NASHVILLE, Tenn.--Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the first quarter of 2012, which included the following:

Total sales for the first quarter of $362 million were higher by 9 percent versus a year ago.

Loss from continuing operations was $11 million ($0.08 per diluted share).

Non-GAAP adjusted loss from continuing operations was $9 million ($0.06 per diluted share).

Adjusted EBITDA from continuing operations for the first quarter was income of $21 million compared to income of $13 million in the first quarter of 2011.

Cash and cash equivalents were $281 million as of March 31, 2012.

"All of our North American segments outperformed the same quarter last year,” said Curt Stevens, chief executive officer. “For the first time in many years, the housing news has been positive and this was reflected in our results. Of particular note was the performance of our Siding segment where operating profit improved by more than 30 percent compared to the same quarter last year and more than doubled compared to last quarter.”

For the quarter ended March 31, 2012, LP reported net sales of $362 million, an increase from $332 million in the first quarter of 2011. For the first quarter, the company reported an operating loss of $2 million as compared to a loss of $18 million in the first quarter of 2011.

For the first quarter of 2012, LP reported a loss from continuing operations of $11 million, or $0.08 per diluted share, as compared to a loss from continuing operations of $23 million, or $0.18 per diluted share for the first 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 first quarter of 2012 of $149 million, an increase from $132 million of net sales in the first quarter of 2011. For the first quarter of 2012, the OSB segment reported an operating loss of $0.3 million compared with a loss of $9 million in the first quarter of 2011. For the first quarter, LP realized an increase of $8 million in adjusted EBITDA from continuing operations for this segment compared to the first quarter of 2011. For the first quarter of 2012 compared to the first quarter of 2011, sales volumes were up 4 percent with sales price increasing by 6 percent. The increase in sales price accounted for approximately an $8 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 $113 million in the first quarter of 2012, an increase of 6 percent from $106 million in the year-ago first quarter. For the first quarter of 2012, the Siding segment reported operating income of $17 million compared to $13 million in the year-ago quarter. For the first quarter, LP reported $21 million in adjusted EBITDA from continuing operations, an increase of $4 million compared to the first 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 first quarter of 2012 totaled $49 million, a slight increase from a year ago. Operating losses decreased to $3 million for the first quarter of 2012 from $6 million for the first quarter of 2011. For the first quarter, LP realized an increase in adjusted EBITDA from continuing operations of $1 million for this segment as compared to the first quarter of 2011.

SOUTH AMERICA SEGMENT

The South American segment consists of OSB mills located in Chile and Brazil. South America sales in the first quarter of 2012 totaled $42 million, an increase of 20 percent from $35 million in the year-ago first quarter. For the first quarter of 2012, the South America segment reported an operating income of $3 million compared to $4 million in the year-ago quarter. For the first quarter, LP reported $6 million in adjusted EBITDA from continuing operations, a slight decrease compared to the first quarter of 2011.

COMPANY OUTLOOK

“We are cautiously optimistic that housing activity is on the road to recovery,” Stevens said. “We are in an excellent position to capitalize on incremental demand with the resources in place to manufacture and deliver quality products to our customers.”

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.

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