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: May 6, 2008
Commission File Number 1-7107
LOUISIANA-PACIFIC
CORPORATION
(Exact name of registrant as specified in its charter)
|
DELAWARE |
|
1-7107 Commission File |
|
93-0609074 |
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 May 6, 2008 Louisiana - Pacific Corporation issued a press release announcing financial results for the fiscal quarter ended March 31, 2008, 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 May 6, 2008 regarding First Quarter ended March 31, 2008 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 |
|
|
|
Financial Officer |
|
|
|
(Principal Financial Officer) |
Date: May 6, 2008
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) TUESDAY, MAY 6, 2008
LP Reports First Quarter 2008 Results
Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today a first quarter net loss of $46 million, or $0.45 per diluted share, on sales from continuing operations of $349 million. In the first quarter of 2007, LP’s net loss was $37 million, or $0.36 per diluted share, on sales from continuing operations of $395 million.
For the first quarter of 2008, loss from continuing operations was $46 million, or $0.45 per diluted share. In the first quarter of 2007, LP’s loss from continuing operations was $36 million, or $0.35 per diluted share.
“The continued weakness in the housing sector resulted in LP reporting a loss for the first quarter,” said Rick Frost, CEO. “We took significant downtime at most of our mills to balance production to lowered demand. Based upon the current inventory of existing homes, difficulties in the mortgage market, energy related raw materials costs and the possibility of a mild recession; we expect these conditions to continue for at least the next several quarters.”
At 11:00 a.m. ET (8:00 a.m. PT) today, LP will host a webcast on its first quarter 2008 financial results. To access the live webcast and accompanying presentation, visit www.lpcorp.com and
1
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, |
|
||||
|
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
|
||
|
Net sales |
|
$ |
349.4 |
|
$ |
394.6 |
|
|
|
|
|
|
|
|
||
|
Loss before income taxes and equity in earnings of unconsolidated affiliates |
|
$ |
(75.5 |
) |
$ |
(64.1 |
) |
|
|
|
|
|
|
|
||
|
Loss from continuing operations excluding (gain) loss on sale or impairment of long-lived assets, other operating credits and charges, net and other than temporary impairment of investments |
|
$ |
(48.1 |
) |
$ |
(32.7 |
) |
|
|
|
|
|
|
|
||
|
Loss from continuing operations |
|
$ |
(45.9 |
) |
$ |
(36.1 |
) |
|
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(46.4 |
) |
$ |
(37.4 |
) |
|
|
|
|
|
|
|
||
|
Net loss per share - basic and diluted |
|
$ |
(0.45 |
) |
$ |
(0.36 |
) |
|
|
|
|
|
|
|
||
|
Average shares outstanding (in millions) |
|
|
|
|
|
||
|
Basic and diluted |
|
102.9 |
|
104.1 |
|
||
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:
|
Loss from continuing operations |
|
$ |
(45.9 |
) |
$ |
(36.1 |
) |
|
|
|
|
|
|
|
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
(0.4 |
) |
5.5 |
|
||
|
Other operating credits and charges, net |
|
(4.0 |
) |
— |
|
||
|
Other than temporary impairment of investments |
|
0.8 |
|
— |
|
||
|
|
|
(3.6 |
) |
5.5 |
|
||
|
(Provision) benefit for income taxes on above items |
|
1.4 |
|
(2.1 |
) |
||
|
|
|
(2.2 |
) |
3.4 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
(48.1 |
) |
$ |
(32.7 |
) |
|
|
|
|
|
|
|
||
|
Per share - basic and diluted |
|
$ |
(0.47 |
) |
$ |
(0.31 |
) |
3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
|
||
|
Net Sales |
|
$ |
349.4 |
|
$ |
394.6 |
|
|
|
|
|
|
|
|
||
|
Operating costs and expenses |
|
|
|
|
|
||
|
Cost of sales |
|
372.8 |
|
391.7 |
|
||
|
Depreciation, amortization and cost of timber harvested |
|
26.6 |
|
28.5 |
|
||
|
Selling and administrative |
|
40.1 |
|
40.3 |
|
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
(0.4 |
) |
5.5 |
|
||
|
Other operating credits and charges, net |
|
(4.0 |
) |
— |
|
||
|
Total operating costs and expenses |
|
435.1 |
|
466.0 |
|
||
|
|
|
|
|
|
|
||
|
Loss from operations |
|
(85.7 |
) |
(71.4 |
) |
||
|
|
|
|
|
|
|
||
|
Non-operating income (expense) |
|
|
|
|
|
||
|
Foreign currency exchange gain (loss) |
|
9.4 |
|
(2.8 |
) |
||
|
Other than temporary investment impairment |
|
(0.8 |
) |
— |
|
||
|
Interest expense, net of capitalized interest |
|
(11.2 |
) |
(10.3 |
) |
||
|
Investment income |
|
12.8 |
|
20.4 |
|
||
|
Total non-operating income (expense) |
|
10.2 |
|
7.3 |
|
||
|
|
|
|
|
|
|
||
|
Loss before income taxes and equity in loss of unconsolidated affiliates |
|
(75.5 |
) |
(64.1 |
) |
||
|
Benefit for income taxes |
|
(35.9 |
) |
(31.3 |
) |
||
|
Equity in loss of unconsolidated affiliates |
|
6.3 |
|
3.3 |
|
||
|
|
|
|
|
|
|
||
|
Loss from continuing operations |
|
(45.9 |
) |
(36.1 |
) |
||
|
|
|
|
|
|
|
||
|
Discontinued operations |
|
|
|
|
|
||
|
Loss from discontinued operations before income taxes |
|
(0.8 |
) |
(2.2 |
) |
||
|
Benefit for income taxes |
|
(0.3 |
) |
(0.9 |
) |
||
|
Loss from discontinued operations |
|
(0.5 |
) |
(1.3 |
) |
||
|
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(46.4 |
) |
$ |
(37.4 |
) |
|
|
|
|
|
|
|
||
|
Net loss per share of common stock (basic): |
|
|
|
|
|
||
|
Loss from continuing operations |
|
$ |
(0.45 |
) |
$ |
(0.35 |
) |
|
Loss from discontinued operations |
|
— |
|
(0.01 |
) |
||
|
Net loss - per share basic |
|
$ |
(0.45 |
) |
$ |
(0.36 |
) |
|
|
|
|
|
|
|
||
|
Net loss per share of common stock (diluted): |
|
|
|
|
|
||
|
Loss from continuing operations |
|
$ |
(0.45 |
) |
$ |
(0.35 |
) |
|
Loss from discontinued operations |
|
— |
|
(0.01 |
) |
||
|
Net loss - per share diluted |
|
$ |
(0.45 |
) |
$ |
(0.36 |
) |
|
|
|
|
|
|
|
||
|
Average shares of stock outstanding - basic and diluted |
|
102.9 |
|
104.1 |
|
||
4
CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
March 31, 2008 |
|
December 31, 2007 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
211.7 |
|
$ |
352.1 |
|
|
Short-term investments |
|
202.1 |
|
180.1 |
|
||
|
Receivables, net |
|
305.7 |
|
243.1 |
|
||
|
Inventories |
|
224.8 |
|
212.1 |
|
||
|
Prepaid expenses and other current assets |
|
4.9 |
|
7.6 |
|
||
|
Deferred income taxes |
|
0.5 |
|
0.5 |
|
||
|
Current portion of notes receivable from asset sales |
|
74.4 |
|
74.4 |
|
||
|
Current assets of discontinued operations |
|
4.5 |
|
6.0 |
|
||
|
Total current assets |
|
1,028.6 |
|
1,075.9 |
|
||
|
|
|
|
|
|
|
||
|
Timber and timberlands |
|
60.1 |
|
64.1 |
|
||
|
|
|
|
|
|
|
||
|
Property, plant and equipment |
|
2,284.1 |
|
2,257.7 |
|
||
|
Accumulated depreciation |
|
(1,206.1 |
) |
(1,180.9 |
) |
||
|
Net property, plant and equipment |
|
1,078.0 |
|
1,076.8 |
|
||
|
Goodwill |
|
273.5 |
|
273.5 |
|
||
|
Notes receivable from asset sales |
|
258.6 |
|
258.6 |
|
||
|
Restricted cash |
|
69.2 |
|
61.2 |
|
||
|
Long-term investments |
|
128.2 |
|
152.9 |
|
||
|
Investments in and advances to affiliates |
|
197.0 |
|
198.2 |
|
||
|
Other assets |
|
59.7 |
|
63.1 |
|
||
|
Long-term assets of discontinued operations |
|
5.0 |
|
5.0 |
|
||
|
Total assets |
|
$ |
3,157.9 |
|
$ |
3,229.3 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND EQUITY |
|
|
|
|
|
||
|
Current portion of long-term debt |
|
$ |
122.3 |
|
$ |
127.6 |
|
|
Short-term notes payable |
|
83.7 |
|
45.2 |
|
||
|
Accounts payable and accrued liabilities |
|
188.0 |
|
222.1 |
|
||
|
Current portion of limited recourse notes payable |
|
73.5 |
|
73.5 |
|
||
|
Current portion of deferred tax liabilities |
|
4.4 |
|
4.4 |
|
||
|
Current portion of contingency reserves |
|
15.8 |
|
15.8 |
|
||
|
Total current liabilities |
|
487.7 |
|
488.6 |
|
||
|
|
|
|
|
|
|
||
|
Long-term debt, excluding current portion: |
|
|
|
|
|
||
|
Limited recourse notes payable |
|
253.3 |
|
253.3 |
|
||
|
Other long-term debt |
|
240.5 |
|
232.5 |
|
||
|
Total long-term debt, excluding current portion |
|
493.8 |
|
485.8 |
|
||
|
|
|
|
|
|
|
||
|
Deferred income taxes |
|
326.3 |
|
340.0 |
|
||
|
Other long-term liabilities |
|
78.2 |
|
79.6 |
|
||
|
Contingency reserves, excluding current portion |
|
12.6 |
|
15.8 |
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock |
|
116.9 |
|
116.9 |
|
||
|
Additional paid-in capital |
|
436.3 |
|
439.0 |
|
||
|
Retained earnings |
|
1,568.3 |
|
1,630.1 |
|
||
|
Treasury stock |
|
(297.6 |
) |
(302.0 |
) |
||
|
Accumulated comprehensive loss |
|
(64.6 |
) |
(64.5 |
) |
||
|
Total stockholders’ equity |
|
1,759.3 |
|
1,819.5 |
|
||
|
Total liabilities and equity |
|
$ |
3,157.9 |
|
$ |
3,229.3 |
|
5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||
|
Net loss |
|
$ |
(46.4 |
) |
$ |
(37.4 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
||
|
Depreciation, amortization and cost of timber harvested |
|
26.6 |
|
29.3 |
|
||
|
Loss from unconsolidated affiliates |
|
6.3 |
|
3.3 |
|
||
|
(Gain) loss on sale or impairment of long-lived assets |
|
(0.4 |
) |
4.5 |
|
||
|
Other operating credits and charges, net |
|
1.8 |
|
— |
|
||
|
Exchange (gain) loss on remeasurement |
|
(7.8 |
) |
2.9 |
|
||
|
Cash settlement of contingencies |
|
(6.1 |
) |
(3.7 |
) |
||
|
Pension (payments) expense, net |
|
3.4 |
|
(5.3 |
) |
||
|
Net accretion on available for sale securities |
|
(0.6 |
) |
(3.8 |
) |
||
|
Other than temporary impairment on investments |
|
0.8 |
|
— |
|
||
|
Other adjustments, net |
|
2.7 |
|
(0.9 |
) |
||
|
Increase in receivables |
|
(62.4 |
) |
(55.6 |
) |
||
|
Increase in inventories |
|
(6.6 |
) |
(33.9 |
) |
||
|
Decrease in prepaid expenses |
|
2.0 |
|
5.8 |
|
||
|
Decrease in accounts payable and accrued liabilities |
|
(15.7 |
) |
(9.7 |
) |
||
|
(Decrease) increase in deferred income taxes |
|
(6.2 |
) |
0.2 |
|
||
|
Net cash used in operating activities |
|
(108.6 |
) |
(104.3 |
) |
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
||
|
Property, plant and equipment additions |
|
(36.8 |
) |
(57.9 |
) |
||
|
Investments and advances to joint ventures |
|
(4.7 |
) |
(5.8 |
) |
||
|
Cash paid for purchase of investments |
|
(102.0 |
) |
(703.3 |
) |
||
|
Proceeds from sale of investments |
|
91.1 |
|
859.6 |
|
||
|
Increase in restricted cash under letters of credit and credit facility requirements |
|
(8.0 |
) |
(6.5 |
) |
||
|
Other investing activities, net |
|
1.0 |
|
1.5 |
|
||
|
Net cash (used in) provided by investing activities |
|
(59.4 |
) |
87.6 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
||
|
Borrowings of long-term debt |
|
8.0 |
|
8.0 |
|
||
|
Repayment of long-term debt |
|
(0.1 |
) |
(0.1 |
) |
||
|
Net borrowings under revolving credit lines and short-term notes payable |
|
38.5 |
|
66.0 |
|
||
|
Payment of cash dividends |
|
(15.4 |
) |
(15.6 |
) |
||
|
Sale of common stock under equity plans |
|
— |
|
0.1 |
|
||
|
Net cash provided by financing activities |
|
31.0 |
|
58.4 |
|
||
|
|
|
|
|
|
|
||
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS: |
|
(3.4 |
) |
— |
|
||
|
|
|
|
|
|
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
(140.4 |
) |
41.7 |
|
||
|
Cash and cash equivalents at beginning of period |
|
352.1 |
|
265.7 |
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents at end of period |
|
$ |
211.7 |
|
$ |
307.4 |
|
6
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2008 |
|
2007 |
|
||
|
|
|
|
|
|
|
||
|
Net sales: |
|
|
|
|
|
||
|
OSB |
|
$ |
154.9 |
|
$ |
188.9 |
|
|
Siding |
|
107.1 |
|
104.1 |
|
||
|
Engineered Wood Products |
|
60.6 |
|
80.2 |
|
||
|
Other |
|
28.6 |
|
23.8 |
|
||
|
Less: Intersegment sales |
|
(1.8 |
) |
(2.4 |
) |
||
|
|
|
$ |
349.4 |
|
$ |
394.6 |
|
|
|
|
|
|
|
|
||
|
Operating profit (loss): |
|
|
|
|
|
||
|
OSB |
|
$ |
(62.1 |
) |
$ |
(64.5 |
) |
|
Siding |
|
0.3 |
|
9.4 |
|
||
|
Engineered Wood Products |
|
(8.1 |
) |
6.4 |
|
||
|
Other |
|
(2.5 |
) |
2.4 |
|
||
|
Other operating credits and charges, net |
|
4.0 |
|
— |
|
||
|
Gain (loss) on sales or impairment of long-lived assets |
|
0.4 |
|
(5.5 |
) |
||
|
General corporate and other expenses, net |
|
(24.0 |
) |
(22.9 |
) |
||
|
Foreign currency gains (losses) |
|
9.4 |
|
(2.8 |
) |
||
|
Other than temporary impairment of investments |
|
(0.8 |
) |
— |
|
||
|
Investment income |
|
12.8 |
|
20.4 |
|
||
|
Interest expense, net of capitalized interest |
|
(11.2 |
) |
(10.3 |
) |
||
|
Income (loss) from operations before income taxes |
|
(81.8 |
) |
(67.4 |
) |
||
|
Provision (benefit) for income taxes |
|
(35.9 |
) |
(31.3 |
) |
||
|
Income (loss) from continuing operations |
|
$ |
(45.9 |
) |
$ |
(36.1 |
) |
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. 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 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.
In the first quarter of 2008, LP recorded a net gain of $4.0 associated with product related warranty reserves and insurance settlements associated with LP hardboard class action suit and other associated hardboard siding liabilities.
3. During the first quarter of 2008, LP recorded other comprehensive losses of $12.7 million ($7.8 million after-tax) as a reduction to shareholders’ equity associated with LP’s auction rate security holdings due to further temporary declines in the estimated fair value.
4. Income Taxes
|
|
|
Quarter Ended March 31, |
|
||||
|
|
|
2008 |
|
2007 |
|
||
|
Loss from continuing operations |
|
$ |
(81.8 |
) |
$ |
(67.4 |
) |
|
Loss from discontinued operations |
|
(0.8 |
) |
(2.2 |
) |
||
|
|
|
(82.6 |
) |
(69.6 |
) |
||
|
Total tax benefit |
|
36.2 |
|
32.2 |
|
||
|
Net loss |
|
$ |
(46.4 |
) |
$ |
(37.4 |
) |
Accounting standards require that income tax expense for interim periods be determined by applying the estimated annual effective income tax rate, by income component, to year-to-date income or loss at the end of each quarter, then adding or subtracting the impact of any changes in reserve requirements or statutory tax rate changes, if any. 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 quarter ended March 31, 2008 and March 31, 2007, the primary differences between the U.S. statutory rate of 35% and the effective rate on continuing operations relate to our foreign debt structure, state income taxes and deductible foreign income taxes.
The components and associated effective income tax rates applied to each period are as follows:
|
|
|
Quarter Ended March 31, |
|
||||||||
|
|
|
2008 |
|
2007 |
|
||||||
|
|
|
Tax Benefit |
|
Tax Rate |
|
Tax Benefit |
|
Tax Rate |
|
||
|
Continuing operations |
|
$ |
35.9 |
|
44 |
% |
$ |
31.3 |
|
46 |
% |
|
Discontinued operations |
|
0.3 |
|
39 |
% |
0.9 |
|
39 |
% |
||
|
|
|
$ |
36.2 |
|
44 |
% |
$ |
32.2 |
|
46 |
% |
8
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES
|
|
|
Quarter Ended March 31, |
|
||
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
Oriented strand board, million square feet 3/8” basis (1) |
|
1,067 |
|
1,350 |
|
|
|
|
|
|
|
|
|
Oriented strand board, million square feet 3/8” basis (produced by non-commodity OSB mills) |
|
113 |
|
41 |
|
|
|
|
|
|
|
|
|
Wood-based siding, million square feet 3/8” basis |
|
213 |
|
242 |
|
|
|
|
|
|
|
|
|
Engineered I-Joist, million lineal feet (1) |
|
18 |
|
35 |
|
|
|
|
|
|
|
|
|
Laminated veneer lumber (LVL), thousand cubic feet (1) |
|
1,516 |
|
2,166 |
|
(1) Includes volumes produced by joint venture operations and sold to LP and volumes produced under exclusive sales arrangements.
9