Louisiana-Pacific Corporation
CONSOLIDATED STATEMENTS OF INCOME
| (Dollar amounts in thousands) | 2001 | 2000 | 1999 | Q1 2001 | Q2 2001 | Q3 2001 | Q4 2001 | Q1 2002 | Q2 2002 | Q3 2002 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | $ | 1,865,900 | $ | 2,461,900 | $ | 2,531,500 | $ | 448,200 | $ | 515,500 | $ | 504,000 | $ | 398,200 | $ | 471,800 | $ | 528,500 | $ | 501,800 | |||||||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||||||||||||||||||||||||
| Cost of sales | 1,607,500 | 1,897,500 | 1,798,100 | 428,400 | 409,100 | 410,700 | 359,400 | 377,800 | 425,400 | 425,900 | |||||||||||||||||||||||
| Depreciation and amortization | 158,000 | 153,400 | 145,400 | 40,600 | 38,200 | 41,000 | 38,200 | 35,000 | 33,000 | 31,700 | |||||||||||||||||||||||
| Depletion | 18,300 | 43,100 | 30,400 | 4,400 | 3,600 | 5,900 | 4,400 | 4,300 | 2,600 | 3,600 | |||||||||||||||||||||||
| Selling and administrative | 157,200 | 234,700 | 212,000 | 41,600 | 46,500 | 36,000 | 33,100 | 36,200 | 39,800 | 35,600 | |||||||||||||||||||||||
| Loss related to assets and liabilities transferred under contractual arrangement | 42,400 | — | — | 4,400 | 7,900 | 9,400 | 20,800 | ||||||||||||||||||||||||||
| Other operating credits and charges, net | 55,400 | 70,500 | 8,200 | 12,200 | 2,000 | (1,000 | ) | 42,200 | 2,600 | (1,200 | ) | (38,800 | ) | ||||||||||||||||||||
| Total operating costs and expenses | 2,038,800 | 2,399,200 | 2,194,100 | 531,600 | 507,300 | 502,000 | 497,900 | 455,900 | 499,600 | 458,000 | |||||||||||||||||||||||
| Income (loss) from operations | (172,900 | ) | 62,700 | 337,400 | (83,400 | ) | 8,200 | 2,000 | (99,700 | ) | 15,900 | 28,900 | 43,800 | ||||||||||||||||||||
| NON-OPERATING INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||
| Foreign currency exchange gain (loss) | 2,400 | (1,200 | ) | (600 | ) | 2,100 | (3,800 | ) | 1,600 | 2,500 | (300 | ) | (800 | ) | (500 | ) | |||||||||||||||||
| Interest expense | (95,600 | ) | (81,000 | ) | (47,900 | ) | (23,300 | ) | (21,300 | ) | (24,200 | ) | (26,800 | ) | (23,800 | ) | (24,400 | ) | (23,900 | ) | |||||||||||||
| Interest income | 35,800 | 37,900 | 36,000 | 8,200 | 7,700 | 8,600 | 11,300 | 7,900 | 7,800 | 8,300 | |||||||||||||||||||||||
| Total non-operating income (expense) | (57,400 | ) | (44,300 | ) | (12,500 | ) | (13,000 | ) | (17,400 | ) | (14,000 | ) | (13,000 | ) | (16,200 | ) | (17,400 | ) | (16,100 | ) | |||||||||||||
| Income (loss) before taxes, minority interest, and equity in earnings of unconsolidated subsidiary | (230,300 | ) | 18,400 | 324,900 | (96,400 | ) | (9,200 | ) | (12,000 | ) | (112,700 | ) | (300 | ) | 11,500 | 27,700 | |||||||||||||||||
| Provision (benefit) for income taxes | (89,500 | ) | 4,800 | 127,000 | (15,900 | ) | (1,300 | ) | (15,300 | ) | (57,000 | ) | 500 | 4,300 | 10,400 | ||||||||||||||||||
| Equity in (income) loss of unconsolidated affiliate | — | — | — | — | 400 | 400 | (800 | ) | (900 | ) | (500 | ) | (900 | ) | |||||||||||||||||||
| Minority interest in net income (loss) of consolidated subsidiary | (5,100 | ) | 7,100 | 700 | (1,300 | ) | (1,300 | ) | (1,300 | ) | (1,200 | ) | (500 | ) | (200 | ) | (200 | ) | |||||||||||||||
| Income from continuing operations | (135,700 | ) | 6,500 | 197,200 | (79,200 | ) | (7,000 | ) | 4,200 | (53,700 | ) | 600 | 7,900 | 18,400 | |||||||||||||||||||
| Discontinued operations | |||||||||||||||||||||||||||||||||
| Loss from discontinued operations | (58,800 | ) | (33,200 | ) | 32,100 | (16,700 | ) | (4,400 | ) | (9,700 | ) | (28,000 | ) | (6,300 | ) | (33,800 | ) | (24,700 | ) | ||||||||||||||
| Income tax benefit | (22,900 | ) | (12,900 | ) | 12,500 | (6,500 | ) | (1,700 | ) | (3,800 | ) | (10,900 | ) | (2,500 | ) | (12,700 | ) | (9,600 | ) | ||||||||||||||
| Loss on discontinued operations | (35,900 | ) | (20,300 | ) | 19,600 | (10,200 | ) | (2,700 | ) | (5,900 | ) | (17,100 | ) | (3,800 | ) | (21,100 | ) | (15,100 | ) | ||||||||||||||
| Cumulative effect of accounting change | — | — | — | — | — | — | — | (6,300 | ) | ||||||||||||||||||||||||
| Net income (loss) | $ | (171,600 | ) | $ | (13,800 | ) | $ | 216,800 | $ | (89,400 | ) | $ | (9,700 | ) | $ | (1,700 | ) | $ | (70,800 | ) | $ | (9,500 | ) | $ | (13,200 | ) | $ | 3,300 | |||||
| Income (loss) from continuing operations—per share | $ | (1.30 | ) | $ | 0.06 | $ | 1.86 | $ | (0.76 | ) | $ | (0.07 | ) | $ | 0.04 | $ | (0.51 | ) | $ | 0.01 | $ | 0.08 | $ | 0.18 | |||||||||
| 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 | ) | $ | 0.03 | |||||
| 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 | 104.6 | |||||||||||||||||||||||
Louisiana-Pacific Corporation
SEGMENT REPORT
| (Dollar amounts in thousands) | 2001 | 2000 | 1999 | Q1 2001 | Q2 2001 | Q3 2001 | Q4 2001 | Q1 2002 | Q2 2002 | Q3 2002 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales: | |||||||||||||||||||||||||||||||
| OSB | $ | 727,100 | $ | 937,300 | $ | 970,100 | $ | 165,700 | $ | 209,000 | $ | 194,800 | $ | 157,600 | $ | 185,100 | $ | 190,900 | $ | 170,100 | |||||||||||
| Composite Wood | 354,700 | 301,600 | 203,900 | 76,100 | 107,500 | 98,800 | 72,300 | 98,400 | 111,200 | 97,900 | |||||||||||||||||||||
| Plastic Building Products | 131,000 | 128,900 | 94,000 | 26,800 | 37,800 | 39,800 | 26,600 | 30,000 | 43,700 | 47,000 | |||||||||||||||||||||
| Structural Framing Products | 481,100 | 529,000 | 523,900 | 112,700 | 120,800 | 136,700 | 110,900 | 128,700 | 158,100 | 164,300 | |||||||||||||||||||||
| Pulp | 48,000 | 151,500 | 143,200 | 32,900 | 9,900 | 3,900 | 1,300 | 100 | 600 | 600 | |||||||||||||||||||||
| Other | 124,000 | 413,600 | 596,200 | 34,000 | 30,500 | 30,000 | 29,500 | 29,500 | 24,000 | 21,900 | |||||||||||||||||||||
| $ | 1,865,900 | $ | 2,461,900 | $ | 2,531,300 | $ | 448,200 | $ | 515,500 | $ | 504,000 | $ | 398,200 | $ | 471,800 | $ | 528,500 | $ | 501,800 | ||||||||||||
Operating profit (loss): | |||||||||||||||||||||||||||||||
| OSB | $ | 29,500 | $ | 227,500 | $ | 360,700 | $ | (15,400 | ) | $ | 29,900 | $ | 24,700 | $ | (9,700 | ) | $ | 22,900 | $ | 25,400 | $ | 7,100 | |||||||||
| Composite Wood | 27,100 | 32,600 | 47,700 | 800 | 13,900 | 8,400 | 4,000 | 11,500 | 18,900 | 10,200 | |||||||||||||||||||||
| Plastic Building Products | (5,900 | ) | (6,000 | ) | 14,500 | (2,700 | ) | (300 | ) | (500 | ) | (2,400 | ) | 700 | 1,400 | 3,400 | |||||||||||||||
| Structural Framing Products | (11,100 | ) | (26,400 | ) | 17,100 | (7,000 | ) | 2,200 | 1,200 | (7,500 | ) | 2,400 | 4,300 | 1,700 | |||||||||||||||||
| Pulp | (27,400 | ) | 12,800 | (14,700 | ) | (12,800 | ) | (6,300 | ) | (5,000 | ) | (3,300 | ) | (1,300 | ) | (2,300 | ) | 1,400 | |||||||||||||
| Other | 1,200 | (9,400 | ) | 23,000 | (3,200 | ) | (400 | ) | 1,500 | 3,300 | 3,000 | 1,200 | 1,100 | ||||||||||||||||||
| Other operating credits and charges, net | (55,400 | ) | (70,500 | ) | (8,200 | ) | (12,200 | ) | (2,000 | ) | 1,000 | (42,200 | ) | (2,600 | ) | 1,200 | 38,800 | ||||||||||||||
| Loss from assets and liabilities transferred under contractual arrangement | (42,500 | ) | — | — | (4,500 | ) | (7,900 | ) | (9,400 | ) | (20,700 | ) | |||||||||||||||||||
| General corporate and other expenses, net | (86,000 | ) | (99,100 | ) | (103,300 | ) | (24,300 | ) | (24,700 | ) | (18,300 | ) | (18,700 | ) | (21,000 | ) | (22,000 | ) | (20,400 | ) | |||||||||||
| Interest income (expense), net | (59,800 | ) | (43,100 | ) | (11,900 | ) | (15,100 | ) | (13,600 | ) | (15,600 | ) | (15,500 | ) | (15,900 | ) | (16,600 | ) | (15,600 | ) | |||||||||||
| Income (loss) before taxes, minority interest and equity in earnings of unconsolidated subsidiary | $ | (230,300 | ) | $ | 18,400 | $ | 324,900 | $ | (96,400 | ) | $ | (9,200 | ) | $ | (12,000 | ) | $ | (112,700 | ) | $ | (300 | ) | $ | 11,500 | $ | 27,700 | |||||
DDA by Segment | |||||||||||||||||||||||||||||||
| OSB | $ | 23,700 | $ | 23,900 | $ | 24,800 | $ | 23,400 | $ | 20,800 | $ | 17,900 | $ | 17,400 | |||||||||||||||||
| Composite Wood | 5,800 | 6,000 | 5,600 | 5,700 | 4,900 | 5,200 | 5,000 | ||||||||||||||||||||||||
| Plastic Building Products | 1,200 | 1,300 | 1,200 | 1,400 | 1,300 | 1,600 | 1,700 | ||||||||||||||||||||||||
| Structural Framing | 6,000 | 6,300 | 8,600 | 6,300 | 6,200 | 6,300 | 6,800 | ||||||||||||||||||||||||
| Pulp | 1,600 | 600 | 400 | 400 | — | — | — | ||||||||||||||||||||||||
| Other | 4,400 | 1,400 | 3,100 | 2,600 | 3,300 | 2,100 | 1,700 | ||||||||||||||||||||||||
| Unallocated | 2,300 | 2,300 | 3,200 | 2,800 | 2,800 | 2,500 | 2,700 | ||||||||||||||||||||||||
| $ | 45,000 | $ | 41,800 | $ | 46,900 | $ | 42,600 | $ | 39,300 | $ | 35,600 | $ | 35,300 | ||||||||||||||||||
