Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results
for the fourth quarter and year ended December 31, 2014, which included
the following:
-
Total sales for the fourth quarter of $454 million, 5 percent lower
than the year ago quarter. Total sales for the year were $1.9 billion,
7 percent lower than the previous year.
-
Loss from continuing operations for the fourth quarter was $43 million
($0.30 per diluted share) and a loss of $73 million ($0.52 per diluted
share) for the year.
-
Non-GAAP adjusted loss from continuing operations was $32 million
($0.23 per diluted share) for the fourth quarter and a loss of $60
million ($0.42 per diluted share) for the year.
-
Adjusted EBITDA from continuing operations for the fourth quarter was
negative $17 million compared to positive $24 million in the fourth
quarter of 2013. For the year, EBITDA from continuing operations was
$44 million compared to $330 million the previous year.
-
Cash and cash equivalents were $533 million as of December 31, 2014.
“The fourth quarter was a tough quarter for LP as OSB prices drifted
downward, log outages affected our siding production and EWP sales
slowed as dealers aggressively managed their inventories at year-end,”
said Curt Stevens, CEO. “But, there are some positive signs that housing
activity will improve including: increase in consumer confidence (lower
energy prices); actions by the government to lower the cost and increase
the availability of mortgages; lower mortgage rates; and a better
outlook for jobs.”
FOURTH QUARTER RESULTS
For the quarter ended December 31, 2014, LP reported net sales of $454
million, down from $480 million in the fourth quarter of 2013. For the
fourth quarter, the company reported an operating loss of $49 million as
compared to $22 million in 2013.
For the fourth quarter of 2014, LP reported a loss from continuing
operations of $43 million, or $0.30 per diluted share, compared to a
loss of $19 million, or $0.14 per diluted share for the fourth quarter
of 2013. Adjusted EBITDA from continuing operations for the fourth
quarter of 2014 was negative $17 million compared to positive $24
million in the fourth quarter of 2013.
YEAR END RESULTS
For the year ended December 31, 2014, LP reported net sales of $1.9
billion compared to $2.1 billion in 2013. For the year ended 2014, the
company reported an operating loss of $78 million compared to income of
$203 million in 2013.
For 2014, LP reported a loss from continuing operations of $73 million,
or $0.52 per diluted share, compared to income of $177 million, or $1.23
per diluted share, for 2013. Adjusted EBITDA from continuing operations
for the year was $44 million compared to $330 million for 2013.
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 2014 of $203 million, down
12 percent compared to $230 million of net sales in the fourth quarter
of 2013. For the fourth quarter of 2014, the OSB segment reported an
operating loss of $29 million compared to income of $7 million in the
fourth quarter of 2013. For the fourth quarter, adjusted EBITDA from
continuing operations for this segment was negative $15 million compared
to positive $23 million in the fourth quarter of 2013. For the fourth
quarter of 2014 as compared to the fourth quarter of 2013, sales volumes
decreased 1 percent and sales price decreased 12 percent. The decrease
in selling price unfavorably impacted operating results and adjusted
EBITDA from continuing operations by approximately $27 million for the
quarter as compared to the fourth quarter of 2013.
For the full year, OSB reported sales of $855 million, down 20 percent
from the prior year and had an operating loss of $53 million compared to
income of $230 million in 2013. Adjusted EBITDA for 2014 was $4 million
compared to $285 million in 2013. For the year, sales volumes increased
7 percent and sales prices decreased 26 percent. The decrease in selling
price unfavorably impacted operating results and adjusted EBITDA from
continuing operations by approximately $298 million for the year as
compared to 2013.
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 $141 million in the fourth quarter of
2014, an increase of 2 percent from $138 million in the year-ago fourth
quarter. For the fourth quarter of 2014, the Siding segment reported
operating income of $14 million compared to $16 million in the year-ago
quarter. For the fourth quarter, Siding reported $19 million in adjusted
EBITDA from continuing operations, a decrease of $1 million as compared
to the fourth quarter of 2013.
For the full year, Siding reported sales of $617 million, up 8 percent
from the prior year and had operating income of $80 million compared to
$86 million in 2013. Adjusted EBITDA for 2014 was $98 million compared
to $103 million in 2013.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of I-Joist (IJ), Laminated Veneer Lumber
and Laminated Strand Lumber (LVL and LSL). EWP segment sales in the
fourth quarter of 2014 totaled $66 million, down 3 percent from the
year-ago quarter. Operating losses increased to $6 million for the
fourth quarter of 2014 from $4 million in the fourth quarter of 2013.
For the fourth quarter, the EWP segment showed a decrease of $4 million
in adjusted EBITDA from continuing operations as compared to the same
quarter of 2013.
For the full year, EWP reported sales of $281 million, up 12 percent
from the prior year and operating losses of $14 million in both 2014 and
2013. Adjusted EBITDA for 2014 was breakeven as compared to a loss of $2
million in 2013.
SOUTH AMERICA
The South America segment is comprised of facilities in Chile and
Brazil. The segment reported sales in the fourth quarter of 2014 of $36
million, down 12 percent from $41 million in the fourth quarter of 2013.
Operating income was $3 million for the fourth quarter of 2014, a slight
increase from the fourth quarter of 2013. For the fourth quarter, LP
reported adjusted EBITDA from continuing operations in this segment of
$5 million, an increase of $1 million as compared to the fourth quarter
of 2013.
For the full year, South America reported sales of $150 million, down 12
percent from the prior year and operating income of $11 million compared
to operating income of $20 million in 2013. Adjusted EBITDA for 2014 was
$20 million compared to $31 million in 2013.
COMPANY OUTLOOK
“While housing starts were only up about 9 percent in 2014, the
consensus forecast for 2015 and 2016 currently shows about a 20 percent
increase in each of the next two years,” continued Stevens. “And, there
was a strong finish to the year with each month in the last quarter at
an annual rate of more than 1 million starts, plus single family starts
in December at the highest level in six and a half years,” Stevens
concluded.
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,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net sales
|
|
|
|
$
|
453.5
|
|
|
|
$
|
479.7
|
|
|
|
$
|
1,934.8
|
|
|
|
$
|
2,085.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
|
$
|
(48.9
|
)
|
|
|
$
|
(22.0
|
)
|
|
|
$
|
(77.6
|
)
|
|
|
$
|
202.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before taxes and equity
in income of unconsolidated affiliates
|
|
|
|
$
|
(55.5
|
)
|
|
|
$
|
(30.3
|
)
|
|
|
$
|
(105.0
|
)
|
|
|
$
|
206.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted income (loss) from continuing operations
|
|
|
|
$
|
(32.1
|
)
|
|
|
$
|
(9.0
|
)
|
|
|
$
|
(59.7
|
)
|
|
|
$
|
129.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(43.0
|
)
|
|
|
$
|
(19.2
|
)
|
|
|
$
|
(73.4
|
)
|
|
|
$
|
177.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(42.9
|
)
|
|
|
$
|
(20.4
|
)
|
|
|
$
|
(75.4
|
)
|
|
|
$
|
177.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - basic
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share - fully diluted
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
|
|
141.7
|
|
|
|
140.6
|
|
|
|
141.1
|
|
|
|
139.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - fully diluted
|
|
|
|
141.7
|
|
|
|
140.6
|
|
|
|
141.1
|
|
|
|
144.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net sales
|
|
|
|
$
|
453.5
|
|
|
|
$
|
479.7
|
|
|
|
$
|
1,934.8
|
|
|
|
$
|
2,085.2
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
430.9
|
|
|
|
415.3
|
|
|
|
1,757.8
|
|
|
|
1,636.9
|
|
|
Depreciation and amortization
|
|
|
|
23.3
|
|
|
|
26.3
|
|
|
|
100.7
|
|
|
|
91.3
|
|
|
Selling and administrative
|
|
|
|
40.8
|
|
|
|
46.6
|
|
|
|
149.5
|
|
|
|
150.2
|
|
|
Loss on sale or impairment of long-lived assets, net
|
|
|
|
1.0
|
|
|
|
0.6
|
|
|
|
(3.1
|
)
|
|
|
0.2
|
|
|
Other operating credits and charges, net
|
|
|
|
6.4
|
|
|
|
12.9
|
|
|
|
7.5
|
|
|
|
3.8
|
|
|
Total operating costs and expenses
|
|
|
|
502.4
|
|
|
|
501.7
|
|
|
|
2,012.4
|
|
|
|
1,882.4
|
|
|
Income (loss) from operations
|
|
|
|
(48.9
|
)
|
|
|
(22.0
|
)
|
|
|
(77.6
|
)
|
|
|
202.8
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest
|
|
|
|
(6.4
|
)
|
|
|
(8.0
|
)
|
|
|
(29.8
|
)
|
|
|
(36.0
|
)
|
|
Investment income
|
|
|
|
1.1
|
|
|
|
2.0
|
|
|
|
5.5
|
|
|
|
10.3
|
|
|
Other non-operating items
|
|
|
|
(1.3
|
)
|
|
|
(2.3
|
)
|
|
|
(3.1
|
)
|
|
|
29.5
|
|
|
Total non-operating income (expense)
|
|
|
|
(6.6
|
)
|
|
|
(8.3
|
)
|
|
|
(27.4
|
)
|
|
|
3.8
|
|
|
Income (loss) from continuing operations before taxes and equity
in income of unconsolidated affiliates
|
|
|
|
(55.5
|
)
|
|
|
(30.3
|
)
|
|
|
(105.0
|
)
|
|
|
206.6
|
|
|
Provision (benefit) for income taxes
|
|
|
|
(11.3
|
)
|
|
|
(10.5
|
)
|
|
|
(27.2
|
)
|
|
|
41.1
|
|
|
Equity in income of unconsolidated affiliates
|
|
|
|
(1.2
|
)
|
|
|
(0.6
|
)
|
|
|
(4.4
|
)
|
|
|
(11.9
|
)
|
|
Income (loss) from continuing operations
|
|
|
|
(43.0
|
)
|
|
|
(19.2
|
)
|
|
|
(73.4
|
)
|
|
|
177.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations before taxes
|
|
|
|
0.2
|
|
|
|
(1.9
|
)
|
|
|
(3.0
|
)
|
|
|
(0.4
|
)
|
|
Benefit for income taxes
|
|
|
|
0.1
|
|
|
|
(0.7
|
)
|
|
|
(1.0
|
)
|
|
|
(0.1
|
)
|
|
Loss from discontinued operations
|
|
|
|
0.1
|
|
|
|
(1.2
|
)
|
|
|
(2.0
|
)
|
|
|
(0.3
|
)
|
|
Net income (loss)
|
|
|
|
(42.9
|
)
|
|
|
(20.4
|
)
|
|
|
(75.4
|
)
|
|
|
177.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share of common stock (basic):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
1.27
|
|
|
Loss from discontinued operations
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
Net income (loss) per share
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share of common stock (diluted):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.52
|
)
|
|
|
$
|
1.23
|
|
|
Loss from discontinued operations
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
Net income (loss) per share
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.53
|
)
|
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares of stock outstanding - basic
|
|
|
|
141.7
|
|
|
|
140.6
|
|
|
|
141.1
|
|
|
|
139.6
|
|
|
Average shares of stock outstanding - diluted
|
|
|
|
141.7
|
|
|
|
140.6
|
|
|
|
141.1
|
|
|
|
144.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
|
|
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
532.7
|
|
|
|
$
|
656.8
|
|
|
Receivables, net
|
|
|
|
108.4
|
|
|
|
78.1
|
|
|
Inventories
|
|
|
|
229.8
|
|
|
|
224.4
|
|
|
Prepaid expenses and other current assets
|
|
|
|
25.0
|
|
|
|
7.7
|
|
|
Deferred income taxes
|
|
|
|
45.1
|
|
|
|
50.9
|
|
|
Assets held for sale
|
|
|
|
9.3
|
|
|
|
16.3
|
|
|
Total current assets
|
|
|
|
950.3
|
|
|
|
1,034.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber and timberlands
|
|
|
|
67.1
|
|
|
|
71.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, at cost
|
|
|
|
2,315.1
|
|
|
|
2,294.6
|
|
|
Accumulated depreciation
|
|
|
|
(1,464.4
|
)
|
|
|
(1,407.8
|
)
|
|
Net property, plant and equipment
|
|
|
|
850.7
|
|
|
|
886.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
9.7
|
|
|
|
9.7
|
|
|
Notes receivable from asset sales
|
|
|
|
432.2
|
|
|
|
432.2
|
|
|
Investments in and advances to affiliates
|
|
|
|
5.0
|
|
|
|
3.2
|
|
|
Deferred debt costs
|
|
|
|
5.6
|
|
|
|
6.8
|
|
|
Long-term investments
|
|
|
|
4.6
|
|
|
|
3.7
|
|
|
Restricted cash
|
|
|
|
10.4
|
|
|
|
11.3
|
|
|
Other assets
|
|
|
|
17.3
|
|
|
|
33.8
|
|
|
Long-term deferred tax asset
|
|
|
|
0.6
|
|
|
|
—
|
|
|
Total assets
|
|
|
|
$
|
2,353.5
|
|
|
|
$
|
2,493.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
|
$
|
2.4
|
|
|
|
$
|
2.3
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
168.3
|
|
|
|
161.9
|
|
|
Current portion of contingency reserves
|
|
|
|
2.0
|
|
|
|
2.0
|
|
|
Total current liabilities
|
|
|
|
172.7
|
|
|
|
166.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current portion
|
|
|
|
759.5
|
|
|
|
762.7
|
|
|
Deferred income taxes
|
|
|
|
139.5
|
|
|
|
188.7
|
|
|
Contingency reserves, excluding current portion
|
|
|
|
12.2
|
|
|
|
13.3
|
|
|
Other long-term liabilities
|
|
|
|
153.8
|
|
|
|
136.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
152.8
|
|
|
|
152.0
|
|
|
Additional paid-in capital
|
|
|
|
507.0
|
|
|
|
508.0
|
|
|
Retained earnings
|
|
|
|
812.3
|
|
|
|
887.7
|
|
|
Treasury stock
|
|
|
|
(225.0
|
)
|
|
|
(232.2
|
)
|
|
Accumulated comprehensive loss
|
|
|
|
(131.3
|
)
|
|
|
(89.2
|
)
|
|
Total stockholders’ equity
|
|
|
|
1,115.8
|
|
|
|
1,226.3
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
2,353.5
|
|
|
|
$
|
2,493.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
|
|
(Dollar amounts in millions) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(42.9
|
)
|
|
|
$
|
(20.4
|
)
|
|
|
$
|
(75.4
|
)
|
|
|
$
|
177.1
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
23.3
|
|
|
|
26.3
|
|
|
|
100.7
|
|
|
|
91.3
|
|
|
Income from unconsolidated affiliates
|
|
|
|
(1.2
|
)
|
|
|
(0.6
|
)
|
|
|
(4.4
|
)
|
|
|
(11.9
|
)
|
|
Other operating credits and charges, net
|
|
|
|
7.9
|
|
|
|
12.9
|
|
|
|
9.0
|
|
|
|
3.8
|
|
|
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
|
|
|
|
1.0
|
|
|
|
0.6
|
|
|
|
(3.1
|
)
|
|
|
0.2
|
|
|
Early debt extinguishment
|
|
|
|
—
|
|
|
|
1.5
|
|
|
|
—
|
|
|
|
2.3
|
|
|
Stock-based compensation expense
|
|
|
|
2.5
|
|
|
|
2.2
|
|
|
|
9.4
|
|
|
|
8.8
|
|
|
Exchange (gain) loss on remeasurement
|
|
|
|
(1.4
|
)
|
|
|
(2.4
|
)
|
|
|
(2.5
|
)
|
|
|
(2.9
|
)
|
|
Cash settlement of contingencies
|
|
|
|
(0.4
|
)
|
|
|
—
|
|
|
|
(1.6
|
)
|
|
|
(0.4
|
)
|
|
Cash settlement of warranties, net of accruals
|
|
|
|
(3.0
|
)
|
|
|
(1.9
|
)
|
|
|
(7.9
|
)
|
|
|
(9.6
|
)
|
|
Pension expense, net
|
|
|
|
0.6
|
|
|
|
3.8
|
|
|
|
(3.2
|
)
|
|
|
6.3
|
|
|
Non-cash interest expense, net
|
|
|
|
0.4
|
|
|
|
(1.0
|
)
|
|
|
1.7
|
|
|
|
0.8
|
|
|
Other adjustments, net
|
|
|
|
—
|
|
|
|
(1.6
|
)
|
|
|
0.4
|
|
|
|
(0.4
|
)
|
|
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in receivables
|
|
|
|
33.3
|
|
|
|
30.3
|
|
|
|
(34.1
|
)
|
|
|
4.5
|
|
|
Increase in inventories
|
|
|
|
(13.5
|
)
|
|
|
(5.4
|
)
|
|
|
(9.2
|
)
|
|
|
(17.7
|
)
|
|
(Increase) decrease in prepaid expenses
|
|
|
|
1.4
|
|
|
|
2.4
|
|
|
|
(0.4
|
)
|
|
|
(1.9
|
)
|
|
Increase (decrease) in accounts payable and accrued liabilities
|
|
|
|
(25.9
|
)
|
|
|
(13.6
|
)
|
|
|
(7.8
|
)
|
|
|
12.4
|
|
|
Increase (decrease) in deferred income taxes
|
|
|
|
(4.7
|
)
|
|
|
(12.2
|
)
|
|
|
(24.5
|
)
|
|
|
35.7
|
|
|
Net cash provided by operating activities
|
|
|
|
(22.6
|
)
|
|
|
19.7
|
|
|
|
(52.9
|
)
|
|
|
242.5
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment additions
|
|
|
|
(25.3
|
)
|
|
|
(32.3
|
)
|
|
|
(80.1
|
)
|
|
|
(75.6
|
)
|
|
Proceeds from sales of assets
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
13.2
|
|
|
|
16.7
|
|
|
Acquisitions, net of cash
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(67.4
|
)
|
|
Proceeds from (investments and advances) to joint ventures
|
|
|
|
2.6
|
|
|
|
—
|
|
|
|
2.6
|
|
|
|
13.9
|
|
|
Proceeds from sale of joint venture
|
|
|
|
—
|
|
|
|
2.9
|
|
|
|
—
|
|
|
|
2.9
|
|
|
Receipt of proceeds from notes receivable
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
91.4
|
|
|
(Increase) decrease in restricted cash under letters of
credit/credit facility
|
|
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
0.8
|
|
|
|
0.7
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
(22.4
|
)
|
|
|
(29.4
|
)
|
|
|
(63.5
|
)
|
|
|
(17.4
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long term debt
|
|
|
|
(0.1
|
)
|
|
|
(0.1
|
)
|
|
|
(2.3
|
)
|
|
|
(113.2
|
)
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
|
(1.5
|
)
|
|
|
(12.1
|
)
|
|
Payment of debt issuance fees
|
|
|
|
—
|
|
|
|
(1.2
|
)
|
|
|
—
|
|
|
|
(1.2
|
)
|
|
Sale of common stock under equity plans
|
|
|
|
(0.1
|
)
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.1
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(0.2
|
)
|
|
|
(1.2
|
)
|
|
|
(3.9
|
)
|
|
|
(126.4
|
)
|
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
|
|
|
(2.0
|
)
|
|
|
(1.8
|
)
|
|
|
(3.8
|
)
|
|
|
(2.8
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
(47.2
|
)
|
|
|
(12.7
|
)
|
|
|
(124.1
|
)
|
|
|
95.9
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
579.9
|
|
|
|
669.5
|
|
|
|
656.8
|
|
|
|
560.9
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
532.7
|
|
|
|
$
|
656.8
|
|
|
|
$
|
532.7
|
|
|
|
$
|
656.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
|
$
|
203.2
|
|
|
|
$
|
229.8
|
|
|
|
$
|
855.2
|
|
|
|
$
|
1,068.1
|
|
|
Siding
|
|
|
|
140.9
|
|
|
|
138.3
|
|
|
|
617.3
|
|
|
|
573.8
|
|
|
Engineered Wood Products
|
|
|
|
65.6
|
|
|
|
67.4
|
|
|
|
281.0
|
|
|
|
250.4
|
|
|
South America
|
|
|
|
35.9
|
|
|
|
40.6
|
|
|
|
150.4
|
|
|
|
171.5
|
|
|
Other
|
|
|
|
7.9
|
|
|
|
7.2
|
|
|
|
32.8
|
|
|
|
30.6
|
|
|
Intersegment sales
|
|
|
|
—
|
|
|
|
(3.6
|
)
|
|
|
(1.9
|
)
|
|
|
(9.2
|
)
|
|
|
|
|
|
$
|
453.5
|
|
|
|
$
|
479.7
|
|
|
|
$
|
1,934.8
|
|
|
|
$
|
2,085.2
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OSB
|
|
|
|
$
|
(28.8
|
)
|
|
|
$
|
6.6
|
|
|
|
$
|
(52.6
|
)
|
|
|
$
|
230.3
|
|
|
Siding
|
|
|
|
13.9
|
|
|
|
15.5
|
|
|
|
79.8
|
|
|
|
85.8
|
|
|
Engineered Wood Products
|
|
|
|
(5.5
|
)
|
|
|
(3.6
|
)
|
|
|
(14.0
|
)
|
|
|
(14.6
|
)
|
|
South America
|
|
|
|
2.8
|
|
|
|
2.1
|
|
|
|
11.3
|
|
|
|
20.0
|
|
|
Other
|
|
|
|
0.8
|
|
|
|
(0.4
|
)
|
|
|
(3.5
|
)
|
|
|
(6.1
|
)
|
|
Other operating credits and charges, net
|
|
|
|
(6.4
|
)
|
|
|
(12.9
|
)
|
|
|
(7.5
|
)
|
|
|
(3.8
|
)
|
|
Loss on sale or impairment of long-lived assets
|
|
|
|
(1.0
|
)
|
|
|
(0.6
|
)
|
|
|
3.1
|
|
|
|
(0.2
|
)
|
|
General corporate and other expenses, net
|
|
|
|
(23.5
|
)
|
|
|
(28.1
|
)
|
|
|
(89.8
|
)
|
|
|
(96.7
|
)
|
|
Other non-operating income (expense)
|
|
|
|
(1.3
|
)
|
|
|
(2.3
|
)
|
|
|
(3.1
|
)
|
|
|
29.5
|
|
|
Investment income
|
|
|
|
1.1
|
|
|
|
2.0
|
|
|
|
5.5
|
|
|
|
10.3
|
|
|
Interest expense, net of capitalized interest
|
|
|
|
(6.4
|
)
|
|
|
(8.0
|
)
|
|
|
(29.8
|
)
|
|
|
(36.0
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
|
|
(54.3
|
)
|
|
|
(29.7
|
)
|
|
|
(100.6
|
)
|
|
|
218.5
|
|
|
Provision (benefit) for income taxes
|
|
|
|
(11.3
|
)
|
|
|
(10.5
|
)
|
|
|
(27.2
|
)
|
|
|
41.1
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(43.0
|
)
|
|
|
$
|
(19.2
|
)
|
|
|
$
|
(73.4
|
)
|
|
|
$
|
177.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2014 and 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Oriented strand board, million square feet 3/8" basis(1)
|
|
|
|
1,022
|
|
|
|
1,039
|
|
|
|
4,195
|
|
|
|
3,927
|
|
Oriented strand board, million square feet 3/8" basis (produced by
wood-based siding mills)
|
|
|
|
—
|
|
|
|
43
|
|
|
|
44
|
|
|
|
169
|
|
Wood-based siding, million square feet 3/8" basis
|
|
|
|
268
|
|
|
|
243
|
|
|
|
1,103
|
|
|
|
1,011
|
|
Engineered I-Joist, million lineal feet(1)
|
|
|
|
16
|
|
|
|
18
|
|
|
|
76
|
|
|
|
74
|
|
Laminated veneer lumber (LVL), thousand cubic feet(1) and
laminated strand lumber (LSL), thousand cubic feet
|
|
|
|
2,004
|
|
|
|
1,945
|
|
|
|
9,015
|
|
|
|
7,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes volumes produced by joint venture
operations or under sales arrangements and sold to LP.
|
|
|
Copyright Business Wire 2015