LP Adjusts Year End 2011 Results; After Adj, Net Loss was $181.3M from $170.7M Prior Reported
Louisiana-Pacific Corporation (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.
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