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Press Release: LP Reports First Quarter 2018 -2-

7 May 2018 10:55 am
 operation before taxes                   (5.3)            -- 
Benefit for income taxes                  (1.3)            -- 
                                 -------------      --------- 
Loss from discontinued 
 operations                               (4.0)            -- 
                                 -------------      --------- 
 
Net income                        $       90.9      $    55.0 
                                     =========       ======== 
 
Net income per share of common 
 stock: 
   Income from continuing 
    operations                    $       0.66      $    0.38 
   Loss from discontinued 
    operations                           (0.03)            -- 
                                 -------------      --------- 
   Net income per share - basic   $       0.63      $    0.38 
                                     =========       ======== 
Diluted net income per share of 
 common stock: 
   Income from continuing 
    operations                    $       0.65      $    0.38 
   Loss from discontinued 
    operations                           (0.03)            -- 
                                 -------------      --------- 
   Net income per share - 
    diluted                       $       0.62      $    0.38 
                                     =========       ======== 
 
Weighted average shares of 
 stock outstanding - basic               144.7          144.2 
                                 =============      ========= 
Weighted average shares of 
 stock outstanding - diluted             146.7          145.9 
                                 =============      ========= 
 
 
 
 
 
 
 
 
CONSOLIDATED BALANCE SHEETS 
 LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES 
 (Dollar amounts in millions) (Unaudited) 
 
                          March 31, 2018     December 31, 2017 
                         ----------------  --------------------- 
ASSETS 
Cash and cash 
 equivalents              $        895.7    $           928.0 
Receivables, net of 
 allowance for doubtful 
 accounts of $0.9 
 million at March 31, 
 2018 and December 31, 
 2017                              149.3                142.5 
Inventories                        329.4                259.1 
Prepaid expenses and 
 other current assets                9.0                  7.8 
Current portion of 
 notes receivable from 
 asset sales                        22.2                 22.2 
                         ---------------   ------------------ 
Total current assets             1,405.6              1,359.6 
Timber and timberlands              53.9                 55.7 
Property, plant and 
 equipment, net                    932.1                926.1 
Goodwill and other 
 intangible assets                  26.6                 26.7 
Investments in and 
 advances to 
 affiliates                          8.5                  7.8 
Restricted cash                     13.4                 13.3 
Other assets                        56.6                 56.8 
Deferred tax asset                   2.5                  2.5 
                         ---------------   ------------------ 
Total assets              $      2,499.2    $         2,448.5 
                             ===========       ============== 
LIABILITIES AND EQUITY 
Current portion of 
 long-term debt           $         25.1    $            25.1 
Accounts payable and 
 accrued liabilities               187.5                237.1 
Income taxes payable                21.6                  4.5 
Current portion of 
 contingency reserves                3.4                  3.4 
                         ---------------   ------------------ 
Total current 
 liabilities                       237.6                270.1 
                         ---------------   ------------------ 
Long-term debt, 
 excluding current 
 portion                           351.1                350.8 
Deferred income taxes               39.6                 33.4 
Contingency reserves, 
 excluding current 
 portion                            14.5                 11.7 
Other long-term 
 liabilities                       184.0                178.0 
Stockholders' equity: 
Common stock                       153.4                153.4 
Additional paid-in 
 capital                           462.7                470.6 
Retained earnings                1,364.4              1,280.1 
Treasury stock                    (173.2)              (177.5) 
Accumulated 
 comprehensive loss               (134.9)              (122.1) 
                         ---------------   ------------------ 
Total stockholders' 
 equity                          1,672.4              1,604.5 
                         ---------------   ------------------ 
Total liabilities and 
 stockholders' equity     $      2,499.2    $         2,448.5 
                             ===========       ============== 
 
 
 
 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT 
 LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES 
 (Dollar amounts in millions) (Unaudited) 
 
                                     Quarter Ended March 31, 
                                 ------------------------------- 
                                       2018             2017 
                                 -----------------  ------------ 
CASH FLOWS FROM OPERATING 
 ACTIVITIES: 
Net income                        $       90.9      $    55.0 
Adjustments to reconcile net 
 income to net cash provided by 
 operating activities: 
Depreciation and amortization             31.0           30.6 
Equity in income of 
 unconsolidated affiliates, 
 including dividends                      (0.8)          (0.6) 
(Gain) loss on sale or 
 impairment of long-lived 
 assets, net                              (0.6)           0.6 
Other operating credits and 
 charges, net                             (0.4)           3.4 
Stock-based compensation 
 related to stock plans                    2.2            4.1 
Exchange (gain) loss on 
 remeasurement                            (0.1)           0.2 
Cash settlements of warranties, 
 net of accruals                          (0.9)          (3.2) 
Accrual of contingencies, 
net of cash settlements                    4.8             -- 
Pension expense, net of 
 contributions                             1.6            1.4 
Non-cash interest expense, net             0.8            0.1 
Other adjustments, net                     0.1            0.3 
Changes in assets and 
 liabilities: 
   Increase in receivables               (29.2)         (39.7) 
   Increase in inventories               (54.0)         (24.8) 
   Increase in prepaid expenses           (1.2)          (0.6) 
   Decrease in accounts payable 
    and accrued liabilities              (38.0)         (19.9) 
   Increase in income taxes               24.5           13.9 
                                 -------------      --------- 
Net cash provided by operating 
 activities                               30.7           20.8 
                                 -------------      --------- 
CASH FLOWS FROM INVESTING 
 ACTIVITIES: 
Property, plant and equipment 
 additions                               (43.2)         (26.1) 
Proceeds from sales of 
assets                                     0.8             -- 
Other investing activities                (0.2)           0.2 
                                 -------------      --------- 
Net cash used in investing 
 activities                              (42.6)         (25.9) 
                                 -------------      --------- 
CASH FLOWS FROM FINANCING 
 ACTIVITIES: 
Repayment of long-term debt               (0.1)          (1.2) 
Payment of cash dividend                 (18.9)            -- 
Sale of common stock, net of 
 cash payments under equity 
 plans                                     0.1            0.4 
Taxes paid related to net share 
 settlement of equity awards              (5.7)          (4.7) 
Other financing activities                 3.1             -- 
                                 -------------      --------- 
Net cash used in financing 
 activities                              (21.5)          (5.5) 
                                 -------------      --------- 
EFFECT OF EXCHANGE RATE ON 
 CASH, CASH EQUIVALENTS AND 
 RESTRICTED CASH                           1.2            0.7 
                                 -------------      --------- 
Net decrease in cash, cash 
 equivalents and restricted 
 cash                                    (32.2)          (9.9) 
Cash, cash equivalents and 
 restricted cash at beginning 
 of period                               941.3          672.5 
                                 -------------      --------- 
Cash, cash equivalents and 
 restricted cash at end of 
 period                           $      909.1      $   662.6 
                                     =========       ======== 
 
 
 
 
 
 
 
 
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES 
 SELECTED SEGMENT INFORMATION 
 (Dollar amounts in millions) (Unaudited) 
 
                                     Quarter Ended March 31, 
                                 ------------------------------- 
                                       2018             2017 
                                 -----------------  ------------ 
Net sales: 
   Siding                         $      227.0      $   214.0 
   OSB                                   313.3          268.4 
   EWP                                   100.7           82.1 
   South America                          42.4           37.8 
   Other                                   7.9            8.7 
   Intersegment sales                       --           (0.1) 
                                 -------------      --------- 
                                  $      691.3      $   610.9 
                                     =========       ======== 
Operating profit (loss): 
   Siding                         $       45.3      $    40.7 
   OSB                                    97.4           60.8 
   EWP                                     2.8            0.8 
   South America                           8.9            5.1 
   Other                                  (0.9)          (0.2) 

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