Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today that it has adjusted its 2011 results to reflect a non-cash impairment charge related to its investment in its U.S. Greenfiber joint venture due to information received after the release of earnings.
On Feb. 24, 2012, LP was notified that the valuation of this joint venture had decreased significantly based upon work being performed as part of Greenfiber’s annual audit. As a result of this, LP has adjusted its 2011 losses, which were previously reported in a press release dated Feb. 7, 2012.
After adjustment, LP’s 2011 net loss was $181.3 million, or $1.36 per diluted share (as compared to the previously reported net loss $170.7 million, or $1.28 per diluted share). The adjusted amounts will be reflected in the financial statements included in LP’s Annual Report on Form 10-K, which is to be filed on or before Feb. 29, 2012.
Louisiana-Pacific Corporation is a leading manufacturer of quality engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction. From manufacturing facilities in the U.S., Canada, Chile and Brazil, LP products are sold to builders and homeowners through building materials distributors and dealers and retail home centers. Founded in 1973, LP is headquartered in Nashville, Tennessee and traded on the New York Stock Exchange under LPX. For more information, visit www.lpcorp.com.
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