Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and six months ended June 30, 2014 and 2013.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 223.7 |
| | $ | 169.7 |
| | $ | 80.6 |
| | $ | 41.9 |
| | $ | 4.0 |
| | $ | (1.4 | ) | | $ | 518.5 |
|
| Depreciation and amortization | 13.5 |
| | 4.3 |
| | 3.9 |
| | 2.6 |
| | — |
| | 0.6 |
| | 24.9 |
|
| Cost of sales and selling and administrative | 215.7 |
| | 139.5 |
| | 82.9 |
| | 35.3 |
| | 5.3 |
| | 18.7 |
| | 497.4 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.5 | ) | | (0.5 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Total operating costs | 229.2 |
| | 143.8 |
| | 86.8 |
| | 37.9 |
| | 5.3 |
| | 19.4 |
| | 522.4 |
|
| Income (loss) from operations | (5.5 | ) | | 25.9 |
| | (6.2 | ) | | 4.0 |
| | (1.3 | ) | | (20.8 | ) | | (3.9 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (1.9 | ) | | (1.9 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | (5.5 | ) | | 25.9 |
| | (6.2 | ) | | 4.0 |
| | (1.3 | ) | | (22.7 | ) | | (5.8 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (6.7 | ) | | (6.7 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.2 | ) | | — |
| | — |
| | — |
| | (1.2 | ) |
| Income (loss) from continuing operations | $ | (5.5 | ) | | $ | 25.9 |
| | $ | (5.0 | ) | | $ | 4.0 |
| | $ | (1.3 | ) | | $ | (16.0 | ) | | $ | 2.1 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (5.5 | ) | | $ | 25.9 |
| | $ | (5.0 | ) | | $ | 4.0 |
| | $ | (1.3 | ) | | $ | (16.0 | ) | | $ | 2.1 |
|
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (6.7 | ) | | (6.7 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 7.4 |
| | 7.4 |
|
| Depreciation and amortization | 13.5 |
| | 4.3 |
| | 3.9 |
| | 2.6 |
| | — |
| | 0.6 |
| | 24.9 |
|
| EBITDA from continuing operations | 8.0 |
| | 30.2 |
| | (1.1 | ) | | 6.6 |
| | (1.3 | ) | | (14.7 | ) | | 27.7 |
|
| Stock based compensation expense | 0.3 |
| | 0.1 |
| | 0.2 |
| | — |
| | — |
| | 1.8 |
| | 2.4 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.5 | ) | | (0.5 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.7 | ) | | (1.7 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | (2.3 | ) | | (2.3 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Depreciation included in equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
| Adjusted EBITDA from continuing operations | $ | 8.3 |
| | $ | 30.3 |
| | $ | (0.8 | ) | | $ | 6.6 |
| | $ | (1.3 | ) | | $ | (16.8 | ) | | $ | 26.3 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 |
| | $ | 3.7 |
| | $ | (0.8 | ) | | $ | 567.0 |
|
| Depreciation and amortization | 10.6 |
| | 4.4 |
| | 2.6 |
| | 2.5 |
| | — |
| | 0.5 |
| | 20.6 |
|
| Cost of sales and selling and administrative | 206.7 |
| | 121.2 |
| | 61.4 |
| | 35.5 |
| | 5.5 |
| | 22.7 |
| | 453.0 |
|
| 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 |
| | 5.5 |
| | 27.9 |
| | 478.3 |
|
| Income (loss) from operations | 88.9 |
| | 27.1 |
| | (3.1 | ) | | 6.3 |
| | (1.8 | ) | | (28.7 | ) | | 88.7 |
|
| 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 |
| | (1.8 | ) | | (3.1 | ) | | 114.3 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 24.3 |
| | 24.3 |
|
| 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 |
| | $ | (2.2 | ) | | $ | (27.4 | ) | | $ | 94.1 |
|
| 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 |
| | $ | (2.2 | ) | | $ | (27.4 | ) | | $ | 94.1 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 24.3 |
| | 24.3 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 9.8 |
| | 9.8 |
|
| Depreciation and amortization | 10.6 |
| | 4.4 |
| | 2.6 |
| | 2.5 |
| | — |
| | 0.5 |
| | 20.6 |
|
| EBITDA from continuing operations | 106.0 |
| | 31.5 |
| | (2.5 | ) | | 8.8 |
| | (2.2 | ) | | 7.2 |
| | 148.8 |
|
| 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 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 5.4 |
| | 5.4 |
|
| Other operating credit and charges associated with unconsolidated affiliates | — |
| | — |
| | — |
| | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Gain on acquisition | — |
| | — |
| | — |
| | — |
| | — |
| | (35.9 | ) | | (35.9 | ) |
| 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 |
| | $ | (1.4 | ) | | $ | (22.9 | ) | | $ | 121.6 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 418.6 |
| | $ | 313.2 |
| | $ | 147.0 |
| | $ | 78.5 |
| | $ | 7.7 |
| | $ | (1.8 | ) | | $ | 963.2 |
|
| Depreciation and amortization | 27.1 |
| | 8.5 |
| | 8.5 |
| | 4.9 |
| | — |
| | 1.5 |
| | 50.5 |
|
| Cost of sales and selling and administrative | 398.9 |
| | 259.6 |
| | 148.4 |
| | 65.4 |
| | 9.7 |
| | 44.7 |
| | 926.7 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.5 | ) | | (0.5 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Total operating costs | 426.0 |
| | 268.1 |
| | 156.9 |
| | 70.3 |
| | 9.7 |
| | 46.3 |
| | 977.3 |
|
| Income (loss) from operations | (7.4 | ) | | 45.1 |
| | (9.9 | ) | | 8.2 |
| | (2.0 | ) | | (48.1 | ) | | (14.1 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (12.1 | ) | | (12.1 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | (7.4 | ) | | 45.1 |
| | (9.9 | ) | | 8.2 |
| | (2.0 | ) | | (60.2 | ) | | (26.2 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (12.3 | ) | | (12.3 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.8 | ) | | — |
| | — |
| | — |
| | (1.8 | ) |
| Income (loss) from continuing operations | $ | (7.4 | ) | | $ | 45.1 |
| | $ | (8.1 | ) | | $ | 8.2 |
| | $ | (2.0 | ) | | $ | (47.9 | ) | | $ | (12.1 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (7.4 | ) | | $ | 45.1 |
| | $ | (8.1 | ) | | $ | 8.2 |
| | $ | (2.0 | ) | | $ | (47.9 | ) | | $ | (12.1 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (12.3 | ) | | (12.3 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 15.1 |
| | 15.1 |
|
| Depreciation and amortization | 27.1 |
| | 8.5 |
| | 8.5 |
| | 4.9 |
| | — |
| | 1.5 |
| | 50.5 |
|
| EBITDA from continuing operations | 19.7 |
| | 53.6 |
| | 0.4 |
| | 13.1 |
| | (2.0 | ) | | (43.6 | ) | | 41.2 |
|
| Stock based compensation expense | 0.5 |
| | 0.3 |
| | 0.3 |
| | — |
| | — |
| | 3.4 |
| | 4.5 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.5 | ) | | (0.5 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (3.5 | ) | | (3.5 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 6.8 |
| | 6.8 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.6 |
| | 0.6 |
|
| Depreciation included in equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
| Adjusted EBITDA from continuing operations | $ | 20.2 |
| | $ | 53.9 |
| | $ | 0.8 |
| | $ | 13.1 |
| | $ | (2.0 | ) | | $ | (36.8 | ) | | $ | 49.2 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 |
| | $ | 6.4 |
| | $ | (1.4 | ) | | $ | 1,098.1 |
|
| Depreciation and amortization | 19.0 |
| | 8.3 |
| | 5.9 |
| | 5.1 |
| | — |
| | 0.9 |
| | 39.2 |
|
| Cost of sales and selling and administrative | 394.9 |
| | 230.4 |
| | 124.8 |
| | 71.8 |
| | 9.2 |
| | 44.3 |
| | 875.4 |
|
| 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 |
| | 9.2 |
| | 51.5 |
| | 920.9 |
|
| Income (loss) from operations | 179.0 |
| | 47.8 |
| | (6.4 | ) | | 12.5 |
| | (2.8 | ) | | (52.9 | ) | | 177.2 |
|
| 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 |
| | (2.8 | ) | | (35.1 | ) | | 195.0 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 47.2 |
| | 47.2 |
|
| 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 |
| | $ | (3.8 | ) | | $ | (82.3 | ) | | $ | 159.1 |
|
| 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 |
| | $ | (3.8 | ) | | $ | (82.3 | ) | | $ | 159.1 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 47.2 |
| | 47.2 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 20.4 |
| | 20.4 |
|
| Depreciation and amortization | 19.0 |
| | 8.3 |
| | 5.9 |
| | 5.1 |
| | — |
| | 0.9 |
| | 39.2 |
|
| EBITDA from continuing operations | 212.5 |
| | 56.1 |
| | (2.7 | ) | | 17.6 |
| | (3.8 | ) | | (13.8 | ) | | 265.9 |
|
| 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 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.0 |
| | 7.0 |
|
| Other operating credits and charges associated with joint ventures | — |
| | — |
| | — |
| | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Gain on acquisition | — |
| | — |
| | — |
| | — |
| | — |
| | (35.9 | ) | | (35.9 | ) |
| Depreciation included in equity in 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 |
| | $ | (2.2 | ) | | $ | (44.1 | ) | | $ | 241.7 |
|
