LPX » Topics » PART I

These excerpts taken from the LPX 10-K filed Feb 27, 2009.

PART I

 

ITEM 1. Business

General

Our company, founded in 1973 and headquartered in Nashville, Tennessee, is a leading manufacturer of building products. As of December 31, 2008, we had approximately 4,700 employees. We currently own 23 modern, strategically located facilities in the U.S. and Canada. We also own two facilities in Chile and recently acquired a 75% ownership interest in a Brazilian facility. We also operated three facilities through joint ventures, for which we are the exclusive provider of product distribution for North America. Additionally, we participate in a joint venture operation that produces cellulose insulation. Our focus is on delivering innovative, high-quality commodity and specialty building products to retail, wholesale, home building and industrial customers. Our products are used primarily in new home construction, repair and remodeling, and manufactured housing.

Business Segments

We operate in three segments: Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). In general, our businesses are affected by the level of housing starts; the level of home repairs; the availability and cost of financing; changes in industry capacity; changes in the prices we pay for raw materials and energy; changes in foreign exchange rates, primarily the Canadian dollar; and other operating costs.

PART I

 

ITEM 1. Business

General

Our company, founded in 1973 and headquartered in Nashville, Tennessee, is a leading manufacturer of building products. As of December 31, 2008, we had approximately 4,700 employees. We currently own 23 modern, strategically located facilities in the U.S. and Canada. We also own two facilities in Chile and recently acquired a 75% ownership interest in a Brazilian facility. We also operated three facilities through joint ventures, for which we are the exclusive provider of product distribution for North America. Additionally, we participate in a joint venture operation that produces cellulose insulation. Our focus is on delivering innovative, high-quality commodity and specialty building products to retail, wholesale, home building and industrial customers. Our products are used primarily in new home construction, repair and remodeling, and manufactured housing.

Business Segments

We operate in three segments: Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). In general, our businesses are affected by the level of housing starts; the level of home repairs; the availability and cost of financing; changes in industry capacity; changes in the prices we pay for raw materials and energy; changes in foreign exchange rates, primarily the Canadian dollar; and other operating costs.

PART I

 





ITEM 1.Business

General

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Our company, founded in 1973 and headquartered in Nashville, Tennessee, is a leading manufacturer of building products. As of December 31, 2008, we
had approximately 4,700 employees. We currently own 23 modern, strategically located facilities in the U.S. and Canada. We also own two facilities in Chile and recently acquired a 75% ownership interest in a Brazilian facility. We also operated
three facilities through joint ventures, for which we are the exclusive provider of product distribution for North America. Additionally, we participate in a joint venture operation that produces cellulose insulation. Our focus is on delivering
innovative, high-quality commodity and specialty building products to retail, wholesale, home building and industrial customers. Our products are used primarily in new home construction, repair and remodeling, and manufactured housing.


Business Segments

We operate in three segments:
Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). In general, our businesses are affected by the level of housing starts; the level of home repairs; the availability and cost of financing; changes in industry capacity; changes
in the prices we pay for raw materials and energy; changes in foreign exchange rates, primarily the Canadian dollar; and other operating costs.

PART I

 





ITEM 1.Business

General

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Our company, founded in 1973 and headquartered in Nashville, Tennessee, is a leading manufacturer of building products. As of December 31, 2008, we
had approximately 4,700 employees. We currently own 23 modern, strategically located facilities in the U.S. and Canada. We also own two facilities in Chile and recently acquired a 75% ownership interest in a Brazilian facility. We also operated
three facilities through joint ventures, for which we are the exclusive provider of product distribution for North America. Additionally, we participate in a joint venture operation that produces cellulose insulation. Our focus is on delivering
innovative, high-quality commodity and specialty building products to retail, wholesale, home building and industrial customers. Our products are used primarily in new home construction, repair and remodeling, and manufactured housing.


Business Segments

We operate in three segments:
Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). In general, our businesses are affected by the level of housing starts; the level of home repairs; the availability and cost of financing; changes in industry capacity; changes
in the prices we pay for raw materials and energy; changes in foreign exchange rates, primarily the Canadian dollar; and other operating costs.

PART II

 

ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The common stock of LP is listed on the New York Stock Exchange with the ticker symbol “LPX.” The Dow-Jones newspaper quotations symbol for the common stock is “LaPac.” Information regarding the high and low sales prices for the common stock for each quarter of the last two years is as follows:

 

      1ST QTR    2ND QTR    3RD QTR    4TH QTR

HIGH AND LOW STOCK PRICES

           

2008 High

   $ 15.79    $ 12.74    $ 11.33    $ 9.17

Low

     8.38      8.45      7.64      1.41

2007 High

   $ 23.51    $ 21.57    $ 20.84    $ 18.79

Low

     19.22      18.59      16.35      13.18

As of January 30, 2009, there were approximately 9,495 holders of record of our common stock. For the year ended December 31, 2007, we paid cash dividends of $0.60 per share. For the year ended December 31, 2008, we paid $0.30 per share during the first six months and subsequentially suspended further dividend payments until market conditions improve.

ISSUER PURCHASES OF EQUITY SECURITIES

None.

 

15


PERFORMANCE GRAPH

The following graph compares the total cumulative return to investors, including dividends paid (assuming reinvestment of dividends) and appreciation or depreciation in stock price, from an investment in LP Common Stock for the period December 31, 2003 through December 31, 2008, to the total cumulative return to investors from the Standard & Poor’s 500 Stock Index and the Standard & Poor’s Paper and Forest Products Index for the same period. Stockholders are cautioned that the graph shows the returns to investors only as of the dates noted and may not be representative of the returns for any other past or future period.

PART II

 

ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The common stock of LP is listed on the New York Stock Exchange with the ticker symbol “LPX.” The Dow-Jones newspaper quotations symbol for the common stock is “LaPac.” Information regarding the high and low sales prices for the common stock for each quarter of the last two years is as follows:

 

      1ST QTR    2ND QTR    3RD QTR    4TH QTR

HIGH AND LOW STOCK PRICES

           

2008 High

   $ 15.79    $ 12.74    $ 11.33    $ 9.17

Low

     8.38      8.45      7.64      1.41

2007 High

   $ 23.51    $ 21.57    $ 20.84    $ 18.79

Low

     19.22      18.59      16.35      13.18

As of January 30, 2009, there were approximately 9,495 holders of record of our common stock. For the year ended December 31, 2007, we paid cash dividends of $0.60 per share. For the year ended December 31, 2008, we paid $0.30 per share during the first six months and subsequentially suspended further dividend payments until market conditions improve.

ISSUER PURCHASES OF EQUITY SECURITIES

None.

 

15


PERFORMANCE GRAPH

The following graph compares the total cumulative return to investors, including dividends paid (assuming reinvestment of dividends) and appreciation or depreciation in stock price, from an investment in LP Common Stock for the period December 31, 2003 through December 31, 2008, to the total cumulative return to investors from the Standard & Poor’s 500 Stock Index and the Standard & Poor’s Paper and Forest Products Index for the same period. Stockholders are cautioned that the graph shows the returns to investors only as of the dates noted and may not be representative of the returns for any other past or future period.

PART III

 

ITEM 10. Directors and Executive Officers of the Registrant

Information regarding LP’s directors is incorporated herein by reference to the material included under the caption “Item 1—Election of Directors” in the definitive proxy statement filed by LP for its 2008 annual meeting of stockholders (the “2008 Proxy Statement”). Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated herein by reference to the material included under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” in the 2008 Proxy Statement. Information regarding LP’s audit committee is incorporated herein by reference to the material included under the captions “Board and Committee Meetings,” “Finance and Audit Committee” and “Audit Committee Financial Experts” in the 2008 Proxy Statement.

Information regarding each of LP’s executive officers as of February 26, 2009, including employment history for the past five years, is set forth below:

 

Name

   Age   

Title

Richard W. Frost

   57    Chief Executive Officer

Curtis M. Stevens

   56    Executive Vice President, Administration and Chief Financial Officer

Richard S. Olszewski

   52    Executive Vice President, Specialty Products and Sales

Jeffrey N. Wagner

   54    Executive Vice President, OSB

Richard W. Frost has been Chief Executive Officer since November 2004. He was Executive Vice President, Commodity Products, Engineered Wood, Procurement and Engineering since March 2003 and Executive Vice President, OSB, Procurement and Engineering from May 2002 through February 2003. He previously was Vice President, Timberlands and Procurement from 1996 to April 2002.

Curtis M. Stevens has been Executive Vice President, Administration and Chief Financial Officer since May 2002. He previously served as Vice President, Treasurer and Chief Financial Officer from September 1997 to April 2002.

Richard S. Olszewski has been Executive Vice President, Specialty Products and Sales since September 2007. Previously he was Vice President of the Fasson Roll Division, North America, a division of Avery Dennison Corporation.

Jeffrey N. Wagner has been Executive Vice President of OSB since May 2006 and previously Vice President OSB since November 2004. He served as Vice President, Forest Resources, Supply Management and Logistics from 2003 to 2004. Previously, Mr. Wagner served as Director of Supply Management.

In January 2004, the Board adopted a Code of Ethics applicable to LP’s principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics is disclosed at LP’s website at www.lpcorp.com.

In January 2005, the Board adopted revised charters for the Nominating Committee and the Compensation Committee and also adopted a Code of Business Conduct and Ethics and Corporate Governance Guidelines, each of which is disclosed at LP’s website at www.lpcorp.com.

 

ITEM 11. Executive Compensation

Information regarding executive compensation is incorporated herein by reference to the material under the captions “Compensation of Executive Officers,” and “Directors’ Compensation,” in the 2009 Proxy Statement.

 

95


ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information regarding security ownership of certain beneficial owners and management and LP’s existing equity compensation plans and arrangements is incorporated herein by reference to the material under the captions “Holders of Common Stock” and “Equity Compensation Plan Information” in the 2009 Proxy Statement.

 

ITEM 13. Certain Relationships and Related Transactions, and Director Independence

There are no transactions of the type required to be disclosed by Item 404(a) of Regulation S-K.

Information regarding transactions with related persons and director independence is incorporated herein by reference to the material under the captions “Nominees,” “Continuing Directors,” “Corporate Governance,” “Audit Committee Financial Experts” and “Related Person Transactions” in the 2009 Proxy Statement.

 

ITEM 14. Principal Accountant Fees and Services

Information regarding fees and services provided by LP’s principal accountant and the LP Audit Committee’s pre-approval policies and procedures relating thereto is incorporated herein by reference to the material under the caption “Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors” in the 2009 Proxy Statement. In November 2006, the Board adopted a revised charter for the Audit Committee which is disclosed at LP’s website at www.lpcorp.com.

 

96


PART III

 

ITEM 10. Directors and Executive Officers of the Registrant

Information regarding LP’s directors is incorporated herein by reference to the material included under the caption “Item 1—Election of Directors” in the definitive proxy statement filed by LP for its 2008 annual meeting of stockholders (the “2008 Proxy Statement”). Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated herein by reference to the material included under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” in the 2008 Proxy Statement. Information regarding LP’s audit committee is incorporated herein by reference to the material included under the captions “Board and Committee Meetings,” “Finance and Audit Committee” and “Audit Committee Financial Experts” in the 2008 Proxy Statement.

Information regarding each of LP’s executive officers as of February 26, 2009, including employment history for the past five years, is set forth below:

 

Name

   Age   

Title

Richard W. Frost

   57    Chief Executive Officer

Curtis M. Stevens

   56    Executive Vice President, Administration and Chief Financial Officer

Richard S. Olszewski

   52    Executive Vice President, Specialty Products and Sales

Jeffrey N. Wagner

   54    Executive Vice President, OSB

Richard W. Frost has been Chief Executive Officer since November 2004. He was Executive Vice President, Commodity Products, Engineered Wood, Procurement and Engineering since March 2003 and Executive Vice President, OSB, Procurement and Engineering from May 2002 through February 2003. He previously was Vice President, Timberlands and Procurement from 1996 to April 2002.

Curtis M. Stevens has been Executive Vice President, Administration and Chief Financial Officer since May 2002. He previously served as Vice President, Treasurer and Chief Financial Officer from September 1997 to April 2002.

Richard S. Olszewski has been Executive Vice President, Specialty Products and Sales since September 2007. Previously he was Vice President of the Fasson Roll Division, North America, a division of Avery Dennison Corporation.

Jeffrey N. Wagner has been Executive Vice President of OSB since May 2006 and previously Vice President OSB since November 2004. He served as Vice President, Forest Resources, Supply Management and Logistics from 2003 to 2004. Previously, Mr. Wagner served as Director of Supply Management.

In January 2004, the Board adopted a Code of Ethics applicable to LP’s principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics is disclosed at LP’s website at www.lpcorp.com.

In January 2005, the Board adopted revised charters for the Nominating Committee and the Compensation Committee and also adopted a Code of Business Conduct and Ethics and Corporate Governance Guidelines, each of which is disclosed at LP’s website at www.lpcorp.com.

 

ITEM 11. Executive Compensation

Information regarding executive compensation is incorporated herein by reference to the material under the captions “Compensation of Executive Officers,” and “Directors’ Compensation,” in the 2009 Proxy Statement.

 

95


ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information regarding security ownership of certain beneficial owners and management and LP’s existing equity compensation plans and arrangements is incorporated herein by reference to the material under the captions “Holders of Common Stock” and “Equity Compensation Plan Information” in the 2009 Proxy Statement.

 

ITEM 13. Certain Relationships and Related Transactions, and Director Independence

There are no transactions of the type required to be disclosed by Item 404(a) of Regulation S-K.

Information regarding transactions with related persons and director independence is incorporated herein by reference to the material under the captions “Nominees,” “Continuing Directors,” “Corporate Governance,” “Audit Committee Financial Experts” and “Related Person Transactions” in the 2009 Proxy Statement.

 

ITEM 14. Principal Accountant Fees and Services

Information regarding fees and services provided by LP’s principal accountant and the LP Audit Committee’s pre-approval policies and procedures relating thereto is incorporated herein by reference to the material under the caption “Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors” in the 2009 Proxy Statement. In November 2006, the Board adopted a revised charter for the Audit Committee which is disclosed at LP’s website at www.lpcorp.com.

 

96


PART III

 





ITEM 10.Directors and Executive Officers of the Registrant

FACE="Times New Roman" SIZE="2">Information regarding LP’s directors is incorporated herein by reference to the material included under the caption “Item 1—Election of Directors” in the definitive proxy statement filed by LP for
its 2008 annual meeting of stockholders (the “2008 Proxy Statement”). Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated herein by reference to the material included under the
caption “Section 16(a) Beneficial Ownership Reporting Compliance” in the 2008 Proxy Statement. Information regarding LP’s audit committee is incorporated herein by reference to the material included under the captions “Board
and Committee Meetings,” “Finance and Audit Committee” and “Audit Committee Financial Experts” in the 2008 Proxy Statement.

FACE="Times New Roman" SIZE="2">Information regarding each of LP’s executive officers as of February 26, 2009, including employment history for the past five years, is set forth below:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 








































Name

  Age  

Title

Richard W. Frost

  57  Chief Executive Officer

Curtis M. Stevens

  56  Executive Vice President, Administration and Chief Financial Officer

Richard S. Olszewski

  52  Executive Vice President, Specialty Products and Sales

Jeffrey N. Wagner

  54  Executive Vice President, OSB

Richard W. Frost has been Chief Executive Officer since November 2004. He was Executive
Vice President, Commodity Products, Engineered Wood, Procurement and Engineering since March 2003 and Executive Vice President, OSB, Procurement and Engineering from May 2002 through February 2003. He previously was Vice President, Timberlands and
Procurement from 1996 to April 2002.

Curtis M. Stevens has been Executive Vice President, Administration and Chief Financial
Officer since May 2002. He previously served as Vice President, Treasurer and Chief Financial Officer from September 1997 to April 2002.

SIZE="2">Richard S. Olszewski has been Executive Vice President, Specialty Products and Sales since September 2007. Previously he was Vice President of the Fasson Roll Division, North America, a division of Avery Dennison Corporation.

Jeffrey N. Wagner has been Executive Vice President of OSB since May 2006 and previously Vice President OSB since November 2004. He
served as Vice President, Forest Resources, Supply Management and Logistics from 2003 to 2004. Previously, Mr. Wagner served as Director of Supply Management.

FACE="Times New Roman" SIZE="2">In January 2004, the Board adopted a Code of Ethics applicable to LP’s principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics is disclosed at LP’s
website at www.lpcorp.com.

In January 2005, the Board adopted revised charters for the Nominating Committee and the Compensation Committee
and also adopted a Code of Business Conduct and Ethics and Corporate Governance Guidelines, each of which is disclosed at LP’s website at www.lpcorp.com.

 





ITEM 11.Executive Compensation

SIZE="2">Information regarding executive compensation is incorporated herein by reference to the material under the captions “Compensation of Executive Officers,” and “Directors’ Compensation,” in the 2009 Proxy Statement.

 


95












ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Information regarding security ownership of certain beneficial owners and management and LP’s existing equity compensation plans and arrangements is
incorporated herein by reference to the material under the captions “Holders of Common Stock” and “Equity Compensation Plan Information” in the 2009 Proxy Statement.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





ITEM 13.Certain Relationships and Related Transactions, and Director Independence
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">There are no transactions of the type required to be disclosed by Item 404(a) of Regulation S-K.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Information regarding transactions with related persons and director independence is incorporated herein by reference to the material under the captions
“Nominees,” “Continuing Directors,” “Corporate Governance,” “Audit Committee Financial Experts” and “Related Person Transactions” in the 2009 Proxy Statement.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





ITEM 14.Principal Accountant Fees and Services

SIZE="2">Information regarding fees and services provided by LP’s principal accountant and the LP Audit Committee’s pre-approval policies and procedures relating thereto is incorporated herein by reference to the material under the caption
“Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors” in the 2009 Proxy Statement. In November 2006, the Board adopted a revised charter for the Audit Committee which is disclosed at LP’s website at
www.lpcorp.com.

 


96








PART III

 





ITEM 10.Directors and Executive Officers of the Registrant

FACE="Times New Roman" SIZE="2">Information regarding LP’s directors is incorporated herein by reference to the material included under the caption “Item 1—Election of Directors” in the definitive proxy statement filed by LP for
its 2008 annual meeting of stockholders (the “2008 Proxy Statement”). Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated herein by reference to the material included under the
caption “Section 16(a) Beneficial Ownership Reporting Compliance” in the 2008 Proxy Statement. Information regarding LP’s audit committee is incorporated herein by reference to the material included under the captions “Board
and Committee Meetings,” “Finance and Audit Committee” and “Audit Committee Financial Experts” in the 2008 Proxy Statement.

FACE="Times New Roman" SIZE="2">Information regarding each of LP’s executive officers as of February 26, 2009, including employment history for the past five years, is set forth below:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 








































Name

  Age  

Title

Richard W. Frost

  57  Chief Executive Officer

Curtis M. Stevens

  56  Executive Vice President, Administration and Chief Financial Officer

Richard S. Olszewski

  52  Executive Vice President, Specialty Products and Sales

Jeffrey N. Wagner

  54  Executive Vice President, OSB

Richard W. Frost has been Chief Executive Officer since November 2004. He was Executive
Vice President, Commodity Products, Engineered Wood, Procurement and Engineering since March 2003 and Executive Vice President, OSB, Procurement and Engineering from May 2002 through February 2003. He previously was Vice President, Timberlands and
Procurement from 1996 to April 2002.

Curtis M. Stevens has been Executive Vice President, Administration and Chief Financial
Officer since May 2002. He previously served as Vice President, Treasurer and Chief Financial Officer from September 1997 to April 2002.

SIZE="2">Richard S. Olszewski has been Executive Vice President, Specialty Products and Sales since September 2007. Previously he was Vice President of the Fasson Roll Division, North America, a division of Avery Dennison Corporation.

Jeffrey N. Wagner has been Executive Vice President of OSB since May 2006 and previously Vice President OSB since November 2004. He
served as Vice President, Forest Resources, Supply Management and Logistics from 2003 to 2004. Previously, Mr. Wagner served as Director of Supply Management.

FACE="Times New Roman" SIZE="2">In January 2004, the Board adopted a Code of Ethics applicable to LP’s principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics is disclosed at LP’s
website at www.lpcorp.com.

In January 2005, the Board adopted revised charters for the Nominating Committee and the Compensation Committee
and also adopted a Code of Business Conduct and Ethics and Corporate Governance Guidelines, each of which is disclosed at LP’s website at www.lpcorp.com.

 





ITEM 11.Executive Compensation

SIZE="2">Information regarding executive compensation is incorporated herein by reference to the material under the captions “Compensation of Executive Officers,” and “Directors’ Compensation,” in the 2009 Proxy Statement.

 


95












ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Information regarding security ownership of certain beneficial owners and management and LP’s existing equity compensation plans and arrangements is
incorporated herein by reference to the material under the captions “Holders of Common Stock” and “Equity Compensation Plan Information” in the 2009 Proxy Statement.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





ITEM 13.Certain Relationships and Related Transactions, and Director Independence
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">There are no transactions of the type required to be disclosed by Item 404(a) of Regulation S-K.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Information regarding transactions with related persons and director independence is incorporated herein by reference to the material under the captions
“Nominees,” “Continuing Directors,” “Corporate Governance,” “Audit Committee Financial Experts” and “Related Person Transactions” in the 2009 Proxy Statement.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





ITEM 14.Principal Accountant Fees and Services

SIZE="2">Information regarding fees and services provided by LP’s principal accountant and the LP Audit Committee’s pre-approval policies and procedures relating thereto is incorporated herein by reference to the material under the caption
“Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors” in the 2009 Proxy Statement. In November 2006, the Board adopted a revised charter for the Audit Committee which is disclosed at LP’s website at
www.lpcorp.com.

 


96








PART IV

 





ITEM 15.Exhibits and Financial Statement Schedules

SIZE="2">A. Financial Statements and Financial Statement Schedules

The following financial statements of LP are included in this
report:

 








































Consolidated Balance Sheets—December 31, 2008, and 2007.

  

Consolidated Statements of Income—years ended December 31, 2008, 2007, and 2006.

  

Consolidated Statements of Cash Flows—years ended December 31, 2008, 2007, 2006.

  

Consolidated Statements of Stockholders’ Equity—years ended December 31, 2008, 2007 and 2006.

  

Consolidated Statements of Comprehensive Income—years ended December 31, 2008, 2007 and 2006.

  

Notes to the Financial Statements.

  

Report of Independent Registered Public Accounting Firm.

  

Interim Financial Results (unaudited).

  

No other financial statement schedules are required to be filed.

STYLE="margin-top:18px;margin-bottom:0px">B. Exhibits

The exhibits filed as part of this
report or incorporated by reference herein are listed in the accompanying exhibit index. Each management contract or compensatory plan or arrangement is identified by an asterisk (*).

SIZE="1"> 


97








PART IV

 





ITEM 15.Exhibits and Financial Statement Schedules

SIZE="2">A. Financial Statements and Financial Statement Schedules

The following financial statements of LP are included in this
report:

 








































Consolidated Balance Sheets—December 31, 2008, and 2007.

  

Consolidated Statements of Income—years ended December 31, 2008, 2007, and 2006.

  

Consolidated Statements of Cash Flows—years ended December 31, 2008, 2007, 2006.

  

Consolidated Statements of Stockholders’ Equity—years ended December 31, 2008, 2007 and 2006.

  

Consolidated Statements of Comprehensive Income—years ended December 31, 2008, 2007 and 2006.

  

Notes to the Financial Statements.

  

Report of Independent Registered Public Accounting Firm.

  

Interim Financial Results (unaudited).

  

No other financial statement schedules are required to be filed.

STYLE="margin-top:18px;margin-bottom:0px">B. Exhibits

The exhibits filed as part of this
report or incorporated by reference herein are listed in the accompanying exhibit index. Each management contract or compensatory plan or arrangement is identified by an asterisk (*).

SIZE="1"> 


97








EXCERPTS ON THIS PAGE:

10-K (12 sections)
Feb 27, 2009
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