Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2013 and 2012.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 229.8 |
| | $ | 138.3 |
| | $ | 71.5 |
| | $ | 40.6 |
| | $ | 3.1 |
| | $ | (3.6 | ) | | $ | 479.7 |
|
| Depreciation and amortization | 15.7 |
| | 4.0 |
| | 3.6 |
| | 2.4 |
| | 0.1 |
| | 0.5 |
| | 26.3 |
|
| Cost of sales and selling and administrative | 207.5 |
| | 118.8 |
| | 72.2 |
| | 36.1 |
| | 3.3 |
| | 24.0 |
| | 461.9 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 12.9 |
| | 12.9 |
|
| Total operating costs | 223.2 |
| | 122.8 |
| | 75.8 |
| | 38.5 |
| | 3.4 |
| | 38.0 |
| | 501.7 |
|
| Income (loss) from operations | 6.6 |
| | 15.5 |
| | (4.3 | ) | | 2.1 |
| | (0.3 | ) | | (41.6 | ) | | (22.0 | ) |
| Total non-operating income | — |
| | — |
| | — |
| | — |
| | — |
| | (8.3 | ) | | (8.3 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | 6.6 |
| | 15.5 |
| | (4.3 | ) | | 2.1 |
| | (0.3 | ) | | (49.9 | ) | | (30.3 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (10.5 | ) | | (10.5 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (0.6 | ) | | — |
| | — |
| | — |
| | (0.6 | ) |
| Income (loss) from continuing operations | $ | 6.6 |
| | $ | 15.5 |
| | $ | (3.7 | ) | | $ | 2.1 |
| | $ | (0.3 | ) | | $ | (39.4 | ) | | $ | (19.2 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 6.6 |
| | $ | 15.5 |
| | $ | (3.7 | ) | | $ | 2.1 |
| | $ | (0.3 | ) | | $ | (39.4 | ) | | $ | (19.2 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (10.5 | ) | | (10.5 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.0 |
| | 8.0 |
|
| Depreciation and amortization | 15.7 |
| | 4.0 |
| | 3.6 |
| | 2.4 |
| | 0.1 |
| | 0.5 |
| | 26.3 |
|
| EBITDA from continuing operations | 22.3 |
| | 19.5 |
| | (0.1 | ) | | 4.5 |
| | (0.2 | ) | | (41.4 | ) | | 4.6 |
|
| Stock based compensation expense | 0.3 |
| | 0.1 |
| | 0.2 |
| | — |
| | — |
| | 1.6 |
| | 2.2 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (2.0 | ) | | (2.0 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 12.9 |
| | 12.9 |
|
| Gain on sale of joint venture | — |
| | — |
| | — |
| | — |
| | — |
| | (1.2 | ) | | (1.2 | ) |
| Loss on early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 1.5 |
| | 1.5 |
|
| Expenses related to proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 4.6 |
| | 4.6 |
|
| Depreciation included in equity in income of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | 0.4 |
| | — |
| | 0.5 |
|
| Adjusted EBITDA from continuing operations | $ | 22.6 |
| | $ | 19.6 |
| | $ | 0.2 |
| | $ | 4.5 |
| | $ | 0.2 |
| | $ | (23.4 | ) | | $ | 23.7 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2012 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 243.1 |
| | $ | 116.7 |
| | $ | 51.6 |
| | $ | 41.7 |
| | $ | 2.7 |
| | $ | (1.9 | ) | | $ | 453.9 |
|
| Depreciation and amortization | 7.9 |
| | 3.5 |
| | 2.7 |
| | 3.1 |
| | — |
| | 0.7 |
| | 17.9 |
|
| Cost of sales and selling and administrative | 182.1 |
| | 102.2 |
| | 53.2 |
| | 31.8 |
| | 3.5 |
| | 19.8 |
| | 392.6 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.4 |
| | 0.4 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (4.1 | ) | | (4.1 | ) |
| Total operating costs | 190.0 |
| | 105.7 |
| | 55.9 |
| | 34.9 |
| | 3.5 |
| | 16.8 |
| | 406.8 |
|
| Income (loss) from operations | 53.1 |
| | 11.0 |
| | (4.3 | ) | | 6.8 |
| | (0.8 | ) | | (18.7 | ) | | 47.1 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | 9.8 |
| | 9.8 |
|
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 53.1 |
| | 11.0 |
| | (4.3 | ) | | 6.8 |
| | (0.8 | ) | | (8.9 | ) | | 56.9 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 12.6 |
| | 12.6 |
|
| Equity in (income) loss of unconsolidated affiliates | (4.9 | ) | | — |
| | 0.3 |
| | — |
| | 0.3 |
| | — |
| | (4.3 | ) |
| Income (loss) from continuing operations | $ | 58.0 |
| | $ | 11.0 |
| | $ | (4.6 | ) | | $ | 6.8 |
| | $ | (1.1 | ) | | $ | (21.5 | ) | | $ | 48.6 |
|
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 58.0 |
| | $ | 11.0 |
| | $ | (4.6 | ) | | $ | 6.8 |
| | $ | (1.1 | ) | | $ | (21.5 | ) | | $ | 48.6 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 12.6 |
| | 12.6 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 12.9 |
| | 12.9 |
|
| Depreciation and amortization | 7.9 |
| | 3.5 |
| | 2.7 |
| | 3.1 |
| | — |
| | 0.7 |
| | 17.9 |
|
| EBITDA from continuing operations | 65.9 |
| | 14.5 |
| | (1.9 | ) | | 9.9 |
| | (1.1 | ) | | 4.7 |
| | 92.0 |
|
| Stock based compensation expense | 0.2 |
| | 0.1 |
| | 0.1 |
| | — |
| | — |
| | 1.6 |
| | 2.0 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.4 |
| | 0.4 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (4.1 | ) | | (4.1 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Gain on settlement of litigation related to ARS | — |
| | — |
| | — |
| | — |
| | — |
| | (20.0 | ) | | (20.0 | ) |
| Depreciation included in equity in (income) loss of unconsolidated affiliates | 2.2 |
| | — |
| | 0.1 |
| | — |
| | 1.0 |
| | — |
| | 3.3 |
|
| Adjusted EBITDA from continuing operations | $ | 68.3 |
| | $ | 14.6 |
| | $ | (1.7 | ) | | $ | 9.9 |
| | $ | (0.1 | ) | | $ | (20.5 | ) | | $ | 70.5 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 1,068.1 |
| | $ | 573.8 |
| | $ | 267.6 |
| | $ | 171.5 |
| | $ | 13.4 |
| | $ | (9.2 | ) | | $ | 2,085.2 |
|
| Depreciation and amortization | 49.9 |
| | 16.4 |
| | 12.6 |
| | 10.5 |
| | 0.1 |
| | 1.8 |
| | 91.3 |
|
| Cost of sales and selling and administrative | 803.3 |
| | 471.6 |
| | 268.3 |
| | 141.0 |
| | 17.2 |
| | 85.7 |
| | 1,787.1 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 3.8 |
| | 3.8 |
|
| Total operating costs | 853.2 |
| | 488.0 |
| | 280.9 |
| | 151.5 |
| | 17.3 |
| | 91.5 |
| | 1,882.4 |
|
| Income (loss) from operations | 214.9 |
| | 85.8 |
| | (13.3 | ) | | 20.0 |
| | (3.9 | ) | | (100.7 | ) | | 202.8 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | 3.8 |
| | 3.8 |
|
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 214.9 |
| | 85.8 |
| | (13.3 | ) | | 20.0 |
| | (3.9 | ) | | (96.9 | ) | | 206.6 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 41.1 |
| | 41.1 |
|
| Equity in (income) loss of unconsolidated affiliates | (15.4 | ) | | — |
| | 1.0 |
| | — |
| | 2.5 |
| | — |
| | (11.9 | ) |
| Income (loss) from continuing operations | $ | 230.3 |
| | $ | 85.8 |
| | $ | (14.3 | ) | | $ | 20.0 |
| | $ | (6.4 | ) | | $ | (138.0 | ) | | $ | 177.4 |
|
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 230.3 |
| | $ | 85.8 |
| | $ | (14.3 | ) | | $ | 20.0 |
| | $ | (6.4 | ) | | $ | (138.0 | ) | | $ | 177.4 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 41.1 |
| | 41.1 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 36.0 |
| | 36.0 |
|
| Depreciation and amortization | 49.9 |
| | 16.4 |
| | 12.6 |
| | 10.5 |
| | 0.1 |
| | 1.8 |
| | 91.3 |
|
| EBITDA from continuing operations | 280.2 |
| | 102.2 |
| | (1.7 | ) | | 30.5 |
| | (6.3 | ) | | (59.1 | ) | | 345.8 |
|
| Stock based compensation expense | 1.0 |
| | 0.6 |
| | 0.6 |
| | — |
| | — |
| | 6.6 |
| | 8.8 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
| | 0.2 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 3.8 |
| | 3.8 |
|
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 2.3 |
| | 2.3 |
|
| Other operating credits and charges, associated with JV's | — |
| | — |
| | — |
| | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Gain on acquisition | — |
| | — |
| | — |
| | — |
| | — |
| | (35.9 | ) | | (35.9 | ) |
| Gain on sale of joint venture | — |
| | — |
| | — |
| | — |
| | — |
| | (1.2 | ) | | (1.2 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 7.6 |
| | 7.6 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (10.3 | ) | | (10.3 | ) |
| Depreciation included in equity in (income) loss of unconsolidated affiliates | 3.4 |
| | — |
| | 0.2 |
| | — |
| | 2.8 |
| | — |
| | 6.4 |
|
| Adjusted EBITDA from continuing operations | $ | 284.6 |
| | $ | 102.8 |
| | $ | (0.9 | ) | | $ | 30.5 |
| | $ | (3.5 | ) | | $ | (83.3 | ) | | $ | 330.2 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 814.1 |
| | $ | 500.9 |
| | $ | 213.4 |
| | $ | 168.8 |
| | $ | 12.8 |
| | $ | (18.8 | ) | | $ | 1,691.2 |
|
| Depreciation and amortization | 33.1 |
| | 15.5 |
| | 11.0 |
| | 12.0 |
| | 0.1 |
| | 1.7 |
| | 73.4 |
|
| Cost of sales and selling and administrative | 663.1 |
| | 418.0 |
| | 215.8 |
| | 138.8 |
| | 17.7 |
| | 58.2 |
| | 1,511.6 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 4.9 |
| | 4.9 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (2.9 | ) | | (2.9 | ) |
| Total operating costs | 696.2 |
| | 433.5 |
| | 226.8 |
| | 150.8 |
| | 17.8 |
| | 61.9 |
| | 1,587.0 |
|
| Income (loss) from operations | 117.9 |
| | 67.4 |
| | (13.4 | ) | | 18.0 |
| | (5.0 | ) | | (80.7 | ) | | 104.2 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (69.4 | ) | | (69.4 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 117.9 |
| | 67.4 |
| | (13.4 | ) | | 18.0 |
| | (5.0 | ) | | (150.1 | ) | | 34.8 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 7.0 |
| | 7.0 |
|
| Equity in (income) loss of unconsolidated affiliates | (6.1 | ) | | — |
| | 0.5 |
| | — |
| | 3.9 |
| | — |
| | (1.7 | ) |
| Income (loss) from continuing operations | $ | 124.0 |
| | $ | 67.4 |
| | $ | (13.9 | ) | | $ | 18.0 |
| | $ | (8.9 | ) | | $ | (157.1 | ) | | $ | 29.5 |
|
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 124.0 |
| | $ | 67.4 |
| | $ | (13.9 | ) | | $ | 18.0 |
| | $ | (8.9 | ) | | $ | (157.1 | ) | | $ | 29.5 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 7.0 |
| | 7.0 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 49.3 |
| | 49.3 |
|
| Depreciation and amortization | 33.1 |
| | 15.5 |
| | 11.0 |
| | 12.0 |
| | 0.1 |
| | 1.7 |
| | 73.4 |
|
| EBITDA from continuing operations | 157.1 |
| | 82.9 |
| | (2.9 | ) | | 30.0 |
| | (8.8 | ) | | (99.1 | ) | | 159.2 |
|
| Stock based compensation expense | 0.9 |
| | 0.5 |
| | 0.5 |
| | — |
| | — |
| | 6.5 |
| | 8.4 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 4.9 |
| | 4.9 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (2.9 | ) | | (2.9 | ) |
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 52.2 |
| | 52.2 |
|
| Gain on settlement of litigation related to ARS | — |
| | — |
| | — |
| | — |
| | — |
| | (20.0 | ) | | (20.0 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (14.8 | ) | | (14.8 | ) |
| Depreciation included in equity in loss of unconsolidated affiliates | 8.3 |
| | — |
| | 0.5 |
| | — |
| | 3.8 |
| | — |
| | 12.6 |
|
| Adjusted EBITDA from continuing operations | $ | 166.3 |
| | $ | 83.4 |
| | $ | (1.9 | ) | | $ | 30.0 |
| | $ | (5.0 | ) | | $ | (73.2 | ) | | $ | 199.6 |
|
