EX-99.3 4 a093013lpxisreconciliation.htm RECONCILIAITON OF NON GAAP INCOME 093013 LPX IS reconciliation


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended September 30, 2013
Adjustments
As adjusted Quarter Ended September 30, 2013
 
As reported Quarter Ended June 30, 2013
Adjustments
As adjusted Quarter Ended June 30, 2013
 
As reported Quarter Ended September 30, 2012
Adjustments
As adjusted Quarter Ended September 30, 2012
 
 
Net sales
$
507.4

 
$
507.4

 
$
567.0

 
$
567.0

 
$
462.1

 
$
462.1

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
416.3

 
416.3

 
418.3

 
418.3

 
364.4

 
364.4

 
Depreciation and amortization
25.8

 
25.8

 
20.6

 
20.6

 
18.8

 
18.8

 
Selling and administrative
33.5

(3.0
)
30.5

 
34.9

 
34.9

 
30.5

 
30.5

 
(Gain) loss on sale or impairment of long-lived assets, net
0.3

(0.3
)

 
(0.7
)
0.7


 
4.3

(4.3
)

 
Other operating credits and charges, net
(16.1
)
16.1


 
5.4

(5.4
)

 
1.2

(1.2
)

 
Total operating costs and expenses
459.8

 
472.6

 
478.5

 
473.8

 
419.2

 
413.7

 
Income from operations
47.6

 
34.8

 
88.5

 
93.2

 
42.9

 
48.4

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(7.6
)
 
(7.6
)
 
(9.8
)
 
(9.8
)
 
(10.7
)
 
(10.7
)
 
Investment income
1.7

 
1.7

 
3.1

 
3.1

 
4.1

 
4.1

 
Early debt extinguishment
0.8

(0.8
)

 

 

 



 
Gain on acquisition

 

 
35.9

(35.9
)

 
 
 
 
 
Other non-operating items
1.0

 
1.0

 
(3.6
)
 
(3.6
)
 
0.4

 
0.4

 
Total non-operating income (expense)
(5.7
)
 
(4.9
)
 
25.6

 
(10.3
)
 
(6.2
)
 
(6.2
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
41.9

 
29.9

 
114.1

 
82.9

 
36.7

 
42.2

 
Provision (benefit) for income taxes
4.4

(4.4
)

 
24.1

(24.1
)

 
7.7

(7.7
)

 
"Normalized" tax rate @ 35%

10.5

10.5

 

30.8

30.8

 

15.5

15.5

 
Equity in (income) loss of unconsolidated affiliates

 

 
(4.1
)
(2.7
)
(6.8
)
 
(2.0
)
 
(2.0
)
 
Income (loss) from continuing operations
37.5

 
19.4

 
94.1

 
58.9

 
31.0

 
28.7

 
Income from discontinued operations before taxes
1.0

 
1.0

 
0.3

 
0.3

 
0.5

 
0.5

 
Provision for income taxes
0.4

 
0.4

 
0.1

 
0.1

 
0.2

 
0.2

 
Income from discontinued operations
0.6

 
0.6

 
0.2

 
0.2

 
0.3

 
0.3

 
Net income (loss)
$
38.1

 
$
20.0

 
94.3

 
$
59.1

 
$
31.3

 
$
29.0

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.27

 
$
0.14

 
$
0.68

 
$
0.42

 
$
0.23

 
$
0.21

 
Income from discontinued operations

 

 

 

 

 

 
Net income (loss) per share
$
0.27

 
$
0.14

 
$
0.68

 
$
0.42

 
$
0.23

 
$
0.21

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.26

 
$
0.13

 
$
0.65

 
$
0.41

 
$
0.22

 
$
0.20

 
Loss from discontinued operations

 
0.01

 

 

 

 

 
Net income (loss) per share
$
0.26

 
$
0.14

 
$
0.65

 
$
0.41

 
$
0.22

 
$
0.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.0

 
140.0

 
139.1

 
139.1

 
137.1

 
137.1

 
Average shares of stock outstanding - diluted
144.0

 
144.0

 
144.1

 
144.1

 
142.6

 
142.6






 
 
As reported Nine Months Ended September 30, 2013
Adjustments
As Adjusted Nine Months Ended September 30, 2013
 
As reported Nine Months Ended September 30, 2012
Adjustments
As Adjusted Nine Months Ended September 30, 2012
 
 
Net sales
$
1,605.5

 
$
1,605.5

 
$
1,237.3

 
$
1,237.3

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
1,221.7

 
1,221.7

 
1,026.9

 
1,026.9

 
Depreciation and amortization
65.0

 
65.0

 
55.5

 
55.5

 
Selling and administrative
103.6

(3.0
)
100.6

 
92.1

 
92.1

 
Loss on sale or impairment of long-lived assets, net
(0.4
)
0.4


 
4.5

(4.5
)

 
Other operating credits and charges, net
(9.1
)
9.1


 
1.2

(1.2
)

 
Total operating costs and expenses
1,380.8

 
1,387.3

 
1,180.2

 
1,174.5

 
Income (loss) from operations
224.7

 
218.2

 
57.1

 
62.8

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(28.0
)
 
(28.0
)
 
(36.4
)
(1.0
)
(37.4
)
 
Investment income
8.3

 
8.3

 
11.7

 
11.7

 
Early debt extinguishment
(0.8
)
0.8


 
(52.2
)
52.2


 
Gain on acquisition
35.9

(35.9
)

 

 

 
Other non-operating items
(3.3
)
 
(3.3
)
 
(2.3
)
 
(2.3
)
 
Total non-operating income (expense)
12.1

 
(23.0
)
 
(79.2
)
 
(28.0
)
 
Income (loss) from continuing operations before taxes and equity in income (loss) of unconsolidated affiliates
236.8

 
195.2

 
(22.1
)
 
34.8

 
Provision (benefit) for income taxes
51.6

(51.6
)

 
(5.6
)
5.6


 
"Normalized" tax rate @ 35%

72.6

72.6

 

11.3

11.3

 
Equity in (income) loss of unconsolidated affiliates
(11.3
)
(2.7
)
(14.0
)
 
2.6

 
2.6

 
Income (loss) from continuing operations
196.5

 
136.6

 
(19.1
)
 
20.9

 
Loss from discontinued operations before taxes
1.6

 
1.6

 
2.8

 
2.8

 
Benefit for income taxes
0.6

 
0.6

 
1.0

 
1.0

 
Loss from discontinued operations
1.0

 
1.0

 
1.8

 
1.8

 
Net income (loss)
$
197.5

 
$
137.6

 
$
(17.3
)
 
$
22.7

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.41

 
$
0.98

 
$
(0.14
)
 
$
0.15

 
Loss from discontinued operations
0.01

 
0.01

 
0.01

 
0.02

 
Net income (loss) per share
$
1.42

 
$
0.99

 
$
(0.13
)
 
$
0.17

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
1.36

 
$
0.94

 
$
(0.14
)
 
$
0.15

 
Loss from discontinued operations
0.01

 
0.01

 
0.01

 
0.02

 
Net income (loss) per share
$
1.37

 
$
0.95

 
$
(0.13
)
 
$
0.17

 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
139.1

 
139.1

 
136.9

 
136.9

 
Average shares of stock outstanding - diluted
144.1

 
144.1

 
136.9

 
136.9