Louisiana-Pacific Corporation (LPX) Monday announced 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.
The company stated that it had to adjust its 2011 results after having received a notification that the valuation of this joint venture had decreased significantly based upon work being performed as part of Greenfiber's annual audit.
The company revealed that the net loss for the year will be $181.30 million, or $1.36 per diluted share, after the adjustment, wider than a net loss of $170.7 million, or $1.28 per diluted share, reported previously.
The company stated that 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.
by RTT Staff Writer
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