EX-99.3 4 ex993-033116lpxisreconcili.htm EXHIBIT 99.3 Exhibit


Exhibit 99.3 Reconciliation of Adjusted income from continuing operations
 
 
As reported Quarter Ended March 31, 2016
Adjustments
As adjusted Quarter Ended March 31, 2016
 
As reported Quarter Ended December 31, 2015
Adjustments
As adjusted Quarter Ended December 31, 2015
 
As reported Quarter Ended March 31, 2015
Adjustments
As adjusted Quarter Ended March 31, 2015
 
 
Net sales
$
504.6

 
$
504.6

 
$
462.9

 
$
462.9

 
$
471.7

 
$
471.7

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
415.5

 
415.5

 
395.3

 
395.3

 
427.8

 
427.8

 
Depreciation and amortization
27.9

 
27.9

 
24.0

 
24.0

 
26.7

 
26.7

 
Selling and administrative
42.3

 
42.3

 
37.9

 
37.9

 
38.7


38.7

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



 
0.6

(0.6
)

 
0.1

(0.1
)

 
Other operating credits and charges, net



 
3.7

(3.7
)

 
11.6

(11.6
)

 
Total operating costs and expenses
485.7

 
485.7

 
461.5

 
457.2

 
504.9

 
493.2

 
Income (loss) from operations
18.9

 
18.9

 
1.4

 
5.7

 
(33.2
)
 
(21.5
)
 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(8.0
)
 
(8.0
)
 
(8.1
)


(8.1
)
 
(7.5
)
 
(7.5
)
 
Investment income
1.8

 
1.8

 
1.5

 
1.5

 
1.4

 
1.4

 
Other non-operating items
0.5

 
0.5

 
0.2

 
0.2

 
(2.2
)
 
(2.2
)
 
Total non-operating income (expense)
(5.7
)
 
(5.7
)
 
(6.4
)
 
(6.4
)
 
(8.3
)
 
(8.3
)
 
Income (loss) before taxes and equity in income of unconsolidated affiliates
13.2

 
13.2

 
(5.0
)
 
(0.7
)
 
(41.5
)
 
(29.8
)
 
Provision (benefit) for income taxes
4.4

(4.4
)

 
5.0

(5.0
)

 
(6.3
)
6.3


 
"Normalized" tax rate @ 35%

5.1

5.1

 

0.4

0.4

 

(10.2
)
(10.2
)
 
Equity in income of unconsolidated affiliates
(1.5
)
 
(1.5
)
 
(2.6
)
0.7

(1.9
)
 
(0.7
)
 
(0.7
)
 
Income (loss) from continuing operations
10.3

 
9.6

 
(7.4
)
 
0.8

 
(34.5
)
 
(18.9
)
 
Income (loss) from discontinued operations before taxes

 

 
(0.3
)
 
(0.3
)
 

 

 
Provision (benefit) for income taxes

 

 
(0.1
)
 
(0.1
)
 

 

 
Income (loss) from discontinued operations

 

 
(0.2
)
 
(0.2
)
 

 

 
Net income (loss)
$
10.3

 
$
9.6

 
$
(7.6
)
 
$
0.6

 
$
(34.5
)
 
$
(18.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share - basic
$
0.07

 
$
0.07

 
$
(0.05
)
 
$
0.01

 
$
(0.24
)
 
$
(0.13
)
 
Net income (loss) per share - diluted
$
0.07

 
$
0.07

 
$
(0.05
)
 
$
0.01

 
$
(0.24
)
 
$
(0.13
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
142.9

 
142.9

 
142.7

 
142.7

 
142.0

 
142.0

 
Average shares of stock outstanding - diluted
145.2

 
145.2

 
142.7

 
142.7

 
142.0

 
142.0