EX-99.2 3 dex992.htm RECONCILIATION OF EBITDA AND ADJUSTED EBITDA FROM CONTINUING OPERATIONS

Reconciliation of EBITDA and Adjusted EBITDA from continuing operations

Exhibit 99.2

(Dollar amounts in millions)		OSB				Siding			EWP				Other				Corporate				Total
Three Months Ended March 31, 2010
Sales		$	117.0			$	89.6		$	48.8			$	41.2			$	—			$	296.6
Depreciation and amortization			8.6				5.1			3.4				2.7				0.6				20.4
Cost of sales and selling and administrative			113.3				76.0			51.8				37.4				19.2				297.7
(Gain) loss on sale or impairment of long lived assets																		1.3				1.3
Other operating credits and charges, net																		(0.1	)			(0.1	)
Total operating costs			121.9				81.1			55.2				40.1				21.0				319.3
Income (loss) from operations			(4.9	)			8.5			(6.4	)			1.1				(21.0	)			(22.7	)
Total non-operating income (expense)																		(9.4	)			(9.4	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates			(4.9	)			8.5			(6.4	)			1.1				(30.4	)			(32.1	)
Provision (benefit) for income taxes																		(10.3	)			(10.3	)
Equity in (income) loss of unconsolidated affiliates			(0.4	)						0.2				0.9								0.7
Income (loss) from continuing operations			(4.5	)			8.5			(6.6	)			0.2				(20.1	)			(22.5	)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations			(4.5	)			8.5			(6.6	)			0.2				(20.1	)			(22.5	)
Income tax benefit																		(10.3	)			(10.3	)
Interest expense, net of capitalized interest																		16.8				16.8
Depreciation and amortization			8.6				5.1			3.4				2.7				0.6				20.4
EBITDA from continuing operations			4.1				13.6			(3.2	)			2.9				(13.0	)			4.4
Stock based compensation expense			0.2				0.2			0.1				—				2.7				3.2
(Gain) loss on sale or impairment of long lived assets																		1.3				1.3
Investment income																		(5.9	)			(5.9	)
Other operating credits and charges, net																		(0.1	)			(0.1	)
Adjusted EBITDA from continuing operations		$	4.3			$	13.8		$	(3.1	)		$	2.9			$	(15.0	)		$	2.9
Three Months Ended March 31, 2009
Sales		$	72.3			$	74.7		$	30.0			$	28.5			$	—				205.5
Depreciation and amortization			7.2				4.7			3.0				3.2				1.0				19.1
Cost of sales and selling and administrative			86.8				67.9			36.0				23.8				18.1				232.6
(Gain) loss on sale or impairment of long lived assets																		0.1				0.1
Other operating credits and charges, net																		(3.8	)			(3.8	)
Total operating costs			94.0				72.6			39.0				27.0				15.4				248.0
Loss from operations			(21.7	)			2.1			(9.0	)			1.5				(15.4	)			(42.5	)
Total non-operating income (expense)																		(4.5	)			(4.5	)
Income (loss) before income taxes and equity in earnings of unconsolidated affiliates			(21.7	)			2.1			(9.0	)			1.5				(19.9	)			(47.0	)
Provision (benefit) for income taxes																		(19.3	)			(19.3	)
Equity in (income) loss of unconsolidated affiliates			2.5							0.2				(0.1	)							2.6
Income (loss) from continuing operations			(24.2	)			2.1			(9.2	)			1.6				(0.6	)			(30.3	)
Reconciliation of income (loss) from continuing operations to adjusted EBITDA from continuing operations
Income (loss) from continuing operations			(24.2	)			2.1			(9.2	)			1.6				(0.6	)			(30.3	)
Income tax benefit																		(19.3	)			(19.3	)
Interest expense, net of capitalized interest																		12.9				12.9
Depreciation and amortization			7.2				4.7			3.0				3.2				1.0				19.1
EBITDA from continuing operations			(17.0	)			6.8			(6.2	)			4.8				(6.0	)			(17.6	)
Stock based compensation expense			0.2				0.2			—				—				1.4				1.8
(Gain) loss on sale or impairment of long lived assets																		0.1				0.1
Gain on early debt extinguishment																		(0.6	)			(0.6	)
Investment income																		(6.1	)			(6.1	)
Other operating credits and charges, net																		(3.8	)			(3.8	)
Other than temporary asset impairment																		0.9				0.9
Adjusted EBITDA from continuing operations		$	(16.8	)		$	7.0		$	(6.2	)		$	4.8			$	(14.1	)		$	(25.3	)