Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and nine months ended September 30, 2014 and 2013.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 233.4 |
| | $ | 163.2 |
| | $ | 82.1 |
| | $ | 36.0 |
| | $ | 3.5 |
| | $ | (0.1 | ) | | $ | 518.1 |
|
| Depreciation and amortization | 15.4 |
| | 4.5 |
| | 4.2 |
| | 2.0 |
| | — |
| | 0.8 |
| | 26.9 |
|
| Cost of sales and selling and administrative | 234.4 |
| | 137.9 |
| | 79.6 |
| | 33.7 |
| | 5.7 |
| | 17.6 |
| | 508.9 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.6 | ) | | (3.6 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.5 |
| | 0.5 |
|
| Total operating costs | 249.8 |
| | 142.4 |
| | 83.8 |
| | 35.7 |
| | 5.7 |
| | 15.3 |
| | 532.7 |
|
| Income (loss) from operations | (16.4 | ) | | 20.8 |
| | (1.7 | ) | | 0.3 |
| | (2.2 | ) | | (15.4 | ) | | (14.6 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (8.7 | ) | | (8.7 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | (16.4 | ) | | 20.8 |
| | (1.7 | ) | | 0.3 |
| | (2.2 | ) | | (24.1 | ) | | (23.3 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (3.6 | ) | | (3.6 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (1.4 | ) | | — |
| | — |
| | — |
| | (1.4 | ) |
| Income (loss) from continuing operations | $ | (16.4 | ) | | $ | 20.8 |
| | $ | (0.3 | ) | | $ | 0.3 |
| | $ | (2.2 | ) | | $ | (20.5 | ) | | $ | (18.3 | ) |
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (16.4 | ) | | $ | 20.8 |
| | $ | (0.3 | ) | | $ | 0.3 |
| | $ | (2.2 | ) | | $ | (20.5 | ) | | $ | (18.3 | ) |
| Income tax benefit | — |
| | — |
| | — |
| | — |
| | — |
| | (3.6 | ) | | (3.6 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.3 |
| | 8.3 |
|
| Depreciation and amortization | 15.4 |
| | 4.5 |
| | 4.2 |
| | 2.0 |
| | — |
| | 0.8 |
| | 26.9 |
|
| EBITDA from continuing operations | (1.0 | ) | | 25.3 |
| | 3.9 |
| | 2.3 |
| | (2.2 | ) | | (15.0 | ) | | 13.3 |
|
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.1 |
| | — |
| | — |
| | 1.9 |
| | 2.4 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.6 | ) | | (3.6 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (0.9 | ) | | (0.9 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | (0.1 | ) | | (0.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 0.5 |
| | 0.5 |
|
| Adjusted EBITDA from continuing operations | $ | (0.8 | ) | | $ | 25.5 |
| | $ | 4.0 |
| | $ | 2.3 |
| | $ | (2.2 | ) | | $ | (17.2 | ) | | $ | 11.6 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2013
(Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 245.4 |
| | $ | 149.0 |
| | $ | 71.8 |
| | $ | 41.5 |
| | $ | 3.9 |
| | $ | (4.2 | ) | | $ | 507.4 |
|
| Depreciation and amortization | 15.2 |
| | 4.1 |
| | 3.1 |
| | 3.0 |
| | — |
| | 0.4 |
| | 25.8 |
|
| Cost of sales and selling and administrative | 200.0 |
| | 122.4 |
| | 71.3 |
| | 33.2 |
| | 5.4 |
| | 17.5 |
| | 449.8 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
| | 0.3 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (16.1 | ) | | (16.1 | ) |
| Total operating costs | 215.2 |
| | 126.5 |
| | 74.4 |
| | 36.2 |
| | 5.4 |
| | 2.1 |
| | 459.8 |
|
| Income (loss) from operations | 30.2 |
| | 22.5 |
| | (2.6 | ) | | 5.3 |
| | (1.5 | ) | | (6.3 | ) | | 47.6 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (5.7 | ) | | (5.7 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 30.2 |
| | 22.5 |
| | (2.6 | ) | | 5.3 |
| | (1.5 | ) | | (12.0 | ) | | 41.9 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 4.4 |
| | 4.4 |
|
| Equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | (0.6 | ) | | — |
| | 0.6 |
| | — |
| | — |
|
| Income (loss) from continuing operations | $ | 30.2 |
| | $ | 22.5 |
| | $ | (2.0 | ) | | $ | 5.3 |
| | $ | (2.1 | ) | | $ | (16.4 | ) | | $ | 37.5 |
|
| Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 30.2 |
| | $ | 22.5 |
| | $ | (2.0 | ) | | $ | 5.3 |
| | $ | (2.1 | ) | | $ | (16.4 | ) | | $ | 37.5 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 4.4 |
| | 4.4 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 7.6 |
| | 7.6 |
|
| Depreciation and amortization | 15.2 |
| | 4.1 |
| | 3.1 |
| | 3.0 |
| | — |
| | 0.4 |
| | 25.8 |
|
| EBITDA from continuing operations | 45.4 |
| | 26.6 |
| | 1.1 |
| | 8.3 |
| | (2.1 | ) | | (4.0 | ) | | 75.3 |
|
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.2 |
| | — |
| | — |
| | 1.8 |
| | 2.4 |
|
| Loss on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 0.3 |
| | 0.3 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.7 | ) | | (1.7 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 3.0 |
| | 3.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (16.1 | ) | | (16.1 | ) |
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 0.8 |
| | 0.8 |
|
| Depreciation included in equity in income (loss) of unconsolidated affiliates | — |
| | — |
| | — |
| | — |
| | 0.8 |
| | — |
| | 0.8 |
|
| Adjusted EBITDA from continuing operations | $ | 45.6 |
| | $ | 26.8 |
| | $ | 1.3 |
| | $ | 8.3 |
| | $ | (1.3 | ) | | $ | (15.9 | ) | | $ | 64.8 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 652.0 |
| | $ | 476.4 |
| | $ | 229.1 |
| | $ | 114.5 |
| | $ | 11.2 |
| | $ | (1.9 | ) | | $ | 1,481.3 |
|
| Depreciation and amortization | 42.5 |
| | 13.0 |
| | 12.7 |
| | 6.9 |
| | — |
| | 2.3 |
| | 77.4 |
|
| Cost of sales and selling and administrative | 633.3 |
| | 397.5 |
| | 228.0 |
| | 99.1 |
| | 15.4 |
| | 62.3 |
| | 1,435.6 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (4.1 | ) | | (4.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.1 |
| | 1.1 |
|
| Total operating costs | 675.8 |
| | 410.5 |
| | 240.7 |
| | 106.0 |
| | 15.4 |
| | 61.6 |
| | 1,510.0 |
|
| Income (loss) from operations | (23.8 | ) | | 65.9 |
| | (11.6 | ) | | 8.5 |
| | (4.2 | ) | | (63.5 | ) | | (28.7 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (20.8 | ) | | (20.8 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | (23.8 | ) | | 65.9 |
| | (11.6 | ) | | 8.5 |
| | (4.2 | ) | | (84.3 | ) | | (49.5 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (15.9 | ) | | (15.9 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (3.2 | ) | | — |
| | — |
| | — |
| | (3.2 | ) |
| Income (loss) from continuing operations | $ | (23.8 | ) | | $ | 65.9 |
| | $ | (8.4 | ) | | $ | 8.5 |
| | $ | (4.2 | ) | | $ | (68.4 | ) | | $ | (30.4 | ) |
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (23.8 | ) | | $ | 65.9 |
| | $ | (8.4 | ) | | $ | 8.5 |
| | $ | (4.2 | ) | | $ | (68.4 | ) | | $ | (30.4 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (15.9 | ) | | (15.9 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 23.4 |
| | 23.4 |
|
| Depreciation and amortization | 42.5 |
| | 13.0 |
| | 12.7 |
| | 6.9 |
| | — |
| | 2.3 |
| | 77.4 |
|
| EBITDA from continuing operations | 18.7 |
| | 78.9 |
| | 4.3 |
| | 15.4 |
| | (4.2 | ) | | (58.6 | ) | | 54.5 |
|
| Stock based compensation expense | 0.7 |
| | 0.5 |
| | 0.4 |
| | — |
| | — |
| | 5.3 |
| | 6.9 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (4.1 | ) | | (4.1 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (4.4 | ) | | (4.4 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 6.8 |
| | 6.8 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 1.1 |
| | 1.1 |
|
| Depreciation included in equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
| Adjusted EBITDA from continuing operations | $ | 19.4 |
| | $ | 79.4 |
| | $ | 4.8 |
| | $ | 15.4 |
| | $ | (4.2 | ) | | $ | (53.9 | ) | | $ | 60.9 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2013
(Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 838.3 |
| | $ | 435.5 |
| | $ | 196.1 |
| | $ | 130.9 |
| | $ | 10.3 |
| | $ | (5.6 | ) | | $ | 1,605.5 |
|
| Depreciation and amortization | 34.2 |
| | 12.4 |
| | 9.0 |
| | 8.1 |
| | — |
| | 1.3 |
| | 65.0 |
|
| Cost of sales and selling and administrative | 595.8 |
| | 352.8 |
| | 196.1 |
| | 105.0 |
| | 13.9 |
| | 61.7 |
| | 1,325.3 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.4 | ) | | (0.4 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (9.1 | ) | | (9.1 | ) |
| Total operating costs | 630.0 |
| | 365.2 |
| | 205.1 |
| | 113.1 |
| | 13.9 |
| | 53.5 |
| | 1,380.8 |
|
| Income (loss) from operations | 208.3 |
| | 70.3 |
| | (9.0 | ) | | 17.8 |
| | (3.6 | ) | | (59.1 | ) | | 224.7 |
|
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | 12.1 |
| | 12.1 |
|
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 208.3 |
| | 70.3 |
| | (9.0 | ) | | 17.8 |
| | (3.6 | ) | | (47.0 | ) | | 236.8 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 51.6 |
| | 51.6 |
|
| Equity in (income) loss of unconsolidated affiliates | (15.4 | ) | | — |
| | 1.6 |
| | — |
| | 2.5 |
| | — |
| | (11.3 | ) |
| Income (loss) from continuing operations | $ | 223.7 |
| | $ | 70.3 |
| | $ | (10.6 | ) | | $ | 17.8 |
| | $ | (6.1 | ) | | $ | (98.6 | ) | | $ | 196.5 |
|
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 223.7 |
| | $ | 70.3 |
| | $ | (10.6 | ) | | $ | 17.8 |
| | $ | (6.1 | ) | | $ | (98.6 | ) | | $ | 196.5 |
|
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | 51.6 |
| | 51.6 |
|
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 28.0 |
| | 28.0 |
|
| Depreciation and amortization | 34.2 |
| | 12.4 |
| | 9.0 |
| | 8.1 |
| | — |
| | 1.3 |
| | 65.0 |
|
| EBITDA from continuing operations | 257.9 |
| | 82.7 |
| | (1.6 | ) | | 25.9 |
| | (6.1 | ) | | (17.7 | ) | | 341.1 |
|
| Stock based compensation expense | 0.7 |
| | 0.5 |
| | 0.4 |
| | — |
| | — |
| | 5.0 |
| | 6.6 |
|
| Gain on sale or impairment of long lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (0.4 | ) | | (0.4 | ) |
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (8.3 | ) | | (8.3 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 3.0 |
| | 3.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | (9.1 | ) | | (9.1 | ) |
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 0.8 |
| | 0.8 |
|
| 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 |
| | — |
| | 2.4 |
| | — |
| | 5.9 |
|
| Adjusted EBITDA from continuing operations | $ | 262.0 |
| | $ | 83.2 |
| | $ | (1.1 | ) | | $ | 25.9 |
| | $ | (3.7 | ) | | $ | (59.9 | ) | | $ | 306.4 |
|
