-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wr/F3AVwR1w1rS8wbxVMJbyd8qKTfRg8OHoswF3s3Q7WohK4HI2Q5kNlAouaJmTX +a7sOJ5VJi/mzLpCBRUUMA== 0000731939-05-000015.txt : 20050207 0000731939-05-000015.hdr.sgml : 20050207 20050207080926 ACCESSION NUMBER: 0000731939-05-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20050207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050207 DATE AS OF CHANGE: 20050207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLE INLAND INC CENTRAL INDEX KEY: 0000731939 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD MILLS [2631] IRS NUMBER: 751903917 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08634 FILM NUMBER: 05578952 BUSINESS ADDRESS: STREET 1: 1300 MOPAC EXPRESSWAY SOUTH CITY: AUSTIN STATE: TX ZIP: 78746 BUSINESS PHONE: 5124345800 MAIL ADDRESS: STREET 1: 1300 MOPAC EXPRESSWAY SOUTH CITY: AUSTIN STATE: TX ZIP: 78746 8-K 1 tin8k4thq2004earn.htm 8-K FOR 4TH QUARTER 2004 EARNINGS Temple-Inland 8-K

UNITED STATES

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

_________________

Date of Report: February 7, 2005

(Date of earliest event reported)

TEMPLE-INLAND INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-08634 75-1903917
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

1300 MoPac Expressway South, Austin, Texas 78746

(Address of Principal Executive Offices, including Zip code)

(512) 434-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

        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:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

        On February 7, 2005, the Company issued a press release announcing the Company’s earnings for the quarter and fiscal year ended January 1, 2005. A copy of the press release is furnished as exhibit 99.1 of this report.

Item 7.01. Regulation FD Disclosure.

        On February 7, 2005, Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., participated in a conference call discussing the Company’s earnings for the quarter and fiscal year ended January 1, 2005. Copies of the presentation materials used by Mr. Jastrow are furnished as exhibit 99.2 of this report.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

  99.1   Press release issued by the Company on February 7, 2005, announcing the Company’s earnings for the quarter and fiscal year ended January 1, 2005.

  99.2   Presentation materials of Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., used in Mr. Jastrow’s conference call on February 7, 2005, discussing the Company’s earnings for the quarter and fiscal year ended January 1, 2005.

SIGNATURE

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

TEMPLE-INLAND INC.

Date: February 7, 2005 By:   /s/ M. Richard Warner      
Name:  M. Richard Warner
Title:  President

EXHIBIT INDEX

Exhibit Description Page
99.1 Press release issued by the Company on February 7, 2005, announcing the Company's earnings for the quarter and fiscal year ended January 1, 2005. 4
99.2 Presentation materials of Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., used in Mr. Jastrow's conference call on February 7, 2005, discussing the Company's earnings for the quarter and fiscal year ended January 1, 2005 12
 EX-99 2 tin4q2004earnrel.htm 4TH QUARTER 2004 EARNINGS RELEASE 4th Quarter 2004 Earnings Release

Temple-Inland Logo

NEWS
 RELEASE_________________________________________________________________________

 FOR IMMEDIATE RELEASE
CONTACT: Chris L. Nines
                      (512) 434-5587

TEMPLE-INLAND INC. REPORTS FOURTH QUARTER AND
FULL YEAR 2004 RESULTS

        AUSTIN, TEXAS, February 7, 2005 — Temple-Inland Inc. today reported fourth quarter 2004 net income of $55 million, or $0.97 per diluted share, compared with a fourth quarter 2003 net loss of $39 million, or $0.71 per diluted share, and third quarter 2004 net income of $41 million, or $0.73 per diluted share.

        Results for fourth quarter 2004 include (i) an after-tax charge of $8 million, or $0.14 per share, for asset write-downs, severance, and costs related to the repositioning of mortgage origination activities and the sale of the third-party mortgage servicing portfolio, (ii) an after-tax charge of $7 million, or $0.12 per share, primarily associated with converting facility closures and Project TIP consolidation and supply-chain initiatives, and (iii) a one-time tax benefit of $20 million, or $0.34 per share, resulting from the conclusion of an IRS examination of tax returns for the years 1997-2000 and resolution of several state tax returns. As reflected in the table below, net income per diluted share, excluding special items, for fourth quarter 2004 is $0.89 per share.

Fourth Quarter Third Quarter
       2004    2003    2004  

Net income per dil. share as reported		   $ 0.97    ($0.71 ) $ 0.73  
Special items    (0.08 )  1.11    0.26  
Net income per diluted share,   $ 0.89   $ 0.40   $ 0.99  
     excluding special items  

        For the year, the Company reported net income of $165 million, or $2.92 per diluted share, compared with 2003 net income of $96 million, or $1.77 per diluted share. The table below reflects 2004 and 2003 net income per diluted share, excluding special items.

Year
       2004    2003  

Net income per dil. share as reported		   $ 2.92   $ 1.77  
Special items    0.45    (1.14 )
Net income per diluted share,   $ 3.37   $ 0.63  
     excluding special items  

Corrugated Packaging

        The corrugated packaging operation reported income of $27 million in fourth quarter 2004 compared with a loss of $5 million in fourth quarter 2003 and income of $42 million in third quarter 2004. For full year 2004, the corrugated packaging operation reported income of $105 million compared with $11 million in 2003.

        Despite fewer shipping days, and higher energy and recycled fiber costs, earnings improved in fourth quarter 2004 compared with fourth quarter 2003 due to higher pricing, lower converting costs, and reduced outside purchases of containerboard.

        Compared with third quarter 2004, earnings were negatively affected by $15 million from major mill maintenance outages and incremental costs associated with the optimization of capital projects implemented during the outages, $8 million from lower volumes attributable to a slower seasonal period and three less shipping days, and $12 million from higher costs, principally related to energy and health care.

        Average prices for corrugated containers in fourth quarter 2004 were up 8% compared with fourth quarter 2003 and up 3% compared with third quarter 2004. The average cost of recycled fiber in fourth quarter 2004 was up 23% compared with fourth quarter 2003 and down 4% compared with third quarter 2004.

        Despite the closure of five box plants in 2004, on a volume per workday basis, shipments of corrugated containers were up 5% in fourth quarter 2004 compared with fourth quarter 2003 and up 1% compared with third quarter 2004. As a result of three less shipping days in fourth quarter 2004, actual shipments were down 4% in fourth quarter 2004 compared with third quarter 2004.

Forest Products

        The forest products operation reported record fourth quarter income of $50 million, compared with $35 million in fourth quarter 2003 and $68 million in third quarter 2004. Full year 2004 operating income for forest products was a record $215 million, compared with $67 million in 2003.

        Operating income for fourth quarter 2004 included $7 million from high-value land sales compared with $4 million in fourth quarter 2003 and $3 million in third quarter 2004. The average sales price per acre of high-value land in fourth quarter 2004 was approximately $7,500 per acre.

        Average lumber prices in fourth quarter 2004 were up 3% compared with fourth quarter 2003, but down 8% compared with third quarter 2004. Particleboard prices were up 31% compared with fourth quarter 2003, but down 6% compared with third quarter 2004. Medium density fiberboard (MDF) prices were up 20% compared with fourth quarter 2003, but down 2% compared with third quarter 2004. Gypsum prices were up 17% compared with fourth quarter 2003, but down 2% compared with third quarter 2004.

        Shipments for gypsum were up in fourth quarter 2004 compared with fourth quarter 2003, but down compared with third quarter 2004. Shipments for lumber, MDF, and particleboard were down in fourth quarter 2004 compared with fourth quarter 2003 and third quarter 2004.

Financial Services

        The financial services operation reported record fourth quarter income of $58 million compared with $54 million in fourth quarter 2003 and $37 million in third quarter 2004. Financial services reported full year record income of $207 million for 2004 compared with $186 million in 2003.

        The improvement in earnings in fourth quarter 2004 compared with fourth quarter 2003 was the result of increased spreads, improved credit conditions, and continued focus on low cost operations. The improvement in fourth quarter 2004 compared with third quarter 2004 was principally because third quarter 2004 was negatively impacted $15 million from an increase in the mortgage servicing valuation allowance. The sale of the third-party mortgage servicing portfolio was completed in the fourth quarter.

Comments

        In announcing fourth quarter and full year 2004 results, Kenneth M. Jastrow, II, chairman and chief executive officer of Temple-Inland Inc. said, “The operating results achieved during fourth quarter and full year 2004 reflect continued benefits from our strategic and cost reduction initiatives and favorable market conditions.

        “For 2004, our containerboard mill system achieved higher production, lower cost and improved efficiency. On a volume per workday basis, our box shipments were up 6% compared with 2003, with seven fewer box plants in our system. This decrease in box plants, coupled with our growth in shipments, has resulted in improved asset utilization and lower costs.

        “Major mill maintenance outages in the fourth quarter and costs associated with improvement projects negatively impacted results in our corrugated packaging operation. The mill outages, however, are now complete and the upgrades made in the mills during these outages will improve mill reliability, lower costs, and reduce our exposure to natural gas, allowing the mill system to continue to improve performance going forward.

        “Forest products achieved record earnings for the year, reflecting benefits from strategic initiatives, low cost operations, and improved market conditions for our products.

        “Financial services achieved record earnings for the year. In the fourth quarter, we completed the repositioning of the mortgage company and the sale of the third-party mortgage servicing portfolio, eliminating approximately 1,500 positions. These actions have reduced costs and lowered risk, positioning financial services for continued strong financial performance.”

        Commenting on strategic initiatives, Mr. Jastrow said, “We continue to focus on improving asset utilization in our box plant system. Over the past eighteen months we have closed seven converting facilities and eliminated over 300 positions, resulting in current annual savings of $36 million. The benefits of these closures will continue to be realized during the next year, and annual savings of $60 million from converting facility closures are on schedule to be achieved by the end of 2005.

        “We are also pleased to announce that annual savings of $60 million from Project TIP consolidation and supply chain initiatives are in place, and we are on target for $75 million in total annualized savings by the end of 2005.”

        The company will host a conference call on February 7, 2004, at 9:00 a.m. ET to discuss results of the fourth quarter. The meeting may be accessed through Temple-Inland’s Internet site or by conference call. To access through Temple-Inland’s internet site, www.templeinland.com, click on “Investor Relations — Conference Call.” To access by conference call, listeners calling from North America should dial 1-800-901-5217 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-786-2964. The passcode is templeinland. Replays of the call will be available for two weeks following the completion of the live call and can be accessed at 1-888-286-8010 in North America and at 1-617-801-6888 outside North America. The passcode for the replay is 58882935.

        Temple-Inland Inc. is a major manufacturer of corrugated packaging and forest products, with a diversified financial services operation. The Company’s 2.0 million acres of forestland are certified as managed in compliance with ISO 14001 and in accordance with the Sustainable Forestry Initiative® (SFI) program of the American Forest & Paper Association to ensure forest management is conducted in a scientifically sound and environmentally sensitive manner. Temple-Inland’s common stock (TIN) is traded on the New York Stock Exchange and the Pacific Exchange. Temple-Inland’s address on the World Wide Web is www.templeinland.com.

  This release contains forward-looking statements that involve risks and uncertainties. The actual results of Temple-Inland may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Temple-Inland; the availability and price of raw materials; competitive actions by other companies; changes in laws or regulations; the accuracy of judgments and estimates concerning the integration of acquired operations and Temple-Inland’s consolidation and supply chain initiatives; and other factors, many of which are beyond the control of Temple-Inland.

TEMPLE-INLAND INC. AND SUBSIDIARIES
(UNAUDITED)
(in millions, except per share amounts)

Fourth Quarter For the Year
       2004    2003    2004    2003  
Total revenues   $ 1,184   $ 1,166   $ 4,750 (b) $ 4,653  
Income (loss) from continuing operations   $ 54   $ (38 ) $ 162   $ 97  
Effect of accounting change    --    --    --    (1 )
Discontinued operations    1    (1 )  3    --  
Net income (loss)   $ 55   $ (39 ) $ 165   $ 96  
Diluted earnings per share:  
  Income (loss) from continuing operations   $ 0.95   $ (0.70 ) $ 2.87   $ 1.78  
  Effect of accounting change    --    --    --    (0.01 )
  Discontinued operations    0.02    (0.01 )  0.05    --  
    Net income (loss)   $ 0.97   $ (0.71 ) $ 2.92   $ 1.77  
Average shares outstanding - diluted    56.5    54.5    56.2    54.2  
  

Business Segments

Revenues                    
Corrugated packaging   $ 687   $ 681   $ 2,736   $ 2,700  
Forest products    232    218    971    801  
Financial services    265    267    1,043 (b)  1,152  
    Total revenues   $ 1,184   $ 1,166   $ 4,750   $ 4,653  
Income  
Corrugated packaging   $ 27   $ (5 ) $ 105   $ 11  
Forest products    50    35    215    67  
Financial services    58    54    207    186  
  Segment operating income (a)    135    84    527    264  
Unallocated expenses (a)    (26 )  (21 )  (93 )  (80 )
Other expense    (27 )  (90 )  (76 )  (138 )
Other non-operating income (expense)    2    --    --    (8 )
Parent company interest    (28 )  (32 )  (125 )  (135 )
  Income (loss) before taxes    56    (59 )  233    (97 )
Income (taxes) benefit    (2 )  21    (71 )  194  
Income (loss) from continuing operations    54    (38 )  162    97  
Effect of accounting change    --    --    --    (1 )
Discontinued operations    1    (1 )  3    --  
    Net income (loss)   $ 55   $ (39 ) $ 165   $ 96  
(a)  

As previously announced, as a result of the consolidation of our administrative functions and the adoption of a shared services concept, beginning in first quarter 2004, we changed the way we allocate cost to the business segments. The effect of this change was to increase segment operating income and to increase unallocated expenses by a like amount. Fourth quarter 2003, and the year 2003 have been reclassified below to reflect this change.


Fourth Quarter 2003
As Originally Reported Reclassification As Reclassified
Corrugated packaging     $ (11 ) $ 6   $ (5 )
Forest products    32    3    35  
Financial services    54    --    54  
  Segment operating income    75    9    84  
Unallocated expenses    (102 )  (9 )  (111 )
Operating income   $ (27 ) $ --   $ (27 )
For the Year 2003
As Originally Reported Reclassification As Reclassified
  Corrugated packaging     $ (14 ) $ 25   $ 11  
  Forest products    57    10    67  
  Financial services    186    --    186  
    Segment operating income    229    35    264  
  Unallocated expenses    (183 )  (35 )  (218 )
  Operating income   $ 46   $ --   $ 46  
  
(b)   Includes the effects of a reclassification of $6 million to revenues from noninterest expense related to first quarter 2004. The reclassification had no effect on operating income.

TEMPLE-INLAND INC. AND SUBSIDIARIES
(UNAUDITED)

Fourth Quarter For the Year
2004 2003 2004 2003
Dollars in millions
Revenues (a)                    
Corrugated Packaging (b)   $ 687   $ 681   $ 2,736   $ 2,700  
Forest Products  
  Pine lumber   $ 80   $ 74   $ 338    267  
  Particleboard    42    40    185    153  
  Medium density fiberboard    26    23    110    93  
  Gypsum wallboard    29    22    110    75  
  Fiberboard    15    20    77    71  
  Other    40    39    151    142  
    Total Forest Products   $ 232   $ 218   $ 971    801  
Unit sales (a)  
Corrugated Packaging, thousands of tons    810    825    3,366    3,206  
Linerboard, thousands of tons    80    152    320    574  
     890    977    3,686    3,780  
Forest Products  
  Pine lumber, mbf    219    222    926    863  
  Particleboard, msf    137    154    600    598  
  Medium density fiberboard, msf    53    56    235    228  
  Gypsum wallboard, msf    195    171    766    643  
  Fiberboard, msf    76    122    407    434  

(a)     Revenues and unit sales do not include joint venture operations.

EX-99 3 tin4thq2004slides.htm 4TH QUARTER 2004 CONFERENCE CALL

Fourth Quarter and Full Year

2004 Results

February 7, 2005

 

February 7, 2005

2

This presentation contains forward-looking statements that involve risks
and uncertainties. The actual results of Temple-Inland may differ
significantly from the results discussed in the forward-looking
statements. Factors that might cause such differences include general
economic, market, or business conditions; the opportunities (or lack
thereof) that may be presented to and pursued by Temple-Inland; the
availability and price of raw materials; competitive actions by other
companies; changes in laws or regulations or actions or restrictions of
regulators; the accuracy of judgments and estimates concerning the
integration of acquired operations and Temple-Inland's consolidation
and supply chain initiatives; and other factors, many of which are
beyond the control of Temple-Inland.

 

Fourth Quarter Results

TIN

3

Net Income

$

55

$

(39)

$

41

EPS

$ 0.97

$(0.71)

$0.73

4th Qtr

4th Qtr

3rd Qtr

2004

2003

2004

4th qtr. 2004 special items – total of $0.08 per share

-  Repositioning of mortgage activities - charge of $8 million or

$0.14 per share

-  Converting facility closures and Project TIP - charge of $7 million or

$0.12 per share

-  Resolution of IRS exams and state tax returns - benefit of

$20 million or $0.34 per share

 

Fourth Quarter Results (cont’d)

4

Net income per dil. share

$

0.97

$

(0.71)

$

0.73

Special items

(0.08)

1.11

0

.26

Net income per dil. share

$

0.89

$  0.40

$

0.99

excluding special items  

4th Qtr

3rd Qtr

2004

2003

2004  

 

Fourth Quarter Segment Results

5

Operating Income

(millions)

Corrugated Packaging

$  27

$  (5)

$  42

Forest Products

$

50

$  35

$  68

Financial Services

$

58

$  54

$  37

$

135

$

84

$147

4th Qtr

4th Qtr

3rd Qtr

2004

2003

2004

 

Corrugated Packaging

           

Operating income

           (millions)

6

Price

-  4th qtr. avg. box price up $57/ton vs. 4th qtr. 2003 avg.

-  4th qtr. avg. box price up $63/ton vs. 1st qtr. 2004 avg.

-  4th qtr. avg. box price up $26/ton vs. 3rd qtr. 2004 avg.

4th Qtr

4th Qtr

3rd Qtr

2004

2003

2003

$ 27

$ (5)

$ 42

 

Corrugated Packaging (Cont’d)

                                                                                       

                                                                                                

           

7

Volume

On a volume per workday basis, shipments were up 5%

in 4th qtr. 2004 compared with shipments in 4th qtr. 2003

and up 1% compared with 3rd qtr. 2004 levels

On an actual basis, shipments down 4% compared with

3rd qtr. 2004 due primarily to three less shipping days

For 2004, on a volume per workday basis, TIN shipments

up 6% compared with industry growth of 3%, despite the

closure of 7 box plants since 3rd qtr. 2003

Recycled Fiber

Prices up $20/ton vs. 4th qtr. 2003 and down $2/ton vs.

3rd qtr. 2004   

 

Corrugated Packaging (Cont’d)

8

Operating Income Reconciliation

($ in Millions)

3rd qtr. 2004

$42

Price

20

Major Mill Maintenance & Optimization

(15)

Volume

(8)

Higher Costs (primarily energy & health care)

(12)

4th qtr. 2004

$27

 

Forest Products

Operating income

            (millions)

9

4th Qtr

4th Qtr

3rd Qtr

2004

2003

2004

$50

$ 35

$  68

Lumber

- Average price up $9 vs. 4th qtr. 2003, but down $28

vs. 3rd qtr. 2004

- Volume down 1% vs. 4th qtr. 2003 and down 8% vs.

3rd qtr. 2004  

 

Forest Products (Cont’d)

10

Particleboard

Average price up $67 vs. 4th qtr. 2003, but down $17

vs. 3rd qtr. 2004

Volume down 11% vs. 4th qtr. 2003 and down 3% vs.

3rd qtr. 2004

MDF

Average price up $68 vs. 4th qtr. 2003, but down $9 vs.

3rd qtr. 2004

Volume down 5% vs. 4th qtr. 2003 and down 7% vs. 3rd

qtr. 2004  

 

Forest Products (Cont’d)

11

Gypsum

- Average price up $19 vs. 4th qtr. 2003, but down $2

vs. 3rd qtr. 2004

- Volume up 14% vs. 4th qtr. 2003, but down 4% vs.

3rd qtr. 2004  

High-Value Land Sales

-  $7 million in high-value land sales in 4th qtr. 2004

vs. $4 million in 4th qtr. 2003 and $3 million in 3rd

qtr. 2004

Average sales price of $7,500 per acre for 4th qtr.

2004 and $7,000 per acre for full year 2004  

 

Financial Services

Operating income

            (millions)

12

3rd qtr. 2004 income was negatively affected $15 million from

increase in mortgage servicing valuation allowance

Repositioning of mortgage banking operation completed

during 4th qtr. 2004

Sale or closure of over 100 retail branch locations

Sale of third-party mortgage servicing portfolio

Eliminated 1500 positions or 35% of the workforce in

Financial Services

4th Qtr

4th Qtr

3rd Qtr

2004

2003

2004

$ 58

$ 54

$ 37

 

Comments

13

Project TIP

-  2004 annualized savings $60 million

-  $75 million forecasted by YE 2005

Box Plant Consolidation

-  Seven plants closed since 3rd qtr. 2003

-  Annual savings of $36 million in place at YE 2004

$60 million forecasted by YE 2005

Pension Expense

-  2004 pension expense $50 million

-  2005 pension expense $50 million

 

Full Year Results

                                                                                                             2004                           2003                               

14

Debt and other long-term liabilities, including timber
leases, reduced by $191 million in 2004

Net income per dil. share

$

2.92

$

1.77

Special items

0.45

(1.14)

Net income per dil. share

$

3.37

$

0.63

excluding special items

 

Full Year Segment Results

                                                                                                      

                                                                               2004                    2003

15

Operating Income

(millions)

Corrugated Packaging

$105

$  11

Forest Products

215

67

Financial Services

207

186

$527

$264  

 

Summary Comments

16

Corrugated Packaging

2004 vs. 2003

(in millions)

Market Factors – Box & Board Pricing, OCC

($49)

Business Improvement – Volume, Mill & Converting Costs

143

Net Improvement

$94

Forest Products – record earnings of $215 million

Financial Services – record earnings of $207 million

Annual Dividend increased to $1.80 per share

Authorized 6 million (10%) share repurchase program

Approved 2 for 1 stock split

 

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