0001504337-13-000027.txt : 20130806 0001504337-13-000027.hdr.sgml : 20130806 20130806081058 ACCESSION NUMBER: 0001504337-13-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130806 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130806 DATE AS OF CHANGE: 20130806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOUISIANA-PACIFIC CORP CENTRAL INDEX KEY: 0000060519 STANDARD INDUSTRIAL CLASSIFICATION: LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400] IRS NUMBER: 930609074 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07107 FILM NUMBER: 131011891 BUSINESS ADDRESS: STREET 1: 414 UNION STREET STREET 2: SUITE 2000 CITY: NASHVILLE STATE: TN ZIP: 37219-1711 BUSINESS PHONE: 6159865600 MAIL ADDRESS: STREET 1: 414 UNION STREET STREET 2: SUITE 2000 CITY: NASHVILLE STATE: TN ZIP: 37219-1711 FORMER COMPANY: FORMER CONFORMED NAME: LOUISIANA PACIFIC CORP DATE OF NAME CHANGE: 19920703 8-K 1 a063013lpx8k.htm 8-K 063013 LPX 8k


 
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________
FORM 8-K
__________________________________
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 6, 2013
Commission File Number 1-7107
 __________________________________ 
LOUISIANA-PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
 __________________________________ 
DELAWARE
 
1-7107
 
93-0609074
(State or other jurisdiction of
incorporation or organization)
 
Commission
File Number
 
(IRS Employer
Identification No.)
414 Union Street, Suite 2000, Nashville, TN 37219
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (615) 986-5600
 __________________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Â
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Â
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Â
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Â
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 





Item 2.02 Results of Operations and Financial Condition
The information in this item and Exhibit 99.1 and Exhibit 99.2, attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On August 6, 2013, Louisiana - Pacific Corporation issued a press release announcing financial results for the quarter and six months ended June 30, 2013, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), the attached press release discloses continuing earnings before interest expense, taxes, depreciation and amortization (“EBITDA from continuing operations”) which is a non-GAAP financial measure. Additionally, it discloses Adjusted EBITDA from continuing operations which further adjusts EBITDA from continuing operations to exclude stock based compensation expense, (gain) loss on sales or impairment of long lived assets, other operating charges and credits, investment income and depreciation included in equity in loss (earnings) of unconsolidated affiliates. It also discloses adjusted income (loss) from continuing operations which excludes (gain) loss on sale or impairment of long-lived assets, other operating credits and charges, net, and adjusts for a normalized tax rate. EBITDA from continuing operations, Adjusted EBITDA from continuing operations and adjusted loss from continuing operations are not a substitute for the GAAP measure of net income or operating cash flows or other GAAP measures of operating performance or liquidity. A copy of the reconciliation of adjusted loss from continuing operations, EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2013 and 2012 is attached hereto as Exhibit 99.2 and Exhibit 99.3 and incorporated herein by reference.
We have EBITDA from continuing operations and Adjusted EBITDA from continuing operations in the press release because we use them as important supplemental measures of our performance and believe that similarly-titled measures are frequently used by securities analysts, investors and other interested persons in the evaluation of companies in our industry, some of which present similarly-titled measures when reporting their results. We use EBITDA from continuing operations and Adjusted EBITDA from continuing operations to evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates. It should be noted that companies calculate similarly-titled measures differently and, therefore, as presented by us may not be comparable to similarly-titled measures reported by other companies. In addition, EBITDA from continuing operations has material limitations as a performance measure because it excludes interest expense, income tax (benefit) expense and depreciation and amortization which are necessary to operate our business or which we otherwise incurred or experienced in connection with the operation of our business.
We believe that adjusted income (loss) from continuing operations which excludes (gain) loss on sale or impairment of long-lived assets, other operating credits and charges, net, adjusted for a normalized tax rate is a useful measure for evaluating our ability to generate earnings from continuing operations and that providing this measure will allow investors to more readily compare the earnings referred to in the press release to our earnings for past and future periods. We believe that this measure is particularly useful where the amounts of the excluded items are not consistent between the periods presented. It should be noted that other companies may present similarly-titled measures differently and, therefore, as presented by us may not be comparable to similarly-titled measures reported by other companies. In addition, adjusted income (loss) from continuing operations has material limitations as a performance measure because it excludes items that are actually incurred or experienced in connection with the operations of our business.





Item 9.01 Financial Statements, Pro Forma Financial Statements and Exhibits.
Exhibit
Number
Description
 
 
99.1
Press release issued by Louisiana-Pacific Corporation on August 6, 2013, regarding financial results for the quarter and six months ended June 30, 2013.
99.2
Reconciliation of Adjusted operating income from operations and EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2013 and 2012.
99.3
Reconciliation of Adjusted operating income from operations for the quarter and six months ended June 30, 2013 and 2012.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
LOUISIANA-PACIFIC CORPORATION
 
 
 
 
By:
/s/ SALLIE B. BAILEY
 
 
Sallie B. Bailey
 
 
Executive Vice President and Chief
 
 
Financial Officer
 
 
(Principal Financial Officer)
Date: August 6, 2013



EX-99.1 2 q22013pressrelease.htm EXHIBIT 99.1 Q2 2013 press release





LP Reports Second Quarter 2013 Results

Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the second quarter of 2013, which included the following:

•
Total sales for the second quarter of $573 million were higher by 34 percent compared to the year ago quarter.
•
Income from continuing operations was $94 million ($0.65 per diluted share).
•
Non-GAAP adjusted income from continuing operations was $59 million ($0.41 per diluted share).
•
Adjusted EBITDA from continuing operations for the second quarter was $122 million compared to $37 million in the second quarter of 2012.
•
Cash and cash equivalents were $631 million as of June 30, 2013.

"This was another good quarter for LP as the U.S. housing market continues to recover,” said Curt Stevens, CEO.  “While OSB prices moderated during the second quarter, this segment showed good earnings. Strong demand in Siding and South America also added to our results.”
 
For the second quarter of 2013, LP reported income from continuing operations of $94 million, or $0.65 per diluted share, as compared to a loss from continuing operations of $37 million, or $0.27 per diluted share for the second quarter of 2012. The results for the second quarter of 2013 included a gain on acquisition of $36 million.

ORIENTED STRAND BOARD (OSB) SEGMENT

LP's OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales for the second quarter of 2013 of $306 million, an increase from $195 million of net sales in the second quarter of 2012. For the second quarter of 2013, the OSB segment reported operating income of $95 million compared to $17 million in the second quarter of 2012. For the second quarter, LP realized an increase of $80 million in adjusted EBITDA from continuing operations for this segment compared to the second quarter of 2012. For the second quarter, sales volumes were higher by 2 percent and sales prices increased by 59 percent compared to the same period in 2012. The increase in sales price accounted for approximately $110 million increase 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 $153 million in the second quarter of 2013, an increase of




11 percent from $137 million in the year-ago second quarter. For the second quarter of 2013, the Siding segment reported operating income of $27 million compared to $19 million in the year-ago quarter. For the second quarter, LP reported $32 million in adjusted EBITDA from continuing operations for this segment, an increase of $8 million compared to the second quarter of 2012. The increase in OSB sales prices sold in this segment accounted for approximately $5 million increase in both operating results and adjusted EBITDA from continuing operations.

ENGINEERED WOOD PRODUCTS SEGMENT (EWP)

The EWP segment is comprised of 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 second quarter of 2013 totaled $61 million, an increase from $52 million reported a year ago. Operating losses were $5 million for the second quarter of 2013 compared to $3 million in the second quarter of 2012.

SOUTH AMERICA SEGMENT

The South American segment consists of OSB mills located in Chile and Brazil. South America sales in the second quarter of 2013 totaled $44 million, an increase of 4 percent from $43 million in the year-ago second quarter. For the second quarter of 2013, the South America segment reported operating income of $6 million compared to $4 million reported a year ago. For the second quarter, LP reported $9 million in adjusted EBITDA from continuing operations for this segment, an increase of $3 million compared to the second quarter of 2012.

COMPANY OUTLOOK

“Housing starts appear to have been constrained by weather, labor and financing issues in the second quarter.  We will continue to be agile in our operations as the weather improves and builders address these issues. The consensus projection for housing starts for this year is a 25 percent increase over 2012, with starts projected to increase at least another 25% in 2014.  We will be ready to respond," concluded Stevens.

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.






LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
FINANCIAL AND QUARTERLY DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)

 
Quarter Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Net sales
$
572.6

 
$
427.8

 
$
1,110.1

 
$
789.3

 
 
 
 
 
 
 
 
Income from operations
$
88.9

 
$
19.0

 
$
178.1

 
$
16.9

 
 
 
 
 
 
 
 
Income (loss) from continuing operations before taxes and equity in (income) loss of unconsolidated affiliates
$
114.5

 
$
(45.5
)
 
$
195.9

 
$
(56.1
)
 
 
 
 
 
 
 
 
Non-GAAP adjusted income (loss) from continuing operations
$
59.2

 
$
2.8

 
$
117.8

 
$
(6.0
)
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
94.2

 
$
(37.2
)
 
$
159.6

 
$
(48.4
)
 
 
 
 
 
 
 
 
Net income (loss)
$
94.1

 
$
(37.3
)
 
$
159.4

 
$
(48.6
)
 
 
 
 
 
 
 
 
Net income (loss) per share - basic
$
0.68

 
$
(0.27
)
 
$
1.15

 
$
(0.35
)
 
 
 
 
 
 
 
 
Net income (loss) per share - diluted
$
0.65

 
$
(0.27
)
 
$
1.10

 
$
(0.35
)
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
139.1

 
137.0

 
138.8

 
136.8

 
 
 
 
 
 
 
 
Average shares of stock outstanding - diluted
144.1

 
137.0

 
144.3

 
136.8







CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
 
Quarter Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Net sales
$
572.6

 
$
427.8

 
$
1,110.1

 
$
789.3

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of sales
422.7

 
359.9

 
815.3

 
673.2

Depreciation and amortization
20.8

 
17.9

 
39.5

 
37.0

Selling and administrative
35.5

 
30.7

 
70.9

 
62.0

(Gain) loss on sale or impairment of long-lived assets, net
(0.7
)
 
0.1

 
(0.7
)
 
0.2

Other operating credits and charges, net
5.4

 
0.2

 
7.0

 
—

Total operating costs and expenses
483.7

 
408.8

 
932.0

 
772.4

Income from operations
88.9

 
19.0

 
178.1

 
16.9

 
 
 
 
 
 
 
 
Non-operating income (expense):
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(9.8
)
 
(13.1
)
 
(20.4
)
 
(25.7
)
Investment income
3.1

 
3.4

 
6.6

 
7.6

Early debt extinguishment
—

 
(52.2
)
 
—

 
(52.2
)
     Gain on acquisition
35.9

 
—

 
35.9

 
—

Other non-operating items
(3.6
)
 
(2.6
)
 
(4.3
)
 
(2.7
)
Total non-operating income (expense)
25.6

 
(64.5
)
 
17.8

 
(73.0
)
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before taxes and equity in (income) loss of unconsolidated affiliates
114.5

 
(45.5
)
 
195.9

 
(56.1
)
Provision (benefit) for income taxes
24.4

 
(11.1
)
 
47.6

 
(12.3
)
Equity in (income) loss of unconsolidated affiliates
(4.1
)
 
2.8

 
(11.3
)
 
4.6

Income (loss) from continuing operations
94.2

 
(37.2
)
 
159.6

 
(48.4
)
 
 
 
 
 
 
 
 
Loss from discontinued operations before taxes
(0.2
)
 
(0.1
)
 
(0.3
)
 
(0.3
)
Benefit for income taxes
(0.1
)
 
—

 
(0.1
)
 
(0.1
)
Loss from discontinued operations
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
 
 
 
 
 
 
 
 
Net income (loss)
$
94.1

 
$
(37.3
)
 
$
159.4

 
$
(48.6
)
 
 
 
 
 
 
 
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.68

 
$
(0.27
)
 
$
1.15

 
$
(0.35
)
Loss from discontinued operations
—

 
—

 
—

 
—

Net income (loss) per share
$
0.68

 
$
(0.27
)
 
$
1.15

 
$
(0.35
)
 
 
 
 
 
 
 
 
Net income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.65

 
$
(0.27
)
 
$
1.10

 
$
(0.35
)
Loss from discontinued operations
—

 
—

 
—

 
—

Net income (loss) per share
$
0.65

 
$
(0.27
)
 
$
1.10

 
$
(0.35
)
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
139.1

 
137.0

 
138.8

 
136.8

Average shares of stock outstanding - diluted
144.1

 
137.0

 
144.3

 
136.8

 
 
 
 
 
 
 
 







CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
 
June 30, 2013
 
December 31, 2012
ASSETS
 
 
 
Cash and cash equivalents
$
630.7

 
$
560.9

Receivables
103.5

 
82.7

Inventories
247.0

 
209.8

Other current assets
11.8

 
6.0

Deferred income taxes
21.6

 
12.3

Current portion of notes receivable from asset sales
91.4

 
91.4

Assets held for sale
31.4

 
32.5

Total current assets
1,137.4

 
995.6

 
 
 
 
Timber and timberlands
72.7

 
40.1

 
 
 
 
Property, plant and equipment, at cost
2,218.0

 
2,061.6

Accumulated depreciation
(1,341.1
)
 
(1,310.8
)
Net property, plant and equipment
876.9

 
750.8

 
 
 
 
Goodwill
9.7

 
—

Notes receivable from asset sales
432.2

 
432.2

Long-term investments
4.0

 
2.0

Restricted cash
10.6

 
12.0

Investments in and advances to affiliates
4.3

 
68.6

Deferred debt costs
8.4

 
9.2

Other assets
15.7

 
15.5

Long-term deferred tax asset
—

 
5.0

Total assets
$
2,571.9

 
$
2,331.0

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current portion of long-term debt
$
7.5

 
$
7.8

Current portion of limited recourse notes payable
90.0

 
90.0

Accounts payable and accrued liabilities
165.2

 
139.5

Current portion of contingency reserves
2.0

 
2.0

Total current liabilities
264.7

 
239.3

 
 
 
 
Long-term debt, excluding current portion
777.3

 
782.7

Contingency reserves, excluding current portion
12.3

 
12.8

Other long-term liabilities
181.8

 
168.8

Deferred income taxes
153.3

 
93.6

 
 
 
 
Stockholders’ equity:
 
 
 
Common stock
150.7

 
150.4

Additional paid-in capital
504.9

 
533.6

Retained earnings
870.0

 
710.6

Treasury stock
(232.3
)
 
(252.9
)
Accumulated comprehensive loss
(110.8
)
 
(107.9
)
Total stockholders’ equity
1,182.5

 
1,033.8

Total liabilities and stockholders’ equity
$
2,571.9

 
$
2,331.0







CONDENSED CONSOLIDATED CASH FLOW STATEMENT
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)

 
Quarter Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
Net income (loss)
$
94.1

 
$
(37.3
)
 
$
159.4

 
$
(48.6
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
Depreciation and amortization
20.8

 
17.9

 
39.5

 
37.0

(Income) loss from unconsolidated affiliates
(4.1
)
 
2.8

 
(11.3
)
 
4.6

(Gain) loss on sale or impairment of long-lived assets
(0.7
)
 
0.1

 
(0.7
)
 
0.2

Gain on acquisition
(35.9
)
 
—

 
(35.9
)
 
—

Early debt extinguishment
—

 
52.2

 
—

 
52.2

Other operating credits and charges, net
5.4

 
0.2

 
7.0

 
—

Stock-based compensation related to stock plans
2.1

 
1.6

 
4.2

 
4.3

Exchange (gain) loss on remeasurement
0.2

 
(1.2
)
 
(0.1
)
 
(0.9
)
Cash settlement of contingencies
(0.3
)
 
(0.6
)
 
(0.4
)
 
(1.2
)
Cash settlements of warranties, net of accruals
(2.3
)
 
(1.5
)
 
(4.3
)
 
(3.9
)
Pension expense, net of cash payments
1.1

 
2.5

 
2.6

 
4.1

Non-cash interest expense, net
0.2

 
0.8

 
0.6

 
1.4

Other adjustments, net of acquisition
0.1

 
1.2

 
0.6

 
1.1

Changes in assets and liabilities, net of acquisition:
 
 
 
 
 
 
 
   (Increase) decrease in receivables
34.5

 
5.0

 
(17.9
)
 
(35.5
)
   (Increase) decrease in inventories
20.5

 
9.8

 
(28.1
)
 
(36.0
)
   Increase in other current assets
(7.4
)
 
(4.9
)
 
(6.0
)
 
(3.0
)
   Increase (decrease) in accounts payable and accrued liabilities
(3.2
)
 
9.7

 
8.9

 
19.4

   Increase (decrease) in deferred income taxes
21.7

 
(11.2
)
 
45.5

 
(12.5
)
Net cash provided by (used in) operating activities
146.8

 
47.1

 
163.6

 
(17.3
)
CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Property, plant and equipment additions
(12.4
)
 
(4.2
)
 
(25.6
)
 
(6.8
)
Investments in and advances to joint ventures
7.1

 
1.1

 
13.9

 
(1.9
)
Proceeds from sales of assets
1.7

 
0.2

 
1.7

 
9.1

Acquisition, net of cash acquired
(67.4
)
 
—

 
(67.4
)
 
—

Decrease in restricted cash under letters of credit/credit facility
(0.1
)
 
0.1

 
1.4

 
1.0

Net cash provided by (used in) investing activities
(71.1
)
 
(2.8
)
 
(76.0
)
 
1.4

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
Borrowings of long-term debt
—

 
350.0

 
—

 
350.0

Repayment of long-term debt
(2.6
)
 
(242.1
)
 
(3.6
)
 
(242.1
)
Short term borrowings, net of repayments
(0.1
)
 
—

 
(0.1
)
 
—

Taxes paid related to net share settlement of equity awards
(0.2
)
 
—

 
(12.0
)
 
—

Payment of debt issuance fees
—

 
(6.3
)
 
—

 
(6.3
)
Other, net
—

 
0.4

 
0.1

 
0.4

Net cash provided by (used in) financing activities
(2.9
)
 
102.0

 
(15.6
)
 
102.0

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
(2.6
)
 
0.3

 
(2.2
)
 
1.0

Net increase in cash and cash equivalents
70.2

 
146.6

 
69.8

 
87.1

Cash and cash equivalents at beginning of period
560.5

 
280.5

 
560.9

 
340.0

Cash and cash equivalents at end of period
$
630.7

 
$
427.1

 
$
630.7

 
$
427.1







LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)


 
Quarter Ended June 30,
 
Six Months Ended June 30,
Dollar amounts in millions
2013
 
2012
 
2013
 
2012
Net sales:
 
 
 
 
 
 
 
OSB
$
306.2

 
$
194.9

 
$
592.9

 
$
344.4

Siding
152.7

 
137.0

 
286.5

 
250.1

Engineered Wood Products
60.9

 
51.7

 
124.3

 
100.3

South America
44.3

 
42.7

 
89.4

 
85.1

Other
9.3

 
10.7

 
18.4

 
20.8

Intersegment sales
(0.8
)
 
(9.2
)
 
(1.4
)
 
(11.4
)
 
$
572.6

 
$
427.8

 
$
1,110.1

 
$
789.3

Operating profit (loss):
 
 
 
 
 
 
 
OSB
$
95.4

 
$
17.0

 
$
193.5

 
$
16.7

Siding
27.1

 
19.4

 
47.8

 
36.1

Engineered Wood Products
(5.1
)
 
(3.4
)
 
(8.6
)
 
(6.3
)
South America
6.3

 
3.6

 
12.5

 
6.7

Other
(2.0
)
 
(1.9
)
 
(2.9
)
 
(2.5
)
Other operating credits and charges, net
(5.4
)
 
(0.2
)
 
(7.0
)
 
—

Other operating credits and charges associated with unconsolidated affiliates
(2.7
)
 
—

 
(2.7
)
 
—

Gain (loss) on sale or impairment of long-lived assets
0.7

 
(0.1
)
 
0.7

 
(0.2
)
General corporate and other expenses, net
(21.3
)
 
(18.2
)
 
(43.9
)
 
(38.2
)
Foreign currency losses
(3.6
)
 
(2.6
)
 
(4.3
)
 
(2.7
)
Gain on acquisition
35.9

 
—

 
35.9

 
—

Early debt extinguishment
—

 
(52.2
)
 
—

 
(52.2
)
Investment income
3.1

 
3.4

 
6.6

 
7.6

Interest expense, net of capitalized interest
(9.8
)
 
(13.1
)
 
(20.4
)
 
(25.7
)
Income (loss) from continuing operations before taxes
118.6

 
(48.3
)
 
207.2

 
(60.7
)
Provision (benefit) for income taxes
24.4

 
(11.1
)
 
47.6

 
(12.3
)
Income (loss) from continuing operations
$
94.2

 
$
(37.2
)
 
$
159.6

 
$
(48.4
)








LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES (1) 
The following table sets forth production volumes for the quarter and six months ended June 30, 2013 and 2012.

 
Quarter Ended
 
Six Months Ended 
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Oriented strand board, million square feet 3/8" basis(1)
1,000

 
922

 
1,892

 
1,721

Oriented strand board, million square feet 3/8" basis (produced by wood-based siding mills)
46

 
51

 
84

 
96

Wood-based siding, million square feet 3/8" basis
266

 
236

 
517

 
476

Engineered I-Joist, million lineal feet(1)
18

 
18

 
37

 
32

Laminated veneer lumber (LVL), thousand cubic feet(1) and laminated strand lumber (LSL), thousand cubic feet
1,961

 
1,723

 
3,862

 
3,412


(1) Includes volumes produced by joint venture operations or under sales arrangements and sold to LP.



 EX-99.2 3 a063013ebitdareconciliation.htm EXHIBIT 99.2 063013 EBITDA reconciliation




Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter ended June 30, 2013 and 2012.
Three Months Ended June 30, 2013 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
306.2

 
$
152.7

 
$
60.9

 
$
44.3

 
$
9.3

 
$
(0.8
)
 
$
572.6

Depreciation and amortization
10.6

 
4.4

 
2.6

 
2.5

 
0.2

 
0.5

 
20.8

Cost of sales and selling and administrative
206.7

 
121.2

 
61.4

 
35.5

 
10.7

 
22.7

 
458.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
5.4

 
5.4

Total operating costs
217.3

 
125.6

 
64.0

 
38.0

 
10.9

 
27.9

 
483.7

Income (loss) from operations
88.9

 
27.1

 
(3.1
)
 
6.3

 
(1.6
)
 
(28.7
)
 
88.9

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
25.6

 
25.6

Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
88.9

 
27.1

 
(3.1
)
 
6.3

 
(1.6
)
 
(3.1
)
 
114.5

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
24.4

 
24.4

Equity in (income) loss of unconsolidated affiliates
(6.5
)
 
—

 
2.0

 
—

 
0.4

 
—

 
(4.1
)
Income (loss) from continuing operations
$
95.4

 
$
27.1

 
$
(5.1
)
 
$
6.3

 
$
(2.0
)
 
$
(27.5
)
 
$
94.2

Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
95.4

 
$
27.1

 
$
(5.1
)
 
$
6.3

 
$
(2.0
)
 
$
(27.5
)
 
$
94.2

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
24.4

 
24.4

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
9.8

 
9.8

Depreciation and amortization
10.6

 
4.4

 
2.6

 
2.5

 
0.2

 
0.5

 
20.8

EBITDA from continuing operations
106.0

 
31.5

 
(2.5
)
 
8.8

 
(1.8
)
 
7.2

 
149.2

Stock based compensation expense
0.3

 
0.2

 
0.1

 
—

 
—

 
1.5

 
2.1

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Investment income
—

 
—

 
—

 
—

 
—

 
(3.1
)
 
(3.1
)
Gain on acquisition
—

 
—

 
—

 
—

 
—

 
(35.9
)
 
(35.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
5.4

 
5.4

Other operating credits and charges associated with unconsolidated affiliates
—

 
—

 
—

 
—

 
—

 
2.7

 
2.7

Depreciation included in equity in (income) loss of unconsolidated affiliates
1.4

 
—

 
0.1

 
—

 
0.8

 
—

 
2.3

Adjusted EBITDA from continuing operations
$
107.7

 
$
31.7

 
$
(2.3
)
 
$
8.8

 
$
(1.0
)
 
$
(22.9
)
 
$
122.0

 








Three Months Ended June 30, 2012
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
194.9

 
$
137.0

 
$
51.7

 
$
42.7

 
$
10.7

 
$
(9.2
)
 
$
427.8

Depreciation and amortization
8.3

 
3.9

 
2.4

 
2.7

 
0.2

 
0.4

 
17.9

Cost of sales and selling and administrative
168.7

 
113.7

 
52.7

 
36.4

 
10.5

 
8.6

 
390.6

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.1

 
0.1

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
0.2

 
0.2

Total operating costs
177.0

 
117.6

 
55.1

 
39.1

 
10.7

 
9.3

 
408.8

Income (loss) from operations
17.9

 
19.4

 
(3.4
)
 
3.6

 
—

 
(18.5
)
 
19.0

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(64.5
)
 
(64.5
)
Income (loss) before income taxes and equity in loss of unconsolidated affiliates
17.9

 
19.4

 
(3.4
)
 
3.6

 
—

 
(83.0
)
 
(45.5
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(11.1
)
 
(11.1
)
Equity in loss of unconsolidated affiliates
0.9

 
—

 
—

 
—

 
1.9

 
—

 
2.8

Income (loss) from continuing operations
$
17.0

 
$
19.4

 
$
(3.4
)
 
$
3.6

 
$
(1.9
)
 
$
(71.9
)
 
$
(37.2
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
17.0

 
$
19.4

 
$
(3.4
)
 
$
3.6

 
$
(1.9
)
 
$
(71.9
)
 
$
(37.2
)
Benefit for income taxes
—

 
—

 
—

 
—

 
—

 
(11.1
)
 
(11.1
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
13.1

 
13.1

Depreciation and amortization
8.3

 
3.9

 
2.4

 
2.7

 
0.2

 
0.4

 
17.9

EBITDA from continuing operations
25.3

 
23.3

 
(1.0
)
 
6.3

 
(1.7
)
 
(69.5
)
 
(17.3
)
Stock based compensation expense
0.3

 
0.2

 
0.1

 
—

 
—

 
1.3

 
1.9

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.1

 
0.1

Investment income
—

 
—

 
—

 
—

 
—

 
(3.4
)
 
(3.4
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
0.2

 
0.2

Early debt extinguishment
—

 
—

 
—

 
—

 
—

 
52.2

 
52.2

Depreciation included in equity in loss of unconsolidated affiliates
2.1

 
—

 
0.1

 
—

 
0.7

 
—

 
2.9

Adjusted EBITDA from continuing operations
$
27.7

 
$
23.5

 
$
(0.8
)
 
$
6.3

 
$
(1.0
)
 
$
(19.1
)
 
$
36.6








Six Months Ended June 30, 2013 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
592.9

 
$
286.5

 
$
124.3

 
$
89.4

 
$
18.4

 
$
(1.4
)
 
$
1,110.1

Depreciation and amortization
19.0

 
8.3

 
5.9

 
5.1

 
0.3

 
0.9

 
39.5

Cost of sales and selling and administrative
394.9

 
230.4

 
124.8

 
71.8

 
20.0

 
44.3

 
886.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
7.0

 
7.0

Total operating costs
413.9

 
238.7

 
130.7

 
76.9

 
20.3

 
51.5

 
932.0

Income (loss) from operations
179.0

 
47.8

 
(6.4
)
 
12.5

 
(1.9
)
 
(52.9
)
 
178.1

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
17.8

 
17.8

Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
179.0

 
47.8

 
(6.4
)
 
12.5

 
(1.9
)
 
(35.1
)
 
195.9

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
47.6

 
47.6

Equity in (income) loss of unconsolidated affiliates
(14.5
)
 
—

 
2.2

 
—

 
1.0

 
—

 
(11.3
)
Income (loss) from continuing operations
$
193.5

 
$
47.8

 
$
(8.6
)
 
$
12.5

 
$
(2.9
)
 
$
(82.7
)
 
$
159.6

Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
193.5

 
$
47.8

 
$
(8.6
)
 
$
12.5

 
$
(2.9
)
 
$
(82.7
)
 
$
159.6

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
47.6

 
47.6

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
20.4

 
20.4

Depreciation and amortization
19.0

 
8.3

 
5.9

 
5.1

 
0.3

 
0.9

 
39.5

EBITDA from continuing operations
212.5

 
56.1

 
(2.7
)
 
17.6

 
(2.6
)
 
(13.8
)
 
267.1

Stock based compensation expense
0.5

 
0.3

 
0.2

 
—

 
—

 
3.2

 
4.2

Gain on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
(0.7
)
 
(0.7
)
Investment income
—

 
—

 
—

 
—

 
—

 
(6.6
)
 
(6.6
)
Gain on acquisition
—

 
—

 
—

 
—

 
—

 
(35.9
)
 
(35.9
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
7.0

 
7.0

Other operating credits and charges associated with unconsolidated affiliates
—

 
—

 
—

 
—

 
—

 
2.7

 
2.7

Depreciation included in equity in (income) loss of unconsolidated affiliates
3.4

 
—

 
0.1

 
—

 
1.6

 
—

 
5.1

Adjusted EBITDA from continuing operations
$
216.4

 
$
56.4

 
$
(2.4
)
 
$
17.6

 
$
(1.0
)
 
$
(44.1
)
 
$
242.9





Six Months Ended June 30, 2012 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
344.4

 
$
250.1

 
$
100.3

 
$
85.1

 
$
20.8

 
$
(11.4
)
 
$
789.3

Depreciation and amortization
17.0

 
8.1

 
5.2

 
5.6

 
0.4

 
0.7

 
37.0

Cost of sales and selling and administrative
308.6

 
205.9

 
101.4

 
72.8

 
20.4

 
26.1

 
735.2

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.2

 
0.2

Total operating costs
325.6

 
214.0

 
106.6

 
78.4

 
20.8

 
27.0

 
772.4

Income (loss) from operations
18.8

 
36.1

 
(6.3
)
 
6.7

 
—

 
(38.4
)
 
16.9

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(73.0
)
 
(73.0
)
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
18.8

 
36.1

 
(6.3
)
 
6.7

 
—

 
(111.4
)
 
(56.1
)
Provision for income taxes
—

 
—

 
—

 
—

 
—

 
(12.3
)
 
(12.3
)
Equity in loss of unconsolidated affiliates
2.1

 
—

 
—

 
—

 
2.5

 
—

 
4.6

Income (loss) from continuing operations
$
16.7

 
$
36.1

 
$
(6.3
)
 
$
6.7

 
$
(2.5
)
 
$
(99.1
)
 
$
(48.4
)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
16.7

 
$
36.1

 
$
(6.3
)
 
$
6.7

 
$
(2.5
)
 
$
(99.1
)
 
$
(48.4
)
Provision for income taxes
—

 
—

 
—

 
—

 
—

 
(12.3
)
 
(12.3
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
25.7

 
25.7

Depreciation and amortization
17.0

 
8.1

 
5.2

 
5.6

 
0.4

 
0.7

 
37.0

EBITDA from continuing operations
33.7

 
44.2

 
(1.1
)
 
12.3

 
(2.1
)
 
(85.0
)
 
2.0

Stock based compensation expense
0.5

 
0.3

 
0.3

 
—

 
—

 
3.5

 
4.6

Loss on sale or impairment of long lived assets
—

 
—

 
—

 
—

 
—

 
0.2

 
0.2

Investment income
—

 
—

 
—

 
—

 
—

 
(7.6
)
 
(7.6
)
Early debt extinguishment
—

 
—

 
—

 
—

 
—

 
52.2

 
52.2

Depreciation included in equity in loss of unconsolidated affiliates
4.1

 
—

 
0.2

 
—

 
2.2

 
—

 
6.5

Adjusted EBITDA from continuing operations
$
38.3

 
$
44.5

 
$
(0.6
)
 
$
12.3

 
$
0.1

 
$
(36.7
)
 
$
57.9

 


 EX-99.3 4 a063013lpxisreconciliation.htm EXHIBIT 99.3 063013 LPX IS reconciliation


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended June 30, 2013
Adjustments
As adjusted Quarter Ended June 30, 2013
 
As reported Quarter Ended March 31, 2013
Adjustments
As adjusted Quarter Ended March 31, 2013
 
As reported Quarter Ended June 30, 2012
Adjustments
As adjusted Quarter Ended June 30, 2012
 
 
Net sales
$
572.6

 
$
572.6

 
$
537.5

 
$
537.5

 
$
427.8

 
$
427.8

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
422.7

 
422.7

 
392.6

 
392.6

 
359.9

 
359.9

 
Depreciation and amortization
20.8

 
20.8

 
18.7

 
18.7

 
17.9

 
17.9

 
Selling and administrative
35.5

 
35.5

 
35.4

 
35.4

 
30.7

 
30.7

 
(Gain) loss on sale or impairment of long-lived assets, net
(0.7
)
0.7

—

 
—

—

—

 
0.1

(0.1
)
—

 
Other operating credits and charges, net
5.4

(5.4
)
—

 
1.6

(1.6
)
—

 
0.2

(0.2
)
—

 
Total operating costs and expenses
483.7

 
479.0

 
448.3

 
446.7

 
408.8

 
408.5

 
Income from operations
88.9

 
93.6

 
89.2

 
90.8

 
19.0

 
19.3

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(9.8
)
 
(9.8
)
 
(10.6
)
 
(10.6
)
 
(13.1
)
 
(13.1
)
 
Investment income
3.1

 
3.1

 
3.5

 
3.5

 
3.4

 
3.4

 
Early debt extinguishment
—

 
—

 
—

 
—

 
(52.2
)
52.2

—

 
Gain on acquisition
35.9

(35.9
)
—

 
—

 
—

 
 
 
 
 
Other non-operating items
(3.6
)
 
(3.6
)
 
(0.7
)
 
(0.7
)
 
(2.6
)
 
(2.6
)
 
Total non-operating income (expense)
25.6

 
(10.3
)
 
(7.8
)
 
(7.8
)
 
(64.5
)
 
(12.3
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
114.5

 
83.3

 
81.4

 
83.0

 
(45.5
)
 
7.0

 
Provision (benefit) for income taxes
24.4

(24.4
)
—

 
23.2

(23.2
)
—

 
(11.1
)
11.1

—

 
"Normalized" tax rate @ 35%
—

30.9

30.9

 
—

31.6

31.6

 
—

1.4

1.4

 
Equity in (income) loss of unconsolidated affiliates
(4.1
)
(2.7
)
(6.8
)
 
(7.2
)
 
(7.2
)
 
2.8

 
2.8

 
Income (loss) from continuing operations
94.2

 
59.2

 
65.4

 
58.6

 
(37.2
)
 
2.8

 
Loss from discontinued operations before taxes
(0.2
)
 
(0.2
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Benefit for income taxes
(0.1
)
 
(0.1
)
 
—

 
—

 
—

 
—

 
Loss from discontinued operations
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Net income (loss)
$
94.1

 
$
59.1

 
65.3

 
$
58.5

 
$
(37.3
)
 
$
2.7

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.68

 
$
0.43

 
$
0.47

 
$
0.42

 
$
(0.27
)
 
$
0.02

 
Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
0.68

 
$
0.43

 
$
0.47

 
$
0.42

 
$
(0.27
)
 
$
0.02

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.65

 
$
0.41

 
$
0.45

 
$
0.41

 
$
(0.27
)
 
$
0.02

 
Loss from discontinued operations
—

 
—

 
—

 
—

 
—

 
—

 
Net income (loss) per share
$
0.65

 
$
0.41

 
$
0.45

 
$
0.41

 
$
(0.27
)
 
$
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
139.1

 
139.1

 
138.4

 
138.4

 
137.0

 
137.0

 
Average shares of stock outstanding - diluted
144.1

 
144.1

 
144.4

 
144.4

 
137.0

 
137.0





 
 
As reported Six Months Ended June 30, 2013
Adjustments
As Adjusted Six Months Ended June 30, 2013
 
As reported Six Months Ended June 30, 2012
Adjustments
As Adjusted Six Months Ended June 30, 2012
 
 
Net sales
$
1,110.1

 
$
1,110.1

 
$
789.3

 
$
789.3

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
815.3

 
815.3

 
673.2

 
673.2

 
Depreciation and amortization
39.5

 
39.5

 
37.0

 
37.0

 
Selling and administrative
70.9

 
70.9

 
62.0

 
62.0

 
Loss on sale or impairment of long-lived assets, net
(0.7
)
0.7

—

 
0.2

(0.2
)
—

 
Other operating credits and charges, net
7.0

(7.0
)
—

 
—

—

—

 
Total operating costs and expenses
932.0

 
925.7

 
772.4

 
772.2

 
Income (loss) from operations
178.1

 
184.4

 
16.9

 
17.1

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(20.4
)
 
(20.4
)
 
(25.7
)
(1.0
)
(26.7
)
 
Investment income
6.6

 
6.6

 
7.6

 
7.6

 
Early debt extinguishment
—

 
—

 
(52.2
)
52.2

—

 
Gain on acquisition
35.9

(35.9
)
—

 
—

 
—

 
Other non-operating items
(4.3
)
 
(4.3
)
 
(2.7
)
 
(2.7
)
 
Total non-operating income (expense)
17.8

 
(18.1
)
 
(73.0
)
 
(21.8
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
195.9

 
166.3

 
(56.1
)
 
(4.7
)
 
Provision (benefit) for income taxes
47.6

(47.6
)
—

 
(12.3
)
12.3

—

 
"Normalized" tax rate @ 35%
—

62.5

62.5

 
—

(3.3
)
(3.3
)
 
Equity in (income) loss of unconsolidated affiliates
(11.3
)
(2.7
)
(14.0
)
 
4.6

 
4.6

 
Income (loss) from continuing operations
159.6

 
117.8

 
(48.4
)
 
(6.0
)
 
Loss from discontinued operations before taxes
(0.3
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
Benefit for income taxes
(0.1
)
 
(0.1
)
 
(0.1
)
 
(0.1
)
 
Loss from discontinued operations
(0.2
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
 
Net income (loss)
$
159.4

 
$
117.6

 
$
(48.6
)
 
$
(6.2
)
 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.15

 
$
0.85

 
$
(0.35
)
 
$
(0.04
)
 
Loss from discontinued operations
—

 
—

 
—

 
—

 
Net income (loss) per share
$
1.15

 
$
0.85

 
$
(0.35
)
 
$
(0.04
)
 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.10

 
$
0.82

 
$
(0.35
)
 
$
(0.04
)
 
Loss from discontinued operations
—

 
—

 
—

 
—

 
Net income (loss) per share
$
1.10

 
$
0.82

 
$
(0.35
)
 
$
(0.04
)
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
138.8

 
138.8

 
136.8

 
136.8

 
Average shares of stock outstanding - diluted
144.3

 
144.3

 
136.8

 
136.8