Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter and year ended December 31, 2014 and 2013.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 203.2 |
| | $ | 140.9 |
| | $ | 65.6 |
| | $ | 35.9 |
| | $ | 7.9 |
| | $ | — |
| | $ | 453.5 |
|
| Depreciation and amortization | 13.6 |
| | 4.4 |
| | 1.8 |
| | 2.2 |
| | 0.4 |
| | 0.9 |
| | 23.3 |
|
| Cost of sales and selling and administrative | 218.4 |
| | 122.6 |
| | 69.5 |
| | 30.9 |
| | 6.7 |
| | 23.6 |
| | 471.7 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Total operating costs | 232.0 |
| | 127.0 |
| | 71.3 |
| | 33.1 |
| | 7.1 |
| | 31.9 |
| | 502.4 |
|
| Income (loss) from operations | (28.8 | ) | | 13.9 |
| | (5.7 | ) | | 2.8 |
| | 0.8 |
| | (31.9 | ) | | (48.9 | ) |
| Total non-operating income | — |
| | — |
| | — |
| | — |
| | — |
| | (6.6 | ) | | (6.6 | ) |
| Income (loss) before income taxes and equity in income of unconsolidated affiliates | (28.8 | ) | | 13.9 |
| | (5.7 | ) | | 2.8 |
| | 0.8 |
| | (38.5 | ) | | (55.5 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.3 | ) | | (11.3 | ) |
| Equity in income of unconsolidated affiliates | — |
| | — |
| | (0.2 | ) | | — |
| | — |
| | (1.0 | ) | | (1.2 | ) |
| Income (loss) from continuing operations | $ | (28.8 | ) | | $ | 13.9 |
| | $ | (5.5 | ) | | $ | 2.8 |
| | $ | 0.8 |
| | $ | (26.2 | ) | | $ | (43.0 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (28.8 | ) | | $ | 13.9 |
| | $ | (5.5 | ) | | $ | 2.8 |
| | $ | 0.8 |
| | $ | (26.2 | ) | | $ | (43.0 | ) |
| Benefit for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (11.3 | ) | | (11.3 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Depreciation and amortization | 13.6 |
| | 4.4 |
| | 1.8 |
| | 2.2 |
| | 0.4 |
| | 0.9 |
| | 23.3 |
|
| EBITDA from continuing operations | (15.2 | ) | | 18.3 |
| | (3.7 | ) | | 5.0 |
| | 1.2 |
| | (30.2 | ) | | (24.6 | ) |
| Stock based compensation expense | 0.2 |
| | 0.2 |
| | 0.2 |
| | — |
| | — |
| | 1.9 |
| | 2.5 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| | 1.0 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (1.1 | ) | | (1.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 6.4 |
| | 6.4 |
|
| Other operating credits and charges, associated with JV's | — |
| | — |
| | — |
| | — |
| | — |
| | (0.9 | ) | | (0.9 | ) |
| Depreciation included in equity in income of unconsolidated affiliates | — |
| | — |
| | (0.1 | ) | | — |
| | — |
| | — |
| | (0.1 | ) |
| Adjusted EBITDA from continuing operations | $ | (15.0 | ) | | $ | 18.5 |
| | $ | (3.6 | ) | | $ | 5.0 |
| | $ | 1.2 |
| | $ | (22.9 | ) | | $ | (16.8 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Net sales | $ | 229.8 |
| | $ | 138.3 |
| | $ | 67.4 |
| | $ | 40.6 |
| | $ | 7.2 |
| | $ | (3.6 | ) | | $ | 479.7 |
|
| Depreciation and amortization | 15.7 |
| | 4.0 |
| | 3.3 |
| | 2.4 |
| | 0.4 |
| | 0.5 |
| | 26.3 |
|
| Cost of sales and selling and administrative | 207.5 |
| | 118.8 |
| | 68.3 |
| | 36.1 |
| | 7.2 |
| | 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 |
| | 71.6 |
| | 38.5 |
| | 7.6 |
| | 38.0 |
| | 501.7 |
|
| Income (loss) from operations | 6.6 |
| | 15.5 |
| | (4.2 | ) | | 2.1 |
| | (0.4 | ) | | (41.6 | ) | | (22.0 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (8.3 | ) | | (8.3 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | 6.6 |
| | 15.5 |
| | (4.2 | ) | | 2.1 |
| | (0.4 | ) | | (49.9 | ) | | (30.3 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (10.5 | ) | | (10.5 | ) |
| Equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | (0.6 | ) | | — |
| | — |
| | — |
| | (0.6 | ) |
| Income (loss) from continuing operations | $ | 6.6 |
| | $ | 15.5 |
| | $ | (3.6 | ) | | $ | 2.1 |
| | $ | (0.4 | ) | | $ | (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 |
| | $ | (3.6 | ) | | $ | 2.1 |
| | $ | (0.4 | ) | | $ | (39.4 | ) | | $ | (19.2 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (10.5 | ) | | (10.5 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 8.0 |
| | 8.0 |
|
| Depreciation and amortization | 15.7 |
| | 4.0 |
| | 3.3 |
| | 2.4 |
| | 0.4 |
| | 0.5 |
| | 26.3 |
|
| EBITDA from continuing operations | 22.3 |
| | 19.5 |
| | (0.3 | ) | | 4.5 |
| | — |
| | (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 |
|
| 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 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (2.0 | ) | | (2.0 | ) |
| Depreciation included in equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | 0.4 |
| | — |
| | 0.5 |
|
| Adjusted EBITDA from continuing operations | $ | 22.6 |
| | $ | 19.6 |
| | $ | — |
| | $ | 4.5 |
| | $ | 0.4 |
| | $ | (23.4 | ) | | $ | 23.7 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 855.2 |
| | $ | 617.3 |
| | $ | 281.0 |
| | $ | 150.4 |
| | $ | 32.8 |
| | $ | (1.9 | ) | | $ | 1,934.8 |
|
| Depreciation and amortization | 56.1 |
| | 17.4 |
| | 13.7 |
| | 9.1 |
| | 1.1 |
| | 3.3 |
| | 100.7 |
|
| Cost of sales and selling and administrative | 851.7 |
| | 520.1 |
| | 284.7 |
| | 130.0 |
| | 35.2 |
| | 85.6 |
| | 1,907.3 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.5 |
| | 7.5 |
|
| Total operating costs | 907.8 |
| | 537.5 |
| | 298.4 |
| | 139.1 |
| | 36.3 |
| | 93.3 |
| | 2,012.4 |
|
| Income (loss) from operations | (52.6 | ) | | 79.8 |
| | (17.4 | ) | | 11.3 |
| | (3.5 | ) | | (95.2 | ) | | (77.6 | ) |
| Total non-operating expense | — |
| | — |
| | — |
| | — |
| | — |
| | (27.4 | ) | | (27.4 | ) |
| Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | (52.6 | ) | | 79.8 |
| | (17.4 | ) | | 11.3 |
| | (3.5 | ) | | (122.6 | ) | | (105.0 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (27.2 | ) | | (27.2 | ) |
| Equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | (3.4 | ) | | — |
| | — |
| | (1.0 | ) | | (4.4 | ) |
| Income (loss) from continuing operations | $ | (52.6 | ) | | $ | 79.8 |
| | $ | (14.0 | ) | | $ | 11.3 |
| | $ | (3.5 | ) | | $ | (94.4 | ) | | $ | (73.4 | ) |
| Reconciliation of income (loss) from continuing operations to EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (52.6 | ) | | $ | 79.8 |
| | $ | (14.0 | ) | | $ | 11.3 |
| | $ | (3.5 | ) | | $ | (94.4 | ) | | $ | (73.4 | ) |
| Provision for income taxes | — |
| | — |
| | — |
| | — |
| | — |
| | (27.2 | ) | | (27.2 | ) |
| Interest expense, net of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | 29.8 |
| | 29.8 |
|
| Depreciation and amortization | 56.1 |
| | 17.4 |
| | 13.7 |
| | 9.1 |
| | 1.1 |
| | 3.3 |
| | 100.7 |
|
| EBITDA from continuing operations | 3.5 |
| | 97.2 |
| | (0.3 | ) | | 20.4 |
| | (2.4 | ) | | (88.5 | ) | | 29.9 |
|
| Stock based compensation expense | 0.9 |
| | 0.7 |
| | 0.5 |
| | — |
| | — |
| | 7.3 |
| | 9.4 |
|
| Loss on sales of and impairments of long-lived assets | — |
| | — |
| | — |
| | — |
| | — |
| | (3.1 | ) | | (3.1 | ) |
| Other operating credits and charges, net | — |
| | — |
| | — |
| | — |
| | — |
| | 7.5 |
| | 7.5 |
|
| Other operating credits and charges, associated with JV's | — |
| | — |
| | — |
| | — |
| | — |
| | (1.0 | ) | | (1.0 | ) |
| Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd. | — |
| | — |
| | — |
| | — |
| | — |
| | 6.8 |
| | 6.8 |
|
| Investment income | — |
| | — |
| | — |
| | — |
| | — |
| | (5.5 | ) | | (5.5 | ) |
| Depreciation included in equity in (income) loss of unconsolidated affiliates | — |
| | — |
| | 0.1 |
| | — |
| | — |
| | — |
| | 0.1 |
|
| Adjusted EBITDA from continuing operations | $ | 4.4 |
| | $ | 97.9 |
| | $ | 0.3 |
| | $ | 20.4 |
| | $ | (2.4 | ) | | $ | (76.5 | ) | | $ | 44.1 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 (Dollar amounts in millions) | OSB | | Siding | | EWP | | South America | | Other | | Corporate | | Total |
| Sales | $ | 1,068.1 |
| | $ | 573.8 |
| | $ | 250.4 |
| | $ | 171.5 |
| | $ | 30.6 |
| | $ | (9.2 | ) | | $ | 2,085.2 |
|
| Depreciation and amortization | 49.9 |
| | 16.4 |
| | 11.4 |
| | 10.5 |
| | 1.3 |
| | 1.8 |
| | 91.3 |
|
| Cost of sales and selling and administrative | 803.3 |
| | 471.6 |
| | 252.6 |
| | 141.0 |
| | 32.9 |
| | 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 |
| | 264.0 |
| | 151.5 |
| | 34.2 |
| | 91.5 |
| | 1,882.4 |
|
| Income (loss) from operations | 214.9 |
| | 85.8 |
| | (13.6 | ) | | 20.0 |
| | (3.6 | ) | | (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 |
| | (13.6 | ) | | 20.0 |
| | (3.6 | ) | | (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 |
| | $ | (14.6 | ) | | $ | 20.0 |
| | $ | (6.1 | ) | | $ | (138.0 | ) | | $ | 177.4 |
|
| Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations | | | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | 230.3 |
| | $ | 85.8 |
| | $ | (14.6 | ) | | $ | 20.0 |
| | $ | (6.1 | ) | | $ | (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 |
| | 11.4 |
| | 10.5 |
| | 1.3 |
| | 1.8 |
| | 91.3 |
|
| EBITDA from continuing operations | 280.2 |
| | 102.2 |
| | (3.2 | ) | | 30.5 |
| | (4.8 | ) | | (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 |
|
| Other operating credit 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 | ) |
| Early debt extinguishment | — |
| | — |
| | — |
| | — |
| | — |
| | 2.3 |
| | 2.3 |
|
| 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 loss of unconsolidated affiliates | 3.4 |
| | — |
| | 0.2 |
| | — |
| | 2.8 |
| | — |
| | 6.4 |
|
| Adjusted EBITDA from continuing operations | $ | 284.6 |
| | $ | 102.8 |
| | $ | (2.4 | ) | | $ | 30.5 |
| | $ | (2.0 | ) | | $ | (83.3 | ) | | $ | 330.2 |
|
