Lp reports second quarter 2012 results
Nashville, tenn.--(business wire)--louisiana-pacific corporation (lp) (nyse: lpx) reported today results for the second quarter of 2012, which included the following: total sales for the second quarter of $428 million were higher by 18 percent compared to a year ago. loss from continuing operations was $37 million ($0.27 per diluted share). non-gaap adjusted income from continuing operations was $3 million ($0.02 per diluted share). adjusted ebitda from continuing operations for the second quarter was $37 million compared to a loss of $4 million in the second quarter of 2011. cash and cash equivalents were $427 million as of june 30, 2012. "we are pleased that lp returned to profitability in the second quarter, after adjusting for the costs associated with our successful debt refinancing,” said curt stevens, ceo. “higher osb prices and volume and continued volume growth in our siding business were the primary drivers for the improvement in our results.” for the quarter ended june 30, 2012, lp reported net sales of $428 million, an increase from $362 million in the second quarter of 2011. for the second quarter, the company reported an operating income of $19 million as compared to a loss of $24 million in the second quarter of 2011. the results for the second quarter of 2012 include an early debt extinguishment charge of $52 million associated with its recent financing. for the second quarter of 2012, lp reported a loss from continuing operations of $37 million, or $0.27 per diluted share, as compared to a loss from continuing operations of $33 million, or $0.25 per diluted share for the second quarter of 2011. oriented strand board (osb) segment lp's osb segment manufactures and distributes osb structural panel products. lp is currently operating seven facilities and has indefinitely curtailed three other facilities due to market conditions. the osb segment reported net sales for the second quarter of 2012 of $195 million, an increase from $141 million of net sales in the second quarter of 2011. for the second quarter of 2012, the osb segment reported an operating income of $17 million compared with a loss of $23 million in the second quarter of 2011. for the second quarter, lp realized an increase of $39 million in adjusted ebitda from continuing operations for this segment compared to the second quarter of 2011. for the second quarter of 2012 compared to the second quarter of 2011, sales volumes were up 13 percent with sales price increasing by 22 percent. the increase in sales price accounted for approximately a $33 million increase in both operating results and adjusted ebitda from continuing operations. siding segment lp's siding segment consists of lp smartside® siding as well as lp's prefinished canexel® siding line. these products are used in new construction as well as in the repair and remodeling markets. the siding segment reported net sales of $137 million in the second quarter of 2012, an increase of 16 percent from $119 million in the year-ago second quarter. for the second quarter of 2012, the siding segment reported operating income of $19 million compared to $11 million in the year-ago quarter. for the second quarter, lp reported $24 million in adjusted ebitda from continuing operations for this segment, an increase of $8 million compared to the second quarter of 2011. engineered wood products segment (ewp) the ewp segment is comprised of i-joist (ij), laminated veneer lumber and laminated strand lumber (lvl and lsl). these products are principally used in new construction. ewp sales in the second quarter of 2012 totaled $52 million, a slight decrease from a year ago. operating losses was $3 million for both the second quarter of 2012 and for the second quarter of 2011. for the second quarter, lp realized a decrease in adjusted ebitda from continuing operations for this segment compared to the second quarter of 2011. south america segment the south american segment consists of osb mills located in chile and brazil. south america sales in the second quarter of 2012 totaled $43 million, an increase of 8 percent from $40 million in the year-ago second quarter. for the second quarter of 2012, the south america segment reported an operating income of $4 million. for the second quarter, lp reported $6 million in adjusted ebitda from continuing operations for this segment, a slight decrease compared to the second quarter of 2011. company outlook “going into the second half of the year, we remain cautiously optimistic. though it appears that the general economy may be slowing, housing activity continues to improve,”concluded stevens. 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 as well as reconciliation of non-gaap results. 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 availability, cost and other terms of capital; the efficiency and consequences of operations improvement initiatives and cash conservation measures; 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. louisiana-pacific corporation and subsidiaries financial and quarterly data (dollar amounts in millions, except per share amounts) (unaudited) consolidated statements of income louisiana-pacific corporation and subsidiaries (dollar amounts in millions, except per share amounts) (unaudited) (1.4 ) — condensed consolidated balance sheets louisiana-pacific corporation and subsidiaries (dollar amounts in millions) (unaudited) condensed consolidated cash flow statement louisiana-pacific corporation and subsidiaries (dollar amounts in millions) (unaudited) quarter ended june 30, six months ended june 30, — (1.5 louisiana-pacific corporation and subsidiaries selected segment information (dollar amounts in millions) (unaudited) louisiana-pacific corporation and subsidiaries summary of production volumes (1) the following table sets forth production volumes for the quarter and six months ended june 30, 2012 and 2011. (1) includes volumes produced by joint venture operations or under sales arrangements and sold to lp.
