Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2011 and 2010.
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| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2011 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total |
| Sales | $ | 130.6 |
| $ | 93.0 |
| $ | 46.4 |
| $ | 33.8 |
| $ | 9.1 |
| $ | (0.7 | ) | $ | 312.2 |
|
| Depreciation and amortization | 8.5 |
| 3.3 |
| 2.4 |
| 2.8 |
| 0.2 |
| 0.5 |
| 17.7 |
|
| Cost of sales and selling and administrative | 134.5 |
| 83.6 |
| 47.5 |
| 29.4 |
| 8.8 |
| 15.5 |
| 319.3 |
|
| Loss on sale or impairment of long lived assets | — |
| — |
| — |
| | — |
| 0.9 |
| 0.9 |
|
| Other operating credits and charges, net | — |
| — |
| — |
| | — |
| — |
| — |
|
| Total operating costs | 143.0 |
| 86.9 |
| 49.9 |
| 32.2 |
| 9.0 |
| 16.9 |
| 337.9 |
|
| Loss from operations | (12.4 | ) | 6.1 |
| (3.5 | ) | 1.6 |
| 0.1 |
| (17.6 | ) | (25.7 | ) |
| Total non-operating income (expense) | | | | | | (9.2 | ) | (9.2 | ) |
| Income (loss) before income taxes and equity in earnings of unconsolidated affiliates | (12.4 | ) | 6.1 |
| (3.5 | ) | 1.6 |
| 0.1 |
| (26.8 | ) | (34.9 | ) |
| Provision for income taxes | | | | | | 2.9 |
| 2.9 |
|
| Equity in loss of unconsolidated affiliates | 3.1 |
| — |
| 0.1 |
| — |
| 5.2 |
| — |
| 8.4 |
|
| Loss from continuing operations | $ | (15.5 | ) | $ | 6.1 |
| $ | (3.6 | ) | $ | 1.6 |
| $ | (5.1 | ) | $ | (29.7 | ) | $ | (46.2 | ) |
| | | | | | | | |
| Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations | | | |
| Loss from continuing operations | (15.5 | ) | 6.1 |
| (3.6 | ) | 1.6 |
| (5.1 | ) | (29.7 | ) | (46.2 | ) |
| Provision for income taxes | — |
| — |
| — |
| — |
| — |
| 2.9 |
| 2.9 |
|
| Interest expense, net of capitalized interest | — |
| — |
| — |
| — |
| — |
| 14.3 |
| 14.3 |
|
| Depreciation and amortization | 8.5 |
| 3.3 |
| 2.4 |
| 2.8 |
| 0.2 |
| 0.5 |
| 17.7 |
|
| EBITDA from continuing operations | (7.0 | ) | 9.4 |
| (1.2 | ) | 4.4 |
| (4.9 | ) | (12.0 | ) | (11.3 | ) |
| Stock based compensation expense | 0.2 |
| 0.1 |
| 0.1 |
| — |
| — |
| 0.9 |
| 1.3 |
|
| Loss on sale or impairment of long lived assets | | | | | | 0.9 |
| 0.9 |
|
| Investment income | | | | | | (4.5 | ) | (4.5 | ) |
| Other operating credits and charges, net | | | | | | — |
| — |
|
| Adjusted EBITDA from continuing operations | $ | (6.8 | ) | $ | 9.5 |
| $ | (1.1 | ) | $ | 4.4 |
| $ | (4.9 | ) | $ | (14.7 | ) | $ | (13.6 | ) |
|
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2010 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total |
| Sales | $ | 127.2 |
| $ | 102.8 |
| $ | 49.3 |
| $ | 25.3 |
| $ | 12.2 |
| $ | (0.5 | ) | $ | 316.3 |
|
| Depreciation and amortization | 9.5 |
| 4 |
| 3.6 |
| 2.5 |
| 0.3 |
| 0.6 |
| 20.5 |
|
| Cost of sales and selling and administrative | 127.7 |
| 87.1 |
| 50.8 |
| 23.2 |
| 10 |
| 17.3 |
| 316.1 |
|
| Loss on sale or impairment of long lived assets | — |
| — |
| — |
| — |
| — |
| 0.4 |
| 0.4 |
|
| Other operating credits and charges, net | — |
| — |
| — |
| — |
| — |
| (2.7 | ) | (2.7 | ) |
| Total operating costs | 137.2 |
| 91.1 |
| 54.4 |
| 25.7 |
| 10.3 |
| 15.6 |
| 334.3 |
|
| Loss from operations | (10.0 | ) | 11.7 |
| (5.1 | ) | (0.4 | ) | 1.9 |
| (16.1 | ) | (18.0 | ) |
| Total non-operating income (expense) | | | | | | 10.4 |
| 10.4 |
|
| Income (loss) before income taxes and equity in earnings of unconsolidated affiliates | (10.0 | ) | 11.7 |
| (5.1 | ) | (0.4 | ) | 1.9 |
| (5.7 | ) | (7.6 | ) |
| Benefit for income taxes | | | | | | (8.1 | ) | (8.1 | ) |
| Equity in loss of unconsolidated affiliates | 2.6 |
| — |
| 0.3 |
| — |
| — |
| — |
| 2.9 |
|
| Loss from continuing operations | $ | (12.6 | ) | $ | 11.7 |
| $ | (5.4 | ) | $ | (0.4 | ) | $ | 1.9 |
| $ | 2.4 |
| $ | (2.4 | ) |
| | | | | | | | |
| Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations | | | |
| Loss from continuing operations | $ | (12.6 | ) | $ | 11.7 |
| $ | (5.4 | ) | $ | (0.4 | ) | $ | 1.9 |
| $ | 2.4 |
| $ | (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 |
| 2.5 |
| 0.3 |
| 0.6 |
| 20.5 |
|
| EBITDA from continuing operations | (3.1 | ) | 15.7 |
| (1.8 | ) | 2.1 |
| 2.2 |
| 9.0 |
| 24.1 |
|
| Stock based compensation expense | 0.3 |
| 0.2 |
| 0.1 |
| — |
| — |
| 1.1 |
| 1.7 |
|
| Loss on sale or impairment of long lived assets | | | | | | 0.4 |
| 0.4 |
|
| Investment income | | | | | | (23.3 | ) | (23.3 | ) |
| Other operating credits and charges, net | | | | | | (2.7 | ) | (2.7 | ) |
| Adjusted EBITDA from continuing operations | (2.8 | ) | 15.9 |
| (1.7 | ) | 2.1 |
| 2.2 |
| (15.5 | ) | 0.2 |
|
|
| | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2011 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total |
| Sales | $ | 542.0 |
| $ | 429.8 |
| $ | 203.3 |
| $ | 144.9 |
| $ | 39.4 |
| $ | (2.5 | ) | $ | 1,356.9 |
|
| Depreciation and amortization | 36.3 |
| 15.5 |
| 12.6 |
| 11.6 |
| 0.8 |
| 2.1 |
| 78.9 |
|
| Cost of sales and selling and administrative | 554.7 |
| 372.3 |
| 206.2 |
| 121.7 |
| 38.8 |
| 61.8 |
| 1,355.5 |
|
| Gain (loss) on sales of and impairments of long-lived assets | — |
| — |
| — |
| — |
| — |
| 73.9 |
| 73.9 |
|
| Other operating credits and charges, net | — |
| — |
| — |
| — |
| — |
| (11.2 | ) | (11.2 | ) |
| Total operating costs | 591.0 |
| 387.8 |
| 218.8 |
| 133.3 |
| 39.6 |
| 126.6 |
| 1,497.1 |
|
| Income (loss) from operations | (49.0 | ) | 42.0 |
| (15.5 | ) | 11.6 |
| (0.2 | ) | (129.1 | ) | (140.2 | ) |
| Total non-operating expense | | | | | | (29.2 | ) | (29.2 | ) |
| Income (loss) before income taxes and equity in earnings of unconsolidated affiliates | (49.0 | ) | 42.0 |
| (15.5 | ) | 11.6 |
| (0.2 | ) | (158.3 | ) | (169.4 | ) |
| Benefit for income taxes | | | | | | (33.2 | ) | (33.2 | ) |
| Equity in (income) loss of unconsolidated affiliates | 14.5 |
| — |
| — |
| — |
| 10.6 |
| — |
| 25.1 |
|
| Income (loss) from continuing operations | $ | (63.5 | ) | $ | 42.0 |
| $ | (15.5 | ) | $ | 11.6 |
| $ | (10.8 | ) | $ | (125.1 | ) | $ | (161.3 | ) |
| | | | | | | | |
| Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations | | | |
| Income (loss) from continuing operations | (63.5 | ) | 42.0 |
| (15.5 | ) | 11.6 |
| (10.8 | ) | (125.1 | ) | (161.3 | ) |
| Benefit for income taxes | — |
| — |
| — |
| — |
| — |
| (33.2 | ) | (33.2 | ) |
| Interest expense, net of capitalized interest | — |
| — |
| — |
| — |
| — |
| 56.9 |
| 56.9 |
|
| Depreciation and amortization | 36.3 |
| 15.5 |
| 12.6 |
| 11.6 |
| 0.8 |
| 2.1 |
| 78.9 |
|
| EBITDA from continuing operations | (27.2 | ) | 57.5 |
| (2.9 | ) | 23.2 |
| (10.0 | ) | (99.3 | ) | (58.7 | ) |
| Stock based compensation expense | 0.8 |
| 0.5 |
| 0.5 |
| — |
| — |
| 6.0 |
| 7.8 |
|
| (Gain) loss on sale or impairment of long-lived assets | | | | | | 73.9 |
| 73.9 |
|
| Other operating credits and charges, net | | | | | | (11.2 | ) | (11.2 | ) |
| Investment income | | | | | | (28.7 | ) | (28.7 | ) |
| Adjusted EBITDA from continuing operations | $ | (26.4 | ) | $ | 58.0 |
| $ | (2.4 | ) | $ | 23.2 |
| $ | (10.0 | ) | $ | (59.3 | ) | $ | (16.9 | ) |
|
| | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2010 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total |
| Sales | $ | 602.7 |
| $ | 427.8 |
| $ | 192.0 |
| $ | 124.7 |
| $ | 42.9 |
| $ | (6.5 | ) | $ | 1,383.6 |
|
| Depreciation and amortization | 37.4 |
| 18.1 |
| 13.1 |
| 10.0 |
| 1.1 |
| 2.3 |
| 82.0 |
|
| Cost of sales and selling and administrative | 537.7 |
| 358.4 |
| 199.3 |
| 107.5 |
| 39.2 |
| 64.6 |
| 1,306.7 |
|
| Gain (loss) on sales of and impairments 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 |
| 117.5 |
| 40.3 |
| 69.4 |
| 1,391.2 |
|
| Income (loss) from operations | 27.6 |
| 51.3 |
| (20.4 | ) | 7.2 |
| 2.6 |
| (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 | ) | 7.2 |
| 2.6 |
| (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 | ) | $ | 7.2 |
| $ | (1.1 | ) | $ | (94.1 | ) | $ | (32.2 | ) |
| | | | | | | | |
| Reconciliation of loss from continuing operations to adjusted EBITDA from continuing operations | | | |
| Income (loss) from continuing operations | 25.8 |
| 51.3 |
| (21.3 | ) | 7.2 |
| (1.1 | ) | (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 |
| 10.0 |
| 1.1 |
| 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 operating credits and charges, net | | | | | | 0.1 |
| 0.1 |
|
| Other than temporary asset impairment | | | | | | 17.0 |
| 17.0 |
|
| Investment income | | | | | | (38.4 | ) | (38.4 | ) |
| Adjusted EBITDA from continuing operations | $ | 64.2 |
| $ | 70.0 |
| $ | (7.6 | ) | $ | 17.2 |
| $ | — |
| $ | (62.3 | ) | $ | 81.5 |
|
