EX-99.2 3 a05-13558_1ex99d2.htm EX-99.2

Exhibit 99.2

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE) (UNAUDITED)

 

 

 

 

2004

 

2005

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Total

 

Q1

 

Q2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

673.8

 

$

790.2

 

$

702.3

 

$

564.4

 

$

2,730.7

 

$

661.4

 

$

692.0

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

358.4

 

416.7

 

427.5

 

431.7

 

1,634.3

 

425.6

 

463.5

 

Depreciation, amortization and cost of timber harvested

 

32.9

 

31.3

 

39.2

 

37.7

 

141.1

 

32.9

 

32.4

 

Selling and administrative

 

41.5

 

40.4

 

38.1

 

39.7

 

159.7

 

37.6

 

36.1

 

(Gain) loss on sale or impairment of long lived assets

 

12.8

 

0.2

 

2.7

 

5.8

 

21.5

 

(0.2

)

(0.7

)

Other operating credits and charges, net

 

6.7

 

2.4

 

15.5

 

4.1

 

28.7

 

(0.3

)

1.4

 

Total operating costs and expenses

 

452.3

 

491.0

 

523.0

 

519.0

 

1,985.3

 

495.6

 

532.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

221.5

 

299.2

 

179.3

 

45.4

 

745.4

 

165.8

 

159.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-OPERATING INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange loss

 

(0.3

)

1.4

 

1.8

 

6.8

 

9.7

 

(0.6

)

(1.4

)

Loss on early extinguishment of debt

 

(40.0

)

(1.3

)

(0.2

)

—

 

(41.5

)

—

 

—

 

Interest expense, net of capitalized interest

 

(20.0

)

(15.4

)

(14.4

)

(15.5

)

(65.3

)

(15.7

)

(15.3

)

Investment income

 

10.3

 

9.0

 

11.3

 

15.0

 

45.6

 

15.5

 

16.9

 

Total non-operating income (expense)

 

(50.0

)

(6.3

)

(1.5

)

6.3

 

(51.5

)

(0.8

)

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes and equity in earnings of
unconsolidated affliates

 

171.5

 

292.9

 

177.8

 

51.7

 

693.9

 

165.0

 

159.5

 

Provision for income taxes

 

62.6

 

105.4

 

72.8

 

36.7

 

277.5

 

60.3

 

55.2

 

Equity in earnings of unconsolidated affliates

 

(0.5

)

(0.7

)

(0.6

)

(2.0

)

(3.8

)

(0.7

)

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

109.4

 

188.2

 

105.6

 

17.0

 

420.2

 

105.4

 

104.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before taxes

 

(4.9

)

7.0

 

4.0

 

(5.4

)

0.7

 

(6.0

)

(6.6

)

Income tax benefit

 

(1.9

)

2.7

 

1.5

 

(2.1

)

0.2

 

(2.3

)

(2.5

)

Income (loss) from discontinued operations

 

(3.0

)

4.3

 

2.5

 

(3.3

)

0.5

 

(3.7

)

(4.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

106.4

 

$

192.5

 

$

108.1

 

$

13.7

 

$

420.7

 

$

101.7

 

$

100.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock (basic):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.02

 

$

1.73

 

$

0.97

 

$

0.16

 

$

3.88

 

$

0.95

 

$

0.94

 

Income (loss) from discontinued operations

 

(0.03

)

0.04

 

0.02

 

(0.03

)

—

 

(0.03

)

(0.04

)

Net Income - per share basic

 

$

0.99

 

$

1.77

 

$

0.99

 

$

0.13

 

$

3.88

 

$

0.92

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock (diluted):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.01

 

$

1.71

 

$

0.96

 

$

0.16

 

$

3.84

 

$

0.95

 

$

0.94

 

Income (loss) from discontinued operations

 

(0.03

)

0.04

 

0.02

 

(0.03

)

—

 

(0.04

)

(0.04

)

Net Income - per share diluted

 

$

0.98

 

$

1.75

 

$

0.98

 

$

0.13

 

$

3.84

 

$

0.91

 

$

0.90

 

 


 

SELECTED SEGMENT DATA

 

LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)

 

 

 

2004

 

2005

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Total

 

Q1

 

Q2

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OSB

 

$

456.6

 

$

535.9

 

$

436.3

 

$

320.2

 

$

1,749.0

 

$

416.2

 

$

403.9

 

Siding

 

97.5

 

113.8

 

115.1

 

104.3

 

430.7

 

95.4

 

125.2

 

Engineered Wood Products

 

79.5

 

103.6

 

113.5

 

102.8

 

399.4

 

109.3

 

120.5

 

Other

 

44.0

 

37.6

 

41.4

 

38.6

 

161.6

 

42.8

 

45.6

 

Less: Intersegment sales

 

(3.8

)

(0.7

)

(4.0

)

(1.5

)

(10.0

)

(2.3

)

(3.2

)

 

 

$

673.8

 

$

790.2

 

$

702.3

 

$

564.4

 

$

2,730.7

 

$

661.4

 

$

692.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OSB

 

$

253.6

 

$

309.1

 

$

199.1

 

$

67.9

 

$

829.7

 

$

171.3

 

$

146.6

 

Siding

 

11.3

 

16.4

 

17.2

 

7.0

 

51.9

 

7.0

 

16.4

 

Engineered Wood Products

 

(0.9

)

0.7

 

3.6

 

3.8

 

7.2

 

5.6

 

12.1

 

Other

 

3.5

 

3.1

 

3.4

 

4.7

 

14.7

 

5.5

 

5.2

 

Other operating credits and charges, net

 

(6.7

)

(2.4

)

(15.5

)

(4.1

)

(28.7

)

0.3

 

(1.4

)

Gain (loss) on sale or impairment of long-lived asset

 

(12.8

)

(0.2

)

(2.7

)

(5.8

)

(21.5

)

0.2

 

0.7

 

General corporate and other expenses, net

 

(26.0

)

(26.8

)

(25.2

)

(26.1

)

(104.1

)

(23.4

)

(20.2

)

Foreign currency exchange gain (loss)

 

(0.3

)

1.4

 

1.8

 

6.8

 

9.7

 

(0.6

)

(1.4

)

Loss on early debt extinguishment

 

(40.0

)

(1.3

)

(0.2

)

—

 

(41.5

)

—

 

—

 

Investment income (interest expense), net

 

(9.7

)

(6.4

)

(3.1

)

(0.5

)

(19.7

)

(0.2

)

1.6

 

 

 

172.0

 

293.6

 

178.4

 

53.7

 

697.7

 

165.7

 

159.6

 

Provision for income taxes

 

62.6

 

105.4

 

72.8

 

36.7

 

277.5

 

60.3

 

55.2

 

Income from continuing operations

 

$

109.4

 

$

188.2

 

$

105.6

 

$

17.0

 

$

420.2

 

$

105.4

 

$

104.4