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LOUISIANA-PACIFIC REPORTS RECORD SALES AND NEAR RECORD EARNINGS

 PORTLAND, Ore., Jan. 27 /PRNewswire/ -- Louisiana-Pacific Corp. (L-P) (NYSE: LPX) today reported near record results for 1992.
 The company earned $176.9 million in 1992, up 216 percent from the $55.9 million earned in 1991. Record sales of $2.18 billion represent a 28-percent increase over 1991 sales of $1.7 billion. On a per-share basis, the company earned $3.26 a share in 1992 compared to $1.03 a share last year. Both per-share figures reflect a three-for-two stock split paid by L-P in June of 1992.
 In the fourth quarter, Louisiana-Pacific earned $41.1 million on sales of $528.7 million. This compares with 1991 fourth-quarter earnings of $8.8 million on sales of $405.2 million. On a per-share basis, the company earned 75 cents in the fourth quarter of 1992 compared to 16 cents in the same period last year. Again, both figures reflect the three-for-two stock split paid in June of 1992.
 "It's exciting to celebrate our 20th anniversary on such a high note," said Harry A. Merlo, Louisiana-Pacific's chairman and president. "Our emphasis on innovative, affordable building materials made from plentiful, noncontroversial timber sources led us to this outstanding performance."
 Merlo said that many of the products L-P has developed over the past two decades have gained market share as tightening timber supplies have reduced production of conventional wood products and caused prices to increase. The best example is L-P's Inner-Seal(R) line of oriented strand board construction panels, siding, trim and engineered I-joists. As production of traditional building products such as plywood has been curtailed, Inner-Seal products have gained substantial market share. As a result, these Inner-Seal products accounted for more than half of L-P's operating profit in 1992.
 "This scenario is expected to continue," Merlo said. "Even under the most conservative economic forecasts for 1993, industry analysts foresee demand for construction panels exceeding supply. We'll continue to look for ways to increase our production levels, such as our plan -- announced earlier this month -- to build a construction panel manufacturing complex in Venezuela. Those plants will make use of the million-acre tree farm planted over the past 20 years by Venezuela's state-owned industrial development corporation, the Corporation Venezolana de Guayana."
 Merlo said that L-P's strong earnings came in a climate of only modest homebuilding activity and pulp markets that remain weak. The company's pulp segment, which typically accounts for about 10-15 percent of L-P's revenues, turned in a loss of about $20 million for the year.
 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 Dec. 31: Percent
 1992 1991 Change
 Net sales $528.7 $405.2 +30.5
 Income before taxes 64.0 13.8
 Net income 41.1 8.8 +367.0
 Net income per share 0.75 0.16
 Average shares outstanding 54.3 54.0
 Year Ended Dec. 31: Percent
 1992 1991 Change
 Net sales $2,184.7 $1,702.1 +28.4
 Income before taxes 283.1 87.4
 Net income 176.9 55.9 +216.5
 Net income per share 3.26 1.03
 Average shares outstanding 54.3 54.0
 SALES BY QUARTER
 (In millions)
 1st 2nd 3rd 4th Year
 1991 $362.4 $485.0 $449.5 $405.2 $1,702.1
 1992 475.5 539.1 641.4 528.7 2,184.7
 EARNINGS BY QUARTER
 (In millions)
 1st 2nd 3rd 4th Year
 1991 $ (8.6) $ 29.2 $ 26.5 $ 8.8 $ 55.9
 1992 36.0 44.1 55.7 41.1 176.9
 EARNINGS PER SHARE BY QUARTER
 1st 2nd 3rd 4th Year
 1991 $ (0.16) $ 0.54 $ 0.49 $ 0.16 $ 1.03
 1992 0.67 0.81 1.03 0.75 3.26
 CONSOLIDATED SUMMARY OF EARNINGS
 (Unaudited, dollar amounts in millions, except per share)
 Quarter Year
 Ended Dec. 31: 1992 1991 1992 1991
 Net sales $528.7 $405.2 $2,184.7 $1,702.1
 Costs and expenses:
 Cost of sales 391.7 328.4 1,620.5 1,366.3
 Selling and administrative 29.1 18.7 103.7 79.7
 Depreciation and cost of
 timber harvested 41.5 40.3 163.0 149.8
 Interest expense 4.5 6.8 21.7 31.0
 Interest income (2.1) (2.8) (7.3) (12.1)
 Total costs and expenses 464.7 391.4 1,901.6 1,614.7
 Income before taxes 64.0 13.8 283.1 87.4
 Provision for income taxes (22.9) (5.0) (106.2) (31.5)
 Net income $ 41.1 $ 8.8 $ 176.9 $ 55.9
 Net income per share $ 0.75 $ 0.16 $ 3.26 $ 1.03
 Cash dividends per share $ 0.20 $ 0.18 $ 0.78 $ 0.72
 Average shares
 outstanding 54,250 53,990 54,250 53,990
 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.
 CONSOLIDATED SUMMARY BALANCE SHEETS
 (Unaudited, dollar amounts in millions)
 Dec. 31: 1992 1991
 Current assets $ 539.1 $ 461.4
 Timber and timberlands 531.2 532.7
 Property, plant and
 equipment, net 1,070.3 1,066.1
 Investments and other assets 65.4 46.9
 Total assets $2,206.0 $2,107.1
 Current liabilities $ 295.5 $ 259.5
 Long-term debt, excluding
 current portion 386.3 492.7
 Deferred income taxes and other 163.2 151.3
 Stockholders' equity 2,206.0 1,203.6
 Total liabilities and
 stockholders' equity $2,198.0 $2,107.1
 SALES AND OPERATING PROFIT BY MAJOR PRODUCT GROUP
 (Unaudited, dollar amounts in millions)
 Quarter Year
 Ended Dec. 31: 1992 1991 1992 1991
 Sales:
 Redwood lumber $ 13.3 $ 16.5 $ 57.5 $ 64.5
 Other lumber 141.8 112.1 594.7 461.0
 Structural panel products 223.1 144.0 888.2 600.4
 Other panel products 34.3 33.4 150.5 146.3
 Other building products 79.6 63.9 308.9 259.7
 Building Products 492.1 369.9 1,999.8 1,531.9
 Pulp 36.6 35.3 184.9 170.2
 Total sales $528.7 $405.2 $2,184.7 $1,702.1
 Export sales $ 72.1 $ 74.5 $ 339.2 $ 314.9
 Operating profit (loss):
 Building products $ 92.5 $ 24.2 $ 363.5 $ 139.2
 Pulp (12.3) (3.1) (19.6) (2.7)
 Total operating profit $ 80.2 $ 21.1 $ 343.9 $ 136.5
 Unallocated expense, net (13.8) ( 3.3) (46.4) (30.2)
 Interest expense, net ( 2.4) ( 4.0) (14.4) (18.9)
 Income before taxes $ 64.0 $ 13.8 $ 283.1 $ 87.4
 SUMMARY OF PRODUCTION VOLUMES
 (Volume amounts stated in millions except pulp
 and as a percent of normal capacity)
 Quarter Year
 Ended Dec. 31: 1992 Pct 1991 Pct 1992 Pct 1991 Pct
 Redwood lumber, board ft 14 34 113 169
 Other lumber, board ft 381 404 1,737 1,669
 Total lumber 395 61 438 66 1,850 71 1,838 69
 Softwood plywood,
 sq ft 3/8" basis 355 83 349 81 1,405 80 1,318 75
 Inner-Seal/OSB, square feet
 3/8" basis 708 102 638 83 2,850 101 2,481 81
 Medium density fiberboard,
 square feet 3/4" basis 40 98 40 96 160 97 164 99
 Particleboard, square feet
 3/4" basis 78 88 82 93 335 93 324 91
 Hardboard, square feet
 1/8" basis 45 86 46 92 201 93 201 100
 Hardwood veneer, square feet
 surface measure 54 78 43 60 252 89 229 80
 Pulp, thousand short tons 102 65 56 50 459 72 365 80
 Chips 422 440 1,809 1,887
 -0- 1/27/93
 /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

SW -- SE006 -- 9459 01/27/93 08:58 EST
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