EX-99.2 3 a033114ebitdareconciliation.htm EXHIBIT 033114 EBITDA reconciliation



Exhibit 99.2 Reconciliation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarter ended March 31, 2014 and 2013.
Three Months Ended March 31, 2014 (Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
194.9

 
$
143.5

 
$
66.4

 
$
36.6

 
$
3.7

 
$
(0.4
)
 
$
444.7

Depreciation and amortization
13.6

 
4.2

 
4.6

 
2.3

 
—

 
0.9

 
25.6

Cost of sales and selling and administrative
183.2

 
120.1

 
65.5

 
30.1

 
4.4

 
26.0

 
429.3

Total operating costs
196.8

 
124.3

 
70.1

 
32.4

 
4.4

 
26.9

 
454.9

Income (loss) from operations
(1.9
)
 
19.2

 
(3.7
)
 
4.2

 
(0.7
)
 
(27.3
)
 
(10.2
)
Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(10.2
)
 
(10.2
)
Income (loss) before income taxes and equity in income of unconsolidated affiliates
(1.9
)
 
19.2

 
(3.7
)
 
4.2

 
(0.7
)
 
(37.5
)
 
(20.4
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(5.6
)
 
(5.6
)
Equity in income of unconsolidated affiliates
—

 
—

 
(0.6
)
 
—

 
—

 
—

 
(0.6
)
Income (loss) from continuing operations
$
(1.9
)
 
$
19.2

 
$
(3.1
)
 
$
4.2

 
$
(0.7
)
 
$
(31.9
)
 
$
(14.2
)
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(1.9
)
 
$
19.2

 
$
(3.1
)
 
$
4.2

 
$
(0.7
)
 
$
(31.9
)
 
$
(14.2
)
Income tax benefit
—

 
—

 
—

 
—

 
—

 
(5.6
)
 
(5.6
)
Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
7.7

 
7.7

Depreciation and amortization
13.6

 
4.2

 
4.6

 
2.3

 
—

 
0.9

 
25.6

EBITDA from continuing operations
11.7

 
23.4

 
1.5

 
6.5

 
(0.7
)
 
(28.9
)
 
13.5

Stock based compensation expense
0.2

 
0.2

 
0.1

 
—

 
—

 
1.6

 
2.1

Investment income
—

 
—

 
—

 
—

 
—

 
(1.8
)
 
(1.8
)
Expenses associated with proposed acquisition of Ainsworth Lumber Co. Ltd.
—

 
—

 
—

 
—

 
—

 
9.1

 
9.1

Adjusted EBITDA from continuing operations
$
11.9

 
$
23.6

 
$
1.6

 
$
6.5

 
$
(0.7
)
 
$
(20.0
)
 
$
22.9

 








Three Months Ended March 31, 2013
(Dollar amounts in millions)
OSB
 
Siding
 
EWP
 
South America
 
Other
 
Corporate
 
Total
Sales
$
286.7

 
$
133.8

 
$
63.4

 
$
45.1

 
$
2.7

 
$
(0.6
)
 
$
531.1

Depreciation and amortization
8.4

 
3.9

 
3.3

 
2.6

 
—

 
0.4

 
18.6

Cost of sales and selling and administrative
188.2

 
109.2

 
63.4

 
36.2

 
3.9

 
21.5

 
422.4

Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.6

 
1.6

Total operating costs
196.6

 
113.1

 
66.7

 
38.8

 
3.9

 
23.5

 
442.6

Income (loss) from operations
90.1

 
20.7

 
(3.3
)
 
6.3

 
(1.2
)
 
(24.1
)
 
88.5

Total non-operating expense
—

 
—

 
—

 
—

 
—

 
(7.8
)
 
(7.8
)
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates
90.1

 
20.7

 
(3.3
)
 
6.3

 
(1.2
)
 
(31.9
)
 
80.7

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
22.9

 
22.9

Equity in (income) loss of unconsolidated affiliates
(8.0
)
 
—

 
0.2

 
—

 
0.6

 
—

 
(7.2
)
Income (loss) from continuing operations
$
98.1

 
$
20.7

 
$
(3.5
)
 
$
6.3

 
$
(1.8
)
 
$
(54.8
)
 
$
65.0

Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
98.1

 
$
20.7

 
$
(3.5
)
 
$
6.3

 
$
(1.8
)
 
$
(54.8
)
 
$
65.0

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
22.9

 
22.9

Interest expense, net of capitalized interest
—

 
—

 
—

 
—

 
—

 
10.6

 
10.6

Depreciation and amortization
8.4

 
3.9

 
3.3

 
2.6

 
—

 
0.4

 
18.6

EBITDA from continuing operations
106.5

 
24.6

 
(0.2
)
 
8.9

 
(1.8
)
 
(20.9
)
 
117.1

Stock based compensation expense
0.2

 
0.1

 
0.1

 
—

 
—

 
1.7

 
2.1

Investment income
—

 
—

 
—

 
—

 
—

 
(3.5
)
 
(3.5
)
Other operating credits and charges, net
—

 
—

 
—

 
—

 
—

 
1.6

 
1.6

Depreciation included in equity in income (loss) of unconsolidated affiliates
2.0

 
—

 
—

 
—

 
0.8

 
—

 
2.8

Adjusted EBITDA from continuing operations
$
108.7

 
$
24.7

 
$
(0.1
)
 
$
8.9

 
$
(1.0
)
 
$
(21.1
)
 
$
120.1