Louisiana-Pacific Corp. (LPX) signed a letter of intent to sell about 55,000 acres of timberland near Cleveland, Texas, to an undisclosed buyer for about $38 million. In a press release Tuesday, the company said it expects to close the sale by the end of June. Last month, Louisiana-Pacific finalized the sale of about 9,000 acres of timberland near Urania, La., for about $6.4 million. Louisiana-Pacific announced earlier this month it plans to market its most significant timberland holdings in Texas and Louisiana in multiple parcels rather than as one 705,000-acre parcel. The sale processes for the building-products company's remaining timberland are on schedule, according to a 12 to 18 month schedule it announced last May. Proceeds from the asset sales, as well as debt-reduction initiatives, are designed to strengthen the company's financial flexibility. Louisiana-Pacific reported 2002 revenue of $1.94 billion and a loss from continuing operations of $21.5 million, or 21 cents a share. The company's New York Stock Exchange-listed shares traded recently at $8.70, up 27 cents, or 3.2%, on composite volume of 345,700 shares. Average daily volume is 497,060 shares.