United States of America
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 25, 2007
Commission File Number 1-7107
LOUISIANA-PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
|
DELAWARE |
|
1-7107 |
|
93-0609074 |
|
(State or other
jurisdiction of |
|
Commission File |
|
(IRS Employer
Identification No.) |
414 Union Street, Suite 2000, Nashville, TN 37219
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (615) 986-5600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02 |
|
Results of Operations and Financial Condition. |
|
|
|
|
|
|
|
|
|
The information in this Form 8-K and Exhibit 99.1, attached hereto, is furnished in accordance with SEC Release No. 33-8216. The information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
|
|
|
|
|
|
|
|
|
On April 25, 2007 Louisiana - Pacific Corporation issued a press release announcing financial results for the fiscal quarter ended March 31, 2007, a copy of which is attached hereto as Exhibit 99.1. |
|
|
|
|
|
|
|
|
|
|
|
|
Item 9.01 |
|
Financial Statements, Pro Forma Financial Statements and Exhibits. |
|
|
|
|
|
|
|
(d) |
|
Exhibits. |
|
|
|
|
|
|
|
|
|
99.1 |
Press release issued by Louisiana - Pacific Corporation on April 25, 2007 regarding First Quarter ended March 31, 2007 results. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
LOUISIANA-PACIFIC CORPORATION |
|||
|
|
|
|
||
|
|
|
|
||
|
|
|
By: |
/s/ CURTIS M. STEVENS |
|
|
|
|
|
Curtis M. Stevens |
|
|
|
|
|
Executive Vice
President and Chief |
|
|
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
||
|
|
|
|
||
|
Date: April 25, 2007 |
|
|
||
3
Exhibit 99.1
|
|
|
NEWS RELEASE |
|
|
|
|
|
|
|
Release No. |
|
|
|
|
|
414 Union Street, Suite 2000 |
|
Contact: |
|
Nashville, TN 37219-1711 |
|
Mary Cohn (Media Relations) |
|
615.986.5600 |
|
615-986-5886 |
|
Fax: 615.986.5666 |
|
Mike Kinney / Becky Barckley (Investor Relations) |
|
|
|
615-986-5600 |
FOR RELEASE AT 8:00 A.M. (ET) WEDNESDAY, APRIL 25, 2007
LP Reports First Quarter 2007 Results
Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today a first quarter net loss of $37 million, or $0.36 per diluted share, on sales from continuing operations of $406 million. In the first quarter of 2006, LP’s net income was $84 million, or $0.79 per diluted share, on sales from continuing operations of $678 million.
For the first quarter of 2007, loss from continuing operations was $37 million, or $0.36 per diluted share. In the first quarter of 2006, LP’s income from continuing operations was $85 million, or $0.80 per diluted share.
“The downturn in new residential construction had a significant impact on LP’s financial results,” said Rick Frost, CEO. “While our Siding and Engineered Wood Products (EWP) segments continued to be profitable, all segments were down compared to the first quarter of 2006. OSB lost money as pricing was nearly 50% lower than the first quarter of 2006. OSB unit costs were also negatively impacted by lower volumes due to mill downtime taken for maintenance, market and operational reasons, as well as additional costs incurred due to the CN railroad work interruptions.”
“I do not see this market improving substantially for the rest of 2007,” Frost continued. “We will remain persistent in completing our strategic capital projects, working to increase market
1
share with our most important customers, and implementing cost and process improvements through our Lean Six Sigma efforts.”
At 11:00 a.m. ET (8:00 a.m. PT) today, LP will host a webcast on its first quarter 2007 financial results. To access the live webcast and accompanying presentation, visit www.lpcorp.com and go to the “Investor Relations” section from the main menu.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP’s web site at www.lpcorp.com for additional information on the company.
###
FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific Corporation’s (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company’s products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals; and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company’s Securities and Exchange Commission filings.
2
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
FINANCIAL AND QUARTERLY DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
|
|
|
Quarter Ended |
|
||||
|
|
|
March 31, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
|
|
|
|
|
|
||
|
Net sales |
|
$ |
406.0 |
|
$ |
678.3 |
|
|
|
|
|
|
|
|
||
|
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates |
|
$ |
(66.3 |
) |
$ |
128.0 |
|
|
|
|
|
|
|
|
||
|
Income (loss) from continuing operations excluding (gain) loss on sale or impairment of long-lived assets and other operating credits and charges, net |
|
$ |
(34.0 |
) |
$ |
84.9 |
|
|
|
|
|
|
|
|
||
|
Income (loss) from continuing operations |
|
$ |
(37.4 |
) |
$ |
84.9 |
|
|
|
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
(37.3 |
) |
$ |
83.7 |
|
|
|
|
|
|
|
|
||
|
Net income (loss) per share - basic and diluted |
|
$ |
(0.36 |
) |
$ |
0.79 |
|
|
|
|
|
|
|
|
||
|
Average shares outstanding (in millions) |
|
|
|
|
|
||
|
Basic |
|
104.1 |
|
105.8 |
|
||
|
Diluted |
|
104.5 |
|
106.4 |
|
||
Calculation of income (loss) from continuing operations excluding (gain) loss on sale or impairment of long-lived assets and other operating credits and charges, net:
|
Income (loss) from continuing operations |
|
$ |
(37.4 |
) |
$ |
84.9 |
|
|
|
|
|
|
|
|
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
5.5 |
|
(0.1 |
) |
||
|
Other operating credits and charges, net |
|
— |
|
0.1 |
|
||
|
|
|
5.5 |
|
— |
|
||
|
Benefit for income taxes on above items |
|
(2.1 |
) |
— |
|
||
|
|
|
3.4 |
|
— |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
(34.0 |
) |
$ |
84.9 |
|
|
|
|
|
|
|
|
||
|
Per share - basic and diluted |
|
$ |
(0.33 |
) |
$ |
0.80 |
|
3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
|
|
|
|
|
|
||
|
Net Sales |
|
$ |
406.0 |
|
$ |
678.3 |
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
||
|
Cost of sales |
|
403.7 |
|
485.5 |
|
||
|
Depreciation, amortization and cost of timber harvested |
|
29.3 |
|
34.5 |
|
||
|
Selling and administrative |
|
41.1 |
|
42.0 |
|
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
5.5 |
|
(0.1 |
) |
||
|
Other operating credits and charges, net |
|
— |
|
0.1 |
|
||
|
Total operating costs and expenses |
|
479.6 |
|
562.0 |
|
||
|
|
|
|
|
|
|
||
|
Income (loss) from operations |
|
(73.6 |
) |
116.3 |
|
||
|
|
|
|
|
|
|
||
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
|
||
|
Foreign currency exchange (loss) gain |
|
(2.8 |
) |
2.1 |
|
||
|
Interest expense, net of capitalized interest |
|
(10.3 |
) |
(13.4 |
) |
||
|
Investment income |
|
20.4 |
|
23.0 |
|
||
|
Total non-operating income (expense) |
|
7.3 |
|
11.7 |
|
||
|
|
|
|
|
|
|
||
|
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates |
|
(66.3 |
) |
128.0 |
|
||
|
Provision (benefit) for income taxes |
|
(32.2 |
) |
44.3 |
|
||
|
Equity in (earnings) loss of unconsolidated affiliates |
|
3.3 |
|
(1.2 |
) |
||
|
|
|
|
|
|
|
||
|
Income (loss) from continuing operations |
|
(37.4 |
) |
84.9 |
|
||
|
|
|
|
|
|
|
||
|
DISCONTINUED OPERATIONS |
|
|
|
|
|
||
|
Income (loss) from discontinued operations |
|
0.1 |
|
(2.0 |
) |
||
|
Benefit for income taxes |
|
— |
|
(0.8 |
) |
||
|
Income (loss) from discontinued operations |
|
0.1 |
|
(1.2 |
) |
||
|
|
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
(37.3 |
) |
$ |
83.7 |
|
|
|
|
|
|
|
|
||
|
Net income (loss) per share of common stock (basic): |
|
|
|
|
|
||
|
Income (loss) from continuing operations |
|
$ |
(0.36 |
) |
$ |
0.80 |
|
|
Loss from discontinued operations |
|
— |
|
(0.01 |
) |
||
|
Net income (loss) - per share basic |
|
$ |
(0.36 |
) |
$ |
0.79 |
|
|
|
|
|
|
|
|
||
|
Net income (loss) per share of common stock (diluted): |
|
|
|
|
|
||
|
Income (loss) from continuing operations |
|
$ |
(0.36 |
) |
$ |
0.80 |
|
|
Loss from discontinued operations |
|
— |
|
(0.01 |
) |
||
|
Net income (loss) - per share diluted |
|
$ |
(0.36 |
) |
$ |
0.79 |
|
|
|
|
|
|
|
|
||
|
Average shares of stock outstanding - basic |
|
104.1 |
|
105.8 |
|
||
|
Average shares of stock outstanding - diluted |
|
104.5 |
|
106.4 |
|
||
4
CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
March 31, 2007 |
|
December 31, 2006 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
307.4 |
|
$ |
265.7 |
|
|
Short-term investments |
|
608.7 |
|
797.0 |
|
||
|
Receivables, net |
|
211.2 |
|
157.4 |
|
||
|
Inventories |
|
282.3 |
|
246.1 |
|
||
|
Prepaid expenses and other current assets |
|
4.5 |
|
9.3 |
|
||
|
Deferred income taxes |
|
28.5 |
|
28.5 |
|
||
|
Total current assets |
|
1,442.6 |
|
1,504.0 |
|
||
|
|
|
|
|
|
|
||
|
Timber and timberlands |
|
94.8 |
|
98.7 |
|
||
|
|
|
|
|
|
|
||
|
Property, plant and equipment |
|
2,084.9 |
|
2,045.5 |
|
||
|
Accumulated depreciation |
|
(1,176.9 |
) |
(1,153.8 |
) |
||
|
Net property, plant and equipment |
|
908.0 |
|
891.7 |
|
||
|
Goodwill |
|
273.5 |
|
273.5 |
|
||
|
Notes receivable from asset sales |
|
333.0 |
|
333.0 |
|
||
|
Long-term investments |
|
76.2 |
|
40.4 |
|
||
|
Restricted cash |
|
48.4 |
|
51.8 |
|
||
|
Investments in and advances to affiliates |
|
215.5 |
|
212.9 |
|
||
|
Other assets |
|
37.0 |
|
30.4 |
|
||
|
Total assets |
|
$ |
3,429.0 |
|
$ |
3,436.4 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND EQUITY |
|
|
|
|
|
||
|
Current portion of long-term debt |
|
$ |
0.3 |
|
$ |
0.4 |
|
|
Short-term notes payable |
|
69.9 |
|
3.0 |
|
||
|
Accounts payable and accrued liabilities |
|
207.0 |
|
237.9 |
|
||
|
Current portion of deferred tax liabilities |
|
14.6 |
|
14.6 |
|
||
|
Current portion of contingency reserves |
|
9.0 |
|
9.0 |
|
||
|
Total current liabilities |
|
300.8 |
|
264.9 |
|
||
|
|
|
|
|
|
|
||
|
Long-term debt, excluding current portion: |
|
|
|
|
|
||
|
Limited recourse notes payable |
|
326.8 |
|
326.8 |
|
||
|
Other long-term debt |
|
326.7 |
|
317.8 |
|
||
|
Total long-term debt, excluding current portion |
|
653.5 |
|
644.6 |
|
||
|
|
|
|
|
|
|
||
|
Contingency reserves, excluding current portion |
|
22.0 |
|
25.6 |
|
||
|
Other long-term liabilities |
|
81.5 |
|
70.0 |
|
||
|
Deferred income taxes |
|
352.5 |
|
363.9 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock |
|
116.9 |
|
116.9 |
|
||
|
Additional paid-in capital |
|
435.2 |
|
435.8 |
|
||
|
Retained earnings |
|
1,819.4 |
|
1,870.2 |
|
||
|
Treasury stock |
|
(281.9 |
) |
(284.0 |
) |
||
|
Accumulated comprehensive loss |
|
(70.9 |
) |
(71.5 |
) |
||
|
Total stockholders’ equity |
|
2,018.7 |
|
2,067.4 |
|
||
|
Total liabilities and equity |
|
$ |
3,429.0 |
|
$ |
3,436.4 |
|
5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
(37.3 |
) |
$ |
83.7 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
|
Depreciation, amortization and cost of timber harvested |
|
29.3 |
|
34.5 |
|
||
|
Loss (earnings) of unconsolidated affiliates |
|
3.3 |
|
(1.2 |
) |
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
4.5 |
|
(0.1 |
) |
||
|
Excess tax benefits from stock-based compensation |
|
— |
|
(2.5 |
) |
||
|
Cash settlement of contingencies |
|
(3.7 |
) |
(4.5 |
) |
||
|
Pension (payments) expense, net |
|
(5.3 |
) |
2.7 |
|
||
|
Net accretion on available for sale securities |
|
(3.8 |
) |
(1.3 |
) |
||
|
Other adjustments, net |
|
1.9 |
|
0.7 |
|
||
|
Increase in receivables |
|
(55.6 |
) |
(30.6 |
) |
||
|
Increase in inventories |
|
(33.9 |
) |
(41.2 |
) |
||
|
Decrease in prepaid expenses |
|
5.8 |
|
7.1 |
|
||
|
(Decrease) increase in accounts payable and accrued liabilities |
|
(9.7 |
) |
8.3 |
|
||
|
(Decrease) increase in deferred income taxes |
|
0.2 |
|
(7.4 |
) |
||
|
Net cash (used in) provided by operating activities |
|
(104.3 |
) |
48.2 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
||
|
Property, plant, and equipment additions |
|
(57.9 |
) |
(37.6 |
) |
||
|
Investments in and advances to joint ventures |
|
(5.8 |
) |
(4.4 |
) |
||
|
Cash paid for purchase of investments |
|
(703.3 |
) |
(2,325.1 |
) |
||
|
Proceeds from sales of investments |
|
859.6 |
|
2,421.9 |
|
||
|
(Increase) decrease in restricted cash under letters of credit and credit facility requirements |
|
(6.5 |
) |
15.5 |
|
||
|
Other investing activities, net |
|
1.5 |
|
0.3 |
|
||
|
Net cash provided by investing activities |
|
87.6 |
|
70.6 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
||
|
Borrowings of long-term debt |
|
8.0 |
|
— |
|
||
|
Repayment of long-term debt |
|
(0.1 |
) |
(20.0 |
) |
||
|
Net borrowings under revolving credit lines |
|
66.0 |
|
— |
|
||
|
Payment of cash dividends |
|
(15.6 |
) |
(15.9 |
) |
||
|
Sale of common stock under equity plans |
|
0.1 |
|
4.6 |
|
||
|
Excess tax benefits from stock-based compensation |
|
— |
|
2.5 |
|
||
|
Net cash provided by (used in) financing activities |
|
58.4 |
|
(28.8 |
) |
||
|
|
|
|
|
|
|
||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
— |
|
0.5 |
|
||
|
|
|
|
|
|
|
||
|
Net increase in cash and cash equivalents |
|
41.7 |
|
90.5 |
|
||
|
Cash and cash equivalents at beginning of period |
|
265.7 |
|
607.6 |
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents at end of period |
|
$ |
307.4 |
|
$ |
698.1 |
|
6
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
Quarter Ended March 31, |
|
|||||
|
|
|
2007 |
|
2006 |
|
||
|
|
|
|
|
|
|
||
|
Net sales: |
|
|
|
|
|
||
|
OSB |
|
$ |
188.9 |
|
$ |
397.6 |
|
|
Siding |
|
104.1 |
|
120.7 |
|
||
|
Engineered Wood Products |
|
80.2 |
|
112.4 |
|
||
|
Other |
|
35.2 |
|
47.6 |
|
||
|
Less: Intersegment sales |
|
(2.4 |
) |
— |
|
||
|
|
|
$ |
406.0 |
|
$ |
678.3 |
|
|
|
|
|
|
|
|
||
|
Operating profit (loss): |
|
|
|
|
|
||
|
OSB |
|
$ |
(64.5 |
) |
$ |
111.0 |
|
|
Siding |
|
9.4 |
|
18.6 |
|
||
|
Engineered Wood Products |
|
6.4 |
|
11.3 |
|
||
|
Other |
|
(0.1 |
) |
5.4 |
|
||
|
Other operating credits and charges, net |
|
— |
|
(0.1 |
) |
||
|
Gain (loss) on sales or impairment of long-lived assets |
|
(5.5 |
) |
0.1 |
|
||
|
General corporate and other expenses, net |
|
(22.6 |
) |
(28.8 |
) |
||
|
Foreign currency gains (losses) |
|
(2.8 |
) |
2.1 |
|
||
|
Investment income |
|
20.4 |
|
23.0 |
|
||
|
Interest expense, net of capitalized interest |
|
(10.3 |
) |
(13.4 |
) |
||
|
Income (loss) from operations before income taxes |
|
(69.6 |
) |
129.2 |
|
||
|
Provision (benefit) for income taxes |
|
(32.2 |
) |
44.3 |
|
||
|
Income (loss) from continuing operations |
|
$ |
(37.4 |
) |
$ |
84.9 |
|
7
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
1. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year.
2. As of January 1, 2007, LP adopted Financial Accounting Standards Board (FASB) Staff Position AUG AIR-1, “Accounting for Planned Major Maintenance Activities” and FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109” and accordingly adjusted the beginning balance of retained earnings for these standards.
3. The major components of “Other operating credits and charges, net” and “(Gain) loss on sale or impairment of long lived assets” in the Consolidated Statements Of Income for the quarter ended March 31 are described below:
In the first quarter of 2006, LP recorded a charge of $0.1 million associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.
In the first quarter of 2007, LP recorded a charge of $5.0 million to reduce the carrying value of a sawmill mill located in Quebec to the estimated sales prices less selling costs.
4. Income Taxes
|
|
Year Ended December 31, |
|
|||||
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
Income (loss) from continuing operations |
|
$ |
(69.6 |
) |
$ |
129.2 |
|
|
Income (loss) from discontinued operations |
|
0.1 |
|
(2.0 |
) |
||
|
|
|
(69.5 |
) |
127.2 |
|
||
|
Total tax (provision) benefit |
|
32.2 |
|
(43.5 |
) |
||
|
Net income (loss) |
|
$ |
(37.3 |
) |
$ |
83.7 |
|
Accounting standards require that the estimated effective income tax rate (based upon estimated annual amounts of taxable income and expense) by income component for the year be applied to year-to-date income or loss at the end of each quarter. Each quarter the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. For the quarters ended March 31, 2007 and 2006, the primary differences between the U.S. statutory rate of 35% and the effective rate on continuing operations relate to the company’s foreign debt structure and state income taxes.
The components and associated effective income tax rates applied to each period are as follows:
|
|
Quarter Ended March 31, |
|
|||||||||
|
|
|
2007 |
|
2006 |
|
||||||
|
|
|
Tax Provision (Benefit) |
|
Tax Rate |
|
Tax Provision (Benefit) |
|
Tax Rate |
|
||
|
Continuing operations |
|
$ |
(32.2 |
) |
46 |
% |
$ |
44.3 |
|
34 |
% |
|
Discontinued operations |
|
— |
|
|
|
(0.8 |
) |
40 |
% |
||
|
|
|
$ |
(32.2 |
) |
46 |
% |
$ |
43.5 |
|
34 |
% |
8
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES
|
|
Quarter Ended March 31 |
|
|||
|
|
|
2007 |
|
2006 |
|
|
|
|
|
|
|
|
|
Oriented strand board, million square feet 3/8” basis (1) |
|
1,350 |
|
1,504 |
|
|
|
|
|
|
|
|
|
Oriented strand
board, million square feet 3/8” basis |
|
41 |
|
68 |
|
|
|
|
|
|
|
|
|
Wood-based siding, million square feet 3/8” basis |
|
242 |
|
251 |
|
|
|
|
|
|
|
|
|
Engineered I-Joist, million lineal feet(1) |
|
35 |
|
46 |
|
|
|
|
|
|
|
|
|
Laminated veneer lumber (LVL), thousand cubic feet |
|
2,166 |
|
2,963 |
|
|
|
|
|
|
|
|
|
Composite Decking, million lineal feet |
|
5 |
|
15 |
|
(1) Includes volumes produced by joint venture operations and sold to LP.
9