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 December 31, 2010
Sales	$	127.2		$	102.8	$	49.2		$	37.5		$	(0.5	)	$	316.2
Depreciation and amortization		9.5			4.0		3.6			2.8			0.6			20.5
Cost of sales and selling and administative		127.7			87.1		50.9			33.1			17.3			316.1
Gain on sale or impairment of long lived assets		—			—		—			—			0.3			0.3
Other operating credits and charges, net		—			—		—			—			(2.7	)		(2.7	)
Total operating costs		137.2			91.1		54.5			35.9			15.5			334.2
(Loss) income from operations		(10.0	)		11.7		(5.3	)		1.6			(16.0	)		(18.0	)
Total non-operating expense													10.4			10.4
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(10.0	)		11.7		(5.3	)		1.6			(5.6	)		(7.6	)
Benefit for income taxes													(8.1	)		(8.1	)
Equity in loss of unconsolidated affiliates		2.6			—		0.2			0.1			—			2.9
Income (loss) from continuing operations	$	(12.6	)	$	11.7	$	(5.5	)	$	1.5		$	2.5		$	(2.4	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(12.6	)	$	11.7	$	(5.5	)	$	1.5		$	2.5		$	(2.4	)
Benefit for income taxes		—			—		—			—			(8.1	)		(8.1	)
Interest expense, net of capitalized interest		—			—		—			—			14.1			14.1
Depreciation and amortization		9.5			4.0		3.6			2.8			0.6			20.5
EBITDA from continuing operations	$	(3.1	)	$	15.7	$	(1.9	)	$	4.3		$	9.1		$	24.1
Stock based compensation expense		0.3			0.2		0.1			—			1.2			1.8
(Gain) loss on sale or impairment of long lived assets													0.3			0.3
Investment income													(4.3	)		(4.3	)
Realized gain on sale of ARS securities													(19.0	)		(19.0	)
Other operating credits and charges, net													(2.7	)		(2.7	)
Adjusted EBITDA from continuing operations	$	(2.8	)	$	15.9	$	(1.8	)	$	4.3		$	(15.4	)	$	0.2
Quarter Ended December 31, 2009
Sales	$	114.4		$	87.3	$	44.2		$	31.1		$	(0.4	)	$	276.6
Depreciation and amortization		8.9			4.4		3.0			2.7			0.8			19.8
Cost of sales and selling and administative		120.3			78.4		49.9			30.3			19.9			298.8
Gain on sale or impairment of long lived assets		—			—		—			—			(0.4	)		(0.4	)
Other operating credits and charges, net		—			—		—			—			8.9			8.9
Total operating costs		129.2			82.8		52.9			33.0			29.2			327.1
(Loss) income from operations		(14.8	)		4.5		(8.7	)		(1.9	)		(29.6	)		(50.5	)
Total non-operating expense													(11.7	)		(11.7	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(14.8	)		4.5		(8.7	)		(1.9	)		(41.3	)		(62.2	)
Benefit for income taxes													(17.6	)		(17.6	)
Equity in loss of unconsolidated affiliates		1.9			—		0.4			(0.4	)		—			1.9
Income (loss) from continuing operations	$	(16.7	)	$	4.5	$	(9.1	)	$	(1.5	)	$	(23.7	)	$	(46.5	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(16.7	)	$	4.5	$	(9.1	)	$	(1.5	)	$	(23.7	)	$	(46.5	)
Benefit for income taxes		—			—		—			—			(17.6	)		(17.6	)
Interest expense, net of capitalized interest		—			—		—			—			18.8			18.8
Depreciation and amortization		8.9			4.4		3.0			2.7			0.8			19.8
EBITDA from continuing operations	$	(7.8	)	$	8.9	$	(6.1	)	$	1.2		$	(21.7	)	$	(25.5	)
Stock based compensation expense		0.1			0.1		0.1			—			1.2			1.5
(Gain) loss on sale or impairment of long lived assets													(0.4	)		(0.4	)
Investment income													(6.6	)		(6.6	)
Realized gain on sale of ARS													(18.7	)		(18.7	)
Other than temporary asset impairment													0.2			0.2
Early debt extinguishment													21.1			21.1
Other operating credits and charges, net													8.9			8.9
Adjusted EBITDA from continuing operations	$	(7.7	)	$	9.0	$	(6.0	)	$	1.2		$	(16.0	)	$	(19.5	)

(Dollar amounts in millions)	OSB			Siding		EWP			Other		Corporate			Total
Year Ended December 31, 2010
Sales	$	602.7		$	427.8	$	192.0		$	167.6	$	(6.5	)	$	1,383.6
Depreciation and amortization		37.4			18.1		13.1			11.1		2.3			82.0
Cost of sales and selling and administative		537.7			358.4		199.3			146.7		64.6			1,306.7
Gain on sale or impairment of long lived assets		—			—		—			—		2.4			2.4
Other operating credits and charges, net		—			—		—			—		0.1			0.1
Total operating costs		575.1			376.5		212.4			157.8		69.4			1,391.2
Income (loss) from operations		27.6			51.3		(20.4	)		9.8		(75.9	)		(7.6	)
Total non-operating expense												(40.3	)		(40.3	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		27.6			51.3		(20.4	)		9.8		(116.2	)		(47.9	)
Benefit for income taxes												(22.1	)		(22.1	)
Equity in (income) loss of unconsolidated affiliates		1.8			—		0.9			3.7		—			6.4
Income (loss) from continuing operations	$	25.8		$	51.3	$	(21.3	)	$	6.1	$	(94.1	)	$	(32.2	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	25.8		$	51.3	$	(21.3	)	$	6.1	$	(94.1	)	$	(32.2	)
Benefit for income taxes		—	��		—		—			—		(22.1	)		(22.1	)
Interest expense, net of capitalized interest		—			—		—			—		63.9			63.9
Depreciation and amortization		37.4			18.1		13.1			11.1		2.3			82.0
EBITDA from continuing operations	$	63.2		$	69.4	$	(8.2	)	$	17.2	$	(50.0	)	$	91.6
Stock based compensation expense		1.0			0.6		0.6			—		6.6			8.8
(Gain) loss on sale or impairment of long lived assets												2.4			2.4
Other than temporary asset impairment												17.0			17.0
Investment income												(19.4	)		(19.4	)
Realized gain on sale of ARS												(19.0	)		(19.0	)
Other operating credits and charges, net												0.1			0.1
Adjusted EBITDA from continuing operations	$	64.2		$	70.0	$	(7.6	)	$	17.2	$	(62.3	)	$	81.5
Year Ended December 31, 2009
Sales	$	408.8		$	379.4	$	157.7		$	117.0	$	(1.9	)	$	1,061.0
Depreciation and amortization		35.2			18.5		12.2			10.7		3.4			80.0
Cost of sales and selling and administative		430.6			331.6		177.7			104.1		71.2			1,115.2
Gain on sale or impairment of long lived assets		—			—		—			—		(2.5	)		(2.5	)
Other operating credits and charges, net		—			—		—			—		1.6			1.6
Total operating costs		465.8			350.1		189.9			114.8		73.7			1,194.3
Income (loss) from operations		(57.0	)		29.3		(32.2	)		2.2		(75.6	)		(133.3	)
Total non-operating expense												(36.2	)		(36.2	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates		(57.0	)		29.3		(32.2	)		2.2		(111.8	)		(169.5	)
Benefit for income taxes												(63.4	)		(63.4	)
Equity in (income) loss of unconsolidated affiliates		8.1			—		0.9			1.4		—			10.4
Income (loss) from continuing operations	$	(65.1	)	$	29.3	$	(33.1	)	$	0.8	$	(48.4	)	$	(116.5	)
Reconciliation of loss from continuing operations to EBITDA from continuing operations
Income (loss) from continuing operations	$	(65.1	)	$	29.3	$	(33.1	)	$	0.8	$	(48.4	)	$	(116.5	)
Benefit for income taxes		—			—		—			—		(63.4	)		(63.4	)
Interest expense, net of capitalized interest		—			—		—			—		74.6			74.6
Depreciation and amortization		35.2			18.5		12.2			10.7		3.4			80.0
EBITDA from continuing operations	$	(29.9	)	$	47.8	$	(20.9	)	$	11.5	$	(33.8	)	$	(25.3	)
Stock based compensation expense		0.7			0.6		0.5			—		5.6			7.4
(Gain) loss on sale or impairment of long lived assets												(2.5	)		(2.5	)
Investment income												(29.0	)		(29.0	)
Realized gain on sale of ARS												(18.7	)		(18.7	)
Other than temporary asset impairment												2.0			2.0
Early debt extinguishment												20.7			20.7
Other operating credits and charges, net												1.6			1.6
Adjusted EBITDA from continuing operations	$	(29.2	)	$	48.4	$	(20.4	)	$	11.5	$	(54.1	)	$	(43.8	)