0.4
|
)
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Other operating credits and charges, net
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0.5
|
|
|
|
(16.1
|
)
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1.1
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|
|
|
(9.1
|
)
|
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Total operating costs and expenses
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|
532.7
|
|
|
|
459.8
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|
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1,510.0
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|
|
|
1,380.8
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|
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Income (loss) from operations
|
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|
(14.6
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)
|
|
|
47.6
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|
(28.7
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)
|
|
|
224.7
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Non-operating income (expense):
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|
|
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|
|
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Interest expense, net of capitalized interest
|
|
|
(8.3
|
)
|
|
|
(7.6
|
)
|
|
|
(23.4
|
)
|
|
|
(28.0
|
)
|
|
Investment income
|
|
|
0.9
|
|
|
|
1.7
|
|
|
|
4.4
|
|
|
|
8.3
|
|
|
Other non-operating items
|
|
|
(1.3
|
)
|
|
|
0.2
|
|
|
|
(1.8
|
)
|
|
|
31.8
|
|
|
Total non-operating income (expense)
|
|
|
(8.7
|
)
|
|
|
(5.7
|
)
|
|
|
(20.8
|
)
|
|
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes and equity in
income of unconsolidated affiliates
|
|
|
(23.3
|
)
|
|
|
41.9
|
|
|
|
(49.5
|
)
|
|
|
236.8
|
|
|
Provision (benefit) for income taxes
|
|
|
(3.6
|
)
|
|
|
4.4
|
|
|
|
(15.9
|
)
|
|
|
51.6
|
|
|
Equity in income of unconsolidated affiliates
|
|
|
(1.4
|
)
|
|
|
—
|
|
|
|
(3.2
|
)
|
|
|
(11.3
|
)
|
|
Income (loss) from continuing operations
|
|
|
(18.3
|
)
|
|
|
37.5
|
|
|
|
(30.4
|
)
|
|
|
196.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations before taxes
|
|
|
(3.2
|
)
|
|
|
1.0
|
|
|
|
(3.2
|
)
|
|
|
1.6
|
|
|
Provision (benefit) for income taxes
|
|
|
(1.1
|
)
|
|
|
0.4
|
|
|
|
(1.1
|
)
|
|
|
0.6
|
|
|
Income (loss) from discontinued operations
|
|
|
(2.1
|
)
|
|
|
0.6
|
|
|
|
(2.1
|
)
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(20.4
|
)
|
|
|
$
|
38.1
|
|
|
|
$
|
(32.5
|
)
|
|
|
$
|
197.5
|
|
|
Income (loss) per share of common stock (basic):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.13
|
)
|
|
|
$
|
0.27
|
|
|
|
$
|
(0.22
|
)
|
|
|
$
|
1.41
|
|
|
Income (loss) from discontinued operations
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
0.01
|
|
|
Net income (loss) per share
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
0.27
|
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
1.42
|
|
|
Net income (loss) per share of common stock (diluted):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.13
|
)
|
|
|
$
|
0.26
|
|
|
|
$
|
(0.22
|
)
|
|
|
$
|
1.36
|
|
|
Income (loss) from discontinued operations
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
0.01
|
|
|
Net income (loss) per share
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
0.26
|
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
|
140.8
|
|
|
|
140.0
|
|
|
|
140.9
|
|
|
|
139.1
|
|
|
Average shares of stock outstanding - diluted
|
|
|
140.8
|
|
|
|
144.0
|
|
|
|
140.9
|
|
|
|
144.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
December 31, 2013
|
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ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
579.9
|
|
|
|
$
|
656.8
|
|
|
Receivables
|
|
|
142.6
|
|
|
|
78.1
|
|
|
Inventories
|
|
|
218.3
|
|
|
|
224.4
|
|
|
Other current assets
|
|
|
9.4
|
|
|
|
7.7
|
|
|
Deferred income taxes
|
|
|
23.2
|
|
|
|
50.9
|
|
|
Assets held for sale
|
|
|
9.3
|
|
|
|
16.3
|
|
|
Total current assets
|
|
|
982.7
|
|
|
|
1,034.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber and timberlands
|
|
|
67.1
|
|
|
|
71.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, at cost
|
|
|
2,299.4
|
|
|
|
2,294.6
|
|
|
Accumulated depreciation
|
|
|
(1,443.4
|
)
|
|
|
(1,407.8
|
)
|
|
Net property, plant and equipment
|
|
|
856.0
|
|
|
|
886.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
9.7
|
|
|
|
9.7
|
|
|
Notes receivable from asset sales
|
|
|
432.2
|
|
|
|
432.2
|
|
|
Restricted cash
|
|
|
10.3
|
|
|
|
11.3
|
|
|
Investments in and advances to affiliates
|
|
|
6.4
|
|
|
|
3.2
|
|
|
Other assets
|
|
|
45.2
|
|
|
|
44.3
|
|
|
Total assets
|
|
|
$
|
2,409.6
|
|
|
|
$
|
2,493.3
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
2.3
|
|
|
|
$
|
2.3
|
|
|
Accounts payable and accrued liabilities
|
|
|
171.9
|
|
|
|
161.9
|
|
|
Current portion of contingency reserves
|
|
|
2.0
|
|
|
|
2.0
|
|
|
Total current liabilities
|
|
|
176.2
|
|
|
|
166.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current portion
|
|
|
759.2
|
|
|
|
762.7
|
|
|
Contingency reserves, excluding current portion
|
|
|
12.6
|
|
|
|
13.3
|
|
|
Other long-term liabilities
|
|
|
127.8
|
|
|
|
136.1
|
|
|
Deferred income taxes
|
|
|
142.1
|
|
|
|
188.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
152.0
|
|
|
|
152.0
|
|
|
Additional paid-in capital
|
|
|
506.3
|
|
|
|
508.0
|
|
|
Retained earnings
|
|
|
855.2
|
|
|
|
887.7
|
|
|
Treasury stock
|
|
|
(225.7
|
)
|
|
|
(232.2
|
)
|
|
Accumulated comprehensive loss
|
|
|
(96.1
|
)
|
|
|
(89.2
|
)
|
|
Total stockholders’ equity
|
|
|
1,191.7
|
|
|
|
1,226.3
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
2,409.6
|
|
|
|
$
|
2,493.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(20.4
|
)
|
|
|
$
|
38.1
|
|
|
|
$
|
(32.5
|
)
|
|
|
$
|
197.5
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
26.9
|
|
|
|
25.8
|
|
|
|
77.4
|
|
|
|
65.0
|
|
|
Income from unconsolidated affiliates
|
|
|
(1.4
|
)
|
|
|
—
|
|
|
|
(3.2
|
)
|
|
|
(11.3
|
)
|
|
(Gain) loss on sale or impairment of long-lived assets, net
|
|
|
(3.6
|
)
|
|
|
0.3
|
|
|
|
(4.1
|
)
|
|
|
(0.4
|
)
|
|
Gain on acquisition
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(35.9
|
)
|
|
Gain on sale of discontinued operation
|
|
|
—
|
|
|
|
(1.7
|
)
|
|
|
—
|
|
|
|
(1.7
|
)
|
|
Early debt extinguishment
|
|
|
—
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
0.8
|
|
|
Payment of long-term deposit
|
|
|
—
|
|
|
|
(17.1
|
)
|
|
|
—
|
|
|
|
(17.1
|
)
|
|
Other operating credits and charges, net
|
|
|
0.5
|
|
|
|
(16.1
|
)
|
|
|
1.1
|
|
|
|
(9.1
|
)
|
|
Stock-based compensation related to stock plans
|
|
|
2.4
|
|
|
|
2.4
|
|
|
|
6.9
|
|
|
|
6.6
|
|
|
Exchange loss on remeasurement
|
|
|
(2.4
|
)
|
|
|
(0.4
|
)
|
|
|
(1.1
|
)
|
|
|
(0.5
|
)
|
|
Cash settlement of contingencies
|
|
|
(1.2
|
)
|
|
|
—
|
|
|
|
(1.2
|
)
|
|
|
(0.4
|
)
|
|
Cash settlements of warranties, net of accruals
|
|
|
0.1
|
|
|
|
(3.4
|
)
|
|
|
(4.9
|
)
|
|
|
(7.7
|
)
|
|
Pension contributions, net of expense
|
|
|
(5.1
|
)
|
|
|
(0.1
|
)
|
|
|
(3.8
|
)
|
|
|
2.5
|
|
|
Non-cash interest expense, net
|
|
|
0.7
|
|
|
|
1.2
|
|
|
|
1.3
|
|
|
|
1.8
|
|
|
Other adjustments, net
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
1.2
|
|
|
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in receivables
|
|
|
(0.2
|
)
|
|
|
(7.9
|
)
|
|
|
(67.4
|
)
|
|
|
(25.8
|
)
|
|
(Increase) decrease in inventories
|
|
|
15.6
|
|
|
|
15.8
|
|
|
|
4.3
|
|
|
|
(12.3
|
)
|
|
(Increase) decrease in other current assets
|
|
|
(2.5
|
)
|
|
|
1.7
|
|
|
|
(1.8
|
)
|
|
|
(4.3
|
)
|
|
Increase in accounts payable and accrued liabilities
|
|
|
24.1
|
|
|
|
17.1
|
|
|
|
18.1
|
|
|
|
26.0
|
|
|
Increase (decrease) in deferred income taxes
|
|
|
(6.0
|
)
|
|
|
2.4
|
|
|
|
(19.8
|
)
|
|
|
47.9
|
|
|
Net cash provided by (used in) operating activities
|
|
|
27.5
|
|
|
|
59.2
|
|
|
|
(30.3
|
)
|
|
|
222.8
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment additions
|
|
|
(12.6
|
)
|
|
|
(17.7
|
)
|
|
|
(54.8
|
)
|
|
|
(43.3
|
)
|
|
Investments in and refunds from joint ventures
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13.9
|
|
|
Proceeds from sales of assets
|
|
|
12.0
|
|
|
|
15.0
|
|
|
|
12.8
|
|
|
|
16.7
|
|
|
Acquisitions, net of cash
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(67.4
|
)
|
|
Receipt of proceeds from notes receivable
|
|
|
—
|
|
|
|
91.4
|
|
|
|
—
|
|
|
|
91.4
|
|
|
(Increase) decrease in restricted cash under letters of
credit/credit facility
|
|
|
(0.1
|
)
|
|
|
(0.7
|
)
|
|
|
0.9
|
|
|
|
0.7
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(0.7
|
)
|
|
|
88.0
|
|
|
|
(41.1
|
)
|
|
|
12.0
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term debt
|
|
|
(1.1
|
)
|
|
|
(109.5
|
)
|
|
|
(2.2
|
)
|
|
|
(113.1
|
)
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.5
|
)
|
|
|
(12.0
|
)
|
|
Other, net
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
Net cash used in financing activities
|
|
|
(1.1
|
)
|
|
|
(109.6
|
)
|
|
|
(3.7
|
)
|
|
|
(125.2
|
)
|
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
|
|
(0.5
|
)
|
|
|
1.2
|
|
|
|
(1.8
|
)
|
|
|
(1.0
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
25.2
|
|
|
|
38.8
|
|
|
|
(76.9
|
)
|
|
|
108.6
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
554.7
|
|
|
|
630.7
|
|
|
|
656.8
|
|
|
|
560.9
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
579.9
|
|
|
|
$
|
669.5
|
|
|
|
$
|
579.9
|
|
|
|
$
|
669.5
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
$
|
233.4
|
|
|
|
$
|
245.4
|
|
|
|
$
|
652.0
|
|
|
|
$
|
838.3
|
|
|
Siding
|
|
|
163.2
|
|
|
|
149.0
|
|
|
|
476.4
|
|
|
|
435.5
|
|
|
Engineered Wood Products
|
|
|
82.1
|
|
|
|
71.8
|
|
|
|
229.1
|
|
|
|
196.1
|
|
|
South America
|
|
|
36.0
|
|
|
|
41.5
|
|
|
|
114.5
|
|
|
|
130.9
|
|
|
Other
|
|
|
3.5
|
|
|
|
3.9
|
|
|
|
11.2
|
|
|
|
10.3
|
|
|
Intersegment Sales
|
|
|
(0.1
|
)
|
|
|
(4.2
|
)
|
|
|
(1.9
|
)
|
|
|
(5.6
|
)
|
|
|
|
|
$
|
518.1
|
|
|
|
$
|
507.4
|
|
|
|
$
|
1,481.3
|
|
|
|
$
|
1,605.5
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
$
|
(16.4
|
)
|
|
|
$
|
30.2
|
|
|
|
$
|
(23.8
|
)
|
|
|
$
|
223.7
|
|
|
Siding
|
|
|
20.8
|
|
|
|
22.5
|
|
|
|
65.9
|
|
|
|
70.3
|
|
|
Engineered Wood Products
|
|
|
(0.3
|
)
|
|
|
(2.0
|
)
|
|
|
(8.4
|
)
|
|
|
(10.6
|
)
|
|
South America
|
|
|
0.3
|
|
|
|
5.3
|
|
|
|
8.5
|
|
|
|
17.8
|
|
|
Other
|
|
|
(2.2
|
)
|
|
|
(2.1
|
)
|
|
|
(4.2
|
)
|
|
|
(6.1
|
)
|
|
Other operating credits and charges, net
|
|
|
(0.5
|
)
|
|
|
16.1
|
|
|
|
(1.1
|
)
|
|
|
9.1
|
|
|
Other operating credits and charges associated with unconsolidated
affiliates
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2.7
|
)
|
|
Gain (loss) on sale or impairment of long-lived assets
|
|
|
3.6
|
|
|
|
(0.3
|
)
|
|
|
4.1
|
|
|
|
0.4
|
|
|
General corporate and other expenses, net
|
|
|
(18.5
|
)
|
|
|
(22.1
|
)
|
|
|
(66.5
|
)
|
|
|
(65.9
|
)
|
|
Foreign currency gains (losses)
|
|
|
(1.3
|
)
|
|
|
1.0
|
|
|
|
(1.8
|
)
|
|
|
(3.3
|
)
|
|
Gain on acquisition
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35.9
|
|
|
Early debt extinguishment
|
|
|
—
|
|
|
|
(0.8
|
)
|
|
|
—
|
|
|
|
(0.8
|
)
|
|
Investment income
|
|
|
0.9
|
|
|
|
1.7
|
|
|
|
4.4
|
|
|
|
8.3
|
|
|
Interest expense, net of capitalized interest
|
|
|
(8.3
|
)
|
|
|
(7.6
|
)
|
|
|
(23.4
|
)
|
|
|
(28.0
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
|
(21.9
|
)
|
|
|
41.9
|
|
|
|
(46.3
|
)
|
|
|
248.1
|
|
|
Provision (benefit) for income taxes
|
|
|
(3.6
|
)
|
|
|
4.4
|
|
|
|
(15.9
|
)
|
|
|
51.6
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(18.3
|
)
|
|
|
$
|
37.5
|
|
|
|
$
|
(30.4
|
)
|
|
|
$
|
196.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2014 and 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Oriented strand board, million square feet 3/8" basis(1)
|
|
|
1,141
|
|
|
|
996
|
|
|
|
3,172
|
|
|
|
2,888
|
|
Oriented strand board, million square feet 3/8" basis (produced by
wood-based siding mills)
|
|
|
—
|
|
|
|
42
|
|
|
|
45
|
|
|
|
126
|
|
Wood-based siding, million square feet 3/8" basis
|
|
|
295
|
|
|
|
251
|
|
|
|
835
|
|
|
|
768
|
|
Engineered I-Joist, million lineal feet(1)
|
|
|
19
|
|
|
|
19
|
|
|
|
60
|
|
|
|
56
|
|
Laminated veneer lumber (LVL), thousand cubic feet(1) and laminated
strand lumber (LSL), thousand cubic feet
|
|
|
2,340
|
|
|
|
1,976
|
|
|
|
7,011
|
|
|
|
5,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes volumes produced by joint venture
operations or under sales arrangements and sold to LP.
|
|
|
Copyright Business Wire 2014