Portland, OR, Mar. 2--Louisiana-Pacific Corp. said it lowered its fourth-quarter earnings because of a change to its legal reserves stemming from a recent adverse court ruling.
The company said it adjusted its fourth-quarter net income down to $163.7 million, or $1.52 per share. In February, the company reported earnings of $171.7 million, or $1.60 per share, for the quarter.
The adjustment is related to a February 17 ruling by the Minnesota State Court of Appeals which affirmed a $20.1 million trial court judgment against LP. In October 2002 a jury awarded the damages to Butler Manufacturing Co., which alleged that Louisiana-Pacific had sold it defective Inner-Seal siding.
Portland, Oregon-based Louisiana-Pacific said it intends to appeal the decision.
