logo
Share SHARE
FONT-SIZE Plus   Neg

Louisiana Pacific Adjusts Its 2011 Results To Reflect Non-cash Impairment Charge

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
General Motors (GM) announced on Wednesday that it has been approved to voluntarily delist from the Toronto Stock Exchange. The auto giant reassured its shareholders that the TSX delisting will not impact its current listing on the New York Stock Exchange. Subsequent to the bankruptcy filing of German no frills airline Air Berlin (AIBEF.PK), Lufthansa airline is strongly pursuing to acquire Air Berlin. Meanwhile, Ryanair, its Irish rival, accused conspiracy in the deal and said that the acquisition move will breach the existing competition rules in Germany in general and EU in particular. The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, a UK labor union reported. Britain's Unite union claimed on Tuesday that the bank informed its staff about a further 40 percent cut of permanent IT jobs, which is said to be part of ongoing deep cost-cutting at the taxpayer-owned bank. The bank also plans a 65 percent reduction of contractors.
comments powered by Disqus
Follow RTT