8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

October 30, 2009

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other	(Commission	(IRS Employer
jurisdiction of	File Number)	Identification
incorporation or		Number)
organization)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

r Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

r Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02.  Results of Operations and Financial Condition

Item 9.01.  Financial Statements and Exhibits

Signatures

Exhibit 99.1

Exhibit 99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 30, 2009, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended September 30, 2009.  Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)   The following items are filed as exhibits to this report:

99.1   Press release of Weyerhaeuser Company issued October 30, 2009 reporting results of operations for the quarter ended September 30, 2009

99.2   Exhibits to Press release of Weyerhaeuser Company issued October 30, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY
By:	/s/Jeanne Hillman
Its:	Vice President and
	Chief Accounting Officer

Date:  October 30, 2009

EX-99.1

For more information contact:	Media –Bruce Amundson (253) 924-3047
	Analysts– Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports 3rd Quarter Results

FEDERAL WAY, Wash. (Oct.30,2009) –Weyerhaeuser Company (NYSE: WY) today reported break-even resultsfor third quarter2009 on net sales from continuing operations of $1.4 billion.

This compares with net earnings of $280 million, or $1.33 pershare, on net sales from continuing operations of $2.1 billion for the same period last year.

SIGNIFICANT THIRD QUARTER 2009 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Gain on sale of 140,000 acres of non-strategic timberlands	$98	$0.46
Alternative fuel mixture credits	$74	$0.35
Corporate and Wood Products asset impairments and restructuring charges	($62)	($0.29)
Real Estate asset impairments and restructuring charges	($33)	($0.16)
Income tax adjustments	($21)	($0.10)

Excluding these items, the company reported a net loss of $56 million, or $0.26 per share, in thethird quarter of 2009.

SIGNIFICANT THIRD QUARTER 2008 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Sale of Containerboard, Packaging & Recycling operations	$303	$1.44
Sale of Australian operations	$158	$0.75
Real estate-related charges	($144)	($0.69)
Wood Products asset impairments	($24)	($0.11)
Restructuring activities	($10)	($0.05)

Excluding these items, the company reported a net loss of $3 million, or $0.01 pershare, in the third quarter of 2008.

"With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance," said Dan Fulton, president and chief executive officer. "Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers."

SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	3Q 2009	3Q 2008	Change
Net earnings	$—	$280	($280)
Earnings per share	$—	$1.33	($1.33)
Net sales from continuing operations	$1,407	$2,107	($700)

SEGMENT RESULTS FOR THIRD QUARTER

Contributions (Charges) to Pre-Tax Earnings

Millions	3Q 2009	3Q 2008	Change
Timberlands	$219	$107	$112
Wood Products	($97)	($146)	$49
Cellulose Fibers	$166	$78	$88
Real Estate	($64)	($316)	$252

TIMBERLANDS

	3Q 2009	2Q 2009	Change
Contribution to pre-tax earnings (millions)	$219	$66	$153

3Q 2009 Performance – Excluding apre-tax gainof $163 million from the sale of 140,000 acres of non-strategic timberlands in northwestern Oregon, the segment’s third quarter results decreased $10 million.

Third quarter earnings from operations were lower primarily due to additional harvest deferrals and lower sales of non-strategic timberlands other than the transaction mentioned above. These reductions were partially offset by a sale of mineral royalties for approximately $6 million. Losses related to international operations were $4 million, compared to $7million in second quarter.

4Q 2009 Outlook –Weyerhaeuser expects earnings to be lower than third quarter primarily due to additional harvest deferrals and seasonally higher silviculture costs. No significant non-strategic land sales are anticipated in the fourth quarter.

WOOD PRODUCTS

	3Q 2009	2Q 2009	Change
Charge to pre-tax earnings (millions)	($97)	($162)	$65

3Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s third quarter loss decreased $55 million.

· Third quarter 2009 included charges of $5 million for closures, restructuring and asset impairments.

· Second quarter 2009 included charges of $15 million primarily for closures, restructuring and asset impairments.

Performance improved due to higher lumber and oriented strand board sales prices, continued cost control measures and lower log costs. Volumes were down in all product lines except engineered wood products.

4Q 2009 Outlook – Weyerhaeuser expects a higher operating loss with seasonally lower volumes and reduced prices.

CELLULOSE FIBERS

	3Q 2009	2Q 2009	Change
Contribution to pre-tax earnings (millions)	$166	$100	$66

3Q 2009 Performance – Third quarter 2009 included a pre-tax gain of $122 million related to alternative fuel mixture credits, compared to $107 million in the second quarter.  Excluding the credit, the segment’s earnings improved $51 million in the third quarter.

Fewer annual maintenance outages and completion of the boiler repair at Columbus, Mississippi early in the third quarter resulted in lower maintenance costs and improved productivity.  Higher average price realizations and volumes for pulp along with lower raw material costs contributed to the improvement.

4Q 2009 Outlook –Excluding the effect of alternative fuel mixture credits,Weyerhaeuser expects earnings from operations for fourth quarter to be comparable to third quarter. Improved pulp price realizations are expected to be offset by increased annual maintenance and fiber costs.

REAL ESTATE

	3Q 2009	2Q 2009	Change
Charge to pre-tax earnings (millions)	($64)	($50)	($14)

3Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s third quarter loss decreased $5 million.

· Asset impairments, restructuring and investment-related charges were $55 million in the third quarter compared to $52 million in the second quarter.

· Second quarter included a gain of $9 million from the sale of partnership interests and $7 million from the sale of land and lots.

Homebuilding operations closed 506single-family homes, a 9 percent increase from second quarter. However, the average price of homes closed was down 6 percent from the previous quarter, primarily due to mix.  The number of homes in the backlog increased 10 percent over the last quarter to 997 units.

4Q 2009 Outlook –Weyerhaeuser expects slightly improved results from homebuilding operations in the fourth quarter due to seasonally increased volumes.

CORPORATE AND OTHER

Third quarter results for the Corporate and Other segment include the following pre-tax items:

· Corporate restructuring charges include a $60 million noncash pension charge triggered by the amount of distributions paid during 2009 to former salaried employees.

· The company recognized charges of $35 million related to other corporate restructuring activities, primarily for the impairment of corporate-region assets.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 30 to discuss thirdquarter results.

To access the conference call from within North America, dial 1-877-941-8632 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-480-629-9821. Replays will be available for one week at 1-800-406-7325 (access code – 4167921) from within North America and at 1-303-590-3030 (access code – 4167921) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q3 2009 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected site, StreetEvents (http://www.streetevents.com).

FORWARD LOOKING STATEMENTS

This news release contains statements concerning the company’s future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions.  Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements.  There is no guarantee that any of the events anticipated by theseforward-looking statements will occur.  If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition.  The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company’s plans, strategies and intentions.  They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,& amp; #8221; and “plans.”  In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company’s expectations during the fourthquarter of 2009, including fee timber harvest levels and operating costs in the Timberlands segment, sales of non-strategic timberlands, demand and pricing for our products in the Wood Products segment, increased expenses for annual planned maintenance and raw material costs in the Cellulose Fiber segment, average pulp price realizations, home sale closings and prices, cost control measures, and earnings and performance of our business segments.

Major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limitedto:

· the effect of general economic conditions, including the level of interest rates, availability of financing for home mortgages, strength of the U.S. dollar, employment rates and housing starts;

· market demand for the company’s products, which is related tothe strength of the various U.S. business segments and economic conditions;

· raw material prices;

· energy prices;

· transportation costs;

· the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

· changes in the Company’s business support functions and support costs;

· performance of the company’s manufacturing operations, including maintenance requirements and operating efficiencies;

· changes in legislation or tax rules;

· the level of competition from domestic and foreign producers;

· the effect of forestry, land use, environmental and other governmental regulations;

· legal proceedings;

· the effect of weather;

· the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

· changes in accounting principles;

· performance of pension fund investments and related derivatives;

· the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; and

· other factors described under “Risk Factors” in the Company’s annual report on Form 10-K.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, China and Korea.  It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

CONSOLIDATED EARNINGS

(in millions, except per-share figures)

	Q3						Year-to-date						Q2
	Sept. 30,			Sept. 28,			Sept. 30,			Sept. 28,			June 30,
	2009			2008			2009			2008			2009
Net sales and revenues:
Forest Products	$	1,211		$	1,778		$	3,506		$	5,269		$	1,192
Real Estate		196			329			567			1,054			199
Total net sales and revenues		1,407			2,107			4,073			6,323			1,391
Costs and expenses:
Forest Products:
Costs of products sold		973			1,413			3,001			4,330			1,050
Alternative fuel mixture credits		(122	)		-			(229	)		-			(107	)
Depreciation, depletion and amortization		123			147			370			438			125
Selling expenses		33			57			109			173			33
General and administrative expenses		79			109			258			382			83
Research and development expenses		10			14			38			49			15
Charges for restructuring and closures		67			10			195			87			46
Impairment of goodwill and other assets		36			65			74			147			20
Other operating income, net  (1)		(184	)		(7	)		(255	)		(8	)		(77	)
		1,015			1,808			3,561			5,598			1,188
Real Estate:
Costs and operating expenses		172			365			487			1,001			164
Depreciation and amortization		3			5			11			14			4
Selling expenses		19			32			61			105			20
General and administrative expenses		16			26			61			82			17
Other operating costs (income), net		13			(3	)		20			(4	)		7
Impairment of long-lived assets and other related charges		46			230			141			547			53
		269			655			781			1,745			265
Total costs and expenses		1,284			2,463			4,342			7,343			1,453
Operating income (loss)		123			(356	)		(269	)		(1,020	)		(62	)
Forest Products:
Interest expense incurred		(107	)		(126	)		(322	)		(384	)		(107	)
Less: interest capitalized		1			11			5			56			2
Interest income and other		15			29			42			58			13
Gain on Uruguay restructuring		-			-			-			101			-
Equity in income (loss) of affiliates		(4	)		10			(1	)		8			-
Real Estate:
Interest expense incurred		(8	)		(10	)		(22	)		(36	)		(7	)
Less: interest capitalized		6			10			20			36			7
Interest income and other		3			1			5			2			1
Equity in income of unconsolidated entities		1			15			14			16			11
Impairments of investments and other related charges		-			(10	)		(32	)		(117	)		(6	)
Earnings (loss) from continuing operations before income taxes		30			(426	)		(560	)		(1,280	)		(148	)
Income tax benefit (provision)  (2)		(35	)		221			173			574			32
Earnings (loss) from continuing operations		(5	)		(205	)		(387	)		(706	)		(116	)
Discontinued operations, net of taxes  (3)		-			480			-			678			-
Net earnings (loss)		(5	)		275			(387	)		(28	)		(116	)
Less: net loss attributable to noncontrolling interests		5			5			17			64			10
Net earnings (loss) attributable to Weyerhaeuser common shareholders	$	-		$	280		$	(370	)	$	36		$	(106	)
Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations	$	-		$	(0.94	)	$	(1.75	)	$	(3.04	)	$	(0.50	)
Discontinued operations		-			2.27			-			3.21			-
Net earnings (loss) per share	$	-		$	1.33		$	(1.75	)	$	0.17		$	(0.50	)
Dividends paid per share	$	0.05		$	0.60		$	0.55		$	1.80		$	0.25
Weighted average shares outstanding (in thousands):
Basic		211,357			211,284			211,337			211,247			211,356
Diluted		211,357			211,284			211,337			211,247			211,356
Common shares outstanding at end of period (in thousands)		211,357			211,289			211,357			211,289			211,357

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1) Other operating income, net for third quarter and year-to-date 2009 include $163 million gain on sale of 140,000 acres of non-strategic timberlands.

(2) (a) Third quarter and year-to-date 2009 include $21 million in net tax charges related to the true-up of previous tax liabilities, state tax law and rate changes and interest on unrecognized tax benefits.

(b) Year-to-date 2008 includes $14 million for tax benefits related to the release of FIN 48 tax liabilities.

(3) Discontinued operations for 2008 include the net operating results of our Containerboard, Packaging and Recycling business and Australian operations.

Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments.  Discontinued operations include an allocation of net pension and postretirement income or expense.

Summary results of discontinued operations:	Q3				Year-to-date				Q2
	Q3 2009		Q3 2008		Q3 2009		Q3 2008		Q2 2009
Net sales	$	-	$	514	$	-	$	3,301	$	-
Net earnings from operations (after-tax)	$	-	$	16	$	-	$	214	$	-
Net gain on divestitures and sales (after-tax)	$	-	$	464	$	-	$	464	$	-
Net earnings from discontinued operations	$	-	$	480	$	-	$	678	$	-

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET SALES AND REVENUES:

(in millions)

	Q3					Year-to-date					Q2
	Sept. 30,		Sept. 28,			Sept. 30,		Sept. 28,			June 30,
	2009		2008			2009		2008			2009
Timberlands:
Logs:
West	$	84	$	149		$	253	$	418		$	87
South		39		29			115		60			43
Canada		5		2			7		16			-
Total Logs		128		180			375		494			130
Pay as cut timber sales		10		9			24		21			7
Timberlands sales and exchanges(1)		15		29			59		66			40
Higher and better use land sales (1)		5		1			10		9			4
Minerals, oil and gas		21		18			49		42			14
Products from international operations (2)		13		14			30		27			10
Other products		1		3			11		16			3
		193		254			558		675			208
Wood Products:
Softwood lumber		226		393			677		1,157			229
Engineered solid section		67		114			184		340			62
Engineered I-Joists		47		79			123		238			43
Oriented strand board		63		113			176		328			58
Plywood		25		48			71		164			22
Hardwood lumber		54		72			161		232			56
Other products produced		37		63			119		163			39
Other products purchased for resale		69		124			213		421			85
		588		1,006			1,724		3,043			594
Cellulose Fibers:
Pulp		297		346			833		1,046			255
Liquid packaging board		73		73			216		214			77
Other products		20		28			54		92			17
		390		447			1,103		1,352			349
Real Estate:
Single family housing		185		303			527		986			180
Land development		10		24			37		54			18
Other		1		2			3		14			1
		196		329			567		1,054			199
Corporate and Other		40		88			121		331			41
Containerboard, Packaging and Recycling		-		497			-		3,169			-
Less: sales of discontinued operations		-		(514	)		-		(3,301	)		-
	$	1,407	$	2,107		$	4,073	$	6,323		$	1,391

(1)    Higher and better use timberland and other non-strategic timberland are sold through Forest Products subsidiaries.

(2)    Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

STATEMENT OF CASH FLOWS

SELECTED INFORMATION (unaudited)

(in millions)

	Q3						Year-to-date						Q2
	Sept. 30,			Sept. 28,			Sept. 30,			Sept. 28,			June 30,
	2009			2008			2009			2008			2009
Net cash from operations	$	34		$	(47	)	$	(276	)	$	(139	)	$	126
Cash paid for property and equipment (1)		(38	)		(77	)		(123	)		(282	)		(32	)
Cash paid for timberlands reforestation (1)		(7	)		(9	)		(29	)		(36	)		(7	)
Revolving credit facilities, notes and commercial paper borrowings, net		-			(1,211	)		-			(381	)		-
Payments on debt		(403	)		(92	)		(422	)		(199	)		(18	)
Proceeds from the sale of assets and operations		313			6,359			350			6,458			29
Cash paid for dividends		(10	)		(127	)		(116	)		(380	)		(53	)
Loan to pension trust		-			-			(85	)		-			-
Repurchases of common stock		-			-			(2	)		-			-

(1)  Capital spending is for Forest Products only and excludes Real Estate.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS:

(in millions)

	Q3						Year-to-date						Q2
	Sept. 30,			Sept. 28,			Sept. 30,			Sept. 28,			June 30,
	2009			2008			2009			2008			2009
Timberlands	$	219		$	107		$	325		$	322		$	66
Wood Products		(97	)		(146	)		(525	)		(587	)		(162	)
Cellulose Fibers		166			78			297			176			100
Real Estate		(64	)		(316	)		(210	)		(727	)		(50	)
Corporate and Other		(81	)		1,369			(111	)		1,439			13
Containerboard, Packaging and Recycling		-			10			-			204			-
	$	143		$	1,102		$	(224	)	$	827		$	(33	)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

(includes costs incurred within the company's discontinued operations)

(in millions)

Timberlands includes:							Year-to-date
	Q3 2009			Q3 2008			Q3 2009			Q3 2008			Q2 2009
Charges for restructuring and closures	$	(2	)	$	-		$	(7	)	$	-		$	(5	)
Gain on sale of 140,000 acres of non-strategic timberlands		163			-			163			-			-
Sale of mineral royalties		6			-			6			-			-
	$	167		$	-		$	162		$	-		$	(5	)
Wood Products includes:							Year-to-date
	Q3 2009			Q3 2008			Q3 2009			Q3 2008			Q2 2009
Charges for restructuring and closures	$	(1	)	$	-		$	(64	)	$	(41	)	$	-
Goodwill impairments		-			(6	)		(3	)		(9	)		-
Other asset impairments		(4	)		(31	)		(25	)		(77	)		(16	)
Reserve for litigation		-			-			(19	)		(18	)		-
Gain on sale of property		-			-			1			-			1
	$	(5	)	$	(37	)	$	(110	)	$	(145	)	$	(15	)
Cellulose Fibers includes:							Year-to-date
	Q3 2009			Q3 2008			Q3 2009			Q3 2008			Q2 2009
Charges for restructuring and closures	$	-		$	-		$	(1	)	$	(1	)	$	-
Alternative fuel mixture credits		122			-			229			-			107
	$	122		$	-		$	228		$	(1	)	$	107
Real Estate includes:							Year-to-date
	Q3 2009			Q3 2008			Q3 2009			Q3 2008			Q2 2009
Charges for restructuring and closures	$	(13	)	$	-		$	(19	)	$	-		$	(2	)
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		(42	)		(236	)		(158	)		(602	)		(50	)
Impairment of assets and other related charges - attributable to noncontrolling interest		(4	)		(4	)		(15	)		(62	)		(9	)
Commercial partnership income		-			12			-			12			-
Sale of partnership interest		-			-			9			-			9
Net gain (loss) on land and lot sales		-			(87	)		13			(89	)		7
	$	(59	)	$	(315	)	$	(170	)	$	(741	)	$	(45	)
Corporate and Other includes:							Year-to-date
	Q3 2009			Q3 2008			Q3 2009			Q3 2008			Q2 2009
Charges for restructuring and closures	$	(64	)	$	(10	)	$	(123	)	$	(45	)	$	(41	)
Asset impairments		(31	)		(27	)		(45	)		(55	)		(4	)
Litigation and insurance settlements		-			-			20			-			20
Environmental reserve adjustment		-			-			-			(17	)		-
Gain on Uruguay restructuring		-			-			-			101			-
Gain on sale of Containerboard, Packaging and Recycling business		-			1,173			-			1,173			-
Gain on sale of Australian operations		-			217			-			217			-
Gain on sale of closed facilities		-			-			18			-			18
2008 amendments to US postretirement benefit plans		-			-			-			52			-
Share-based compensation		(4	)		(5	)		(9	)		(22	)		(2	)
Net foreign exchange gains (losses)		17			(11	)		33			(18	)		21
Pension and postretirement credits (1)		31			62			92			117			37
	$	(51	)	$	1,399		$	(14	)	$	1,503		$	49

(1) Excludes pension and postretirement included in charges for restructuring and closures above.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

THIRD PARTY SALES VOLUMES:

(in millions)

	Q3				Year-to-date				Q2
	Sept. 30,		Sept. 28,		Sept. 30,		Sept. 28,		June 30,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Logs - cubic meters:
West		1,156		1,970		3,529		5,401		1,283
South		981		672		2,812		1,486		1,062
Canada		144		83		211		432		3
International		84		53		234		181		73
Wood Products (millions):
Softwood lumber - board feet		803		1,197		2,589		3,706		896
Engineered solid section - cubic feet		3		6		10		18		4
Engineered I-Joists - lineal feet		43		63		105		189		36
Oriented strand board - square feet (3/8")		363		595		1,084		1,903		374
Plywood  - square feet (3/8")		84		135		222		449		71
Hardwood lumber - board feet		66		83		193		258		69
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		450		422		1,254		1,311		395
Liquid packaging board  - tons		74		77		215		226		77
Real Estate:
Single-family homes sold		593		531		1,838		2,193		790
Single-family homes closed		506		720		1,399		2,433		464
Single-family homes sold but not closed at end of period		997		984		997		984		910

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

TOTAL PRODUCTION VOLUMES:

(in millions)

	Q3				Year-to-date				Q2
	Sept. 30,		Sept. 28,		Sept. 30,		Sept. 28,		June 30,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Fee depletion  - cubic meters:
West		1,603		2,813		5,191		8,412		1,910
South		2,258		3,021		7,133		9,505		2,495
Wood Products (millions):
Softwood lumber - board feet		777		1,107		2,430		3,474		792
Engineered solid section - cubic feet		3		6		8		18		3
Engineered I-Joists - lineal feet		36		60		80		179		24
Oriented strand board - square feet (3/8")		390		585		1,094		1,952		369
Plywood - square feet (3/8")		48		89		113		258		37
Hardwood lumber - board feet		54		64		157		202		48
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		429		452		1,212		1,324		368
Liquid packaging board  - tons		71		75		213		216		77

PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	Sept. 30,		June 30,		Dec. 31,
	2009		2009		2008
Assets
Forest Products
Current assets:
Cash and cash equivalents	$	1,624	$	1,745	$	2,288
Short-term investments		47		60		138
Receivables, less allowances		403		402		429
Receivables for taxes		299		336		73
Receivable from pension trust		285		285		200
Inventories		498		530		702
Prepaid expenses		87		92		101
Deferred tax assets		150		151		159
Total current assets		3,393		3,601		4,090
Property and equipment, net		3,686		3,747		3,869
Construction in progress		108		108		104
Timber and timberlands at cost, less depletion charged to disposals		4,014		4,173		4,205
Investments in and advances to equity affiliates		199		200		202
Goodwill		40		40		43
Deferred pension and other assets		658		600		651
Restricted assets held by special purpose entities		914		916		916
		13,012		13,385		14,080
Real Estate
Cash and cash equivalents		4		1		6
Receivables, less allowances		31		46		74
Real estate in process of development and for sale		828		851		990
Land being processed for development		916		926		882
Investments in unconsolidated entities		16		16		30
Deferred tax assets		396		419		438
Other assets		156		180		195
Consolidated assets not owned		6		18		40
		2,353		2,457		2,655
Total assets	$	15,365	$	15,842	$	16,735
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	3	$	1	$	1
Current maturities of long-term debt		41		388		407
Accounts payable		325		314		381
Accrued liabilities		708		816		985
Total current liabilities		1,077		1,519		1,774
Long-term debt		5,150		5,153		5,153
Deferred income taxes		1,663		1,677		1,805
Deferred pension, other postretirement benefits and other liabilities		1,649		1,699		1,566
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		765		766		764
		10,304		10,814		11,062
Real Estate
Long-term debt		404		456		456
Other liabilities		292		294		353
Consolidated liabilities not owned		-		1		17
		696		751		826
Total liabilities		11,000		11,565		11,888
Equity
Equity		4,365		4,277		4,847
Total liabilities and equity	$	15,365	$	15,842	$	16,735

PRELIMINARY RESULTS - SUBJECT TO AUDIT

6