Unassociated Document

0001144204-10-005488.txt : 20100205 0001144204-10-005488.hdr.sgml : 20100205 20100205060103 ACCESSION NUMBER: 0001144204-10-005488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100205 DATE AS OF CHANGE: 20100205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEYERHAEUSER CO CENTRAL INDEX KEY: 0000106535 STANDARD INDUSTRIAL CLASSIFICATION: LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400] IRS NUMBER: 910470860 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04825 FILM NUMBER: 10575548 BUSINESS ADDRESS: STREET 1: 33663 WEYERHAEUSER WAY SOUTH CITY: FEDERAL WAY STATE: WA ZIP: 98003 BUSINESS PHONE: 2539242345 MAIL ADDRESS: STREET 1: 33663 WEYERHAEUSER WAY SOUTH CITY: FEDERAL WAY STATE: WA ZIP: 98003 8-K 1 v173013_8k.htm Unassociated Document

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

February 5, 2010

(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:

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

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

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

o 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 February 5, 2010, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 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 February 5, 2010 reporting results of operations for the quarter ended December 31, 2009

99.2

Exhibits to press release of Weyerhaeuser Company issued February 5, 2010

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: February 5, 2010

EX-99.1 2 v173013_ex99-1.htm Unassociated Document

For more information contact:

Media – Bruce Amundson (253) 924-3047

Analysts – Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports Fourth Quarter Results

FEDERAL WAY, Wash. (Feb. 5, 2010) – Weyerhaeuser Company (NYSE: WY) today reported a net loss of $175 million for the fourth quarter, or 83 cents per share, on net sales from continuing operations of $1.5 billion. Last year, Weyerhaeuser reported a fourth quarter net loss of $1.2 billion, or $5.73 per share, on net sales from continuing operations of $1.8 billion.

For the full year 2009, Weyerhaeuser reported a net loss of $545 million, or $2.58 per share, on net sales from continuing operations of $5.5 billion. This compares with a net loss of $1.2 billion, or $5.57 per share, on net sales from continuing operations of $8.1 billion for 2008.

SIGNIFICANT FOURTH QUARTER 2009 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Alternative fuel mixture credits	$77	$0.36
Real Estate asset impairments, restructuring and related charges	($67)	($0.31)
Forest Products asset impairments, closures, restructuring and other charges	($57)	($0.27)
Loss on early extinguishment of debt	($19)	($0.09)

Excluding these items, the company reported a net loss of $109 million, or 52 cents per share, in the fourth quarter of 2009.

SIGNIFICANT FOURTH QUARTER 2008 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Impairment of goodwill	($827)	($3.91)
Real estate-related charges	($313)	($1.48)
Ownership restructuring of Uruguay assets	$149	$0.70
Closure and restructuring activities	($33)	($0.15)
Gain on early extinguishment of debt	$21	$0.10

Excluding these items, the company reported a net loss of $209 million, or 99 cents per share, in the fourth quarter of 2008.

“The weak housing market continues to present challenges and affect our financial performance,” said Dan Fulton, president and chief executive officer. “2009 has been another tough year and our financial results are disappointing. Despite difficult market conditions, we made significant progress this past year to position ourselves to rebuild revenues and earnings. We cut costs, reduced production to meet demand, focused on cash generation, and deferred harvest to preserve the long-term values of our timberlands. With an eye to the future, we made changes across all business lines to improve long-term competitiveness, implemented plans to grow with strategic customers and announced our decision to convert to a REIT. As we enter 2010, markets continue to be challenging, but I’m confident we’re positioned to deliver significantly improved operating performance.”

SUMMARY OF FOURTH QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	4Q 2009	4Q 2008	Change
Net earnings (loss)	($175)	($1,212)	$1,037
Earnings (loss) per share	($0.83)	($5.73)	$4.90
Net sales from continuing operations	$1,455	$1,777	($322)

SUMMARY OF ANNUAL FINANCIAL HIGHLIGHTS

Millions (except per share data)	2009	2008	Change
Net earnings (loss)	($545)	($1,176)	$631
Earnings (loss) per share	($2.58)	($5.57)	$2.99
Net sales from continuing operations	$5,528	$8,100	($2,572)

SEGMENT RESULTS FOR FOURTH QUARTER

Contributions (Charges) to Pre-Tax Earnings

Millions	4Q 2009	4Q 2008	Change
Timberlands	$13	$62	($49)
Wood Products	($208)	($960)	$752
Cellulose Fibers	$147	($29)	$176
Real Estate	($89)	($630)	$541

TIMBERLANDS

	4Q 2009	3Q 2009	Change
Contribution to pre-tax earnings (millions)	$13	$219	($206)

4Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s fourth quarter results decreased $22 million.

Fourth quarter 2009 included charges of $15 million for asset impairments primarily in the international manufacturing operations.

Third quarter 2009 included a pre-tax gain of $163 million from the sale of 140,000 acres of non-strategic timberlands in northwestern Oregon and $6 million for the sale of mineral royalties.

Fourth quarter earnings from operations were lower primarily due to the company’s decision to defer additional harvest, lower sales of non-strategic timberlands and higher logging, trucking and road costs. These reductions were partially offset by an increase in log sales realizations. Losses related to international operations, excluding the pre-tax items noted above, were $6 million compared to $4 million in third quarter.

1Q 2010 Outlook – Excluding the effect of non-strategic land sales, Weyerhaeuser expects first quarter operating earnings from the segment to be comparable to fourth quarter primarily due to improved log sales realizations offset by higher costs.

WOOD PRODUCTS

	4Q 2009	3Q 2009	Change
Charge to pre-tax earnings (millions)	($208)	($97)	($111)

4Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s fourth quarter results decreased $31 million.

Fourth quarter 2009 included charges of $85 million for closures, restructuring and asset impairments.

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

The higher operating loss in the fourth quarter was due to lower volumes and lower sales prices in nearly all product lines. The segment took more downtime to match lower seasonal and market demand.

1Q 2010 Outlook – Weyerhaeuser expects a lower operating loss in first quarter due to improved operating rates and anticipated sales realization improvements for lumber and OSB.

CELLULOSE FIBERS

	4Q 2009	3Q 2009	Change
Contribution to pre-tax earnings (millions)	$147	$166	($19)

4Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s fourth quarter results decreased $10 million.

Fourth quarter 2009 included a pre-tax gain of $115 million related to alternative fuel mixture credits, compared to $122 million in the third quarter.

Fourth quarter also included charges of $2 million for asset impairments.

An extended annual outage at the New Bern, NC mill contributed to lower production and increased maintenance costs. Fiber and energy costs also increased in the fourth quarter. These cost increases more than offset improved sales realizations for pulp.

1Q 2010 Outlook –Excluding the effect of alternative fuel mixture credits, which ended in 2009, Weyerhaeuser expects earnings from operations for first quarter to be comparable to fourth quarter. Annual maintenance and fiber costs are expected to increase. These costs are expected to offset improved pulp price realizations.

REAL ESTATE

	4Q 2009	3Q 2009	Change
Charge to pre-tax earnings (millions)	($89)	($64)	($25)

4Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s fourth quarter results improved $30 million.

Asset impairments, restructuring and investment-related charges were $100 million in the fourth quarter compared to $55 million in the third quarter.

Fourth quarter also included losses of $10 million on land and lot sales.

The contribution from the segment's operations was $21M in the fourth quarter excluding the losses on land and lot sales. Homebuilding operations closed 778 single-family homes, a 54 percent increase from third quarter. The average price of homes closed increased 7 percent from the previous quarter. Selling expenses increased primarily due to higher volumes.

1Q 2010 Outlook – Excluding asset impairments, restructuring and related charges, Weyerhaeuser expects the segment to be profitable in the first quarter. A loss is expected from single-family homebuilding operations due to seasonally lower closings; however, two commercial partnership interests were sold in January 2010 and will contribute $33 million in earnings.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2009, sales were $5.5 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.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Feb. 5 to discuss fourth quarter results.

To access the conference call from within North America, dial 1-877-296-9413 (access code – 49651013) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-706-679-2458 (access code – 49651013). Replays will be available for one week at 1-800-642-1687 (access code – 49651013) from within North America and at 1-706-645-9291 (access code – 49651013) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q4 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 these forward-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,” and “plans.” In addition, these words may use the positive, negative, or other variations of those terms.

This release contains forward-looking statements regarding the company’s expectations during the first quarter of 2010, including log sales realizations and operating costs in the Timberlands segment, operating rates and sales realization improvements for most of our products in the Wood Products segment, increased expenses for annual planned maintenance, fiber costs and pulp price realizations in the Cellulose Fiber segment, sales of partnership interests and home sale closings in the Real Estate segment, cost control measures, 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 limited to:

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 to the strength of the various U.S. business segments and economic conditions;

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

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

raw material prices;

energy prices;

transportation costs;

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

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.

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONSOLIDATED EARNINGS

(in millions, except per-share figures)

	Q1			Q2			Q3			Q4						Year-to-date
	March 31,			June 30,			Sept. 30,			Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2009			2009			2009			2009			2008			2009			2008
Net sales and revenues:
Forest Products	$	1,103		$	1,192		$	1,211		$	1,118		$	1,423		$	4,624		$	6,692
Real Estate		172			199			196			337			354			904			1,408
Total net sales and revenues		1,275			1,391			1,407			1,455			1,777			5,528			8,100

Costs and expenses:
Forest Products:
Costs of products sold		978			1,050			973			936			1,210			3,937			5,540
Alternative fuel mixture credits		-			(107	)		(122	)		(115	)		-			(344	)		-
Depreciation, depletion and amortization		122			125			123			121			140			491			578
Selling expenses		43			33			33			38			54			147			227
General and administrative expenses		96			83			79			67			77			325			459
Research and development expenses		13			15			10			13			15			51			64
Charges for restructuring and closures		82			46			67			25			23			220			110
Impairment of goodwill and other assets		18			20			36			108			872			182			1,019
Other operating costs (income), net		6			(77	)		(184	)		(14	)		19			(269	)		11
		1,358			1,188			1,015			1,179			2,410			4,740			8,008
Real Estate:
Costs and operating expenses		149			159			168			280			448			756			1,449
Depreciation and amortization		4			4			3			6			4			17			18
Selling expenses		22			20			19			22			34			83			139
General and administrative expenses		28			17			16			19			24			80			106
Other operating costs, net		-			7			13			10			6			30			2
Impairment of long-lived assets and other related charges		44			58			50			117			432			269			979
		247			265			269			454			948			1,235			2,693
Total costs and expenses		1,605			1,453			1,284			1,633			3,358			5,975			10,701

Operating income (loss)		(330	)		(62	)		123			(178	)		(1,581	)		(447	)		(2,601	)

Forest Products:
Interest expense incurred		(108	)		(107	)		(107	)		(114	)		(123	)		(436	)		(505	)
Less: interest capitalized		2			2			1			1			3			6			59
Gain (loss) on early extinguishment of debt		-			-			-			(28	)		34			(28	)		32
Interest income and other		14			13			15			15			20			57			78
Gain on Uruguay restructuring		-			-			-			-			149			-			250
Equity in income (loss) of affiliates		3			-			(4	)		(4	)		7			(5	)		15
Real Estate:
Interest expense incurred		(7	)		(7	)		(8	)		(8	)		(9	)		(30	)		(45	)
Less: interest capitalized		7			7			6			6			9			26			45
Interest income and other		1			1			3			-			-			5			2
Equity in income of unconsolidated entities		2			11			1			3			5			17			21
Impairments of investments and other related charges		(26	)		(6	)		-			25			(43	)		(7	)		(160	)
Earnings (loss) from continuing operations before income taxes		(442	)		(148	)		30			(282	)		(1,529	)		(842	)		(2,809	)
Income tax benefit (provision) (1)		176			32			(35	)		101			326			274			900
Loss from continuing operations		(266	)		(116	)		(5	)		(181	)		(1,203	)		(568	)		(1,909	)
Discontinued operations, net of taxes (2)		-			-			-			-			(11	)		-			667
Net loss		(266	)		(116	)		(5	)		(181	)		(1,214	)		(568	)		(1,242	)
Less: net loss attributable to noncontrolling interests		2			10			5			6			2			23			66
Net loss attributable to Weyerhaeuser common shareholders	$	(264	)	$	(106	)	$	-		$	(175	)	$	(1,212	)	$	(545	)	$	(1,176	)

Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations	$	(1.25	)	$	(0.50	)	$	-		$	(0.83	)	$	(5.68	)	$	(2.58	)	$	(8.72	)
Discontinued operations		-			-			-			-			(0.05	)		-			3.15
Net earnings (loss) per share	$	(1.25	)	$	(0.50	)	$	-		$	(0.83	)	$	(5.73	)	$	(2.58	)	$	(5.57	)

Dividends paid per share	$	0.25		$	0.25		$	0.05		$	0.05		$	0.60		$	0.60		$	2.40

Weighted average shares outstanding (in thousands):
Basic		211,298			211,356			211,357			211,358			211,289			211,342			211,258
Diluted		211,298			211,356			211,357			211,358			211,289			211,342			211,258
Common shares outstanding at end of period (in thousands)		211,355			211,357			211,357			211,359			211,289			211,359			211,289

PRELIMINARY RESULTS - SUBJECT TO AUDIT

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1)	(a) Third quarter and year-to-date 2009 includes $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 tax liabilities.

(2)	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:

				Year-to-date
	Q4 2008			2008
Net sales	$	-		$	3,301

Net earnings from operations (after-tax)	$	3		$	217
Net gain (loss) on divestitures and sales (after-tax)	$	(14	)	$	450
Net earnings (loss) from discontinued operations	$	(11	)	$	667

PRELIMINARY RESULTS - SUBJECT TO AUDIT

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET SALES AND REVENUES:

(in millions)

	Q1		Q2		Q3		Q4				Year-to-date
	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008		2009		2008
Timberlands:
Logs:
West	$	82	$	87	$	84	$	76	$	129	$	329	$	547
South		33		43		39		29		37		144		97
Canada		2		-		5		6		4		13		20
Total logs		117		130		128		111		170		486		664
Pay as cut timber sales		7		7		10		7		10		31		32
Timberlands sales and exchanges (1)		4		40		15		7		7		66		73
Higher and better use land sales (1)		1		4		5		1		2		11		11
Minerals, oil and gas		14		14		21		13		19		62		61
Products from international operations (2)		7		10		13		14		13		44		40
Other products		7		3		1		3		3		14		18
		157		208		193		156		224		714		899
Wood Products:
Softwood lumber		222		229		226		208		286		885		1,443
Engineered solid section		55		62		67		54		74		238		414
Engineered I-Joists		33		43		47		39		46		162		284
Oriented strand board		55		58		63		58		88		234		416
Plywood		24		22		25		21		38		92		202
Hardwood lumber		51		56		54		45		59		206		291
Other products produced		43		39		37		27		62		146		225
Other products purchased for resale		59		85		69		58		72		271		493
		542		594		588		510		725		2,234		3,768
Cellulose Fibers:
Pulp		281		255		297		315		311		1,148		1,357
Liquid packaging board		66		77		73		74		76		290		290
Other products		17		17		20		19		26		73		118
		364		349		390		408		413		1,511		1,765
Real Estate:
Single family housing		162		180		185		305		308		832		1,294
Land development		9		18		10		31		45		68		99
Other		1		1		1		1		1		4		15
		172		199		196		337		354		904		1,408

Corporate and Other		40		41		40		44		61		165		392

Containerboard, Packaging and Recycling		-		-		-		-		-		-		3,169

Less: sales of discontinued operations		-		-		-		-		-		-		(3,301	)

	$	1,275	$	1,391	$	1,407	$	1,455	$	1,777	$	5,528	$	8,100

(1) Higher and better use timberlands and other non-strategic timberlands 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 (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS:

(in millions)

	Q1			Q2			Q3			Q4						Year-to-date
	March 31,			June 30,			Sept. 30,			Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2009			2009			2009			2009			2008			2009			2008
Timberlands	$	40		$	66		$	219		$	13		$	62		$	338		$	384
Wood Products		(266	)		(162	)		(97	)		(208	)		(960	)		(733	)		(1,547	)
Cellulose Fibers		31			100			166			147			(29	)		444			147
Real Estate		(96	)		(50	)		(64	)		(89	)		(630	)		(299	)		(1,357	)
Corporate and Other		(43	)		13			(81	)		4			119			(107	)		1,558
Containerboard, Packaging and Recycling		-			-			-			-			-			-			204
	$	(334	)	$	(33	)	$	143		$	(133	)	$	(1,438	)	$	(357	)	$	(611	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

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

(in millions)

														Year-to-date
	Q1 2009		Q2 2009			Q3 2009			Q4 2009			Q4 2008		2009			2008
Timberlands includes:
Charges for restructuring and closures	$	-	$	(5	)	$	(2	)	$	-		$	-	$	(7	)	$	-
Asset impairments- attributable to Weyerhaeuser shareholders		-		-			-			(15	)		-		(15	)		-
Asset impairments- attributable to noncontrolling interest		-		-			-			(5	)		-		(5	)		-
Gain on sale of 140,000 acres of non-strategic timberlands		-		-			163			-			-		163			-
Sale of mineral royalties		-		-			6			-			-		6			-

																Year-to-date
	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q4 2008			2009			2008
Wood Products includes:
Charges for restructuring and closures	$	(63	)	$	-		$	(1	)	$	(1	)	$	(9	)	$	(65	)	$	(50	)
Goodwill impairments		(3	)		-			-			-			(733	)		(3	)		(742	)
Other asset impairments		(5	)		(16	)		(4	)		(84	)		(19	)		(109	)		(96	)
Reserve for litigation		(19	)		-			-			-			-			(19	)		(18	)
Gain on sale of property		-			1			-			-			-			1			-

														Year-to-date
	Q1 2009			Q2 2009		Q3 2009		Q4 2009			Q4 2008			2009			2008
Cellulose Fibers includes:
Charges for restructuring and closures	$	(1	)	$	-	$	-	$	-		$	-		$	(1	)	$	(1	)
Goodwill impairments		-			-		-		-			(94	)		-			(94	)
Other asset impairments		-			-		-		(2	)		-			(2	)		-
Alternative fuel mixture credits		-			107		122		115			-			344			-

																Year-to-date
	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q4 2008			2009			2008
Real Estate includes:
Charges for restructuring and closures	$	(4	)	$	(2	)	$	(13	)	$	(8	)	$	(10	)	$	(27	)	$	(10	)
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		(66	)		(50	)		(42	)		(92	)		(474	)		(250	)		(1,076	)
Impairment of assets and other related charges - attributable to noncontrolling interest		(2	)		(9	)		(4	)		-			(1	)		(15	)		(63	)
Commercial partnership income adjustment		-			-			-			-			-			-			12
Sale of partnership interest		-			9			-			-			-			9			-
Net gain (loss) on land and lot sales		6			7			-			(10	)		(130	)		3			(219	)

																Year-to-date
	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q4 2008			2009			2008
Corporate and Other includes:
Charges for restructuring and closures	$	(18	)	$	(41	)	$	(64	)	$	(24	)	$	(14	)	$	(147	)	$	(59	)
Asset impairments		(10	)		(4	)		(31	)		(2	)		(22	)		(47	)		(77	)
Cost of sales adjustment on previously impaired Real Estate assets		-			-			-			24			-			24			-
Litigation and insurance settlements		-			20			-			-			-			20			-
Environmental reserve adjustment		-			-			-			-			-			-			(17	)
Gain on Uruguay restructuring		-			-			-			-			149			-			250
Gain on sale of Containerboard, Packaging and Recycling business		-			-			-			-			-			-			1,173
Gain on sale of Australian operations		-			-			-			-			-			-			217
Gain on sale of closed facilities		-			18			-			-			-			18			-
2008 amendments to U.S. postretirement benefit plans		-			-			-			-			-			-			52
Reduction in retiree life insurance benefits		-			-			-			17			-			17			-
Share-based compensation		(3	)		(2	)		(4	)		(4	)		2			(13	)		(20	)
Net foreign exchange gains (losses)		(5	)		21			17			6			(25	)		39			(43	)
Pension and postretirement credits (1)		24			37			31			29			69			121			186
Lease accounting adjustment		-			-			-			(12	)		-			(12	)		-

(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)

	Q1		Q2		Q3		Q4				Year-to-date
	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008		2009		2008
Timberlands (thousands):
Logs - cubic meters:
West		1,090		1,283		1,156		950		1,567		4,479		6,967
South		769		1,062		981		724		861		3,536		2,347
Canada		64		3		144		198		97		409		529
International		77		73		84		71		147		305		329

Wood Products (millions):
Softwood lumber - board feet		890		896		803		764		1,016		3,353		4,722
Engineered solid section - cubic feet		3		4		3		3		5		13		23
Engineered I-Joists - lineal feet		26		36		43		34		38		139		227
Oriented strand board - square feet (3/8")		347		374		363		348		535		1,432		2,438
Plywood - square feet (3/8")		67		71		84		76		116		298		565
Hardwood lumber - board feet		58		69		66		59		66		252		324

Cellulose Fibers (thousands):
Pulp - air-dry metric tons		409		395		450		443		393		1,697		1,704
Liquid packaging board - tons		64		77		74		73		76		288		302

Real Estate:
Single-family homes sold		455		790		593		431		329		2,269		2,522
Single-family homes closed		429		464		506		778		755		2,177		3,188
Single-family homes sold but not closed at end of period (backlog)		584		910		997		650		558		650		558

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

TOTAL PRODUCTION VOLUMES:

(in millions)

	Q1		Q2		Q3		Q4				Year-to-date
	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008		2009		2008
Timberlands (thousands):
Fee depletion - cubic meters:
West		1,678		1,910		1,603		1,168		2,214		6,359		10,626
South		2,380		2,495		2,258		1,863		2,858		8,996		12,363
International		107		141		122		133		-		503		-

Wood Products (millions):
Softwood lumber - board feet		861		792		777		668		977		3,098		4,451
Engineered solid section - cubic feet		2		3		3		3		4		11		22
Engineered I-Joists - lineal feet		20		24		36		29		39		109		218
Oriented strand board - square feet (3/8")		335		369		390		354		516		1,448		2,468
Plywood - square feet (3/8")		28		37		48		37		75		150		333
Hardwood lumber - board feet		55		48		54		44		51		201		253

Cellulose Fibers (thousands):
Pulp - air-dry metric tons		415		368		429		417		436		1,629		1,760
Liquid packaging board - tons		65		77		71		69		81		282		297

PRELIMINARY RESULTS - SUBJECT TO AUDIT

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008
Assets

Forest Products
Current assets:
Cash and cash equivalents	$	1,653	$	1,745	$	1,624	$	1,862	$	2,288
Short-term investments		92		60		47		49		138
Receivables, less allowances		384		402		403		370		429
Receivables for taxes		273		336		299		602		73
Receivable from pension trust		285		285		285		146		200
Inventories		664		530		498		447		702
Prepaid expenses		98		92		87		82		101
Deferred tax assets		150		151		150		109		159
Total current assets		3,599		3,601		3,393		3,667		4,090
Property and equipment, net		3,783		3,747		3,686		3,611		3,869
Construction in progress		95		108		108		52		104
Timber and timberlands at cost, less depletion charged to disposals		4,201		4,173		4,014		4,010		4,205
Investments in and advances to equity affiliates		205		200		199		197		202
Goodwill		40		40		40		40		43
Deferred pension and other assets		564		600		658		756		651
Restricted assets held by special purpose entities		914		916		914		915		916
Noncurrent assets of discontinued operations		-		-		-		-		-
		13,401		13,385		13,012		13,248		14,080
Real Estate
Cash and cash equivalents		3		1		4		7		6
Receivables, less allowances		51		46		31		32		74
Inventory		1,851		1,777		1,734		1,515		1,860
Investments in unconsolidated entities		21		16		16		17		30
Deferred tax assets		439		419		396		299		438
Other assets		183		180		133		126		167
Consolidated assets not owned		32		18		6		6		40
		2,580		2,457		2,320		2,002		2,615
Total assets	$	15,981	$	15,842	$	15,332	$	15,250	$	16,695

Liabilities

Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	3	$	4	$	1
Current maturities of long-term debt		406		388		41		3		407
Accounts payable		285		314		325		317		381
Accrued liabilities		730		760		656		631		933
Current liabilities of discontinued operations		-		-		-		-		-
Total current liabilities		1,422		1,463		1,025		955		1,722
Long-term debt		5,153		5,153		5,150		5,281		5,153
Deferred income taxes		1,723		1,677		1,663		1,538		1,805
Deferred pension, other postretirement benefits and other liabilities		1,718		1,755		1,701		2,000		1,618
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		763		766		765		768		764
Noncurrent liabilities of discontinued operations		-		-		-		-		-
		10,779		10,814		10,304		10,542		11,062
Real Estate
Notes payable and commercial paper		-		-		-		-		-
Long-term debt		456		456		404		402		456
Other liabilities		317		294		259		252		313
Consolidated liabilities not owned		35		1		-		-		17
		808		751		663		654		786
Total liabilities		11,587		11,565		10,967		11,196		11,848

Equity

Weyerhaeuser shareholders' interest		4,381		4,249		4,349		4,044		4,814
Noncontrolling interest		13		28		16		10		33
Total equity		4,394		4,277		4,365		4,054		4,847
Total liabilities and equity	$	15,981	$	15,842	$	15,332	$	15,250	$	16,695

PRELIMINARY RESULTS - SUBJECT TO AUDIT

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

STATEMENT OF CASH FLOWS

SELECTED INFORMATION (unaudited)

(in millions)

	Q1			Q2			Q3			Q4						Year-to-date
	March 31,			June 30,			Sept. 30,			Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2009			2009			2009			2009			2008			2009			2008


Net cash from operations	$	(436	)	$	126		$	34		$	74		$	(1,172	)	$	(202	)	$	(1,311	)
Cash paid for property and equipment (1)		(53	)		(32	)		(38	)		(56	)		(90	)		(179	)		(372	)
Cash paid for timberlands reforestation (1)		(15	)		(7	)		(7	)		(7	)		(17	)		(36	)		(53	)
Acquisition of timberlands		(7	)		-			(19	)		10			(18	)		(16	)		(165	)
Cash received from issuances of debt		-			-			-			491			-			491			-
Revolving credit facilities, notes and commercial paper borrowings, net		-			-			-			-			8			-			(373	)
Payments on debt		(1	)		(18	)		(403	)		(432	)		(773	)		(854	)		(972	)
Proceeds from the sale of assets and operations		8			29			313			14			26			364			6,484
Cash paid for dividends		(53	)		(53	)		(10	)		(11	)		(127	)		(127	)		(507	)
Loan to pension trust, net of repayments		(85	)		-			-			139			(200	)		54			(200	)
Repurchases of common stock		(2	)		-			-			-			-			(2	)		-

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

Forest Products Working Capital by Business Segment

	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008
Timberlands	$	47	$	36	$	16	$	9	$	20
Wood Products		354		279		250		226		351
Cellulose Fibers		292		284		317		234		290
Corporate and Other (1)		1,484		1,539		1,785		2,243		1,707
	$	2,177	$	2,138	$	2,368	$	2,712	$	2,368

(1)	Corporate and Other segment holds payroll and other liabilities related to the segments and income tax receivable related to Real Estate.

Forest Products Capital Expenditures by Business Segment

	Q1		Q2		Q3		Q4				Year-to-date
	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2008		2009		2008
Timberlands	$	28	$	21	$	18	$	16	$	44	$	83	$	110
Wood Products		25		4		4		24		30		57		100
Cellulose Fibers		8		10		20		23		17		61		54
Corporate and Other		7		4		3		-		16		14		61
Containerboard, Packaging and Recycling		-		-		-		-		-		-		100
	$	68	$	39	$	45	$	63	$	107	$	215	$	425

PRELIMINARY RESULTS - SUBJECT TO AUDIT