Exhibit 99.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE) (UNAUDITED)
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| 2004 |
| 2005 |
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| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Total |
| Q1 |
| Q2 |
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Net Sales |
| $ | 673.8 |
| $ | 790.2 |
| $ | 702.3 |
| $ | 564.4 |
| $ | 2,730.7 |
| $ | 661.4 |
| $ | 692.0 |
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OPERATING COSTS AND EXPENSES |
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Cost of sales |
| 358.4 |
| 416.7 |
| 427.5 |
| 431.7 |
| 1,634.3 |
| 425.6 |
| 463.5 |
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Depreciation, amortization and cost of timber harvested |
| 32.9 |
| 31.3 |
| 39.2 |
| 37.7 |
| 141.1 |
| 32.9 |
| 32.4 |
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Selling and administrative |
| 41.5 |
| 40.4 |
| 38.1 |
| 39.7 |
| 159.7 |
| 37.6 |
| 36.1 |
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(Gain) loss on sale or impairment of long lived assets |
| 12.8 |
| 0.2 |
| 2.7 |
| 5.8 |
| 21.5 |
| (0.2 | ) | (0.7 | ) | |||||||
Other operating credits and charges, net |
| 6.7 |
| 2.4 |
| 15.5 |
| 4.1 |
| 28.7 |
| (0.3 | ) | 1.4 |
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Total operating costs and expenses |
| 452.3 |
| 491.0 |
| 523.0 |
| 519.0 |
| 1,985.3 |
| 495.6 |
| 532.7 |
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Income from operations |
| 221.5 |
| 299.2 |
| 179.3 |
| 45.4 |
| 745.4 |
| 165.8 |
| 159.3 |
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NON-OPERATING INCOME (EXPENSE) |
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Foreign currency exchange loss |
| (0.3 | ) | 1.4 |
| 1.8 |
| 6.8 |
| 9.7 |
| (0.6 | ) | (1.4 | ) | |||||||
Loss on early extinguishment of debt |
| (40.0 | ) | (1.3 | ) | (0.2 | ) | — |
| (41.5 | ) | — |
| — |
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Interest expense, net of capitalized interest |
| (20.0 | ) | (15.4 | ) | (14.4 | ) | (15.5 | ) | (65.3 | ) | (15.7 | ) | (15.3 | ) | |||||||
Investment income |
| 10.3 |
| 9.0 |
| 11.3 |
| 15.0 |
| 45.6 |
| 15.5 |
| 16.9 |
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Total non-operating income (expense) |
| (50.0 | ) | (6.3 | ) | (1.5 | ) | 6.3 |
| (51.5 | ) | (0.8 | ) | 0.2 |
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Income before taxes and equity in earnings of |
| 171.5 |
| 292.9 |
| 177.8 |
| 51.7 |
| 693.9 |
| 165.0 |
| 159.5 |
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Provision for income taxes |
| 62.6 |
| 105.4 |
| 72.8 |
| 36.7 |
| 277.5 |
| 60.3 |
| 55.2 |
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Equity in earnings of unconsolidated affliates |
| (0.5 | ) | (0.7 | ) | (0.6 | ) | (2.0 | ) | (3.8 | ) | (0.7 | ) | (0.1 | ) | |||||||
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Income from continuing operations |
| 109.4 |
| 188.2 |
| 105.6 |
| 17.0 |
| 420.2 |
| 105.4 |
| 104.4 |
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DISCONTINUED OPERATIONS |
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Income (loss) from discontinued operations before taxes |
| (4.9 | ) | 7.0 |
| 4.0 |
| (5.4 | ) | 0.7 |
| (6.0 | ) | (6.6 | ) | |||||||
Income tax benefit |
| (1.9 | ) | 2.7 |
| 1.5 |
| (2.1 | ) | 0.2 |
| (2.3 | ) | (2.5 | ) | |||||||
Income (loss) from discontinued operations |
| (3.0 | ) | 4.3 |
| 2.5 |
| (3.3 | ) | 0.5 |
| (3.7 | ) | (4.1 | ) | |||||||
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Net income |
| $ | 106.4 |
| $ | 192.5 |
| $ | 108.1 |
| $ | 13.7 |
| $ | 420.7 |
| $ | 101.7 |
| $ | 100.3 |
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Net income per share of common stock (basic): |
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Income from continuing operations |
| $ | 1.02 |
| $ | 1.73 |
| $ | 0.97 |
| $ | 0.16 |
| $ | 3.88 |
| $ | 0.95 |
| $ | 0.94 |
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Income (loss) from discontinued operations |
| (0.03 | ) | 0.04 |
| 0.02 |
| (0.03 | ) | — |
| (0.03 | ) | (0.04 | ) | |||||||
Net Income - per share basic |
| $ | 0.99 |
| $ | 1.77 |
| $ | 0.99 |
| $ | 0.13 |
| $ | 3.88 |
| $ | 0.92 |
| $ | 0.90 |
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Net income per share of common stock (diluted): |
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Income from continuing operations |
| $ | 1.01 |
| $ | 1.71 |
| $ | 0.96 |
| $ | 0.16 |
| $ | 3.84 |
| $ | 0.95 |
| $ | 0.94 |
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Income (loss) from discontinued operations |
| (0.03 | ) | 0.04 |
| 0.02 |
| (0.03 | ) | — |
| (0.04 | ) | (0.04 | ) | |||||||
Net Income - per share diluted |
| $ | 0.98 |
| $ | 1.75 |
| $ | 0.98 |
| $ | 0.13 |
| $ | 3.84 |
| $ | 0.91 |
| $ | 0.90 |
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SELECTED SEGMENT DATA
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)
|
| 2004 |
| 2005 |
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|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Total |
| Q1 |
| Q2 |
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Net sales: |
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OSB |
| $ | 456.6 |
| $ | 535.9 |
| $ | 436.3 |
| $ | 320.2 |
| $ | 1,749.0 |
| $ | 416.2 |
| $ | 403.9 |
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Siding |
| 97.5 |
| 113.8 |
| 115.1 |
| 104.3 |
| 430.7 |
| 95.4 |
| 125.2 |
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Engineered Wood Products |
| 79.5 |
| 103.6 |
| 113.5 |
| 102.8 |
| 399.4 |
| 109.3 |
| 120.5 |
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Other |
| 44.0 |
| 37.6 |
| 41.4 |
| 38.6 |
| 161.6 |
| 42.8 |
| 45.6 |
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Less: Intersegment sales |
| (3.8 | ) | (0.7 | ) | (4.0 | ) | (1.5 | ) | (10.0 | ) | (2.3 | ) | (3.2 | ) | |||||||
|
| $ | 673.8 |
| $ | 790.2 |
| $ | 702.3 |
| $ | 564.4 |
| $ | 2,730.7 |
| $ | 661.4 |
| $ | 692.0 |
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Operating profit (loss): |
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OSB |
| $ | 253.6 |
| $ | 309.1 |
| $ | 199.1 |
| $ | 67.9 |
| $ | 829.7 |
| $ | 171.3 |
| $ | 146.6 |
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Siding |
| 11.3 |
| 16.4 |
| 17.2 |
| 7.0 |
| 51.9 |
| 7.0 |
| 16.4 |
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Engineered Wood Products |
| (0.9 | ) | 0.7 |
| 3.6 |
| 3.8 |
| 7.2 |
| 5.6 |
| 12.1 |
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Other |
| 3.5 |
| 3.1 |
| 3.4 |
| 4.7 |
| 14.7 |
| 5.5 |
| 5.2 |
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Other operating credits and charges, net |
| (6.7 | ) | (2.4 | ) | (15.5 | ) | (4.1 | ) | (28.7 | ) | 0.3 |
| (1.4 | ) | |||||||
Gain (loss) on sale or impairment of long-lived asset |
| (12.8 | ) | (0.2 | ) | (2.7 | ) | (5.8 | ) | (21.5 | ) | 0.2 |
| 0.7 |
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General corporate and other expenses, net |
| (26.0 | ) | (26.8 | ) | (25.2 | ) | (26.1 | ) | (104.1 | ) | (23.4 | ) | (20.2 | ) | |||||||
Foreign currency exchange gain (loss) |
| (0.3 | ) | 1.4 |
| 1.8 |
| 6.8 |
| 9.7 |
| (0.6 | ) | (1.4 | ) | |||||||
Loss on early debt extinguishment |
| (40.0 | ) | (1.3 | ) | (0.2 | ) | — |
| (41.5 | ) | — |
| — |
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Investment income (interest expense), net |
| (9.7 | ) | (6.4 | ) | (3.1 | ) | (0.5 | ) | (19.7 | ) | (0.2 | ) | 1.6 |
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|
| 172.0 |
| 293.6 |
| 178.4 |
| 53.7 |
| 697.7 |
| 165.7 |
| 159.6 |
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Provision for income taxes |
| 62.6 |
| 105.4 |
| 72.8 |
| 36.7 |
| 277.5 |
| 60.3 |
| 55.2 |
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Income from continuing operations |
| $ | 109.4 |
| $ | 188.2 |
| $ | 105.6 |
| $ | 17.0 |
| $ | 420.2 |
| $ | 105.4 |
| $ | 104.4 |
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