EX-99.2 3 v24341exv99w2.htm EXHIBIT 99.2 exv99w2
 

Exhibit 99.2
     
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS
     (in millions)
                                                                                 
    Q1     Q2     Q3     Year-to-date     Q4     Year Ended  
    March 26,     March 27,     June 25,     June 26,     Sept. 24,     Sept. 25,     Sept. 24,     Sept. 25,     Dec. 25,     Dec. 25,  
    2006     2005     2006     2005     2006     2005     2006     2005     2005     2005  
Net sales and revenues:
                                                                                
Weyerhaeuser (1)
   $ 4,566     $ 4,577     $ 4,911     $ 5,017     $ 4,579     $ 4,836     $ 14,056     $ 14,430     $ 4,700     $ 19,130  
Real Estate and Related Assets
     690       655       746       648       749       596       2,185       1,899       1,016       2,915  
 
                                                            
Total net sales and revenues
     5,256       5,232       5,657       5,665       5,328       5,432       16,241       16,329       5,716       22,045  
 
                                                            
 
                                                                                
Costs and expenses:
                                                                                
Weyerhaeuser:
                                                                                
Costs of products sold (2)
     3,612       3,504       3,815       3,833       3,590       3,800       11,017       11,137       3,832       14,969  
Depreciation, depletion and amortization
     306       316       305       319       305       320       916       955       326       1,281  
Selling expenses
     109       115       125       116       123       116       357       347       106       453  
General and administrative expenses
     255       221       223       215       234       234       712       670       221       891  
Research and development expenses (3)
     16       14       15       12       21       18       52       44       17       61  
Taxes other than payroll and income taxes
     44       44       46       44       43       45       133       133       16       149  
Charges for restructuring (4)
     —       5       18       4       4       2       22       11       10       21  
Charges for closure of facilities
     1       5       17       3       43       29       61       37       656       693  
Impairment of goodwill (5)
     746       —       3       —       —       —       749       —       —       —  
Other operating costs, net (6) (7)
     31       9       (23 )     (40 )     (34 )     (32 )     (26 )     (63 )     3       (60 )
 
                                                            
 
     5,120       4,233       4,544       4,506       4,329       4,532       13,993       13,271       5,187       18,458  
 
                                                            
 
                                                                                
Real Estate and Related Assets:
                                                                                
Costs and operating expenses (8)
     481       426       552       441       537       401       1,570       1,268       677       1,945  
Depreciation and amortization
     3       3       4       4       10       4       17       11       5       16  
Selling expenses
     37       33       43       36       44       36       124       105       46       151  
General and administrative expenses
     30       24       34       25       30       27       94       76       28       104  
Taxes other than payroll and income taxes
     1       1       2       —       2       1       5       2       1       3  
Other operating costs, net
     (3 )     —       3       (2 )     (2 )     (2 )     (2 )     (4 )     1       (3 )
Impairment of long-lived assets
     —       —       3       —       14       —       17       —       33       33  
 
                                                            
 
     549       487       641       504       635       467       1,825       1,458       791       2,249  
 
                                                            
Total costs and expenses
     5,669       4,720       5,185       5,010       4,964       4,999       15,818       14,729       5,978       20,707  
 
                                                            
 
                                                                                
Operating income
     (413 )     512       472       655       364       433       423       1,600       (262 )     1,338  
 
                                                                                
Interest expense and other:
                                                                                
Weyerhaeuser:
                                                                                
Interest expense incurred (9)
     (152 )     (196 )     (152 )     (179 )     (149 )     (193 )     (453 )     (568 )     (171 )     (739 )
Less: interest capitalized (2)
     16       —       20       2       21       3       57       5       4       9  
Interest income and other
     19       27       15       20       17       143       51       190       24       214  
Equity in income (loss) of affiliates (10)
     3       —       6       4       —       2       9       6       (12 )     (6 )
Real Estate and Related Assets:
                                                                                
Interest expense incurred
     (14 )     (14 )     (14 )     (14 )     (12 )     (13 )     (40 )     (41 )     (14 )     (55 )
Less: interest capitalized
     14       14       14       14       12       13       40       41       14       55  
Interest income and other
     10       5       3       (2 )     7       4       20       7       5       12  
Equity in income of unconsolidated entities (11)
     21       10       15       13       14       14       50       37       20       57  
 
                                                            
Earnings (loss) before income taxes
     (496 )     358       379       513       274       406       157       1,277       (392 )     885  
Income tax (expense) benefit (12)
     (87 )     (125 )     (82 )     (225 )     (89 )     (119 )     (258 )     (469 )     151       (318 )
 
                                                            
Earnings (loss) from continuing operations
     (583 )     233       297       288       185       287       (101 )     808       (241 )     567  
Earnings (loss) from discontinued operations, net of taxes (13)
     3       6       17       132       26       (2 )     46       136       30       166  
 
                                                            
Net earnings (loss)
   $ (580 )   $ 239     $ 314     $ 420     $ 211     $ 285     $ (55 )   $ 944     $ (211 )   $ 733  
 
                                                            
 
                                                                                
Basic net earnings (loss) per share:
                                                                                
Continuing operations
   $ (2.37 )   $ 0.96     $ 1.20     $ 1.18     $ 0.75     $ 1.17     $ (0.41 )   $ 3.31     $ (0.98 )   $ 2.32  
Discontinued operations
     0.01       0.02       0.07       0.54       0.10       (0.01 )     0.19       0.55       0.12       0.68  
 
                                                            
Net earnings (loss) per share
   $ (2.36 )   $ 0.98     $ 1.27     $ 1.72     $ 0.85     $ 1.16     $ (0.22 )   $ 3.86     $ (0.86 )   $ 3.00  
 
                                                            
 
                                                                                
Diluted net earnings (loss) per share:
                                                                                
Continuing operations
   $ (2.37 )   $ 0.96     $ 1.19     $ 1.17     $ 0.75     $ 1.17     $ (0.41 )   $ 3.30     $ (0.98 )   $ 2.31  
Discontinued operations
     0.01       0.02       0.07       0.54       0.10       (0.01 )     0.19       0.55       0.12       0.67  
 
                                                            
Net earnings (loss) per share
   $ (2.36 )   $ 0.98     $ 1.26     $ 1.71     $ 0.85     $ 1.16     $ (0.22 )   $ 3.85     $ (0.86 )   $ 2.98  
 
                                                            
 
                                                                                
Dividends paid per share
   $ 0.50     $ 0.40     $ 0.50     $ 0.50     $ 0.60     $ 0.50     $ 1.60     $ 1.40     $ 0.50     $ 1.90  
 
                                                            
 
                                                                                
Weighted average shares outstanding (in thousands)
                                                                               
Basic
     245,794       242,863       248,147       244,702       247,428       245,009       247,123       244,191       245,215       244,447  
Diluted
     245,794       244,185       249,194       245,881       247,900       246,190       247,123       245,354       246,198       245,559  
PRELIMINARY RESULTS - SUBJECT TO AUDIT

 

 

     
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONSOLIDATED EARNINGS
     (in millions)
 
                                                                                 
                                                    Year-to-date             Year Ended  
    Q1 2006     Q1 2005     Q2 2006     Q2 2005     Q3 2006     Q3 2005     Q3 2006     Q3 2005     Q4 2005     2005  
(1)   Countervailing and anti-dumping duties and related costs:
   $11     $22     $10     $27     $7     $19     $28     $68     $16     $84  
(2)   Weyerhaeuser capitalized interest on Weyerhaeuser Real Estate Company (WRECO) assets in the first, second and third quarters of 2006 in the amount of $14 million, $15 million and $17 million, respectively. Weyerhaeuser cost of products sold includes $7 million, $7 million and $8 million for the first, second and third quarters of 2006, respectively, to expense previously capitalized interest in connection with the sale of WRECO assets. See Footnote 7 for 2005 information.
 
(3)   The third quarter of 2006 includes a $9 million charge related to the acquisition of in-process research and development.
 
(4)   The second quarter of 2006 includes an $18 million charge related to the restructuring of the Containerboard, Packaging and Recycling business model.
 
(5)   The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business.
                                                                                 
                                                    Year-to-date             Year Ended  
    Q1 2006     Q1 2005     Q2 2006     Q2 2005     Q3 2006     Q3 2005     Q3 2006     Q3 2005     Q4 2005     2005  
(6)   Net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:
   $(26)     $13     $21     $(13)     $17     $37     $12     $37     $(21)     $16  
(7)   The third quarter of 2006 includes $23 million of income related to a reduction in the reserves for hardboard siding claims and charges of $7 million for the impairment of fixed assets related to production curtailments. The first quarter of 2005 includes a $12 million charge related to the settlement of a linerboard antitrust lawsuit. The second quarter of 2005 includes an $18 million charge related to alder litigation and $57 million of income related to the recognition of a deferred gain from previous timberlands sales. The third quarter of 2005 includes a $115 million gain on the sale of an investment in a joint venture. The fourth quarter of 2005 includes a $38 million charge related to the settlement of linerboard antitrust litigation and $43 million of income related to the cumulative effect of a change to begin capitalizing Weyerhaeuser interest to assets of WRECO.
 
(8)   The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery.
 
(9)   The third and fourth quarters of 2005 include charges of $21 million and $15 million, respectively, related to the early extinguishment of debt.
 
(10)   The third quarter of 2006 includes a $2 million charge and the fourth quarter of 2005 includes a $15 million charge related to the impairments of investments in equity affiliates.
 
(11)   The first quarter of 2006 includes recognition of $9 million of deferred income in connection with partnership restructurings.
 
(12)   The second quarter of 2006 includes a one-time tax benefit of $48 million related to a change in Texas state income tax law, a reduction in the Canadian federal income tax rate and a deferred tax adjustment related to the Medicare Part D subsidy. The second quarter of 2005 includes a charge of $44 million related to the repatriation of $1.1 billion of eligible Canadian earnings under the provisions of the American Jobs Creation Act of 2004. The third quarter of 2005 includes a one-time tax benefit of $14 million related to a change in the Ohio state income tax law.
 
(13)   Discontinued operations includes the net operating results of the company’s coastal British Columbia operations and its North American and European composites operations. The third quarter of 2006 includes a pretax gain of $51 million and related tax expense of $20 million associated with the sale of the North American composites operations and an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations. The second quarter of 2005 includes a gain of $110 million, including a tax benefit of $46 million, related to the sale of the coastal British Columbia operations. The fourth quarter of 2005 includes a pretax gain of $57 million and related tax expense of $23 million associated with the sale of the French composites operations.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

 

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Net sales and revenues (in millions):
                                                                                 
    Q1     Q2     Q3     Year-to-date     Q4     Year Ended  
    March 26,     March 27,     June 25,     June 26,     Sept. 24,     Sept. 25,     Sept. 24,     Sept. 25,     Dec. 25,     Dec. 25,  
    2006     2005     2006     2005     2006     2005     2006     2005     2005     2005  
Timberlands:
                                                                                
Logs
   $ 201     $ 182     $ 198     $ 195     $ 200     $ 188     $ 599     $ 565     $ 196     $ 761  
Other products
     62       82       71       63       46       65       179       210       76       286  
 
                                                            
 
     263       264       269       258       246       253       778       775       272       1,047  
 
                                                            
Wood Products:
                                                                                
Softwood lumber
     782       892       857       1,032       733       889       2,372       2,813       811       3,624  
Plywood
     135       183       147       196       134       184       416       563       172       735  
Veneer
     13       13       13       10       9       9       35       32       12       44  
Composite panels
     121       120       140       132       71       122       332       374       123       497  
OSB
     287       288       273       306       203       267       763       861       303       1,164  
Hardwood lumber
     99       94       105       102       96       95       300       291       99       390  
Engineered I-Joists
     169       150       202       202       162       186       533       538       165       703  
Engineered Solid Section
     204       179       231       228       190       226       625       633       200       833  
Logs
     7       27       5       24       5       6       17       57       5       62  
Other products
     256       270       327       340       302       325       885       935       290       1,225  
 
                                                            
 
     2,073       2,216       2,300       2,572       1,905       2,309       6,278       7,097       2,180       9,277  
 
                                                            
Cellulose Fiber and White Papers:
                                                                                
Pulp
     394       376       402       355       404       381       1,200       1,112       370       1,482  
Paper
     613       599       601       611       604       604       1,818       1,814       603       2,417  
Coated groundwood
     40       42       44       47       42       45       126       134       46       180  
Liquid packaging board
     46       47       62       52       59       50       167       149       54       203  
Other products
     14       14       17       12       21       16       52       42       12       54  
 
                                                            
 
     1,107       1,078       1,126       1,077       1,130       1,096       3,363       3,251       1,085       4,336  
 
                                                            
Containerboard, Packaging and Recycling:
                                                                                
Containerboard
     82       117       84       101       92       86       258       304       91       395  
Packaging
     911       898       1,002       969       997       929       2,910       2,796       914       3,710  
Recycling
     80       92       85       92       89       87       254       271       81       352  
Bags
     20       22       20       21       23       20       63       63       20       83  
Other products
     34       34       46       40       44       47       124       121       46       167  
 
                                                            
 
     1,127       1,163       1,237       1,223       1,245       1,169       3,609       3,555       1,152       4,707  
 
                                                            
 
Real Estate and Related Assets
     690       655       746       648       749       596       2,185       1,899       1,016       2,915  
 
Corporate and Other
     116       149       117       151       123       146       356       446       154       600  
 
Less: sales of discontinued operations
     (120 )     (293 )     (138 )     (264 )     (70 )     (137 )     (328 )     (694 )     (143 )     (837 )
 
                                                            
 
   $ 5,256     $ 5,232     $ 5,657     $ 5,665     $ 5,328     $ 5,432     $ 16,241     $ 16,329     $ 5,716     $ 22,045  
 
                                                            
Contribution (charge) to pre-tax earnings:
     (in millions)
                                                                                 
    Q1     Q2     Q3     Year-to-date     Q4     Year Ended  
    March 26,     March 27,     June 25,     June 26,     Sept. 24,     Sept. 25,     Sept. 24,     Sept. 25,     Dec. 25,     Dec. 25,  
    2006     2005     2006     2005     2006     2005     2006     2005     2005     2005  
Timberlands (1) (2) (4)
   $ 198     $ 200     $ 224     $ 210     $ 178     $ 191     $ 600     $ 601     $ 183     $ 784  
Wood Products (1) (2) (5)
     117       131       131       204       11       124       259       459       26       485  
Cellulose Fiber and White Papers (1) (2) (6)
     (763 )     19       23       16       115       (2 )     (625 )     33       (477 )     (444 )
Containerboard, Packaging and Recycling (1) (2) (7)
     22       48       74       99       96       36       192       183       (188 )     (5 )
Real Estate and Related Assets (2) (8)
     172       183       123       156       135       145       430       484       250       734  
Corporate and Other (1) (2) (3) (9)
     (102 )     (17 )     (40 )     99       (78 )     101       (220 )     183       33       216  
 
                                                            
 
   $ (356 )   $ 564     $ 535     $ 784     $ 457     $ 595     $ 636     $ 1,943     $ (173 )   $ 1,770  
 
                                                            
PRELIMINARY RESULTS - SUBJECT TO AUDIT

 

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)
 
                                                                                 
                                                    Year-to-date         Year Ended
    Q1 2006     Q1 2005     Q2 2006     Q2 2005     Q3 2006     Q3 2005     Q3 2006     Q3 2005     Q4 2005     2005  
(1) Closure charges by     segment:
                                                                                
Timberlands
   $ —     $ 3     $ —     $ —     $ —     $ —     $ —     $ 3     $ 3     $ 6  
Wood Products
     —       1       1       1       10       6       11       8       91       99  
Cellulose Fiber and White Papers
     (1 )     —       11       —       4       22       14       22       427       449  
Containerboard, Packaging and Recycling
     2       4       5       2       3       1       10       7       130       137  
Corporate and Other
     —       —       —       —       26       —       26       —       5       5  
 
                                                            
 
   $ 1     $ 8     $ 17     $ 3     $ 43     $ 29     $ 61     $ 40     $ 656     $ 696  
 
                                                            
The above closure charges for the first quarter and full year 2005 include $3 million of costs incurred within the company’s discontinued operations. The third quarter of 2006 includes a $26 million charge in the Corporate and Other segment for the impairment of corporate assets related to the Prince Albert pulp and paper facility.
                                                                                 
                                                    Year-to-date             Year Ended  
    Q1 2006     Q1 2005     Q2 2006     Q2 2005     Q3 2006     Q3 2005     Q3 2006     Q3 2005     Q4 2005     2005  
(2) Share-based compensation charges
                                                                                
(income) recognized by segment:
                                                                                
Timberlands
   $ 1     $ —     $ —     $ —     $ —     $ —     $ 1     $ —     $ —     $ —  
Wood Products
     2       —       —       —       —       —       2       —       —       —  
Cellulose Fiber and White Papers
     1       —       —       —       1       —       2       —       —       —  
Containerboard, Packaging and Recycling
     2       —       (1 )     —       1       —       2       —       —       —  
Real Estate and Related Assets
     —       —       1       —       —       —       1       —       —       —  
Corporate and Other
     15       2       (4 )     (6 )     1       3       12       (1 )     12       11  
 
                                                            
 
   $ 21     $ 2     $ (4 )   $ (6 )   $ 3     $ 3     $ 20     $ (1 )   $ 12     $ 11  
 
                                                            
 
                                                    Year-to-date           Year Ended
    Q1 2006   Q1 2005   Q2 2006   Q2 2005   Q3 2006   Q3 2005   Q3 2006   Q3 2005   Q4 2005   2005
(3) Net foreign
                                                                                
exchange gains (losses) included in Corporate and Other:
   $(26)   $13   $20   $(12)   $17   $38   $11   $39     $(20)   $19
(4)   Additional Timberlands notes:
  (a) Hurricane related losses were $5 million in third quarter 2005 and $6 million in fourth quarter 2005.
(5)   Additional Wood Products notes:
  (a)   Refer to footnote 1 to Consolidated Earnings regarding countervailing duty and anti-dumping costs included in Wood Products.
 
  (b)   The third quarter of 2006 includes $23 million of income related to a reduction in the hardboard siding claims reserves. The second quarter of 2005 includes an $18 million charge related to alder litigation. The third quarter of 2005 includes $9 million of income related to the reduction of reserves for alder litigation and an insurance settlement related to product liability claims.
 
  (c)   The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composites operations.
 
  (d)   The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments.
 
  (e)   The second quarter of 2005 includes a $6 million gain related to a tenure reallocation agreement with the British Columbia government.
(6)   Additional Cellulose Fiber and White Papers notes:
  (a)   The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business.
(7)   Additional Containerboard, Packaging and Recycling notes:
  (a)   The second quarter of 2006 includes a charge of $18 million related to the restructuring of the Containerboard, Packaging and Recycling business model.
 
  (b)   The first and fourth quarters of 2005 include charges of $12 million and $38 million, respectively, associated with the settlement of linerboard antitrust lawsuits.
 
  (c)   The third quarter of 2005 had a charge of $1 million related to hurricane damage.
(8)   Additional Real Estate and Related Assets notes:
  (a)   The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery and income of $9 million related to recognition of deferred income in connection with partnership restructurings.
  (b)   The first, second and third quarters of 2006 includes net gains (losses) on land and lot sales of $33 million, ($1) million and $0, respectively. The first, second, third and fourth quarters of 2005 include net gains (losses) on land and lot sales of $57 million, $21 million, ($1) and $2 million, respectively. The fourth quarter of 2005 also includes a $33 million charge for the impairment of unimproved land.
  (c)   The second and third quarters of 2006 include charges for the impairment of assets of $3 million and $14 million, respectively.
(9)   Additional Corporate and Other notes:
  (a)   The third quarter of 2006 includes a $2 million charge and the fourth quarter of 2005 includes a $15 million charge related to the impairments of investments in equity affiliates.
 
  (b)   The third quarter of 2006 includes a $9 million charge related to the acquisition of in-process research and development.
 
  (c)   The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with coastal British Columbia operations.
 
  (d)   The second quarter of 2005 includes a $64 million pretax gain on the sale of the company’s operations in coastal British Columbia and $57 million of income related to the recognition of a deferred gain from previous timberlands sales. The third quarter of 2005 includes a $115 million gain on the sale of an investment in a joint venture. The fourth quarter of 2005 includes a $57 million gain on the sale of the company’s French composites operations and $43 million of income for the cumulative effect of a change to begin capitalizing Weyerhaeuser interest to assets of Weyerhaeuser Real Estate Company.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

 

 

     
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Third party sales volumes:
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year Ended
    March 26,   March 27,   June 25,   June 26,   Sept. 24,   Sept. 25,   Sept. 24,   Sept. 25,   Dec. 25,   Dec. 25,
    2006   2005   2006   2005   2006   2005   2006   2005   2005   2005
Timberlands (thousands):
                                                                                
Logs — cunits
     935       864       808       863       850       886       2,593       2,613       939       3,552  
 
                                                                                
Wood Products (millions):
                                                                                
Softwood lumber — board feet
     1,921       2,057       2,113       2,355       1,974       2,179       6,008       6,591       2,059       8,650  
Plywood — square feet (3/8")
     389       537       458       600       437       558       1,284       1,695       485       2,180  
Veneer — square feet (3/8")
     61       60       63       59       48       51       172       170       61       231  
Composite panels — square feet (3/4")
     302       299       324       317       139       308       765       924       305       1,229  
Oriented strand board — square feet (3/8")
     1,000       908       1,069       1,041       989       1,008       3,058       2,957       991       3,948  
Hardwood lumber — board feet
     103       102       110       114       100       105       313       321       106       427  
Engineered I-Joists — lineal feet
     114       108       137       138       110       125       361       371       113       484  
Engineered Solid Section — cubic feet
     9       9       11       10       9       10       29       29       9       38  
Logs — cunits (in thousands)
     55       187       46       177       26       41       127       405       46       451  
 
                                                                                
Cellulose Fiber and White Papers (thousands):
                                                                                
Pulp — air-dry metric tons
     651       629       647       587       625       653       1,923       1,869       633       2,502  
Paper — tons
     753       736       662       742       641       757       2,056       2,235       761       2,996  
Coated groundwood — tons
     52       58       59       62       59       56       170       176       56       232  
Liquid packaging board — tons
     56       60       71       65       72       64       199       189       69       258  
Paper converting — tons
     511       475       474       494       462       494       1,447       1,463       501       1,964  
 
                                                                                
Containerboard, Packaging and Recycling (thousands):
                                                                                
Containerboard — tons
     211       295       189       259       202       238       602       792       254       1,046  
Packaging — MSF
     18,342       17,354       19,168       18,600       18,425       18,560       55,935       54,514       19,117       73,631  
Recycling — tons
     733       692       719       695       678       665       2,130       2,052       676       2,728  
Kraft bags and sacks — tons
     20       23       20       22       22       22       62       67       22       89  
 
                                                                                
Real Estate and Related Assets:
                                                                                
Single-family homes sold
     1,472       1,378       1,325       1,525       906       1,608       3,703       4,511       1,174       5,685  
Single-family homes closed
     1,161       1,189       1,483       1,279       1,439       1,257       4,083       3,725       1,922       5,647  
Single-family homes sold but not closed at end of period
     3,105       2,561       2,947       2,807       2,414       3,158       2,414       3,158       2,410       2,410  
Total production volumes:
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year Ended
    March 26,   March 27,   June 25,   June 26,   Sept. 24,   Sept. 25,   Sept. 24,   Sept. 25,   Dec. 25,   Dec. 25,
    2006   2005   2006   2005   2006   2005   2006   2005   2005   2005
Timberlands (thousands):
                                                                                
Fee Depletion — cunits
     2,132       2,248       2,083       2,231       2,040       2,098       6,255       6,577       2,153       8,730  
 
                                                                                
Wood Products (millions):
                                                                                
Softwood lumber — board feet
     1,663       1,821       1,650       1,869       1,559       1,651       4,872       5,341       1,645       6,986  
Plywood — square feet (3/8")
     241       303       245       302       237       296       723       901       254       1,155  
Veneer — square feet (3/8") (1)
     455       517       455       529       494       486       1,404       1,532       447       1,979  
Composite panels — square feet (3/4")
     278       267       288       282       100       268       666       817       263       1,080  
Oriented strand board — square feet (3/8")
     1,073       1,007       1,062       1,019       1,009       1,017       3,144       3,043       1,035       4,078  
Hardwood lumber — board feet
     82       92       83       96       82       91       247       279       85       364  
Engineered I-Joists — LF
     121       133       136       132       130       108       387       373       110       483  
Engineered Solid Section — CF
     11       11       12       10       10       10       33       31       10       41  
 
                                                                                
Cellulose Fiber and White Papers (thousands):
                                                                                
Pulp — air-dry metric tons
     676       621       588       614       660       663       1,924       1,898       604       2,502  
Paper — tons (2)
     724       763       672       752       675       765       2,071       2,280       780       3,060  
Coated groundwood — tons
     56       55       56       59       59       60       171       174       60       234  
Liquid packaging board — tons
     61       60       75       64       73       69       209       193       71       264  
Paper converting — tons
     498       475       461       487       485       483       1,444       1,445       505       1,950  
 
                                                                                
Containerboard, Packaging and Recycling (thousands):
                                                                                
Containerboard — tons (3)
     1,575       1,503       1,533       1,581       1,544       1,597       4,652       4,681       1,587       6,268  
Packaging — MSF
     19,550       18,628       20,290       19,915       19,341       19,416       59,181       57,959       20,130       78,089  
Recycling — tons (4)
     1,716       1,624       1,684       1,673       1,641       1,716       5,041       5,013       1,730       6,743  
Kraft bags and sacks — tons
     19       23       20       22       18       21       57       66       22       88  
 
(1)   Veneer production represents lathe production and includes volumes that are further processed into plywood and engineered lumber products by company mills.
 
(2)   Paper production includes unprocessed rolls and converted paper volumes.
 
(3)   Containerboard production represents machine production and includes volumes that are further processed into packaging and kraft bags and sacks by company facilities.
 
(4)   Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

 

 

     
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
                                 
    March 26,     June 25,     Sept. 24,     Dec. 25,  
  2006     2006     2006     2005  
Assets
                                
Weyerhaeuser
                                
Current assets:
                                
Cash and short-term investments
   $ 105     $ 113     $ 114     $ 818  
Receivables, less allowances
     1,807       1,920       1,816       1,707  
Inventories
     2,036       1,899       1,983       1,885  
Prepaid expenses
     433       427       440       414  
Assets of discontinued operations
     222       219       88       223  
 
                        
Total current assets
     4,603       4,578       4,441       5,047  
Property and equipment
     10,124       10,107       9,926       10,345  
Construction in progress
     640       607       640       527  
 
                                
Timber and timberlands at cost, less fee stumpage charged to disposals
     3,702       3,696       3,665       3,705  
Investments in and advances to equity affiliates
     475       479       490       486  
Goodwill
     2,235       2,243       2,254       2,982  
Deferred pension and other assets
     1,284       1,303       1,265       1,314  
Restricted assets held by special purpose entities
     914       916       914       916  
 
                        
 
     23,977       23,929       23,595       25,322  
 
                        
 
                                
Real Estate and Related Assets
                                
Cash and short-term investments
     39       36       13       286  
Receivables, less allowances
     143       141       145       42  
Real estate in process of development and for sale
     1,341       1,590       1,636       1,055  
Land being processed for development
     1,298       1,282       1,355       1,037  
Investments in unconsolidated entities, less reserves
     60       66       74       61  
Other assets
     353       420       422       296  
Assets not owned, consolidated under FIN 46R
     170       154       132       130  
 
                        
 
     3,404       3,689       3,777       2,907  
 
                        
Total assets
   $ 27,381     $ 27,618     $ 27,372     $ 28,229  
 
                        
 
                                
Liabilities and Shareholders’ Interest
                                
 
                                
Weyerhaeuser
                                
Current liabilities:
                                
Notes payable and commercial paper
   $ 1     $ 2     $ 222     $ 3  
Current maturities of long-term debt
     693       551       492       381  
Accounts payable
     1,181       1,210       1,142       1,227  
Accrued liabilities
     1,252       1,326       1,098       1,622  
Liabilities of business held for sale
     22       19       18       25  
 
                        
Total current liabilities
     3,149       3,108       2,972       3,258  
Long-term debt
     6,938       7,075       7,082       7,404  
Deferred income taxes
     3,998       3,909       3,848       4,032  
Deferred pension, other postretirement benefits and other liabilities
     1,651       1,674       1,628       1,591  
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities
     763       765       762       764  
 
                        
 
     16,499       16,531       16,292       17,049  
 
                        
Real Estate and Related Assets
                                
Notes payable and commercial paper
     63       125       385       3  
Long-term debt
     878       628       601       851  
Other liabilities
     568       707       766       417  
Liabilities not owned, consolidated under FIN 46R
     144       127       107       109  
 
                        
 
     1,653       1,587       1,859       1,380  
 
                        
Total liabilities
     18,152       18,118       18,151       18,429  
Shareholders’ interest
     9,229       9,500       9,221       9,800  
 
                        
Total liabilities and shareholders’ interest
   $ 27,381     $ 27,618     $ 27,372     $ 28,229  
 
                        
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
     (in millions)
(Weyerhaeuser only, excludes Real Estate & Related Assets)
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year Ended
    March 26,   March 27,   June 25,   June 26,   Sept. 24,   Sept. 25,   Sept. 24,   Sept. 25,   Dec. 25,   Dec. 25,
    2006   2005   2006   2005   2006   2005   2006   2005   2005   2005
Net cash from operations
   $ (209 )   $ (203 )   $ 565     $ 723     $ 95     $ 452     $ 451     $ 972     $ 648     $ 1,620  
Cash paid for property and equipment
   $ (182 )   $ (117 )   $ (184 )   $ (196 )   $ (173 )   $ (220 )   $ (539 )   $ (533 )   $ (310 )   $ (843 )
Cash paid for timberlands reforestation
   $ (12 )   $ (12 )   $ (9 )   $ (6 )   $ (6 )   $ (6 )   $ (27 )   $ (24 )   $ (8 )   $ (32 )
Cash received from issuances of debt
   $ —     $ —     $ —     $ 1     $ 3     $ —     $ 3     $ 1     $ —     $ 1  
Revolving credit facilities, notes and commercial paper borrowings, net
   $ (68 )   $ 19     $ 19     $ 23     $ 195     $ (40 )   $ 146     $ 2     $ 170     $ 172  
Payments on debt
   $ (158 )   $ (404 )   $ (10 )   $ (206 )   $ (58 )   $ (986 )   $ (226 )   $ (1,596 )   $ (603 )   $ (2,178 )
Proceeds from the sale of operations
   $ —     $ —     $ —     $ 1,107     $ 187     $ —     $ 187     $ 1,107     $ 102     $ 1,209  
Repurchases of common stock
   $ —     $ —     $ —     $ —     $ (332 )   $ —     $ (332 )   $ —     $ (11 )   $ (11 )
PRELIMINARY RESULTS - SUBJECT TO AUDIT