Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter ended June 30, 2013 and 2012.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 306.2 |
| | $ | 152.7 |
| | $ | 60.9 |
| | $ | 44.3 |
| | $ | 9.3 |
| | $ | (0.8 | ) | | $ | 572.6 |
|
| Depreciation and amortization | 10.6 |
| | 4.4 |
| | 2.6 |
| | 2.5 |
| | 0.2 |
| | 0.5 |
| | 20.8 |
|
| Cost of sales and selling and administrative | 206.7 |
| | 121.2 |
| | 61.4 |
| | 35.5 |
| | 10.7 |
| | 22.7 |
| | 458.2 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 5.4 |
| | 5.4 |
|
| Total operating costs | 217.3 |
| | 125.6 |
| | 64.0 |
| | 38.0 |
| | 10.9 |
| | 27.9 |
| | 483.7 |
|
| Income (loss) from operations | 88.9 |
| | 27.1 |
| | (3.1 | ) | | 6.3 |
| | (1.6 | ) | | (28.7 | ) | | 88.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | 25.6 |
| | 25.6 |
|
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 88.9 |
| | 27.1 |
| | (3.1 | ) | | 6.3 |
| | (1.6 | ) | | (3.1 | ) | | 114.5 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 24.4 |
| | 24.4 |
|
| Equity in (income) loss of unconsolidated affiliates | (6.5 | ) | | — |
| | 2.0 |
| | — |
| | 0.4 |
| | — |
| | (4.1 | ) |
| Income (loss) from continuing operations | $ | 95.4 |
| | $ | 27.1 |
| | $ | (5.1 | ) | | $ | 6.3 |
| | $ | (2.0 | ) | | $ | (27.5 | ) | | $ | 94.2 |
|
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 95.4 |
| | $ | 27.1 |
| | $ | (5.1 | ) | | $ | 6.3 |
| | $ | (2.0 | ) | | $ | (27.5 | ) | | $ | 94.2 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 24.4 |
| | 24.4 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 9.8 |
| | 9.8 |
|
| Depreciation and amortization | 10.6 |
| | 4.4 |
| | 2.6 |
| | 2.5 |
| | 0.2 |
| | 0.5 |
| | 20.8 |
|
| EBITDA from continuing operations | 106.0 |
| | 31.5 |
| | (2.5 | ) | | 8.8 |
| | (1.8 | ) | | 7.2 |
| | 149.2 |
|
| Stock based compensation expense | 0.3 |
| | 0.2 |
| | 0.1 |
| | — |
| | — |
| | 1.5 |
| | 2.1 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Gain on acquisition | — |
| | — |
| | — |
| | — |
| | — |
| | (35.9 | ) | | (35.9 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 5.4 |
| | 5.4 |
|
| Other operating credits and charges associated with unconsolidated affiliates | — |
| | — |
| | — |
| | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Depreciation included in equity in (income) loss of unconsolidated affiliates | 1.4 |
| | — |
| | 0.1 |
| | — |
| | 0.8 |
| | — |
| | 2.3 |
|
| Adjusted EBITDA from continuing operations | $ | 107.7 |
| | $ | 31.7 |
| | $ | (2.3 | ) | | $ | 8.8 |
| | $ | (1.0 | ) | | $ | (22.9 | ) | | $ | 122.0 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended June 30, 2012
(Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 194.9 |
| | $ | 137.0 |
| | $ | 51.7 |
| | $ | 42.7 |
| | $ | 10.7 |
| | $ | (9.2 | ) | | $ | 427.8 |
|
| Depreciation and amortization | 8.3 |
| | 3.9 |
| | 2.4 |
| | 2.7 |
| | 0.2 |
| | 0.4 |
| | 17.9 |
|
| Cost of sales and selling and administrative | 168.7 |
| | 113.7 |
| | 52.7 |
| | 36.4 |
| | 10.5 |
| | 8.6 |
| | 390.6 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.1 |
| | 0.1 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Total operating costs | 177.0 |
| | 117.6 |
| | 55.1 |
| | 39.1 |
| | 10.7 |
| | 9.3 |
| | 408.8 |
|
| Income (loss) from operations | 17.9 |
| | 19.4 |
| | (3.4 | ) | | 3.6 |
| | — |
| | (18.5 | ) | | 19.0 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (64.5 | ) | | (64.5 | ) |
| Income (loss) before income taxes and equity in loss of unconsolidated affiliates | 17.9 |
| | 19.4 |
| | (3.4 | ) | | 3.6 |
| | — |
| | (83.0 | ) | | (45.5 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.1 | ) | | (11.1 | ) |
| Equity in loss of unconsolidated affiliates | 0.9 |
| | — |
| | — |
| | — |
| | 1.9 |
| | — |
| | 2.8 |
|
| Income (loss) from continuing operations | $ | 17.0 |
| | $ | 19.4 |
| | $ | (3.4 | ) | | $ | 3.6 |
| | $ | (1.9 | ) | | $ | (71.9 | ) | | $ | (37.2 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 17.0 |
| | $ | 19.4 |
| | $ | (3.4 | ) | | $ | 3.6 |
| | $ | (1.9 | ) | | $ | (71.9 | ) | | $ | (37.2 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.1 | ) | | (11.1 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 13.1 |
| | 13.1 |
|
| Depreciation and amortization | 8.3 |
| | 3.9 |
| | 2.4 |
| | 2.7 |
| | 0.2 |
| | 0.4 |
| | 17.9 |
|
| EBITDA from continuing operations | 25.3 |
| | 23.3 |
| | (1.0 | ) | | 6.3 |
| | (1.7 | ) | | (69.5 | ) | | (17.3 | ) |
| Stock based compensation expense | 0.3 |
| | 0.2 |
| | 0.1 |
| | — |
| | — |
| | 1.3 |
| | 1.9 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.1 |
| | 0.1 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (3.4 | ) | | (3.4 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 52.2 |
| | 52.2 |
|
| Depreciation included in equity in loss of unconsolidated affiliates | 2.1 |
| | — |
| | 0.1 |
| | — |
| | 0.7 |
| | — |
| | 2.9 |
|
| Adjusted EBITDA from continuing operations | $ | 27.7 |
| | $ | 23.5 |
| | $ | (0.8 | ) | | $ | 6.3 |
| | $ | (1.0 | ) | | $ | (19.1 | ) | | $ | 36.6 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 592.9 |
| | $ | 286.5 |
| | $ | 124.3 |
| | $ | 89.4 |
| | $ | 18.4 |
| | $ | (1.4 | ) | | $ | 1,110.1 |
|
| Depreciation and amortization | 19.0 |
| | 8.3 |
| | 5.9 |
| | 5.1 |
| | 0.3 |
| | 0.9 |
| | 39.5 |
|
| Cost of sales and selling and administrative | 394.9 |
| | 230.4 |
| | 124.8 |
| | 71.8 |
| | 20.0 |
| | 44.3 |
| | 886.2 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.0 |
| | 7.0 |
|
| Total operating costs | 413.9 |
| | 238.7 |
| | 130.7 |
| | 76.9 |
| | 20.3 |
| | 51.5 |
| | 932.0 |
|
| Income (loss) from operations | 179.0 |
| | 47.8 |
| | (6.4 | ) | | 12.5 |
| | (1.9 | ) | | (52.9 | ) | | 178.1 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | 17.8 |
| | 17.8 |
|
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 179.0 |
| | 47.8 |
| | (6.4 | ) | | 12.5 |
| | (1.9 | ) | | (35.1 | ) | | 195.9 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 47.6 |
| | 47.6 |
|
| Equity in (income) loss of unconsolidated affiliates | (14.5 | ) | | — |
| | 2.2 |
| | — |
| | 1.0 |
| | — |
| | (11.3 | ) |
| Income (loss) from continuing operations | $ | 193.5 |
| | $ | 47.8 |
| | $ | (8.6 | ) | | $ | 12.5 |
| | $ | (2.9 | ) | | $ | (82.7 | ) | | $ | 159.6 |
|
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 193.5 |
| | $ | 47.8 |
| | $ | (8.6 | ) | | $ | 12.5 |
| | $ | (2.9 | ) | | $ | (82.7 | ) | | $ | 159.6 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 47.6 |
| | 47.6 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 20.4 |
| | 20.4 |
|
| Depreciation and amortization | 19.0 |
| | 8.3 |
| | 5.9 |
| | 5.1 |
| | 0.3 |
| | 0.9 |
| | 39.5 |
|
| EBITDA from continuing operations | 212.5 |
| | 56.1 |
| | (2.7 | ) | | 17.6 |
| | (2.6 | ) | | (13.8 | ) | | 267.1 |
|
| Stock based compensation expense | 0.5 |
| | 0.3 |
| | 0.2 |
| | — |
| | — |
| | 3.2 |
| | 4.2 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.7 | ) | | (0.7 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (6.6 | ) | | (6.6 | ) |
| Gain on acquisition | — |
| | — |
| | — |
| | — |
| | — |
| | (35.9 | ) | | (35.9 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.0 |
| | 7.0 |
|
| Other operating credits and charges associated with unconsolidated affiliates | — |
| | — |
| | — |
| | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Depreciation included in equity in (income) loss of unconsolidated affiliates | 3.4 |
| | — |
| | 0.1 |
| | — |
| | 1.6 |
| | — |
| | 5.1 |
|
| Adjusted EBITDA from continuing operations | $ | 216.4 |
| | $ | 56.4 |
| | $ | (2.4 | ) | | $ | 17.6 |
| | $ | (1.0 | ) | | $ | (44.1 | ) | | $ | 242.9 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2012 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 344.4 |
| | $ | 250.1 |
| | $ | 100.3 |
| | $ | 85.1 |
| | $ | 20.8 |
| | $ | (11.4 | ) | | $ | 789.3 |
|
| Depreciation and amortization | 17.0 |
| | 8.1 |
| | 5.2 |
| | 5.6 |
| | 0.4 |
| | 0.7 |
| | 37.0 |
|
| Cost of sales and selling and administrative | 308.6 |
| | 205.9 |
| | 101.4 |
| | 72.8 |
| | 20.4 |
| | 26.1 |
| | 735.2 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Total operating costs | 325.6 |
| | 214.0 |
| | 106.6 |
| | 78.4 |
| | 20.8 |
| | 27.0 |
| | 772.4 |
|
| Income (loss) from operations | 18.8 |
| | 36.1 |
| | (6.3 | ) | | 6.7 |
| | — |
| | (38.4 | ) | | 16.9 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (73.0 | ) | | (73.0 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 18.8 |
| | 36.1 |
| | (6.3 | ) | | 6.7 |
| | — |
| | (111.4 | ) | | (56.1 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (12.3 | ) | | (12.3 | ) |
| Equity in loss of unconsolidated affiliates | 2.1 |
| | — |
| | — |
| | — |
| | 2.5 |
| | — |
| | 4.6 |
|
| Income (loss) from continuing operations | $ | 16.7 |
| | $ | 36.1 |
| | $ | (6.3 | ) | | $ | 6.7 |
| | $ | (2.5 | ) | | $ | (99.1 | ) | | $ | (48.4 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 16.7 |
| | $ | 36.1 |
| | $ | (6.3 | ) | | $ | 6.7 |
| | $ | (2.5 | ) | | $ | (99.1 | ) | | $ | (48.4 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (12.3 | ) | | (12.3 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 25.7 |
| | 25.7 |
|
| Depreciation and amortization | 17.0 |
| | 8.1 |
| | 5.2 |
| | 5.6 |
| | 0.4 |
| | 0.7 |
| | 37.0 |
|
| EBITDA from continuing operations | 33.7 |
| | 44.2 |
| | (1.1 | ) | | 12.3 |
| | (2.1 | ) | | (85.0 | ) | | 2.0 |
|
| Stock based compensation expense | 0.5 |
| | 0.3 |
| | 0.3 |
| | — |
| | — |
| | 3.5 |
| | 4.6 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (7.6 | ) | | (7.6 | ) |
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 52.2 |
| | 52.2 |
|
| Depreciation included in equity in loss of unconsolidated affiliates | 4.1 |
| | — |
| | 0.2 |
| | — |
| | 2.2 |
| | — |
| | 6.5 |
|
| Adjusted EBITDA from continuing operations | $ | 38.3 |
| | $ | 44.5 |
| | $ | (0.6 | ) | | $ | 12.3 |
| | $ | 0.1 |
| | $ | (36.7 | ) | | $ | 57.9 |
|
