1
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in millions, except per share amounts) (Unaudited)
| | Year Ended | Three Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | December 31, | March 31, 2001 | June 30, 2001 | Sept. 30, 2001 | Dec. 31, 2001 | March 31, 2002 | June 30, 2002 | |||||||||||||||||||||||
| | 2001 | 2000 | 1999 | |||||||||||||||||||||||||||
| Net Sales | $ | 1,657.2 | $ | 2,256.7 | $ | 2,339.2 | $ | 395.1 | $ | 461.3 | $ | 447.3 | $ | 353.5 | $ | 411.8 | $ | 452.8 | ||||||||||||
OPERATING COSTS AND EXPENSES | ||||||||||||||||||||||||||||||
| Cost of sales | 1,404.4 | 1,700.7 | 1,642.3 | 371.5 | 365.1 | 356.9 | 310.9 | 320.7 | 355.9 | |||||||||||||||||||||
| Depreciation and amortization | 149.9 | 165.8 | 140.7 | 38.8 | 36.2 | 38.7 | 36.2 | 32.9 | 30.6 | |||||||||||||||||||||
| Depletion | 15.5 | 26.7 | 24.6 | 3.9 | 3.2 | 4.3 | 4.1 | 4.2 | 2.4 | |||||||||||||||||||||
| Selling and administrative | 152.7 | 219.2 | 207.8 | 40.3 | 45.4 | 34.8 | 32.2 | 35.3 | 38.3 | |||||||||||||||||||||
| Loss related to assets and liabilities transferred under contractual arrangement | 42.5 | — | — | 4.5 | 7.9 | 9.4 | 20.7 | — | — | |||||||||||||||||||||
| Other operating credits and charges, net | 55.0 | 70.5 | 8.2 | 12.2 | 2.0 | (1.0 | ) | 41.8 | 2.6 | (3.2 | ) | |||||||||||||||||||
| Total operating costs and expenses | 1,820.0 | 2,182.9 | 2,023.6 | 471.2 | 459.8 | 443.1 | 445.9 | 395.7 | 424.0 | |||||||||||||||||||||
Income (loss) from operations | (162.9 | ) | 73.8 | 315.6 | (76.1 | ) | 1.5 | 4.2 | (92.4 | ) | 16.1 | 28.8 | ||||||||||||||||||
NON-OPERATING INCOME (EXPENSE) | ||||||||||||||||||||||||||||||
| Foreign currency exchange gain (loss) | 2.4 | (1.2 | ) | (0.6 | ) | 2.1 | (3.8 | ) | 1.6 | 2.5 | (0.3 | ) | (0.8 | ) | ||||||||||||||||
| Interest expense | (95.6 | ) | (81.0 | ) | (47.9 | ) | (23.3 | ) | (21.3 | ) | (24.2 | ) | (26.8 | ) | (23.8 | ) | (24.4 | ) | ||||||||||||
| Interest income | 35.8 | 37.9 | 36.0 | 8.2 | 7.7 | 8.6 | 11.3 | 7.9 | 7.8 | |||||||||||||||||||||
| Total non-operating income (expense) | (57.4 | ) | (44.3 | ) | (12.5 | ) | (13.0 | ) | (17.4 | ) | (14.0 | ) | (13.0 | ) | (16.2 | ) | (17.4 | ) | ||||||||||||
Income (loss) before taxes, minority interest, and equity in earnings of unconsolidated affiliate | (220.2 | ) | 29.5 | 303.1 | (89.1 | ) | (15.9 | ) | (9.8 | ) | (105.4 | ) | (0.1 | ) | 11.4 | |||||||||||||||
| Provision (benefit) for income taxes | (85.5 | ) | 9.2 | 118.5 | (13.0 | ) | (4.0 | ) | (14.4 | ) | (54.1 | ) | 0.5 | 4.4 | ||||||||||||||||
| Equity in (income) loss of unconsolidated affliate | — | — | — | — | 0.4 | 0.4 | (0.8 | ) | (0.9 | ) | (0.5 | ) | ||||||||||||||||||
| Minority interest in net income (loss) of consolidated affiliate | (5.1 | ) | 7.1 | 0.7 | (1.3 | ) | (1.3 | ) | (1.3 | ) | (1.2 | ) | (0.5 | ) | (0.2 | ) | ||||||||||||||
Income (loss) from continuing operations before cumulative effect change in accounting principle | (129.6 | ) | 13.2 | 183.9 | (74.8 | ) | (11.0 | ) | 5.5 | (49.3 | ) | 0.8 | 7.7 | |||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||
| Income (loss) from discontinued operations | (68.9 | ) | (44.3 | ) | 53.9 | (24.0 | ) | 2.3 | (11.9 | ) | (35.3 | ) | (6.5 | ) | (33.7 | ) | ||||||||||||||
| Provision (benefit) for income taxes | (26.9 | ) | (17.3 | ) | 21.0 | (9.4 | ) | 1.0 | (4.7 | ) | (13.8 | ) | (2.5 | ) | (12.8 | ) | ||||||||||||||
| Income (loss) on discontinued operations | (42.0 | ) | (27.0 | ) | 32.9 | (14.6 | ) | 1.3 | (7.2 | ) | (21.5 | ) | (4.0 | ) | (20.9 | ) | ||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | — | — | — | (6.3 | ) | — | ||||||||||||||||||||
Net income (loss) | $ | (171.6 | ) | $ | (13.8 | ) | $ | 216.8 | $ | (89.4 | ) | $ | (9.7 | ) | $ | (1.7 | ) | $ | (70.8 | ) | $ | (9.5 | ) | $ | (13.2 | ) | ||||
Net income per share of common stock: | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | (1.24 | ) | $ | 0.13 | $ | 1.73 | $ | (0.72 | ) | $ | (0.10 | ) | $ | 0.05 | $ | (0.47 | ) | $ | 0.01 | $ | 0.07 | ||||||||
| Income (loss) from discontinued operations | (0.40 | ) | (0.26 | ) | 0.31 | (0.14 | ) | 0.01 | (0.07 | ) | (0.21 | ) | (0.04 | ) | (0.20 | ) | ||||||||||||||
| Cumulative effect of change in accounting principle | — | — | — | — | — | — | — | (0.06 | ) | — | ||||||||||||||||||||
| Net Income (loss) Per Share—Basic and Diluted | $ | (1.64 | ) | $ | (0.13 | ) | $ | 2.04 | $ | (0.86 | ) | $ | (0.09 | ) | $ | (0.02 | ) | $ | (0.68 | ) | $ | (0.09 | ) | $ | (0.13 | ) | ||||
| Average shares of common stock outstanding—Basic and Diluted | 104.4 | 104.1 | 106.2 | 104.4 | 104.4 | 104.4 | 104.4 | 104.6 | 104.6 | |||||||||||||||||||||
2
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
| | Year Ended | Three Months Ended | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | December 31, | March 31, 2001 | June 30, 2001 | Sept. 30, 2001 | Dec. 31, 2001 | March 31, 2002 | June 30, 2002 | ||||||||||||||||||||||
| | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||||||||
| OSB—North America | $ | 723.4 | $ | 937.3 | $ | 970.1 | $ | 163.9 | $ | 202.1 | $ | 193.0 | $ | 164.4 | $ | 179.4 | $ | 190.2 | |||||||||||
| Composite Wood Products | 322.6 | 301.6 | 204.0 | 77.1 | 93.6 | 89.2 | 62.7 | 100.8 | 113.1 | ||||||||||||||||||||
| Plastic Building Products | 138.6 | 128.9 | 94.0 | 28.1 | 39.8 | 42.3 | 28.4 | 31.9 | 46.0 | ||||||||||||||||||||
| Engineered Wood Products | 232.9 | 270.1 | 205.2 | 53.4 | 66.0 | 62.0 | 51.5 | 54.7 | 63.8 | ||||||||||||||||||||
| Pulp | 48.0 | 151.5 | 143.2 | 32.9 | 9.9 | 3.9 | 1.3 | 0.1 | 0.6 | ||||||||||||||||||||
| Other | 191.7 | 467.3 | 722.7 | 39.7 | 49.9 | 56.9 | 45.2 | 44.9 | 39.1 | ||||||||||||||||||||
| $ | 1,657.2 | $ | 2,256.7 | $ | 2,339.2 | $ | 395.1 | $ | 461.3 | $ | 447.3 | $ | 353.5 | $ | 411.8 | $ | 452.8 | ||||||||||||
| Operating profit (loss): | |||||||||||||||||||||||||||||
| OSB—North America | $ | 29.2 | $ | 227.5 | $ | 360.7 | $ | (15.8 | ) $28.9 | $ | 24.5 | $ | (8.4 | ) $21.7 | $ | 27.4 | |||||||||||||
| Composite Wood Products | 26.0 | 32.6 | 47.7 | 0.1 | 13.5 | 10.0 | 2.4 | 11.8 | 19.0 | ||||||||||||||||||||
| Plastic Building Products | (5.9 | ) | (6.0 | ) | 14.5 | (2.8 | ) | (0.5 | ) | (0.4 | ) | (2.2 | ) | 0.7 | 1.4 | ||||||||||||||
| Engineered Wood Products | 3.9 | (6.7 | ) | (4.6 | ) | 1.4 | 1.9 | 1.1 | (0.5 | ) | 2.2 | 2.7 | |||||||||||||||||
| Pulp | (27.3 | ) | 12.8 | (14.7 | ) | (12.8 | ) | (6.3 | ) | (5.0 | ) | (3.2 | ) | (1.4 | ) | (2.2 | |||||||||||||
| Other | (2.9 | ) | (18.0 | ) | 22.9 | (3.1 | ) | (5.3 | ) | 3.7 | 1.7 | 4.3 | (1.3 | ) | |||||||||||||||
| Other operating credits and charges, net | (55.0 | ) | (70.5 | ) | (8.2 | ) | (12.2 | ) | (2.0 | ) | 1.0 | (41.8 | ) | (2.6 | ) | 3.2 | |||||||||||||
| Loss from assets and liabilities transferred under contractual arrangement | (42.5 | ) | — | — | (4.5 | ) | (7.9 | ) | (9.4 | ) | (20.7 | ) | — | — | |||||||||||||||
| General corporate and other expenses, net | (85.9 | ) | (99.1 | ) | (103.3 | ) | (24.3 | ) | (24.6 | ) | (19.7 | ) | (17.2 | ) | (20.9 | ) | (22.2 | ) | |||||||||||
| Interest income (expense), net | (59.8 | ) | (43.1 | ) | (11.9 | ) | (15.1 | ) | (13.6 | ) | (15.6 | ) | (15.5 | ) | (15.9 | ) | (16.6 | ) | |||||||||||
| Income (loss) before taxes, minority interest and equity in earnings of unconsolidated affiliate | $ | (220.2 | ) | $ | 29.5 | $ | 303.1 | $ | (89.1 | ) | $ | (15.9 | ) | $ | (9.8 | ) | $ | (105.4 | ) | $ | (0.1 | ) | $ | 11.4 | |||||
3
