Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2011 and 2010.
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| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2011 (Dollar amounts in millions) | OSB | | Siding | | EWP | | Other | | Corporate | | Total |
| Sales | $ | 138.8 |
| | $ | 112.0 |
| | $ | 54.9 |
| | $ | 45.8 |
| | $ | (0.9 | ) | | $ | 350.6 |
|
| Depreciation and amortization | 9.1 |
| | 3.9 |
| | 2.9 |
| | 3.1 |
| | 0.6 |
| | 19.6 |
|
| Cost of sales and selling and administrative | 141.7 |
| | 96.3 |
| | 55.5 |
| | 41.3 |
| | 13.7 |
| | 348.5 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | 65.0 |
| | 65.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | (9.8 | ) | | (9.8 | ) |
| Total operating costs | 150.8 |
| | 100.2 |
| | 58.4 |
| | 44.4 |
| | 69.5 |
| | 423.3 |
|
| Loss from operations | (12.0 | ) | | 11.8 |
| | (3.5 | ) | | 1.4 |
| | (70.4 | ) | | (72.7 | ) |
| Total non-operating income (expense) | | | | | | | | | (1.5 | ) | | (1.5 | ) |
| Income (loss) before income taxes and equity in earnings of unconsolidated affiliates | (12.0 | ) | | 11.8 |
| | (3.5 | ) | | 1.4 |
| | (71.9 | ) | | (74.2 | ) |
| Benefit for income taxes | | | | | | | | | (20.9 | ) | | (20.9 | ) |
| Equity in loss of unconsolidated affiliates | 4.0 |
| | — |
| | (0.3 | ) | | 2.3 |
| | — |
| | 6.0 |
|
| Loss from continuing operations | (16.0 | ) | | 11.8 |
| | (3.2 | ) | | (0.9 | ) | | (51.0 | ) | | (59.3 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | |
| Loss from continuing operations | (16.0 | ) | | 11.8 |
| | (3.2 | ) | | (0.9 | ) | | (51.0 | ) | | (59.3 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | (20.9 | ) | | (20.9 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | 14.2 |
| | 14.2 |
|
| Depreciation and amortization | 9.1 |
| | 3.9 |
| | 2.9 |
| | 3.1 |
| | 0.6 |
| | 19.6 |
|
| EBITDA from continuing operations | (6.9 | ) | | 15.7 |
| | (0.3 | ) | | 2.2 |
| | (57.1 | ) | | (46.4 | ) |
| Stock based compensation expense | 0.2 |
| | 0.1 |
| | 0.1 |
| | — |
| | 1.1 |
| | 1.5 |
|
| Loss on sale or impairment of long lived assets | | | | | | | | | 65.0 |
| | 65.0 |
|
| Investment income | | | | | | | | | (16.7 | ) | | (16.7 | ) |
| Other operating credits and charges, net | | | | | | | | | (9.8 | ) | | (9.8 | ) |
| Adjusted EBITDA from continuing operations | $ | (6.7 | ) | | $ | 15.8 |
| | $ | (0.2 | ) | | $ | 2.2 |
| | $ | (17.5 | ) | | $ | (6.4 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2010 (Dollar amounts in millions) | OSB | | Siding | | EWP | | Other | | Corporate | | Total |
| Sales | $ | 140.1 |
| | $ | 104.6 |
| | $ | 38.0 |
| | $ | 41.2 |
| | $ | (1.1 | ) | | $ | 322.8 |
|
| Depreciation and amortization | 9.4 |
| | 3.6 |
| | 2.3 |
| | 2.8 |
| | 0.6 |
| | 18.7 |
|
| Cost of sales and selling and administrative | 133.3 |
| | 91.7 |
| | 40.3 |
| | 36.7 |
| | 14.8 |
| | 316.8 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | 0.9 |
| | 0.9 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | 2.3 |
| | 2.3 |
|
| Total operating costs | 142.7 |
| | 95.3 |
| | 42.6 |
| | 39.5 |
| | 18.6 |
| | 338.7 |
|
| Loss from operations | (2.6 | ) | | 9.3 |
| | (4.6 | ) | | 1.7 |
| | (19.7 | ) | | (15.9 | ) |
| Total non-operating income (expense) | | | | | | | | | (27.7 | ) | | (27.7 | ) |
| Income (loss) before income taxes and equity in earnings of unconsolidated affiliates | (2.6 | ) | | 9.3 |
| | (4.6 | ) | | 1.7 |
| | (47.4 | ) | | (43.6 | ) |
| Benefit for income taxes | | | | | | | | | (16.4 | ) | | (16.4 | ) |
| Equity in (income) loss of unconsolidated affiliates | 2.4 |
| | — |
| | 0.3 |
| | 1.0 |
| | — |
| | 3.7 |
|
| Loss from continuing operations | (5.0 | ) | | 9.3 |
| | (4.9 | ) | | 0.7 |
| | (31.0 | ) | | (30.9 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | |
| Loss from continuing operations | (5.0 | ) | | 9.3 |
| | (4.9 | ) | | 0.7 |
| | (31.0 | ) | | (30.9 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | (16.4 | ) | | (16.4 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | 15.3 |
| | 15.3 |
|
| Depreciation and amortization | 9.4 |
| | 3.6 |
| | 2.3 |
| | 2.8 |
| | 0.6 |
| | 18.7 |
|
| EBITDA from continuing operations | 4.4 |
| | 12.9 |
| | (2.6 | ) | | 3.5 |
| | (31.5 | ) | | (13.3 | ) |
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.1 |
| | — |
| | 1.2 |
| | 1.7 |
|
| Gain on sale or impairment of long lived assets | | | | | | | | | 0.9 |
| | 0.9 |
|
| Investment income | | | | | | | | | (4.9 | ) | | (4.9 | ) |
| Other-than-temporary impairment | | | | | | | | | 16.9 |
| | 16.9 |
|
| Other operating credits and charges, net | | | | | | | | | 2.3 |
| | 2.3 |
|
| Adjusted EBITDA from continuing operations | $ | 4.6 |
| | $ | 13.1 |
| | $ | (2.5 | ) | | $ | 3.5 |
| | $ | (15.1 | ) | | $ | 3.6 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2011 (Dollar amounts in millions) | OSB | | Siding | | EWP | | Other | | Corporate | | Total |
| Sales | $ | 411.4 |
| | $ | 336.6 |
| | $ | 156.9 |
| | $ | 141.6 |
| | $ | (1.8 | ) | | $ | 1,044.7 |
|
| Depreciation and amortization | 27.8 |
| | 12.2 |
| | 10.2 |
| | 9.5 |
| | 1.5 |
| | 61.2 |
|
| Cost of sales and selling and administrative | 420.3 |
| | 288.5 |
| | 158.6 |
| | 122.5 |
| | 46.3 |
| | 1,036.2 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | 73.0 |
| | 73.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | (11.2 | ) | | (11.2 | ) |
| Total operating costs | 448.1 |
| | 300.7 |
| | 168.8 |
| | 132.0 |
| | 109.6 |
| | 1,159.2 |
|
| Loss from operations | (36.7 | ) | | 35.9 |
| | (11.9 | ) | | 9.6 |
| | (111.4 | ) | | (114.5 | ) |
| Total non-operating income (expense) | | | | | | | | | (20.0 | ) | | (20.0 | ) |
| Loss before income taxes and equity in earnings of unconsolidated affiliates | (36.7 | ) | | 35.9 |
| | (11.9 | ) | | 9.6 |
| | (131.4 | ) | | (134.5 | ) |
| Benefit for income taxes | | | | | | | | | (36.1 | ) | | (36.1 | ) |
| Equity in (income) loss of unconsolidated affiliates | 11.3 |
| | — |
| | — |
| | 5.4 |
| | — |
| | 16.7 |
|
| Loss from continuing operations | (48.0 | ) | | 35.9 |
| | (11.9 | ) | | 4.2 |
| | (95.3 | ) | | (115.1 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | |
| Loss from continuing operations | (48.0 | ) | | 35.9 |
| | (11.9 | ) | | 4.2 |
| | (95.3 | ) | | (115.1 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | (36.1 | ) | | (36.1 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | 42.6 |
| | 42.6 |
|
| Depreciation and amortization | 27.8 |
| | 12.2 |
| | 10.2 |
| | 9.5 |
| | 1.5 |
| | 61.2 |
|
| EBITDA from continuing operations | (20.2 | ) | | 48.1 |
| | (1.7 | ) | | 13.7 |
| | (87.3 | ) | | (47.4 | ) |
| Stock based compensation expense | 0.6 |
| | 0.4 |
| | 0.3 |
| | — |
| | 5.1 |
| | 6.4 |
|
| Loss on sale or impairment of long lived assets | | | | | | | | | 73.0 |
| | 73.0 |
|
| Investment income | | | | | | | | | (24.2 | ) | | (24.2 | ) |
| Other operating credits and charges, net | | | | | | | | | (11.2 | ) | | (11.2 | ) |
| Adjusted EBITDA from continuing operations | $ | (19.6 | ) | | $ | 48.5 |
| | $ | (1.4 | ) | | $ | 13.7 |
| | $ | (44.6 | ) | | $ | (3.4 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2010 (Dollar amounts in millions) | OSB | | Siding | | EWP | | Other | | Corporate | | Total |
| Sales | $ | 475.5 |
| | $ | 325.0 |
| | $ | 142.7 |
| | $ | 130.1 |
| | $ | (6.0 | ) | | $ | 1,067.3 |
|
| Depreciation and amortization | 28.0 |
| | 14.1 |
| | 9.4 |
| | 8.4 |
| | 1.6 |
| | 61.5 |
|
| Cost of sales and selling and administrative | 409.9 |
| | 271.3 |
| | 148.6 |
| | 113.4 |
| | 47.4 |
| | 990.6 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | 2.1 |
| | 2.1 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | 2.8 |
| | 2.8 |
|
| Total operating costs | 437.9 |
| | 285.4 |
| | 158.0 |
| | 121.8 |
| | 53.9 |
| | 1,057.0 |
|
| Loss from operations | 37.6 |
| | 39.6 |
| | (15.3 | ) | | 8.3 |
| | (59.9 | ) | | 10.3 |
|
| Total non-operating income (expense) | | | | | | | | | (50.6 | ) | | (50.6 | ) |
| Loss before income taxes and equity in earnings of unconsolidated affiliates | 37.6 |
| | 39.6 |
| | (15.3 | ) | | 8.3 |
| | (110.5 | ) | | (40.3 | ) |
| Benefit for income taxes | | | | | | | | | (14.0 | ) | | (14.0 | ) |
| Equity in (income) loss of unconsolidated affiliates | (0.8 | ) | | — |
| | 0.6 |
| | 3.7 |
| | — |
| | 3.5 |
|
| Loss from continuing operations | 38.4 |
| | 39.6 |
| | (15.9 | ) | | 4.6 |
| | (96.5 | ) | | (29.8 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | |
| Loss from continuing operations | 38.4 |
| | 39.6 |
| | (15.9 | ) | | 4.6 |
| | (96.5 | ) | | (29.8 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | (14.0 | ) | | (14.0 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | 49.8 |
| | 49.8 |
|
| Depreciation and amortization | 28.0 |
| | 14.1 |
| | 9.4 |
| | 8.4 |
| | 1.6 |
| | 61.5 |
|
| EBITDA from continuing operations | 66.4 |
| | 53.7 |
| | (6.5 | ) | | 13.0 |
| | (59.1 | ) | | 67.5 |
|
| Stock based compensation expense | 0.7 |
| | 0.5 |
| | 0.4 |
| | — |
| | 5.5 |
| | 7.1 |
|
| Loss on sale or impairment of long lived assets | | | | | | | | | 2.1 |
| | 2.1 |
|
| Investment income | | | | | | | | | (15.1 | ) | | (15.1 | ) |
| Other-than-temporary investment impairment | | | | | | | | | 16.9 |
| | 16.9 |
|
| Other operating credits and charges, net | | | | | | | | | 2.8 |
| | 2.8 |
|
| Adjusted EBITDA from continuing operations | $ | 67.1 |
| | $ | 54.2 |
| | $ | (6.1 | ) | | $ | 13.0 |
| | $ | (46.9 | ) | | $ | 81.3 |
|
