EX-99.3 4 a033114lpxisreconciliation.htm EXHIBIT 033114 LPX IS reconciliation


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended March 31, 2014
Adjustments
As adjusted Quarter Ended March 31, 2014
 
As reported Quarter Ended December 31, 2013
Adjustments
As adjusted Quarter Ended December 31, 2013
 
As reported Quarter Ended March 31, 2013
Adjustments
As adjusted Quarter Ended March 31, 2013
 
 
Net sales
$
444.7

 
$
444.7

 
$
479.7

 
$
479.7

 
$
531.1

 
$
531.1

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
388.4

 
388.4

 
415.3

 
415.3

 
387.2

 
387.2

 
Depreciation and amortization
25.6

 
25.6

 
26.3

 
26.3

 
18.6

 
18.6

 
Selling and administrative
40.9

(3.3
)
37.6

 
46.6

(3.3
)
43.3

 
35.2

 
35.2

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



 
0.6

(0.6
)

 



 
Other operating credits and charges, net



 
12.9

(12.9
)

 
1.6

(1.6
)

 
Total operating costs and expenses
454.9

 
451.6

 
501.7

 
484.9

 
442.6

 
441.0

 
Income (loss) from operations
(10.2
)
 
(6.9
)
 
(22.0
)
 
(5.2
)
 
88.5

 
90.1

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(7.7
)
 
(7.7
)
 
(8.0
)
 
(8.0
)
 
(10.6
)
 
(10.6
)
 
Investment income
1.8

 
1.8

 
2.0

 
2.0

 
3.5

 
3.5

 
Other non-operating items
(4.3
)
5.8

1.5

 
(2.3
)
1.6

(0.7
)
 
(0.7
)
 
(0.7
)
 
Total non-operating income (expense)
(10.2
)
 
(4.4
)
 
(8.3
)
 
(6.7
)
 
(7.8
)
 
(7.8
)
 
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates
(20.4
)
 
(11.3
)
 
(30.3
)
 
(11.9
)
 
80.7

 
82.3

 
Provision (benefit) for income taxes
(5.6
)
5.6


 
(10.5
)
10.5


 
22.9

(22.9
)

 
"Normalized" tax rate @ 35%

(3.7
)
(3.7
)
 

(3.9
)
(3.9
)
 

31.3

31.3

 
Equity in income of unconsolidated affiliates
(0.6
)
 
(0.6
)
 
(0.6
)

(0.6
)
 
(7.2
)
 
(7.2
)
 
Income (loss) from continuing operations
(14.2
)
 
(7.0
)
 
(19.2
)
 
(7.4
)
 
65.0

 
58.2

 
Income (loss) from discontinued operations before taxes

 

 
(1.9
)
 
(1.9
)
 
0.3

 
0.3

 
Provision (benefit) for income taxes

 

 
(0.7
)
 
(0.7
)
 
0.2

 
0.2

 
Income (loss) from discontinued operations

 

 
(1.2
)
 
(1.2
)
 
0.1

 
0.1

 
Net income (loss)
$
(14.2
)
 
$
(7.0
)
 
(20.4
)
 
$
(8.6
)
 
$
65.1

 
$
58.3

 
Income (loss) per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.10
)
 
$
(0.05
)
 
$
(0.14
)
 
$
(0.05
)
 
$
0.47

 
$
0.42

 
Income (loss) from discontinued operations

 

 
(0.01
)
 
(0.01
)
 

 

 
Net income (loss) per share
$
(0.10
)
 
$
(0.05
)
 
$
(0.15
)
 
$
(0.06
)
 
$
0.47

 
$
0.42

 
Income (loss) per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.10
)
 
$
(0.05
)
 
$
(0.14
)
 
$
(0.05
)
 
$
0.45

 
$
0.40

 
Income (loss) from discontinued operations

 

 
(0.01
)
 
(0.01
)
 

 

 
Net income (loss) per share
$
(0.10
)
 
$
(0.05
)
 
$
(0.15
)
 
$
(0.06
)
 
$
0.45

 
$
0.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
140.8

 
140.8

 
140.6

 
140.6

 
138.4

 
138.4

 
Average shares of stock outstanding - diluted
140.8

 
140.8

 
140.6

 
140.6

 
144.4

 
144.4