LP restates a larger loss for 2011
Louisiana-Pacific Corp. reported that it has adjusted its 2011 results to reflect a wider loss in 2011.
After the adjustment, LP’s 2011 net loss was $181.3 million. On Feb. 7, LP reported a net loss of $170.7 million.
The adjustment comes from 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 building product company said that on Feb. 24, 2012, it 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.