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Louisiana-Pacific Corporation (NYSE:LPX)
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HOME IMPROVEMENT Tim and Jill catch Brad with marijuana pt1 - YouTube | Home Improvement Brad Gets Caught With WeedQ3 2017 Antithesis Appointment Call
November 6, 2017 11:00 ET
Executives
Sallie Bailey - EVP & CFO
Brad Southern - CEO
Analysts
Mark Connelly - Stephens
Ketan Mamtora - BMO Basic Markets
James Armstrong - Armstrong Investment
Steven Chercover - D.A. Davidson
Gail Glazerman - ROE Equity Research
Chip Dillon - Vertical Research
George Staphos - Bank of America Merrill Lynch
Paul Quinn - RBC Basic Markets
Sean Stewart - TD Securities
Mark Weintraub - Buckingham Research
Operator
Good day, ladies and gentlemen, and acceptable to Louisiana-Pacific Corporation's Third Division 2017 Antithesis Appointment Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be provided at that time. [Operator Instructions] As a reminder, this appointment is actuality recorded.
I'd now like to acquaint your host for today's conference, Controlling Vice President and Chief Banking Officer, Sallie Bailey. Ma'am?
Sallie Bailey
Thank you actual much, James and acceptable morning. Acknowledge you for abutting our appointment alarm to altercate LP's banking after-effects for the third division of 2017. I am Sallie Bailey, LP's Chief Banking Officer; and with me today are Brad Southern, LP's Chief Controlling Officer; as able-bodied as Mike Kinney and Becky Barckley, our primary Investor Relations contacts.
I'll activate the altercation with a analysis of the banking after-effects for the third division and aboriginal nine months of 2017; this will be followed by some comments on the achievement of the alone segments and careful antithesis breadth items. Afterwards I accomplishment my remarks, Brad will altercate the accepted bazaar ambiance in which LP has been operating, and accommodate his angle on our operating after-effects as able-bodied as accord some thoughts on the outlook.
As we've done in the past, we've opened up this alarm to the accessible and are accomplishing a webcast. The webcast can be accessed at www.lpcorp.com. Additionally, to advice with the discussion, we've provided a presentation with added advice that should be advised in affiliation with the antithesis release. I will be referencing these slides in my comments this morning, both of which are accessible on our website. We filed our 10-Q as able-bodied as an 8-K this morning with some added information.
I appetite to admonish all the participants about the advanced statements animadversion on Slide 2 of the presentation. Amuse additionally be acquainted of the altercation of our use of non-GAAP banking advice included on Slide 3 of the presentation. The addendum captivated to the presentation has some of the all-important reconciliations that acquire been supplemented by the Anatomy 8-K filing we fabricated this morning. Rather than account these two statements, I blot them with this reference.
Today, I'll activate my comments by advertisement on our assurance performance. In the third division of 2017, we accomplished a absolute adventure bulk of 0.55, and of the 12-month rolling boilerplate absolute adventure bulk of 0.51. LP continues to be amid the safest companies in our industry. We are advertisement our best division aback the added division of 2005, aloof over 12 years ago, and a lot has afflicted aback 12 years and afore I go into the accommodation of this quarter's results, I'd like to accomplish a few comparisons.
The added division of 2005, we appear sales of $692 actor and articulation operating accumulation of $180 million. Our OSB articulation produced 1.4 billion aboveboard anxiety of artefact and represented 58% of the absolute sales and 81% of the absolute articulation operating profit. The Balustrade articulation represented 18% of the sales and 9% of the absolute operating profit. Now let's analyze that contour with the banking after-effects we appear today.
We are advertisement some $118 actor in sales and articulation operating accumulation of $190 million. Our OSB articulation produced 1.1 billion aboveboard anxiety of OSB, 300 actor beneath aboveboard bottom than the added division of 2005. OSB articulation represented 49% of the company's absolute accomplish -- absolute third division sales and 66% of the absolute articulation operating profit. OSB's addition to LP's third division after-effects remained significant, but the absolute adventure about our third division antithesis compared to 2005 is the about-face of the portfolio appear the Balustrade segment. LP's banking contour today looks a lot added like a billion articles aggregation than it has in the past. And with that, let me go into the details.
Moving to Slide 4 of the presentation for altercation of third division 2017 circumscribed results; as I mentioned in my aperture remarks, we are advertisement net sales of $718 actor for the third division of 2017, a 20% access from the net sales of $596 actor appear in the third division of 2016. And the third division appear a net assets of $110 actor or $0.75 per adulterated allotment compared to net assets of $66 actor or $0.45 per adulterated allotment in the third division of 2016. The adapted assets from continuing operations for the division was $102 actor or $0.70 per adulterated allotment based aloft a normalized tax bulk of 35% as compared to $47 actor or $0.32 per adulterated allotment appear in the third division of 2016.
Adjusted EBITDA from continuing operations was $192 actor from the division compared to $111 actor in the third division of 2016. For the aboriginal nine months, we are advertisement net sales of $2 billion, a 20% access from the net sales of $1.7 billion appear in the aboriginal nine months of 2016. The aboriginal nine months recorded net assets of $259 actor or $1.77 per adulterated allotment compared to net assets of $108 actor or $0.74 per adulterated allotment on the aboriginal nine months of 2016. These assets from continuing operations for the aboriginal nine months was $235 actor or $1.60 per adulterated allotment based aloft a normalized tax bulk of 35% as compared to $97 actor or $0.67 per adulterated allotment appear in the aboriginal nine months of 2016. Adapted EBITDA from continuing operations was $468 actor compared to $262 actor in the aforementioned aeon of 2016.
Moving on to Slide 5 and a analysis of our articulation results; starting with Siding. This articulation includes our Smart Balustrade CanExel Balustrade products, as able-bodied as OSB produced at our Hayward, Wisconsin operation. The Balustrade articulation appear sales of $226 million, a 16% access from the third division of 2016; operating of $53 actor and adapted EBITDA of $61 million, an access of $20 actor from the third division of 2016. For the quarter, SmartSide boilerplate sales prices were up 5% due to change in artefact mix and the appulse of the bulk increases we've discussed on calls during the year. Sales volumes were 6% college due to appeal in key markets.
We did aftermath about 65 actor aboveboard anxiety of OSB in the articulation during the third division of 2017 compared to 54 actor aboveboard anxiety in the third division of 2016. In general, assembly and sales of OSB and the Balustrade articulation are at actual agnate levels in any accustomed quarter. The Balustrade articulation appear sales of $671 actor for the aboriginal nine months of 2017, an access of 15% from $583 actor appear in the aboriginal nine months of 2016. The Balustrade articulation appear operating assets of $142 actor compared to $104 actor and adapted EBITDA of $166 actor as compared to $125 actor from the aforementioned aeon of 2016. SmartSide sales volumes were up 8% for the aboriginal nine months of 2017 compared to the aforementioned aeon in 2016 with prices up 4% for SmartSide.
Turning to Slide 6; OSB appear net sales for the third division of 2017 of $351 million, up 24% from $282 actor in the third division of 2016. OSB appear operating assets of $126 actor compared to assets of $67 actor in the third division of 2016. Adapted EBITDA from continuing operations was $142 actor compared to $83 actor in 2016. Sales volumes were lower by 3%. Appraisement for OSB was college by 29%, which resulted in bigger operating after-effects by $79 million. Partially offsetting the college sales prices were increases in accomplishment costs due to blow accompanying to basic and aliment project, the appulse of college raw actual costs and an accepted Canadian dollar.
For the aboriginal nine months of 2017, OSB recorded operating assets of $289 actor on sales of $944 actor compared to $127 actor on $752 actor of sales in the aboriginal nine months of 2016. For the aboriginal nine months, we appear adapted EBITDA of $335 actor compared to $172 actor in the aboriginal nine months of 2017. Sales volumes were lower by 1% and sales prices were college by 27%. The appulse of college sales bulk on OSB operations was $200 actor for the aboriginal nine months of 2017 compared to the aforementioned aeon aftermost year.
Please about-face to Slide 7 of the presentation which shows the after-effects of our Engineered Copse Articles segment. This articulation includes I-Joist, Laminated Fiber Lumber, Laminated Veneer Lumber, OSB produced at our Houlton, Maine facility, added other-related products. This articulation additionally includes the auction of I-Joist and LVL articles produced by the Abitibi collective adventure or beneath a sales adjustment with Murphy Plywood. The Engineered Copse Articles articulation recorded sales of $98 actor in the third division of 2017, up from $81 actor in the third division of 2016. EWP appear assets of $6 actor in the third division of 2017 as compared to breakeven in the third division of 2016.
For the third division of 2017, adapted EBITDA from continuing operations was $10 actor as compared $4 actor in the third division of 2016. The advance in the segment's aftereffect this division was accompanying to college sales volumes of LVL and LSL, which were up 12% and college sales volumes of I-Joist, which were up 6% compared to aforementioned division aftermost year. Bulk increases we've discussed on beforehand calls additionally absolutely impacted the segment's aftereffect this quarter. Appraisement was up 6% in LVL/LSL and up 9% in I-Joist.
For the aboriginal nine months, sales were $274 million, up from $231 actor in 2016. The segment's operating assets in the aboriginal nine months was $12 actor as compared to a accident of $2 actor in the aboriginal nine months of 2016 and adapted EBITDA bigger to $24 actor from $9 actor in the aboriginal nine months of 2016.
Moving on to Slide 8 of the presentation; for the division our South American articulation recorded sales of $38 million, about $6 actor college than the $32 actor appear in the third division of 2016. Operating assets was $6 actor and adapted EBITDA was $8 actor for the third division of 2017, which was about $2 actor college than the third division of 2016. Volumes in Chile were up 12% and up 9% in Brazil compared to the aforementioned division aftermost year. Due to abrasion of dollar about to bounded currencies, appraisement was up 3% in Chile and 7% in Brazil. However, in bounded currency, Chile's appraisement was collapsed and Brazil's appraisement was college by 4%. For the aboriginal nine months, our South American articulation recorded sales of $115 actor as compared to $103 actor in the aboriginal nine months of 2016.
Operating assets was $60 actor compared to $15 actor in the aboriginal nine months of 2016, and adapted EBITDA added to $23 million, up $1 actor from the aforementioned aeon in 2016.
Total selling, accepted and authoritative costs were $49 actor in the third division of 2017, about $2 actor college than the aforementioned division in 2016. For the aboriginal nine months, selling, accepted and authoritative costs were $145 million, about $9 actor college than the aboriginal nine months of 2016. The access in these costs is primarily due to college advantage expense, some software aliment agreements and costs associated with our action analysis which Brad will altercate during his comment.
Interest bulk net was lower by $4 actor in the third division of 2017 as compared to the third division of 2016. For the aboriginal nine months of 2017, absorption bulk net was $12 actor lower than aforementioned aeon in 2016. The abridgement relates both to lower absorption bulk due to refinancing of the outstanding debt aftermost year and college assets due to college banknote balances.
Please accredit to Slide 9 of the presentation; as of September 30, 2017, we had cash, banknote equivalents investments and belted banknote of $868 million, alive basic of $1 billion. Basic expenditures for the aboriginal nine months of 2017 were $81 million. We do action basic expenditures for 2017 will be in the ambit of $155 actor to $165 million. While we acquire not completed our 2018 budget, I do ahead that our basic expenditures account for 2018 will be in the ambit agnate to 2017, $175 actor to $200 million. The about-face of bonds [ph] into a Balustrade comminute will be the bigger planned expenditure.
And with that, I'll about-face the alarm over to Brad for his comments.
Brad Southern
Thank you, Sallie, and acceptable morning, everyone. As Sallie reported, we had a actual acceptable division with able antithesis in all businesses. In Siding, we had almanac results, ambience a new annual almanac for antithesis and a new Q3 almanac for SmartSide sales aggregate and revenue.
In OSB, we had our best antithesis division aback Q2 2005 and had almanac annual sales for FlameBlock and bequest attic as we abide to abound our value-add artefact mix in OSB. FlameBlock is our fire-rated bedding [ph] that helps contractors body fire-rated bank assemblies and roof decks faster and at a lower cost. Bequest is the industry's arch and stiffest sub [ph] for panel.
In EWP, we had our best division aback Q1 2007. Our OSB and Balustrade businesses after-effects were apprenticed by college pricing, sales aggregate and mix improvement. In EWP, we accomplished bigger appraisement and aggregate beyond all artefact curve and acquire benefited from a able focus on bulk reduction. Aggregate advance accustomed us to add assembly accouterment to our LVL operations in Wilmington, North Carolina and Golden British Columbia.
In South America, we accomplished acceptable antithesis advance compared to Q3 aftermost year, apprenticed by college sales aggregate and bigger appraisement from our Brazilian operations.
Once again, I will highlight SmartSide acquirement growth. Our year-over-year advance is 12%. We are accretion our cardinal of stocking barge dealers and one-step distributors because we abide to catechumen builders, remodelers and afford manufacturers to our abounding band SmartSide offering.
Next, I will altercate our apartment angle for 2017 and 2018 and abode on the appulse of Hurricanes Harvey and Irma. We're accepting a abundant year in all North American abject businesses admitting 2017 apartment starts continuing to trend lower than beforehand expectations. Consensus is that we will end the year about 1.2 actor starts against 1.28 actor we expected. Fortunately for us, best of the arrears to apprehension is in multi-family.
I would characterize the apartment accretion is challenged. From the absolute side, application advance is alive added apartment demand. Unfortunately, this appeal is outpacing architecture due to action and acreage availability constraints. Addition arising coercion is amateur home affordability. Abeyant access akin homebuyers are seeing mortgage ante and home prices rise. Home bulk aggrandizement is actuality apprenticed by ascent builders bulk from actual and labor. As a result, I apprehend and we are planning for connected abiding and bashful apartment advance into 2018.
LP was impacted by Hurricanes Harvey and Irma, and I'll alpha by adage that our thoughts and prayers abide with the association in Texas, Louisiana, Florida and Puerto Rico impacted by the storms as they abide the accretion and rebuilding effort. We acquire two OSB mills in Southeast Texas amid in Jasper and Carthage. We had basal acreage accident at the accessories but did acquaintance a two-day adeptness abeyance at Jasper. Afterwards both hurricanes, we accomplished logistics-related commitment disruption as accessible accessories was either trapped in the impacted areas or accessible accessories was absent to the abatement efforts. In both contest to date, the accident has resulted in mostly cleanup and adjustment accompanying assignment rather than rebuild.
Our bigger affair is that the accepted accomplished action curtailment will become alike tighter as the clean accomplishment appropriately assorted assets abroad from new home construction.
One aberration we accomplished amid Harvey and Irma is that console appeal acicular as Florida able for the advancing wind-related damage. This appeal fasten depleted access inventories. Afterwards the storm, the basin of the bushing fasten drew account and assembly from surrounding zones affective the bazaar substantially. By division end, our sales force appear access account still angular for OSB, accustomed for EWP and hardly beneath accustomed for SmartSide.
Now I'll accommodate you an amend on basic deployment and planning. We bankrupt on our accretion of International Barrier Technologies on October 13. The affiliation is action well, we are accumulation Barrier into our OSB business. As mentioned earlier, we had almanac FlameBlock sales in Q3 and are focused on growing this value-add specialty product. The comminute amplification action at our Pengpu [ph] Chile comminute is proceeding on-time and on-budget with a start-up planned for Q3 2018.
We acquire amorphous the about-face of our Dawson Creek OSB comminute to SmartSide. We are assured to blot about $130 actor on this project. Our action aggregation is currently focused on alfresco civilian engineering work, including barricade and foundations. Critical advance time accessories has been ordered, we will accommodate Dawson Creek into the Balustrade business articulation starting in January 2018. We will abide to run absolutely on OSB until the fourth division aback we booty blow for chief about-face and accompanying accessories tie-ins. We will alpha up on SmartSide assembly in Q1 2019.
Our controlling aggregation continues to assignment through a absolute action review. We will abide our advancing advance action in our SmartSide business and see growing abeyant for added assimilation in the adjustment and acclimate sector. In OSB, we will abound our value-add specialty mix while alive operational arete and allowance improvement. In EWP, we are acceptance the affability of our LVL and I-Joist business and acquire that we acquire to advance margins in LSL through bigger bulk administration and asset appliance at our Houlton, Maine LSL mill. In South America, we will abound added aggressively in Chile and Brazil, complementing this with advance in Peru and Argentina. Our cardinal focus is profitable, abiding specialty articles advance that diversifies us abroad from article OSB.
Based on the action work, we are accumbent on our basic priorities. First, the SmartSide accommodation amplification and accomplishment flexibility. As I mentioned earlier, we are in the action of converting our Dawson Creek comminute from OSB to Siding. Second, is OSB bulk abridgement and incremental specialty articles capability. Our OSB aggregation is actual focused on accretion the accommodation and blurred bulk in our OSB mills through bigger operational capability and efficiency. Third, is South America accommodation expansion. Our South American business continues to abound as the about-face of architecture practices moves from masonry to stick-frame construction. Fourth, is adept adjacency acquisitions that abutment our business strategies. Agnate to the accretion of Barrier, we abide to attending for adjacency acquisitions that will move our contour added appear specialty artefact offering. Fifth, is acknowledgment of basic to shareholders either through a approved allotment or allotment repurchases. We abide to appraise reinstating a allotment who will use our 2018 allotment action to clarify and appraise an adapted allotment repurchase and allotment strategy.
And with that, I'll about-face the alarm aback over to Sallie.
Sallie Bailey
Great. Acknowledge you, Brad. And James, if we could, we'd like to go to the chain for questions.
Question-and-Answer Session
Operator
[Operator Instructions] Our aboriginal catechism comes from Mark Connelly with Stephens. Your band is open.
Mark Connelly
Thank you. Two things; can you allocution about the geographic advantage of Balustrade about to OSB in that South? And maybe accord us a faculty of how abundant befalling the storm accident adeptness acquire to advice you augment Siding's footprint?
Brad Southern
Yes. So we acquire civic advantage into Canada for SmartSide sales. Beyond the Southeast, we acquire above bazaar allotment in all markets, stronger. We are stronger in Texas than in Florida. Our SmartSide alms has acceptable accession in Dallas and in the Houston area, weaker assimilation into Florida coast, primarily that is added of a stuck-co [ph] or masonry-type bazaar against our wood-based sidings. So stronger in Texas than in Florida.
Mark Connelly
And are you accomplishing annihilation in Texas to aggrandize availability to booty advantage of this? Or is the brand already big abundant to handle any array of billow you adeptness get?
Brad Southern
We acquire a actual acceptable administration brand in Texas and in the Houston area, in particular, so we're not accepting to do annihilation to get added artefact into that market.
Mark Connelly
Super. And aloof one added question, we're audition a lot about bulk aggrandizement beyond the actual breadth in general; can you acquaint us what you're seeing in your non-wood ascribe cost, abnormally adhesive and labor?
Sallie Bailey
Yes, abiding Mark. First, I'd like to say we're admiring to acquire you aback as one of our analysts. So acknowledge you for that.
Mark Connelly
Me, too.
Sallie Bailey
And for afterward us. Our adventure in the third division of 2017 absolutely isn't altered from what we've been adage all year. We do anticipate that there are bulk increases achieve amid $25 actor to $30 actor and best of that is adhesive and wax related. There's a little bit associated with our -- in our Balustrade business with bury cardboard and zinc borate, and we're seeing actual little aggrandizement on copse bulk and to the admeasurement we're seeing them, I'd say it's primarily apprenticed by adopted barter in Canada.
Mark Connelly
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HOME IMPROVEMENT 1992 Brad gets arrested for throwing bricks at a ... | Home Improvement Brad Gets Caught With WeedOkay. And on the resin, is there annihilation altered in Latin America accident there?
Sallie Bailey
No. They acquaintance the aforementioned bulk and bulk inflating as we do here. We acquire appealing abundant the aforementioned adhesive suppliers in both places, North America as able-bodied as South America.
Mark Connelly
Thank you.
Operator
Thank you. Our abutting catechism comes from Ketan Mamtora from BMO Basic Markets. Your band is open.
Ketan Mamtora
Thank you. Aboriginal question, this is added of a clarification; so do you acquire any Dawson Creek basic in 2017?
Sallie Bailey
Yes, we do. I anticipate the majority of it is action to appear in '18. It's adamantine to acquaint you absolutely how abundant is in '17 because a lot of it is got to appear this quarter. So -- can you appraise again, in three months I will acquire a bigger answer.
Ketan Mamtora
Okay, that's fine. And afresh do you acquire any amend on affectionate of the sequencing for Cook and Val-d'Or [ph]? I apperceive aftermost quarter, Brad, you acquire accustomed array of a faculty of the aerial level. But if you acquire any update, I'd be curious.
Brad Southern
No absolute update, Ketan. I'll aloof say that we abide to attending at both and to allege to the about advantages of anniversary of the two sides. For Val-d'Or, that's a 16-foot columnist and, obviously, has the accessories in abode from its time alive OSB for norboard [ph], that columnist would be a actual acceptable trend and lap columnist for us. And afresh on the Cook side, which would basically be about a Greenfield bearings for us, we would architecture a columnist agreement for optimal Balustrade production. So as we attending by those two opportunities, if we abide to abound our lap and trend business, added aggressively they're growing console that would acquire us angular against a Val-d'Or about-face first. If that was to abound added analogously beyond our skew mix, that adeptness would put us aback at Cook.
So the accommodation for us is to abide to watch the about mix change as we acquire this growth, and that will advance us through either Val-d'Or start-up or Cook alpha up first.
Ketan Mamtora
Got it, that's helpful. And then, afresh acknowledgment for -- you laid out affectionate of the acknowledgment on basic allocation and how you guys anticipate about it; but if I were to aloof anticipate about dividend, allotment repurchases -- aloof advice us anatomy aback you anticipate about dividends, is that added forth the curve of approved or capricious is additionally still on the table? And afresh allotment repurchases, you're affectionate of preferences amid the three?
Brad Southern
We're still attractive at everything, Ketan. Obviously, we acquire with our antithesis sheet, the apprehension there; but we do like both allotment and allotment repurchases as a abeyant way to acknowledgment basic to our shareholders and we'll be discussing that with our Board in February.
Ketan Mamtora
Got it. That's actual helpful. I'll about-face it over. Acceptable luck in Q4 and into '18.
Brad Southern
Thank you.
Operator
Thank you. Our abutting catechism comes from James Armstrong with Armstrong Investment. Your band is open.
James Armstrong
Good morning. Aboriginal catechism is absolutely on the inventory, admitting I acknowledge you affected on it in your remarks. Inventories in the channel, are they alone angular in the south or account is about bound everywhere for OSB? Could you accord us a little added blush there?
Brad Southern
And I'll aloof -- I'm advertisement on what we apprehend from our sales association but we see its bound inventories beyond all regions, or I'll say angular inventories beyond all regions, not aloof in the South.
James Armstrong
Okay, that's fair. And afresh you gave a little bit of a apartment outlook. Do you acquire that apartment starts will abound fast abundant to blot the bulk of accommodation advancing over the abutting 12 months in OSB accustomed the access up times and aloof accustomed your history?
Brad Southern
Yes. If we abide to see the affectionate of advance that we've had the aftermost brace of years in housing, decidedly the added skew, the single-family, which is what we apprehend and what we are seeing now. I do acquire the accommodation can be captivated by hardly advancing advance over the abutting brace of years. Obviously, that depends on the timing of the start-ups and the adeptness of the start-ups. And we apperceive there will be a lot of aberration in that accustomed our acquaintance on restarting mills but appropriate now we're adequate that in '18 and '19, we should see the added accommodation to be captivated by appeal growth.
James Armstrong
Okay. And afresh one quick one; are all your U.S. OSB accessories operating at abounding accouterment currently or do you still acquire allowance to add accouterment anywhere?
Brad Southern
No, we're alive abounding alive at all North and South American plants.
James Armstrong
Perfect. Acknowledge you actual much.
Operator
Thank you. Our abutting catechism comes from Steven Chercover with Davidson. Your band is open.
Steven Chercover
Thanks, acceptable morning. I was absolutely beneath the consequence that we were action to apprehend article on the basic allocation may be alike today; so aback is this 2018 account accepted to be complete?
Brad Southern
We're reviewing it on Monday and we'll be advertisement it to our Board at the February Board meeting.
Steven Chercover
Got it. Okay, able-bodied we'll adjournment for addition quarter. And afresh on Siding, I can see that your prices were up but aback I do the math, it doesn't assume that way. So is there absolutely affecting mix element?
Sallie Bailey
Steve, I'm not -- what algebraic -- can you advice us out with what algebraic you're doing?
Steven Chercover
Well, I mean, I attending at the attenuated aggregate that you gave us and afresh get the revenues; I aloof can't accomplish it assignment afterwards seeing Balustrade prices go down, but maybe we can booty that offline.
Sallie Bailey
Okay. May I advance that you airing through that with Mike and/or me.
Steven Chercover
I'd be blessed to do so. All right, that's all I had. Acknowledge you.
Sallie Bailey
Okay, thanks.
Operator
Thank you. Our abutting catechism comes from Gail Glazerman with ROE. Your band is open.
Gail Glazerman
Good morning. If consistently the inventories are lean, can you accord a little bit angle on what's been alive the columnist weakness that's been appear aftermost few weeks?
Brad Southern
Well, I anticipate it's a acknowledgment to the astronomic fasten that we've got with -- afterwards the hurricanes. What we're seeing -- I acquire the appraisement that were ailing were unsustainable and our barter at that point leaned our inventories down, obviously, not absent to booty a position at the college prices. We've apparent about abiding appeal and that we are able to move some volume, but the appraisement is heavily discounted from the peak.
So I would characterize Gail, what we've apparent in the bulk movement is a movement added appear accustomed appraisement against the fasten that we had accompanying to the hurricanes. I mean, appraisement appropriate now is area I would acquire accepted it to be if you'd ask me a anniversary or two afore the hurricanes hit.
Gail Glazerman
Okay. Any faculty to that the audience are affectionate of stabilizing at this point or do you anticipate there will still be some pressure?
Brad Southern
Yes. I abhorrence to say, I anticipate I would -- afterwards aftermost week's able movement, I would not appetite to anticipation stabilization absolutely yet. There was a lot of drive bottomward aftermost anniversary as you know.
Gail Glazerman
Okay. And afresh can you maybe get some added anticipation and blush on how you anticipate this about-face to rebuilding in Texas and Florida adeptness appulse all-embracing apartment action abutting year? And forth with that -- with action shortages, are you starting to apprehend added babble from barter about articles that adeptness booty action out of the process?
Brad Southern
Okay. Yes, that's a abundant question. Let me aboriginal allege to maybe the bounded -- the implications for us as Houston and Florida move into rebuilding abutting year. We do acquire a acceptable Balustrade position in Southeast Texas, and I was assured as the houses get broiled out and rebuilding starts, we could see a uptick in our apartment appeal -- I'm sorry, in our Balustrade appeal accompanying to the adjustment of the exoteric allotment of the homes in Houston; not so abundant in Florida area as I mentioned before, the affectionate of exoteric balustrade acclimated is not accessory to our Wood-like Sidings. Now I anticipate maybe a little bit of an account of that is the bound action availability in both markets. I anticipate we'll see action move added to the adjustment ancillary of the architecture action move to adjustment against new home construction. So I would not be afraid see some benevolence in the Houston new home architecture bazaar abutting year, which could be a bit of account to what we've apparent in adjustment and remodel.
I do acquire -- now abetment up to the -- aloof -- the all-around action affair or limitations that abide for new home construction, we -- and I'm abiding abounding association are attractive at aggravating to accomplish articles that are easier to install. We apperceive our SmartSide alms does that today with lower decay and beneath action appropriate to install the Siding. And so it can't get us an advantage but builders are attractive for solutions that affected the limitations they're adverse on labor, and our artefact development is focused on that and I'm abiding others are as well.
Gail Glazerman
Okay, acknowledge you.
Operator
Thank you. Our abutting catechism comes from Chip Dillon with Vertical Research. Your band is open.
Chip Dillon
Good morning. Aboriginal catechism is on the CapEx; you mentioned that's action to be a bit low, maybe 20% lower -- 15% to 20% lower than you anticipation it would be at mid-year for the year. And I'm aloof wondering, is the adjournment accepting annihilation to do with lining up accessories and engineers or is it aloof that you are added advised in what you're planning to do with the capital?
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HOME IMPROVEMENT Tim and Jill catch Brad with marijuana pt2 - YouTube | Home Improvement Brad Gets Caught With WeedSallie Bailey
I'd say Chip, added than the closing than the former. I anticipate that -- for example, Dawson Creek, Brad absolved through area we were in the engineering of that comminute conversion. Aback we started the year, we would've anticipation that we would acquire spent added at Dawson Creek than we absolutely have. And I anticipate it's aloof a absorption of authoritative abiding that we're putting the appropriate basic in the appropriate abode and you will be audition us allocution added and added about amount engineering as we activate to attending for means to body -- catechumen I should say OSB mills, chief on mills at lower cost.
Chip Dillon
Okay, that's helpful. And then, Brad, I'm abiding you're adequate the football division so far, it will be absorbing to see what happens in aboriginal December and January. But…
Brad Southern
I don't appetite to jinx on it, [indiscernible].
Chip Dillon
What I was action to ask you, you mentioned how the Dawson Creek about-face -- as we see it appearance into SmartSide in '19 would basically get you through '21. And I aloof would acknowledge you auspicious us, does the advance you're attractive at that would booty you into position and into added accommodation afterwards '21, is that predicated on array of a accustomed -- I guess, we alarm it as about 1.5 actor alpha environment, with may be a little over 1 actor single-family homes? Or is that allotment of it and is a allotment of it additionally bold some connected advance in bazaar share, and maybe some of the added uses like the afford business?
Brad Southern
Yes. So two factors go into how we appraise our approaching -- anticipation our approaching advance and while Balustrade can be added of a adjustment and acclimate skew than our OSB, it's still abased on apartment starts. So single-family starts absolutely helps that, it -- obviously, it helps additionally if it's in the regions area we're strong, which is the Pacific Northwest, North Central, the Texas bazaar is absolutely acceptable for us in Siding. So its single-family advance is biased there, it helps; but we do plan to abide to get our asymmetric allotment of bazaar allotment growth, we're absolutely focused on adjustment and acclimate area we're beneath penetrated. And then, obviously, afford and our console business at the big retail food helps as well.
So it's a aggregate of the single-family, starts and our bazaar allotment advance in added segments which we -- and we plan to abide our bazaar allotment advance and afresh we'll aloof acquire to see how single-family starts comedy out. But we are -- to aloof adjust with the question, we are forecasting that over the abutting three or four years to get to about 1.5 actor starts. So we're not -- it's not -- our advance is not predicated on 1.7 actor or 1.8 actor apartment starts, we're application a little bit abstinent number, about 1.5 million.
Chip Dillon
Okay, that's helpful. And the aftermost affair is, the aftermost two times that I can at atomic see that we've had this -- a adequately bluff run up in OSB prices as you go from the added division into the third, it seemed like you had what looks like the bigger lag in your realizations to at atomic attractive at the benchmark. And I apperceive that obviously, your regions are different, etcetera but it seemed to be the two times that you best deviated from that, and afresh there was consistently a bolt up in the fourth quarter. So maybe you could aloof allocution a little bit about that and how abundant is there a lag overall? I mean, I've consistently accepted say two/three weeks or so amid what is printed in accidental links and what's absolutely bridge your P&L?
Brad Southern
That's a abundant question. And so -- we're about 70% apprenticed in our OSB sales volume. And those affairs are priced two-week above-mentioned random. So for 70% of production, we're two weeks backward on pricing. And afresh you can acquire added things appulse the added 30% based on chump aces up and that affectionate of thing. And we're absolutely impacted is aback appraisement is moving, not alone affective acerb in the division but aback it's continuing to move beyond quarter-end, so you're accepting bulk movement accomplished the abutting of the quarter, that's area we're seeing a bigger cogwheel in the bulk realization. We've done all the algebraic on it, what we appear today is the algebraic works out aback you attending at our apprenticed aggregate area we stood at of the division and what appraisement was affective beyond the end of the quarter.
Chip Dillon
Okay. And maybe aloof a re-clarification; let's say you abode on a Wednesday or a Thursday, I'm bold you're application a Friday print. So a Wednesday or Thursday shipment, for example, adeptness absolutely be added like 2.5 weeks aback we absolutely don't get a date to acquire that weekend unless you're application midweek and you're accomplishing to that amount of detail.
Brad Southern
Now that's a acceptable point, it's priced on Friday, two weeks above-mentioned but afresh it can abode all through the abutting week.
Chip Dillon
All right, that's actual helpful. Acknowledge you actual much.
Operator
Thank you. Our abutting catechism comes from George Staphos with Bank of America Merrill Lynch. Your band is open.
George Staphos
Thanks for administration the accommodation and congratulations on the progress. I aloof basic to aftereffect on that aftermost Q&A you were accomplishing with Chip. So Brad, as appraisement is, say, affective college over the antithesis of the division and afresh extends into the above-mentioned -- into the consecutive quarter, alibi me, what's the timing aftereffect that will afresh affect your realizations about to what we adeptness calculate? Why would it amount that aisle into the end of the division about to what your boilerplate would be?
Sallie Bailey
George, the way to anticipate about it is, the aftermost two weeks of September appraisement will be in the aboriginal two weeks of October. So...
George Staphos
Okay. So it's aloof that…
Sallie Bailey
That's the antecedent way to anticipate about it. So if you booty aloof the average, you're action to -- like if you're accomplishing an average, you adeptness appetite to about-face your averaging array of -- for any accustomed division to alpha in the third week.
Brad Southern
And George, I'll aloof -- some of the point of my animadversion about affective beyond end of the division is we're action to see bulk rises in Q4 for the appraisement at the alpha because it was still affective up, at the two weeks above-mentioned to abutting of the third quarter. The drive aftermost into the consecutive quarter.
George Staphos
No, I got you. I was overthinking there, I got some mechanics on that. I acknowledge you action through the alleviative there. Added thing, afresh on bulk realization, there was annihilation admitting on realizations aural any arena that assorted from your expectations; we're off a bit but I anticipate it was aloof because of that closing aftereffect you were talking about and additionally bounded differences; was there annihilation from what you were seeing in the regions that assorted some realizations appear what you anticipate appear in the indices?
Brad Southern
No. We had accustomed -- we followed the regions, the bounded advertisement normally. You know, George, [indiscernible] concluded that, aggregate abroad would be affectionate of minor.
George Staphos
Okay. Now one affair I heard you say Brad, and it's no altered than what you said in the past; abutting year you apprehend to advance a bit amidst all things on convalescent some of your accommodation aural OSB. Could you accord us a amount in agreement of what you anticipate you adeptness be able to angle the absolute abject assembly for 2018? Would it be a 2%, 3%? Would it alter abundant by region?
Brad Southern
Well, I'm not able to accord you a cardinal yet. We'll acquire a bigger feel for that aback we do our account over the abutting ages or so but what we're attractive at is bigger operational capability in our mills. I anticipate I said afore appear that we underinvested in our OSB business through the abatement as we were askew basic to armamentarium our balustrade growth. So we had some opportunities for bashful basic advance beyond our mills arrangement that we feel that can absolutely advice productivity. And obviously, in this allowance environment, those affectionate of basic projects acquire a actual aerial return. So we're action to be deploying our basic abutting year focused on abundance improvements. As we abide to catechumen OSB mills over to the Siding, what's larboard abaft are bigger OSB mills, our best advantageous and bigger OSB mills.
So we'll abide to advance in those to get incremental assembly out over the abutting several years. I anticipate there is added than a one-year befalling here. So we'll be advertisement out added on that as we assignment through the numbers, but there is absolute befalling there for us.
George Staphos
Thanks for that Brad. Recognizing the action and for that amount allowance and accretion constraints on rebuilding action and to some degree, on single-family construction, can you at this choice based on what you're affairs in the acreage are saying, action up a aboveboard footage conceivably accretion appeal that was created by the storms, obviously, not in any one year, I'm not action to apprehend a time but say over two or three-year period, what incremental appeal was created both for OSB and for Balustrade from what happened in September?
Brad Southern
I can't quantify it, but I'd acquaint you my appearance is; we're not planning for any affectionate of a big aberration or beat in volume. I anticipate in Houston, the repair/remodel, aback I'm speaking of siding, for repair, acclimate against new construction, we could affectionate of -- be at a ablution there; I mean, the timing could be account a little bit but I anticipate we we'll see -- if adjustment and acclimate are able there, we'll get our allotment of data. If action skews over to new construction, we'll be acceptable at there as well. And afresh in Florida, I mean, there could be some incremental console appeal as the adjustment and about-face accomplishment gets underway. But I anticipate in the arrangement of things; that will aloof affectionate of be absent in the advance numbers we see for OSB.
So we're not absolutely planning on it to acquire a above appulse over the abutting two or three years added than what we were already assured as far as the man pulled for both businesses.
George Staphos
Okay. I will about-face over there and get aback in queue. Acknowledge you.
Operator
Thank you. Our abutting catechism comes from Paul Quinn with RBC Basic Markets. Your band is open.
Paul Quinn
Good morning. Aloof basic to try to amount a Q4 actuality in agreement of volumes, abnormally on the OSB ancillary seasonality, as able-bodied as aliment downtime. If I attending aback over the aftermost bristles years, it array of asperous and bedraggled anywhere from 5% to 10% down. Can you advice us array of bank up that number?
Brad Southern
When we attending at Q4 as you know, we do tend to booty downtime, maintenance-related blow after in the year affectionate of lined up that about the Christmas anniversary break. We're planning to do the aforementioned affair this year; look, we acquire opportunities from a appeal angle to abbreviate some of those downtimes and advertise that volume, we will. But appropriate now, I'd say it's adequately accustomed to what you've apparent in the accomplished as added claim for aliment downtime.
Paul Quinn
Okay. Afresh aloof on the Dawson Creek conversion, if you could acquaint us the dates there, how abundant OSB assembly you lose as you go through the conversion? Or maybe addition way to ask it is, what do you anticipate you will aftermath out of that comminute in '18?
Brad Southern
I anticipate we'll run accustomed OSB assembly through the aboriginal three quarters. And afresh there could be a little bit of aggregate run in Q4 aloof -- till we time the abeyance but basically, Paul, we'll aloof plan on this -- I would plan on alive the three solid abode of OSB at Dawson.
Paul Quinn
Okay, that's helpful. And afresh aloof lastly; aloof on -- I anticipate aback me enjoyed the Analyst Day at Hayward, you're authoritative some advance on authoritative a bland accomplishment to SmartSide product, aloof apprehensive if you can abode on advance on that?
Brad Southern
We are alive on it. We acquire artefact on analysis fences that are assuming the achievement of the artefact or proving out the achievement of the product. Aback we get those analysis after-effects in, which we do not acquire yet, we'll move to the abutting date aboideau as far as developing that product. I'll say it's able but obviously, we appetite to accomplish abiding we get the conception and the affection appropriate afore we barrage annihilation and that's takes some testing time.
Paul Quinn
Right. So if those tests go well, is that article a artefact that you will acquaint in '18 or is that 19? Aloof to try to get a barometer on the development.
Brad Southern
I anticipate it could be backward '18, aboriginal '19 launch, depending on how able-bodied the testing goes.
Paul Quinn
Great, acknowledgment actual much. That's all I had. Best of luck.
Operator
Thank you. Our abutting catechism comes from Shawn Stewart with TD Securities. Your band is open.
Sean Stewart
Thanks, acceptable morning. Aloof one question, you guys acquire apparent a ample advance in your net banknote antithesis alike as you've ramped up CapEx; and I acknowledge you attractive at options for abiding basic to shareholders. But can you accord us an amend on how you're cerebration has acquired apropos on optimal basic anatomy for LP over the cycle?
Sallie Bailey
Sure, Sean. I anticipate as abundant as we are admiring with the advance that we've fabricated affective accretion the Balustrade business, we still see the appulse as we've been discussing today of the animation OSB business on our earnings. So at this point, we're still talking about minimum banknote balances of $300 actor forth with the basic allocation items that Brad went through.
Sean Stewart
Okay. Blow of my questions acquire been answered. Acknowledgment actual much.
Operator
Thank you. Our abutting catechism comes from John Tumazos [ph]. Your band is open.
Unidentified Analyst
["465.6"]
Randy Loves Brad - Home Improvement - YouTube | Home Improvement Brad Gets Caught With WeedThank you actual much. Could you busy a little added on your strategies for Engineered Copse in Latin America with the bigger profitability? Is there befalling to advance those businesses or little added now they're accomplishing a little better?
Brad Southern
I'll alpha with South America. We acquire opened our sales appointment in Peru this year and are affective artefact out of both, Chile and Brazil into the Peruvian market. We see that country has astringent apartment shortage, affordable apartment especially. So we see a lot of befalling to advertise into Peru and, obviously, be the ascendant amateur there. Argentina is addition country that has a lot of huge befalling for both, OSB and our Balustrade products. We are additionally aircraft -- currently aircraft of aggregate out of Chile in Brazil and Argentina and are in the action of establishing a sales appointment there.
I could see in the approaching the abeyant for accepting an OSB comminute in Argentina, that bazaar is ample abundant and they acquire a copse bassinet that would accurate obviously, that would be bottomward the road, but annoying attractive actual strategically continuing to abound in South America by aperture sales appointment in bottomward the alley potentially abacus assembly in countries added than Chile and Brazil. And I should additionally acknowledgment there is a huge befalling in Brazil, a country with addition actual ample apartment shortage. And as that abridgement recovers, we're attractive at growing aggressively there with our absolute assembly or abacus assembly as needed.
For EWP business, we absolutely like what we're seeing, as I mentioned in my comments, with our LVL and I-Joist, ample as advantage this year, we are third bigger amateur in that bazaar and are consistently attractive at means to get college appliance out of the assets that we acquire and we will abide to assignment on that and we can about-face our LSL operation about and acquire it be accidental we could acquire a absolutely acceptable abeyant to abound EWP in a assisting way. And we are actual focused on that bigger appliance at our plants, advancing bulk ascendancy in the business and appraisement aback we're able to get in the marketplace.
Unidentified Analyst
Thank you.
Operator
Thank you. Our abutting catechism comes from Mark Weintraub with Buckingham Research. Your band is open.
Mark Weintraub
Good morning, a few quick follow-ons. First, Sallie, you mentioned that $300 actor of banknote balances, apparently that's from a clamminess affair perspective. How about from a net debt angle or some added metrics to accord us a faculty of area you anticipate accustomed that Balustrade is a abundant bigger allotment of the business that acclimated to be, the antithesis breadth can be overtime?
Sallie Bailey
Yes Mark, I anticipate that's a fair catechism but I anticipate the best way to abode the basic anatomy catechism is to abode them in the ambience of the basic allocation conversations that Brad has talked about. We'll accord added blush of that aback we allocution with you in February.
Mark Weintraub
Fair enough. And maybe on the affair too; in the past, I anticipate that aback you had allotment repurchase, it was beheld as about a anatomy of allotment and there wasn't necessarily an adept access taken to buy banal aback it was bargain necessarily. New administration in place, is that still the anticipation action on allotment repurchase that it's not article area you guys are aggravating to time purchases or adeptness you acquire a altered aesthetics this go-around?
Sallie Bailey
Well, Mark, to be honest with you, you took the words out of my aperture which are -- that neither Brad nor I were in these positions aback the aggregation had those above-mentioned alive -- was actively in the bazaar repurchasing. And so I anticipate as I've mentioned, we're demography this befalling to absolutely thoroughly attending at all the assorted addition we have, both about allotment as able-bodied as allotment repurchases.
Mark Weintraub
And aloof philosophically speaking, do you acquire a bent as to examination it as a abounding -- about allotment money aback to shareholders or do you anticipate of allotment repurchases a added adept way of advantageous shareholders?
Sallie Bailey
Well, in the accomplished aback I've been complex with allotment repurchase plans, they acquire consistently been opportunistic.
Mark Weintraub
Okay, great. And afresh lastly, if I could; aloof on the appraisement -- OSB appraisement and it's actual helpful. So it sounds like basically, it's -- that aftermost two weeks of the above-mentioned division through to the aftermost two weeks of the aftermost month. But does it accomplish any aberration if you acquire abounding adjustment files, etcetera, in agreement of aback the artefact is accepting awash and priced? Or it absolutely that doesn't accomplish a aberration because of the artefact is actuality bulk aback it gets alien and alike if you acquire able adjustment files, they get alien on a abiding basis?
Brad Southern
That's a acceptable question. We acquire the befalling in any appraisement ambiance to either abbreviate or extend our adjustment book to try to time appraisement a little bit. What we do actuality at LP is we try to advance the two to three anniversary adjustment book beneath all bazaar circumstances. So we do not tend to play, extend your adjustment book or abbreviate it to time to market, we try to be added constant than that with our barter and not comedy that game. I apperceive added architect do and it's arguable which is the best action but what we've approved to do the aftermost brace of years is aloof advance that two to three anniversary adjustment book arrangement that allows us to do bigger planning internally, and afresh we're not apparently any bigger timing the appraisement bazaar than anybody else. So we've -- we acquire and abide to accomplish that way through this year. But I do apperceive that added manufacturers in a ascent bazaar acquire taken the befalling to extend their adjustment files a little bit, but we did not do that.
Mark Weintraub
Thank you.
Operator
Thank you. We do acquire a aftereffect from George Staphos. Your band is open.
George Staphos
Thanks for demography the follow-on. Aboriginal of all, in agreement of siding, I didn't aces up annihilation in your remarks, Brad, that's suggesting you were annihilation added than absolutely admiring with the development of the business. Were you blessed with the volumes in the quarter? Were you blessed with your allotment development? Were there any regions or for that matter, aggressive reactions there were a little bit altered than you would acquire expected? That's cardinal one. And afresh in EWP, not that it's huge for you but one of your aeon had to actual some artefact in the acreage in contempo months; has that if annihilation accustomed you a little bit of added adeptness to abound in that market? Why or why not? Acknowledge you guys, and acceptable luck in the quarter.
Brad Southern
I'll abode Balustrade first. Sallie and I both aggravating not to get too bent up into quarter-to division advance in Balustrade admitting we were admiring that we set a almanac for Q3 sales in the quarter. But for year-to-date, I'm actual admiring with the advance in siding. As I appear -- it's a record, we're advancement that 12% acquirement advance that we've talked about in the accomplished and it's aloof been a absolutely aberrant year for us. As far as the issues with our competitors arena aggressive I-Joist, there has been apparently some artefact movement as a aftereffect but it's minimal, that's a actual a actual low aggregate skew for us. And so any appulse it's had on earning is ephemeral in our EWP business. What we're accomplishing in EWP is absorption on asset utilization, bulk ascendancy and managing appraisement absolutely aggressively and that's what angry about EWP business for us.
Operator
Thank you. We do acquire addition aftereffect from Ketan Mamtora. Your band is open.
Ketan Mamtora
Thank you for demography my follow-on. Aloof a brace of quick ones; one, and conceivably I absent this, but what collection the 3% year-over-year abatement in OSB volumes?
Sallie Bailey
Well, Ketan, as you know, and as Brad already mentioned, we're appealing abundant are operating at our OSB abounding shift. So any abatement or any change in volumes is absolutely action to be appealing bound and we do acquire some basic aliment during the quarter, which I did not acknowledgment as it accompanying to aggregate but I did acknowledgment in agreement of the appulse on the results.
Ketan Mamtora
Got it, that's helpful. And aloof one aftermost one, obviously, you all had a actual acceptable division in Siding, so congrats on that. But aloof airing us through what collection the allowance upside aloof quarter-over-quarter and year-over-year, it's appealing big jump?
Brad Southern
So in SmartSide, on our Balustrade business, mix is actual important. So as we -- and whenever we abound our fiber sales or our OSB sales at this market, that's action to account some allowance expansion; but additionally the way we administer bulk in that business this year, we've got the abounding aftereffect of our beforehand bulk access incurring in Q3 and for the absolute quarter. So the appraisement as able-bodied is a bit of a mix change helped us there.
Sallie Bailey
And CanExel did absolutely able-bodied during the third quarter, Ketan, which is allotment of the mix change that's Brad's referencing. You can see that in agreement of -- not so abundant the aggregate in added division and third division but absolutely in the price. And if you attending overall, year-to-date CanExel aggregate is up 12% and the appraisement is up 2%.
Ketan Mamtora
Yes, acknowledge you. And afresh I aloof about action from Q3 to Q4, any melancholia things like mix that I should accumulate in mind?
Brad Southern
Well, accumulate in apperception that Balustrade is seasonal, usually Q2 and Q3 are our best quarters. And so we should see some balance in aggregate in Q4. But -- so aback you do your comparisons compared to Q4 aftermost year, not the Q3 this year.
Ketan Mamtora
Got it. That's actual helpful. I absolutely acknowledge all the color. Acknowledge you.
Operator
Thank you. And our final catechism comes from Chip Dillon with Vertical Research. Your band is open.
Chip Dillon
Yes, I aloof acquire a absolute quick one and I anticipate I apperceive the acknowledgment but -- I apperceive Sallie, aback you all unwound from the balk [ph] affairs in the aftermost year, I anticipate there was like a $90 actor tax bill. And I see your bulk taxes so far are about that with no deferred tax cardinal on the banknote breeze statement. So I aloof appetite to know, acquire you paid those taxes already?
Sallie Bailey
Yes. We paid them; some in the added quarter, some in the third quarter.
Chip Dillon
Okay. So as we anticipate about the future, barring maybe tax credits that may appear beyond from some of your investments, your banknote tax bulk and your book tax ante array of about be the same?
Sallie Bailey
Well, no because we still acquire a appraisal allowances in Canada.
Chip Dillon
Okay, all right.
Sallie Bailey
I meant NOLs; I said value, I meant NOLs.
Chip Dillon
NOLs. Could you acquire a asperous -- what the consequence is?
Sallie Bailey
I don't bethink what it is, Chip. But we can attending into it aback you and Mike acquire your update, we can get you the numbers.
Chip Dillon
Thanks.
Operator
Thank you. No added questions.
Sallie Bailey
All right. Well, James, if you could accommodate the epitomize number, I abiding would acknowledge it. And I'd like to acknowledge everybody for accommodating in our call. And as always, Mike and Becky are actuality to aftereffect on any questions you may have. And, acknowledge you and we achievement you all acquire a abundant blow of the day.
Operator
Thank you. Ladies and gentlemen, if you would like to acquire a epitomize of this conference, you may punch 1-800-585-8367 with the appointment cipher of 99182539. Once again, that cardinal is 1-800-585-8367 with the appointment cipher of 99182539. Acknowledge you actual much. That does achieve today's appointment and you may all disconnect. Acquire a admirable day.
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["465.6"]
School newspaper issues between Brad and Randy on HOME IMPROVEMENT ... | Home Improvement Brad Gets Caught With Weed["465.6"]
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