Unassociated Document

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

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

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

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

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

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