SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report: October 17, 1994 LOUISIANA-PACIFIC CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-7107 93-0609074 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 111 S.W. Fifth Avenue, Portland, Oregon 97204 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 221-0800 Not applicable (Former name or former address, if changed since last report) Item 5. Other Events. On October 13, 1994, the registrant issued a news release announcing its financial results for the quarter ended September 30, 1994. A copy of the news release is filed as Exhibit 99 to this report. The financial information in the news release is in summary form. Additional information respecting the financial results for the quarter will be included in the registrant's quarterly report on Form 10-Q for the quarter ended September 30, 1994, which will be filed prior to November 15, 1994. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. The following exhibit is filed with this report: Exhibit No. Description of Exhibit ----------- ---------------------- 99 News release issued by the registrant on October 13, 1994 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LOUISIANA-PACIFIC CORPORATION Date: October 17, 1994 By WILLIAM L. HEBERT William L. Hebert Treasurer
EXHIBIT 99 Louisiana-Pacific NEWS RELEASE Doing something about it. TM 111 S. W. Fifth Avenue Portland, OR 97204 503/221-0800 FAX 503/796-0107 Release No. 122-10-4 Contact: Barry Lacter FOR RELEASE AT 5:55 AM PDT THURSDAY, OCTOBER 13, 1994 Louisiana-Pacific Completes Best Quarter Ever; Nine-Month Earnings Already Surpass Best Full-Year Results in L-P History (Portland, Ore.; Oct. 13, 1994) -- Louisiana-Pacific Corp. (NYSE: LPX) today reported its best quarter ever, setting records in both earnings and sales. Third quarter 1994 earnings were a record $95.1 million, up 129 percent from 1993 third quarter earnings of $41.5 million. Third quarter sales of $818.4 were also a record, exceeding 1993 third quarter sales by 30 percent. On a per share basis, L-P earned $.86 in the third quarter of this year, compared to $.38 in the comparable quarter a year ago. "Both demand and pricing of structural panels -- particularly oriented strand board -- were exceptional during the quarter," said Harry A. Merlo, Louisiana-Pacific's chairman and president. "We also saw a return to profitability for our pulp business after 12 straight quarters of losses." Mr. Merlo said that nine-month earnings of $262.2 million already surpassed the previous full-year earnings record set last year. On a per share basis, the company earned $2.38 in the first nine months of 1994, compared to 1993 nine-month earnings of $1.78 Louisiana-Pacific is a major building products company known for its innovation in developing high-performance, affordable, environmentally sound building materials and for its commitment to totally chlorine-free paper pulp. LOUISIANA-PACIFIC CORPORATION (Dollar amounts in millions except per share)
Quarter Ended September 30, ---------------------------- 1994 1993 Change ------- ------- ------- Net sales $ 818.4 $ 629.4 30.0% Income before taxes and minority interest 155.4 84.3 Net income 95.1 41.5 129.2% Net income per share .86 .38 Average shares outstanding 110,120 109,670 Nine Months Ended September 30, ------------------------------- 1994 1993* Change ------- ------- ------- Net sales $2,291.1 $1,875.2 22.2% Income before taxes and minority interest 427.4 329.3 Income 262.2 194.9 34.5% Income per share 2.38 1.78 Average shares outstanding 110,120 109,670
SALES BY QUARTER (In millions) 1st 2nd 3rd 4th Year ------ ------ ------ ------ ------ 1993 $649.2 $596.6 $629.4 $636.1 $2,511.3 1994 698.0 774.7 818.4 EARNINGS BY QUARTER (In millions) 1st 2nd 3rd 4th Year ------ ------ ------ ------ ------ 1993* $ 87.7 $ 65.7 $ 41.5 $ 59.5 $ 254.4 1994 85.2 81.9 95.1 EARNINGS PER SHARE BY QUARTER 1st 2nd 3rd 4th Year ------ ------ ------ ------ ------ 1993* $ .80 $ .60 $ .38 $ .54 $ 2.32 1994 .77 .75 .86 *Does not include cumulative effects of accounting changes LOUISIANA-PACIFIC CORPORATION -- CONSOLIDATED SUMMARY OF EARNINGS (Dollar amounts in millions except per share) (Unaudited)
Quarter Ended Nine Months Ended September 30 September 30 ----------------- ----------------- 1994 1993 1994 1993 ------- ------- ------- ------- Net sales $ 818.4 $ 629.4 $2,291.1 $1,875.2 ------- ------- ------- ------- Costs and expenses: Cost of sales 576.6 462.6 1,622.2 1,321.3 Depreciation and cost of timber harvested 52.9 51.5 148.5 134.8 Selling and administrative 33.8 29.9 92.0 85.7 Interest expense 2.2 2.9 7.4 9.8 Interest income (2.5) (1.8) (6.4) (5.7) ------- ------- ------- ------- Total costs and expenses 663.0 545.1 1,863.7 1,545.9 ------- ------- ------- ------- Income before taxes, minority interest and accounting changes 155.4 84.3 427.4 329.3 Provision for income taxes (59.0) (42.8) (162.4) (134.4) Minority interest in income of consolidated subsidiary (1.3) (0.0) (2.8) (0.0) ------- ------- ------- ------- Income before accounting changes 95.1 41.5 262.2 194.9 Cumulative effects of accounting changes, net of income taxes of $1.9 --- --- --- (10.4) ------- ------- ------- ------- Net income $ 95.1 $ 41.5 $ 262.2 $ 184.5 ======= ======= ======= ======= Earnings per share: Income before accounting changes $ .86 $ .38 $ 2.38 $ 1.78 Cumulative effects of accounting changes --- --- --- (.09) ------- ------- ------- ------- Net income $ .86 $ .38 $ 2.38 $ 1.69 ======= ======= ======= ======= Cash dividends per share $ .125 $ .11 $ .36 $ .32 ======= ======= ======= ======= Average shares outstanding 110,120 109,670 110,120 109,670 LOUISIANA-PACIFIC CORPORATION CONSOLIDATED SUMMARY OF EARNINGS (Dollar amounts in millions except per share) (Unaudited) NOTES: (1) Earnings per share is based on the weighted average number of shares of common stock outstanding during the periods (110,120,000 in 1994 and 109,670,000 in 1993). The effect of common stock equivalents is not material. The number of shares and per share data have been retroactively adjusted for stock splits. (2) The effective income tax rate is based on estimates of annual amounts of taxable income, foreign sales corporation income and other factors. These estimates are updated quarterly. (3) 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 inventory reserves is expensed over the remainder of the year. (4) The cumulative effects of accounting changes relates to the adoption of two Financial Accounting Standards Board Statements during the first quarter of 1993. Adoption of Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" resulted in a charge of $3.2 million or $.03 per share, net of $1.9 million in income taxes. Adoption of Statement No. 109, "Accounting for Income Taxes" resulted in a charge of $7.2 million or $.06 per share. LOUISIANA-PACIFIC CORPORATION SALES AND OPERATING PROFIT BY MAJOR PRODUCT GROUP (Dollar amounts in millions) (Unaudited)
Quarter Ended Nine Months Ended September 30 September 30 ------------------ ----------------- 1994 1993 1994 1993 ------- ------- ------- ------- Sales: Structural panel products $ 327.8 $ 240.2 $ 904.1 $ 753.4 Lumber 225.5 203.4 689.0 603.1 Other panel products 62.5 53.9 179.9 143.5 Other building products 137.2 114.1 371.4 305.4 ------- ------- ------- ------- Total building products 753.0 611.6 2,144.4 1,805.4 Pulp 65.4 17.8 146.7 69.8 ------- ------- ------- ------- Total sales $ 818.4 $ 629.4 $2,291.1 $1,875.2 ======= ======= ======= ======= Export sales $ 105.3 $ 55.0 $ 264.3 $ 198.5 ======= ======= ======= ======= Operating profit: Building products $ 172.5 $ 119.5 $ 493.8 $ 429.3 Pulp 2.1 (14.4) (13.9) (43.5) ------- ------- ------- ------- Total operating profit 174.6 105.1 479.9 385.8 Unallocated expense, net (19.5) (19.7) (51.5) (52.4) Interest, net .3 (1.1) (1.0) (4.1) ------- ------- ------- ------- Income before taxes, minority interest and accounting changes $ 155.4 $ 84.3 $ 427.4 $ 329.3 ======= ======= ======= ======= LOUISIANA-PACIFIC CORPORATION SUMMARY OF PRODUCTION VOLUMES (Volume amounts stated in millions except pulp and as a percent of normal capacity)
Quarter Ended Nine Months Ended September 30 September 30 --------------- --------------- 1994 1993 1994 1993 ---- ---- ---- ---- Inner-Seal/OSB, sq ft 3/8" basis 874 99% 797 93% 2,606 99% 2,330 90% Softwood plywood, sq ft 3/8" basis 423 112% 408 114% 1,237 109% 1,144 106% Lumber, board ft 504 87% 469 90% 1,565 90% 1,336 86% Particleboard, sq ft 3/4" basis 95 108% 93 110% 281 107% 272 107% Medium Density Fiberboard, sq ft 3/4" basis 61 111% 56 103% 178 108% 153 93% Hardboard, sq ft 1/8" basis 56 106% 49 94% 166 105% 141 89% Hardwood veneer, sq ft surface measure 68 107% 64 106% 204 107% 194 108% Pulp, thousand short tons 115 75% 79 52% 309 67% 188 41% Chips, units 508 568 1,678 1,575