Louisiana-Pacific (LPX) 8-K Results of Operations and Financial Condition

Exhibit 99.2

(Dollar amounts in millions)	OSB			Siding		EWP			Other			Corporate			Total
Quarter Ended June 30, 2009
Sales	$	97.7		$	102.7	$	35.9		$	29.9		$	—		$	266.2
Depreciation and amortization		8.9			4.3		2.9			2.0			0.8			18.9
Cost of sales and selling and administrative		105.1			91.9		41.4			26.3			17.7			282.4
(Gain) loss on sale or impairment of long lived assets		—			—		—			—			(1.0	)		(1.0	)
Other operating credits and charges, net		—			—		—			—			(1.9	)		(1.9	)
Total operating costs		114.0			96.2		44.3			28.3			15.6			298.4
Income (loss) from operations		(16.3	)		6.5		(8.4	)		1.6			(15.6	)		(32.2	)
Total non-operating income (expense)													(7.7	)		(7.7	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(16.3	)		6.5		(8.4	)		1.6			(23.3	)		(39.9	)
Provision (benefit) for income taxes													(16.0	)		(16.0	)
Equity in (income) loss of unconsolidated affiliates		2.2					0.2			1.0						3.4
Income (loss) from continuing operations	$	(18.5	)	$	6.5	$	(8.6	)	$	0.6		$	(7.3	)	$	(27.3	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(18.5	)	$	6.5	$	(8.6	)	$	0.6		$	(7.3	)	$	(27.3	)
Income tax expense		—			—		—			—			(16.0	)		(16.0	)
Investment income													(7.5	)		(7.5	)
Interest expense, net of capitalized interest		—			—		—			—			21.1			21.1
Depreciation and amortization		8.9			4.3		2.9			2.0			0.8			18.9
EBITDA from continuing operations	$	(9.6	)	$	10.8	$	(5.7	)	$	2.6		$	(8.9	)	$	(10.8	)
Stock based compensation expense	$	0.1		$	0.1	$	0.1		$	—		$	1.2		$	1.5
(Gain) loss on sale or impairment of long lived assets													(1.0	)		(1.0	)
Other operating credits and charges, net													(1.9	)		(1.9	)
Other than temporary asset impairment													0.8			0.8
Early debt extinguishment													—			—
Adjusted EBITDA from continuing operations	$	(9.5	)	$	10.9	$	(5.6	)	$	2.6		$	(9.8	)	$	(11.4	)
Quarter Ended June 30, 2008
Sales	$	170.2		$	123.6	$	65.3		$	27.9		$	—		$	387.0
Depreciation and amortization		13.2			5.6		3.7			2.9			1.4			26.8
Cost of sales and selling and administrative		188.9			109.2		71.0			24.2			20.8			414.1
(Gain) loss on sale or impairment of long lived assets													0.1			0.1
Other operating credits and charges, net													70.1			70.1
Total operating costs		202.1			114.8		74.7			27.1			92.4			511.1
Loss from operations		(31.9	)		8.8		(9.4	)		0.8			(92.4	)		(124.1	)
Total non-operating income (expense)													(8.9	)		(8.9	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(31.9	)		8.8		(9.4	)		0.8			(101.3	)		(133.0	)
Provision (benefit) for income taxes													(56.8	)		(56.8	)
Equity in (income) loss of unconsolidated affiliates		2.2					(0.2	)		1.2						3.2
Income (loss) from continuing operations	$	(34.1	)	$	8.8	$	(9.2	)	$	(0.4	)	$	(44.5	)	$	(79.4	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(34.1	)	$	8.8	$	(9.2	)	$	(0.4	)	$	(44.5	)	$	(79.4	)
Income tax expense													(56.8	)		(56.8	)
Investment income													(10.6	)		(10.6	)
Interest expense, net of capitalized interest													12.7			12.7
Depreciation and amortization		13.2			5.6		3.7			2.9			1.4			26.8
EBITDA from continuing operations	$	(20.9	)	$	14.4	$	(5.5	)	$	2.5		$	(97.8	)	$	(107.3	)
Stock based compensation expense	$	0.4		$	0.2	$	0.1		$	—		$	1.8		$	2.5
(Gain) loss on sale or impairment of long lived assets													0.1			0.1
Other operating credits and charges, net													70.1			70.1
Other than temporary asset impairment													1.7			1.7
Early debt extinguishment													—			—
Adjusted EBITDA from continuing operations	$	(20.5	)	$	14.6	$	(5.4	)	$	2.5		$	(24.1	)	$	(32.9	)

(Dollar amounts in millions)	OSB			Siding		EWP			Other			Corporate			Total
Six months Ended June 30, 2009
Sales	$	170.0		$	176.4	$	65.8		$	58.6		$	—		$	470.8
Depreciation and amortization		16.0			9.0		5.9			5.1			2.0			38.0
Cost of sales and selling and administrative		192.0			158.7		77.3			50.4			35.7			514.1
(Gain) loss on sale or impairment of long lived assets		—			—		—			—			(0.9	)		(0.9	)
Other operating credits and charges, net		—			—		—			—			(5.7	)		(5.7	)
Total operating costs		208.0			167.7		83.2			55.5			31.1			545.5
Income (loss) from operations		(38.0	)		8.7		(17.4	)		3.1			(31.1	)		(74.7	)
Total non-operating income (expense)													(12.0	)		(12.0	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(38.0	)		8.7		(17.4	)		3.1			(43.1	)		(86.7	)
Provision (benefit) for income taxes													(35.2	)		(35.2	)
Equity in (income) loss of unconsolidated affiliates		4.6					0.4			1.0						6.0
Income (loss) from continuing operations	$	(42.6	)	$	8.7	$	(17.8	)	$	2.1		$	(7.9	)	$	(57.5	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(42.6	)	$	8.7	$	(17.8	)	$	2.1		$	(7.9	)	$	(57.5	)
Income tax expense		—			—		—			—			(35.2	)		(35.2	)
Investment income													(12.7	)		(12.7	)
Interest expense, net of capitalized interest		—			—		—			—			32.9			32.9
Depreciation and amortization		16.0			9.0		5.9			5.1			2.0			38.0
EBITDA from continuing operations	$	(26.6	)	$	17.7	$	(11.9	)	$	7.2		$	(20.9	)	$	(34.5	)
Stock based compensation expense	$	0.5		$	0.5	$	0.4		$	—		$	4.1		$	5.5
(Gain) loss on sale or impairment of long lived assets													(0.9	)		(0.9	)
Other operating credits and charges, net													(5.7	)		(5.7	)
Other than temporary asset impairment													1.7			1.7
Early debt extinguishment													0.6			0.6
Adjusted EBITDA from continuing operations	$	(26.1	)	$	18.2	$	(11.5	)	$	7.2		$	(21.1	)	$	(33.3	)
Six months Ended June 30, 2008
Sales	$	329.2		$	230.7	$	125.8		$	50.7		$	—		$	736.4
Depreciation and amortization		27.3			11.4		7.6			4.1			3.0			53.4
Cost of sales and selling and administrative		390.7			210.2		135.3			47.5			43.3			827.0
(Gain) loss on sale or impairment of long lived assets													(0.3	)		(0.3	)
Other operating credits and charges, net													66.1			66.1
Total operating costs		418.0			221.6		142.9			51.6			112.1			946.2
Loss from operations		(88.8	)		9.1		(17.1	)		(0.9	)		(112.1	)		(209.8	)
Total non-operating income (expense)													1.3			1.3
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(88.8	)		9.1		(17.1	)		(0.9	)		(110.8	)		(208.5	)
Provision (benefit) for income taxes													(92.7	)		(92.7	)
Equity in (income) loss of unconsolidated affiliates		7.4					0.2			1.9						9.5
Income (loss) from continuing operations	$	(96.2	)	$	9.1	$	(17.3	)	$	(2.8	)	$	(18.1	)	$	(125.3	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(96.2	)	$	9.1	$	(17.3	)	$	(2.8	)	$	(18.1	)	$	(125.3	)
Income tax expense													(92.7	)		(92.7	)
Investment income													(23.4	)		(23.4	)
Interest expense, net of capitalized interest													23.9			23.9
Depreciation and amortization		27.3			11.4		7.6			4.1			3.0			53.4
EBITDA from continuing operations	$	(68.9	)	$	20.5	$	(9.7	)	$	1.3		$	(107.3	)	$	(164.1	)
Stock based compensation expense	$	1.0		$	0.5	$	0.5		$	—		$	5.4		$	7.4
(Gain) loss on sale or impairment of long lived assets													(0.3	)		(0.3	)
Other operating credits and charges, net													66.1			66.1
Other than temporary asset impairment													2.5			2.5
Early debt extinguishment													—			—
Adjusted EBITDA from continuing operations	$	(67.9	)	$	21.0	$	(9.2	)	$	1.3		$	(33.6	)	$	(88.4	)

(Dollar amounts in millions)	OSB			Siding		EWP			Other			Corporate			Total
Quarter Ended September 30, 2009
Sales	$	122.5		$	111.3	$	47.8		$	27.2		$	—		$	308.8
Depreciation and amortization		10.3			5.1		3.2			2.9			0.7			22.2
Cost of sales and selling and administrative		116.3			90.1		50.9			23.2			17.0			297.5
(Gain) loss on sale or impairment of long lived assets													(1.2	)		(1.2	)
Other operating credits and charges, net													(1.6	)		(1.6	)
Total operating costs		126.6			95.2		54.1			26.1			14.9			316.9
Income (loss) from operations		(4.1	)		16.1		(6.3	)		1.1			(14.9	)		(8.1	)
Total non-operating income (expense)													(12.3	)		(12.3	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(4.1	)		16.1		(6.3	)		1.1			(27.2	)		(20.4	)
Provision (benefit) for income taxes													(10.5	)		(10.5	)
Equity in (income) loss of unconsolidated affiliates		1.9			—		—			0.9			—			2.8
Income (loss) from continuing operations	$	(6.0	)	$	16.1	$	(6.3	)	$	0.2		$	(16.7	)	$	(12.7	)
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations	$	(6.0	)	$	16.1	$	(6.3	)	$	0.2		$	(16.7	)	$	(12.7	)
Income tax benefit													(10.5	)		(10.5	)
Investment income													(7.4	)		(7.4	)
Interest expense, net of capitalized interest													20.4			20.4
Depreciation and amortization		10.3			5.1		3.2			2.9			0.7			22.2
EBITDA from continuing operations	$	4.3		$	21.2	$	(3.1	)	$	3.1		$	(13.5	)	$	12.0
Stock based compensation expense	$	0.1		$	0.1	$	0.1					$	1.2		$	1.5
(Gain) loss on sale or impairment of long lived assets													(1.2	)		(1.2	)
Other operating credits and charges, net													(1.6	)		(1.6	)
Other than temporary asset impairment													0.1			0.1
Early debt extinguishment													0.2			0.2
Adjusted EBITDA from continuing operations	$	4.4		$	21.3	$	(3.0	)	$	3.1		$	(14.8	)	$	11.0
Quarter Ended September 30, 2008
Sales	$	183.3		$	117.0	$	63.4		$	25.9		$	—		$	389.6
Depreciation and amortization		13.3			5.2		4.4			2.6			1.5			27.0
Cost of sales and selling and administrative		196.0			107.2		70.3			24.1			21.2			418.8
(Gain) loss on sale or impairment of long lived assets													9.8			9.8
Other operating credits and charges, net													1.6			1.6
Total operating costs		209.3			112.4		74.7			26.7			34.1			457.2
Loss from operations		(26.0	)		4.6		(11.3	)		(0.8	)		(34.1	)		(67.6	)
Total non-operating income (expense)													(90.7	)		(90.7	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(26.0	)		4.6		(11.3	)		(0.8	)		(124.8	)		(158.3	)
Provision (benefit) for income taxes													(61.0	)		(61.0	)
Equity in (income) loss of unconsolidated affiliates		1.7					(0.3	)		1.7			—			3.1
Income (loss) from continuing operations	$	(27.7	)	$	4.6	$	(11.0	)	$	(2.5	)	$	(63.8	)	$	(100.4	)
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations	$	(27.7	)	$	4.6	$	(11.0	)	$	(2.5	)	$	(63.8	)	$	(100.4	)
Income tax benefit													(61.0	)		(61.0	)
Investment income													(8.1	)		(8.1	)
Interest expense, net of capitalized interest													12.4			12.4
Depreciation and amortization		13.3			5.2		4.4			2.6			1.5			27.0
EBITDA from continuing operations	$	(14.4	)	$	9.8	$	(6.6	)	$	0.1		$	(119.0	)	$	(130.1	)
Stock based compensation expense	$	0.4		$	0.2	$	0.1		$	—		$	1.8		$	2.5
(Gain) loss on sale or impairment of long lived assets													9.8			9.8
Other operating credits and charges, net													1.6			1.6
Other than temporary asset impairment													88.7			88.7
Early debt extinguishment													—			—
Adjusted EBITDA from continuing operations	$	(14.0	)	$	10.0	$	(6.5	)	$	0.1		$	(17.1	)	$	(27.5	)

(Dollar amounts in millions)	OSB			Siding		EWP			Other			Corporate			Total
Nine months Ended September 30, 2009
Sales	$	292.5		$	287.7	$	113.6		$	85.8		$	—		$	779.6
Depreciation and amortization		26.3			14.1		9.1			8.0			2.7			60.2
Cost of sales and selling and administrative		308.3			248.8		128.2			73.6			52.7			811.6
(Gain) loss on sale or impairment of long lived assets													(2.1	)		(2.1	)
Other operating credits and charges, net													(7.3	)		(7.3	)
Total operating costs		334.6			262.9		137.3			81.6			46.0			862.4
Income (loss) from operations		(42.1	)		24.8		(23.7	)		4.2			(46.0	)		(82.8	)
Total non-operating income (expense)													(24.3	)		(24.3	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(42.1	)		24.8		(23.7	)		4.2			(70.3	)		(107.1	)
Provision (benefit) for income taxes													(45.7	)		(45.7	)
Equity in (income) loss of unconsolidated affiliates		6.5					0.4			1.9						8.8
Income (loss) from continuing operations	$	(48.6	)	$	24.8	$	(24.1	)	$	2.3		$	(24.6	)	$	(70.2	)
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations	$	(48.6	)	$	24.8	$	(24.1	)	$	2.3		$	(24.6	)		(70.2	)
Income tax expense													(45.7	)		(45.7	)
Investment income													(20.1	)		(20.1	)
Interest expense, net of capitalized interest													53.3			53.3
Depreciation and amortization		26.3			14.1		9.1			8.0			2.7			60.2
EBITDA from continuing operations	$	(22.3	)	$	38.9	$	(15.0	)	$	10.3		$	(34.4	)	$	(22.5	)
Stock based compensation expense	$	0.5		$	0.4	$	0.4		$	—		$	4.1		$	5.5
(Gain) loss on sale or impairment of long lived assets													(2.1	)		(2.1	)
Other operating credits and charges, net													(7.3	)		(7.3	)
Other than temporary asset impairment													1.8			1.8
Early debt extinguishment													(0.4	)		(0.4	)
Adjusted EBITDA from continuing operations	$	(21.8	)	$	39.3	$	(14.6	)	$	10.3		$	(38.3	)	$	(25.0	)
Nine months Ended September 30, 2008
Sales	$	512.5		$	347.7	$	189.2		$	76.6		$	—		$	1,126.0
Depreciation and amortization		40.6			16.6		11.9			7.1			4.2			80.4
Cost of sales and selling and administrative		587.1			317.3		205.6			71.2			64.6			1,245.8
(Gain) loss on sale or impairment of long lived assets													9.5			9.5
Other operating credits and charges, net													67.7			67.7
Total operating costs		627.7			333.9		217.5			78.3			146.0			1,403.4
Loss from operations		(115.2	)		13.8		(28.3	)		(1.7	)		(146.0	)		(277.4	)
Total non-operating income (expense)													(89.4	)		(89.4	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(115.2	)		13.8		(28.3	)		(1.7	)		(235.4	)		(366.8	)
Provision (benefit) for income taxes													(153.7	)		(153.7	)
Equity in (income) loss of unconsolidated affiliates		9.1								3.5						12.6
Income (loss) from continuing operations	$	(124.3	)	$	13.8	$	(28.3	)	$	(5.2	)	$	(81.7	)	$	(225.7	)
Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations	$	(124.3	)	$	13.8	$	(28.3	)	$	(5.2	)	$	(81.7	)		(225.7	)
Income tax expense													(153.7	)		(153.7	)
Investment income													(31.5	)		(31.5	)
Interest expense, net of capitalized interest													36.3			36.3
Depreciation and amortization		40.6			16.6		11.9			7.1			4.2			80.4
EBITDA from continuing operations	$	(83.7	)	$	30.4	$	(16.4	)	$	1.9		$	(226.4	)	$	(294.2	)
Stock based compensation expense	$	1.0		$	0.5	$	0.5		$	—		$	5.3		$	7.3
(Gain) loss on sale or impairment of long lived assets													9.5			9.5
Other operating credits and charges, net													67.7			67.7
Other than temporary asset impairment													91.2			91.2
Early debt extinguishment													—			—
Adjusted EBITDA from continuing operations	$	(82.7	)	$	30.9	$	(15.9	)	$	1.9		$	(52.7	)	$	(118.5	)