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LOUISIANA-PACIFIC COMPLETES BEST QUARTER EVER

 PORTLAND, Ore., April 20 /PRNewswire/ -- Louisiana-Pacific Corp. (L-P) (NYSE: LPX) today reported the best quarterly sales and earnings in its 20-year history.
 The company earned a record $87.7 million in the first quarter, a 144-percent increase over the $36.0 million earned in the first quarter of 1992. Sales jumped to a record $649.2 million, up 37 percent from sales of $475.5 million in the first quarter of 1992. On a per-share basis, the company earned a record $1.60 in this year's first quarter compared to 67 cents a year ago. Both per-share figures reflect a three-for-two stock split paid by L-P in June of 1992. The 1993 earnings figures do not include the cumulative effects of adoption by L-P of two new accounting standards.
 "Prices of many building products reached record highs in the quarter as demand improved and supplies remained tight," said Harry A. Merlo, Louisiana-Pacific's chairman and president.
 Merlo said that even running full out, the company was not able to meet demand for many of its products and had to "allocate" supplies among its customers during the quarter.
 "We continue to benefit from a product mix based on innovative, affordable building materials made from plentiful, noncontroversial timber sources. In particular, our Inner-Seal(R) oriented strand board construction panels, siding, engineered I-joists and laminated veneer lumber are setting sales records," Merlo said.
 "Although prices have backed off from the levels they reached midway through the first quarter, the underlying supply/demand relationships have not changed," Merlo said. "While stormy weather this winter and early spring curtailed building activity in many parts of the country, we still expect better demand for building products this year and reduced supplies of traditional wood building products. That's why we're continuing to expand our production capacity for Inner-Seal products."
 L-P completed its 16th oriented strand board (OSB) plant during the first quar Venezuela and has signed a letter of intent to build an OSB plant in Ireland.
 Merlo said that L-P's record earnings came despite a $17.1-million loss for the company's pulp segment, which typically accounts for about 10-15 percent of L-P's revenues. Pulp markets remain weak with no clear indication of improvement on the horizon.
 During the first quarter L-P adopted two new accounting standards resulting in a net charge of $10.4 million, or 19 cent per share. This non-cash charge is being recorded as "cumulative effects of accounting changes" and therefore did not impact operating earnings.
 Speaking about the climate for the industry in 1993, Merlo said, "We are encouraged by the attention given to timber issues by the Clinton Administration, particularly their interest in breaking the stranglehold on forest resources currently imposed by endless court battles."
 Louisiana-Pacific is a major building products company known for its innovation in developing high-performance, affordable, environmentally sound construction materials.
 LOUISIANA-PACIFIC CORP.
 (Dollar amounts in millions except per share)
 Quarter Ended March 31 Percent
 1993(A) 1992 Change
 Net sales $ 649.2 $ 475.5 36.5
 Income before taxes 140.3 56.7
 Income 87.7 36.0 143.6
 Income per share 1.60 0.67
 Average shares outstanding 54,650 54,250
 SALES BY QUARTER (In millions)
 1st 2nd 3rd 4th Year
 1992 $475.5 $539.1 $641.4 $528.7 $2,184.7
 1993(A) 649.2
 EARNINGS BY QUARTER (In millions)
 1st 2nd 3rd 4th Year
 1992 $ 36.0 $ 44.1 $ 55.7 $ 41.1 $ 176.9
 1993(A) 87.7
 EARNINGS PER SHARE BY QUARTER
 1st 2nd 3rd 4th Year
 1992 $ 0.67 $ .81 $ 1.03 $ .75 $ 3.26
 1993(A) 1.60
 (A) Does not include cumulative effects of accounting changes.
 LOUISIANA-PACIFIC CORP.
 CONSOLIDATED SUMMARY OF EARNINGS
 (Unaudited, dollar amounts in millions except per share)
 Quarter Ended March 31: 1993 1992
 Net sales $ 649.2 $ 475.5
 Costs and expenses:
 Cost of sales 437.2 360.2
 Depreciation and cost of
 timber harvested 39.7 34.6
 Selling and administrative 30.1 20.6
 Interest expense 3.8 5.0
 Interest income (1.9) (1.6)
 Total costs and expenses 508.9 418.8
 Income before taxes and
 cumulative effects of
 accounting changes 140.3 56.7
 Provision for income taxes (52.6) (20.7)
 Income before cumulative
 effects of accounting changes 87.7 36.0
 Cumulative effects of accounting
 changes, net of income taxes
 of $1.9 (10.4) --
 Net income $ 77.3 $ 36.0
 Earnings per share:
 Income before cumulative
 effects of accounting changes $ 1.60 $ 0.67
 Cumulative effects of accounting
 changes (0.19) --
 Net income $ 1.41 $ 0.67
 Cash dividends per share $ 0.20 $ 0.18
 Average shares outstanding 54,650 54,250
 NOTES:
 (A) The number of shares and per-share information have been retroactively adjusted for a three-for-two stock split paid June 5, 1992.
 (B) The effective income tax rate is based on estimates of annual amounts of taxable income, Foreign Sales Corporation income, tax credits and other factors. These estimates are updated quarterly.
 (C) Determination of interim LIFO inventories requires estimates of year-end inventory quantities and costs. These estimates are revised quarterly and the estimated annual change in LIFO inventories is expensed equally over each quarter of the year.
 (D) During the first quarter of 1993, the company adopted the Financial Accounting Standards Board Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pension." The standard requires employers to record the cost of non-pension retirement benefits during the working years of the employee. Adoption of this standard resulted in a one-time charge of $3.2 million, net of $1.9 million in income taxes or 6 cents per share, to first quarter 1993 earnings. Additional future costs associated with adopting this new standard are immaterial.
 (F) During the first quarter of 1993, the company adopted the Financial Accounting Standards Board Statement No. 109 related to accounting for income taxes. The new standard requires that companies account for differences in the recognition of income and expenses for tax and financial reporting purposes using the tax rates applicable at the balance sheet date. Adoption of this standard resulted in a one-time, after-tax charge of $7.2 million, or 13 cents per share, to first-quarter 1993 earnings. Based on current tax law and rates, the effect of adopting this standard is not expected to have a material impact on future tax expense.
 LOUISIANA-PACIFIC CORP.
 SALES AND OPERATING PROFIT BY MAJOR PRODUCT GROUP
 (Unaudited, dollar amounts in millions)
 Quarter Ended March 31: 1993 1992
 Sales:
 Lumber $ 222.4 $ 140.7
 Structural panel products 277.0 184.1
 Other panel products 39.3 41.2
 Other building products 82.4 61.0
 Building products 621.1 427.0
 Pulp 28.1 48.5
 Total sales $ 649.2 $ 475.5
 Export sales $ 68.0 $ 90.4
 Operating profit:
 Building products $ 176.3 $ 71.4
 Pulp (17.1) (2.5)
 Total operating profit 159.2 68.9
 Unallocated expense, net (17.0) (8.8)
 Interest expense, net (1.9) (3.4)
 Income before taxes and
 cumulative effects of
 accounting changes $ 140.3 $ 56.7
 LOUISIANA-PACIFIC CORP.
 SUMMARY OF PRODUCTION VOLUMES
 (Volume amounts stated in millions except pulp
 and as a percent of normal capacity)
 Quarter Ended March 31: 1993 Pct 1992 Pct
 Lumber, board feet 446 86 454 71
 Softwood plywood,
 square feet 3/8" basis 373 104 251 59
 Inner-Seal/OSB,
 square feet 3/8" basis 745 100 647 93
 Medium density fiberboard,
 square feet 3/4" basis 42 77 40 98
 Particleboard,
 square feet 3/4" basis 86 101 89 101
 Hardboard,
 square feet 1/8" basis 41 78 45 86
 Hardwood veneer,
 square feet surface measure 69 115 62 89
 Pulp, thousand short tons 79 52 112 72
 Chips 541 405
 -0- 4/20/93
 /CONTACT: Barry Lacter of Louisiana-Pacific, 503-557-7523 (home), or 503-221-0800 (office), or fax, 503-796-0204/
 (LPX)


CO: Louisiana-Pacific Corp. ST: Oregon IN: PAP SU: ERN

LM -- SE012 -- 7812 04/20/93 08:59 EDT
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