Weyerhaeuser Investor Relations
PRNewswire-FirstCall
FEDERAL WAY, Wash.
Apr 23, 2004
Weyerhaeuser Company (NYSE: WY) today reported first quarter 2004 net earnings of $121 million, or 54 cents per share, on net sales of $5 billion. This compares with a loss of $54 million, or 24 cents per share, on net sales of $4.6 billion for the first quarter of 2003.
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First quarter 2004 earnings include the following after-tax items:
-- A charge of $32 million, or 14 cents per share, associated with the
settlement of litigation.
-- A charge of $10 million, or 4 cents per share, for integration and
restructuring activities.
-- A gain of $22 million, or 10 cents per share, on the sale of the Slave
Lake, Alberta, oriented strand board mill.
First quarter 2003 earnings included the following after-tax items:
-- A charge of $52 million, or 23 cents per share, for a lawsuit involving
Pacific Northwest alder logs.
-- A charge of $19 million, or 8 cents per share, associated with
integration and restructuring activities.
-- A charge of $15 million, or 7 cents per share, for the closure of
facilities.
-- A charge of $11 million, or 5 cents per share, for the cumulative
effect of a required change in the accounting principle relating to
asset retirement obligations.
Other significant 2004 first quarter financial matters:
-- Weyerhaeuser Company debt was $11.6 billion at quarter end. Total
company debt, which includes Real Estate and Related Assets, was
approximately $12.6 billion at the end of the quarter.
-- Capital spending, excluding Real Estate and Related Assets, for the
first quarter was approximately $90 million.
"In addition to the continued strength of single-family housing starts and the wood products market, we are seeing improvement in our pulp, paper and containerboard markets," said Steven R. Rogel, chairman, president and chief executive officer. "The improved efficiencies of our operations are becoming more apparent due to the combination of strong market conditions, synergies from the Willamette acquisition and asset rationalization. Many of our operations are running at record production rates and we're maintaining strong order files. However, we are experiencing transportation disruptions in truck, rail and ocean service that are continuing into the second quarter and are making it increasingly challenging to meet customer needs."
SUMMARY OF FIRST QUARTER FINANCIAL HIGHLIGHTS
Millions (except per
share data) 1Q 2004 1Q 2003 Change
Net earnings (loss) $121 ($54) $175
Basic and diluted earnings
per share (loss) $0.54 ($0.24) $0.78
Weighted average shares
outstanding (in thousands)
Basic 223,728 221,285 2,443
Diluted 225,072 221,285 3,787
Net sales $5,037 $4,614 $423
SEGMENT RESULTS FOR FIRST QUARTER
(Contributions to Pre-Tax Earnings)
Millions 1Q 2004 1Q 2003 Change
Timberlands $159 $149 $10
Wood Products $173 ($150) $323
Pulp and Paper ($25) $10 ($35)
Containerboard Packaging
and Recycling $24 $80 ($56)
Real Estate and Related Assets $120 $95 $25
TIMBERLANDS
1Q 2004 4Q 2003 Change
Contribution to earnings
(millions) $159 $185 ($26)
Fourth quarter 2003 earnings include a pre-tax gain of $61 million on the sale of nonstrategic timberlands in Tennessee and the Carolinas.
Most of the improvement from the fourth quarter occurred in the West due to increased prices for domestic and export logs, and reduced logging costs in addition to slightly higher fee harvest from all operating regions.
Second quarter earnings are expected to be slightly higher than the first quarter due to higher export and domestic log sales volumes, and seasonally higher fee harvest.
WOOD PRODUCTS
1Q 2004 4Q 2003 Change
Contribution to earnings
(millions) $173 $111 $62
First quarter earnings include a $33 million pre-tax gain on the sale of the company's oriented strand board mill at Slave Lake, Alberta, and a pre-tax charge of $49 million for the settlement of litigation. Fourth quarter 2003 results include a pre-tax charge of $14 million for facility closure costs.
Continued strength in the housing market prompted an early quarter recovery in prices. Quarter to quarter improvement in prices for softwood lumber and engineered lumber contributed to the increase in earnings.
The segment incurred $26 million in countervailing and anti-dumping duties and related costs on Canadian softwood lumber the company sold into the United States in the first quarter. This compares to $22 million in the fourth quarter.
Second quarter results are expected to be significantly higher than first quarter due to continued high demand and the resulting effects on prices for all wood products.
PULP AND PAPER
1Q 2004 4Q 2003 Change
Contribution (charge) to
earnings (millions) ($25) ($67) $42
Fourth quarter 2003 results include a pre-tax charge of $30 million associated with the closure of a paper machine.
In the first quarter, paper grade pulp prices continued to increase. Paper shipments increased significantly from fourth quarter levels primarily due to a general improvement in U.S. economic activity and lower paper imports. Market downtime was eliminated in the first quarter compared with 96,000 tons in the fourth quarter. These factors helped improve operating results during the first quarter.
The company expects the segment to return to profitability in the second quarter. Prices for pulp and paper are expected to increase in the second quarter. Shipments are expected to remain stable for both of these product lines.
CONTAINERBOARD PACKAGING AND RECYCLING
1Q 2004 4Q 2003 Change
Contribution to earnings
(millions) $24 $32 ($8)
Higher costs for old corrugated containers (OCC) and lower prices for boxes resulted in lower first quarter earnings. First quarter market downtime was 32,000 tons compared with 71,000 tons in the fourth quarter. Box shipments increased both seasonally and compared with the first quarter last year.
Improving economic conditions are expected to result in greater demand for boxes in the second quarter. As a result, the company expects higher second quarter earnings due primarily to increasing prices and shipments, partially offset by higher OCC costs.
REAL ESTATE AND RELATED ASSETS
1Q 2004 4Q 2003 Change
Contribution to
earnings (millions) $120 $109 $11
First quarter earnings include a $22 million pre-tax gain on an acreage sale. Fourth quarter 2003 earnings include a $7 million pre-tax gain on an acreage sale.
Housing sales remain strong with a backlog of homes sold, but not closed, exceeding six months. Second quarter earnings from new home sales are expected to be comparable to the first quarter. No major acreage sales are planned in the second quarter.
OTHER
The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on April 23 to discuss the first quarter results.
To access the conference call, listeners calling from within North America should dial 1-888-221-5699 at least 15 minutes prior to the start of the conference call. Those wishing to access the call from outside North America should dial 1-706-643-3795. Replays of the call will be available for one week following completion of the live call and can be accessed at 1-800-642-1687 (access code -- 6409071) within North America and at 1-706-645-9291 (access code -- 6409071).
The call may also be accessed through Weyerhaeuser's Internet site at www.weyerhaeuser.com by clicking on the "Listen to our conference call" link.
Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2003, sales were $19.9 billion. It has offices or operations in 18 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, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/ .
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. Some of these forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "believes," "should," "approximately," anticipates," "estimates," "plans," "continuing" and "maintaining" and the negative or other variations of those terms or comparable terminology or by discussions of strategy, plans or intentions. In particular, some of these forward-looking statements deal with expectations regarding improvement in our pulp, paper and containerboard markets, strong order files, transportation disruptions, higher export and domestic log sales volumes and seasonally higher fee harvest in the second quarter 2004, increased demand and pricing for wood products in second quarter 2004, profitability, price increases and stable demand for pulp and paper in the second quarter 2004, greater demand for boxes in second quarter 2004, increasing prices, shipments and OCC costs in the containerboard markets; continuing strong housing demands, absence of acreage sales in the real estate markets during second quarter 2004, increasing productivity in the manufacturing system, management of asset base, the company's markets in the second quarter 2004; and earnings and performance of the company's business segments during the second quarter 2004. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts; market demand for the company's products, which may be tied to the relative strength of various U.S. business segments; energy prices; raw material prices; transportation disruptions; performance of the company's manufacturing operations; the successful execution of internal performance plans; the level of competition from domestic and foreign producers; the effect of forestry, land use, environmental and other governmental regulations; fires, floods and other natural disasters; and legal proceedings. The company is also a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, and by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar; and restrictions on international trade or tariffs imposed on imports, including the countervailing and dumping duties imposed on the company's softwood lumber shipments from Canada to the United States. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
CONTACT: Media, Bruce Amundson, +1-253-924-3047, or Analysts, Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS Q1 Q2 Q3 Q4 YTD
(in millions) March March June Sept. Dec. Dec.
28, 30, 29, 28, 28, 28,
2004 2003 2003 2003 2003 2003
Net sales and revenues:
Weyerhaeuser (1) $4,568 $4,169 $4,498 $4,650 $4,527 $17,844
Real Estate and
Related Assets 469 445 432 534 618 2,029
Total net sales and
revenues 5,037 4,614 4,930 5,184 5,145 19,873
Costs and expenses:
Weyerhaeuser:
Costs of products
sold 3,539 3,322 3,611 3,598 3,547 14,078
Depreciation,
amortization and
fee stumpage 325 321 313 320 353 1,307
Selling expenses 121 107 111 117 122 457
General and
administrative
expenses 241 231 232 249 238 950
Research and
development expenses 12 12 12 10 17 51
Taxes other than
payroll and income
taxes 48 47 48 45 45 185
Charges for
integration and
restructuring 15 29 25 24 25 103
Charges for closure
of facilities 1 22 12 48 45 127
Other operating
costs, net (2) (3) 14 37 (205) 16 (92) (244)
4,316 4,128 4,159 4,427 4,300 17,014
Real Estate and Related
Assets:
Costs and operating
expenses 321 330 316 406 464 1,516
Depreciation and
amortization 2 3 2 3 3 11
Selling expenses 27 24 25 27 31 107
General and
administrative
expenses 17 14 14 15 20 63
Taxes other than
payroll and income
taxes 1 1 1 0 1 3
Other operating
costs, net 1 (7) -- 2 (4) (9)
369 365 358 453 515 1,691
Total costs and expenses 4,685 4,493 4,517 4,880 4,815 18,705
Operating income 352 121 413 304 330 1,168
Interest expense and other:
Weyerhaeuser:
Interest expense
incurred (195) (208) (205) (200) (202) (815)
Less interest
capitalized 3 5 6 3 5 19
Equity in income
(loss) of affiliates -- (5) 3 (3) (1) (6)
Interest income and
other 3 6 6 3 2 17
Real Estate and Related
Assets:
Interest expense
incurred (15) (14) (13) (13) (13) (53)
Less interest
capitalized 15 14 13 13 13 53
Equity in income of
unconsolidated
entities 9 5 7 11 (3) 20
Interest income and
other 11 11 8 6 8 33
Earnings before income
taxes and cumulative
effect of a change in
accounting principle 183 (65) 238 124 139 436
Income taxes (62) 22 (81) (42) (47) (148)
Earnings before cumulative
effect of a change in
accounting principle 121 (43) 157 82 92 288
Cumulative effect of a
change in accounting
principle, net of
applicable taxes of $6 (4) -- (11) -- -- -- (11)
Net earnings (loss) $121 $(54) $157 $82 $92 $277
Basic net earnings (loss)
per share:
Net earnings (loss)
before cumulative
effect of a change in
accounting principle $0.54 $(0.19) $0.71 $0.37 $0.41 $1.30
Cumulative effect of a
change in accounting
principle -- (0.05) -- -- -- (0.05)
Net earnings (loss) $0.54 $(0.24) $0.71 $0.37 $0.41 $1.25
Diluted net earnings
(loss) per share:
Net earnings (loss)
before cumulative
effect of a change in
accounting principle $0.53 $(0.19) $0.71 $0.37 $0.41 $1.30
Cumulative effect of a
change in accounting
principle -- (0.05) -- -- -- (0.05)
Net earnings (loss) $0.53 $(0.24) $0.71 $0.37 $0.41 $1.25
Dividends paid per share $0.40 $0.40 $0.40 $0.40 $0.40 $1.60
(1) The first quarter of 2004 includes charges of $26 million for
countervailing and anti-dumping duties and related costs. The
first, second, third and fourth quarters of 2003 include charges of
$24 million, $26 million, $25 million, and $22 million, respectively,
or a total of $97 million for the year, for countervailing and
anti-dumping duties and related costs.
(2) The first quarter of 2004 includes a net foreign exchange loss of
$9 million. The 2003 first, second, third and fourth quarters include
net foreign exchange gains (losses) of $35 million, $47 million,
($4) million, and $30 million, respectively, for a total net gain of
$108 million for the year. These gains and losses result primarily
from fluctuations in Canadian and New Zealand exchange rates.
(3) The first quarter of 2004 includes a $49 million charge for the
settlement of lawsuits involving the market for Pacific Northwest
alder logs and a $33 million gain on the sale of an oriented strand
board mill in Slave Lake, Alberta. The first quarter of 2003 includes
a $79 million charge for a lawsuit involving the market for Pacific
Northwest alder logs. 2003 second quarter includes a $144 million
gain on the sales of timberlands in Washington state and a $25 million
gain for the settlement of an insurance claim relating to the Cemwood
litigation. 2003 third quarter includes a $23 million charge
associated with the settlement of a class action linerboard antitrust
lawsuit. 2003 fourth quarter includes a $61 million gain on the sales
of timberlands in Tennessee and the Carolinas and an $8 million charge
associated with the settlement of litigation related to workers
compensation claims.
(4) Statement of Financial Accounting Standards No. 143, Accounting for
Asset Retirement Obligations, was adopted as of the beginning of 2003.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Net sales and revenues
(in millions): Q1 Q2 Q3 Q4 YTD
March March June Sept. Dec. Dec.
28, 30, 29, 28, 28, 28,
2004 2003 2003 2003 2003 2003
Timberlands:
Logs $193 $162 $185 $184 $199 $730
Other products 58 80 61 62 61 264
251 242 246 246 260 994
Wood Products:
Softwood lumber 819 752 846 890 793 3,281
Plywood 221 165 173 219 227 784
Veneer 11 9 9 9 12 39
Composite panels 108 90 104 100 99 393
OSB 338 167 227 345 370 1,109
Hardwood lumber 81 80 86 75 79 320
Engineered lumber
products 298 254 308 329 288 1,179
Logs 23 25 33 19 28 105
Other products 248 216 262 251 246 975
2,147 1,758 2,048 2,237 2,142 8,185
Pulp and Paper:
Pulp 339 309 321 333 342 1,305
Paper 535 596 546 530 510 2,182
Coated groundwood 36 36 32 39 33 140
Liquid packaging board 49 47 52 50 49 198
Other products 10 6 6 5 9 26
969 994 957 957 943 3,851
Containerboard, Packaging
and Recycling:
Containerboard 82 77 81 73 73 304
Packaging 853 879 922 898 845 3,544
Recycling 79 60 63 60 64 247
Bags 19 20 20 19 21 80
Other products 33 33 35 40 39 147
1,066 1,069 1,121 1,090 1,042 4,322
Real Estate and Related
Assets 469 445 432 534 618 2,029
Corporate and Other 135 106 126 120 140 492
$5,037 $4,614 $4,930 $5,184 $5,145 $19,873
Contribution (charge) to
earnings(1): Q1 Q2 Q3 Q4 YTD
(in millions) March March June Sept. Dec. Dec.
28, 30, 29, 28, 28, 28,
2004 2003 2003 2003 2003 2003
Timberlands (2) $159 $149 $300 $143 $185 $777
Wood Products (3)(4)(5) 173 (150) (53) 151 111 59
Pulp and Paper (6) (25) 10 (7) (18) (67) (82)
Containerboard, Packaging
and Recycling (7) (8) 24 80 108 42 32 262
Real Estate and
Related Assets(9) 120 95 91 97 109 392
Corporate and
Other (10)(11)(12) (76) (46) (2) (94) (34) (176)
$375 $138 $437 $321 $336 $1,232
(1) Certain reclassifications have been made to conform prior period data
with the current presentation.
(2) The 2003 second quarter includes a $144 million gain on the sales of
timberlands in Washington state. The 2003 fourth quarter includes a
$61 million gain on the sale of timberlands in Tennessee and the
Carolinas.
(3) The first quarter of 2004 includes charges of $26 million for
countervailing and anti-dumping duties and related costs. The first,
second, third and fourth quarters of 2003 include charges of
$24 million, $26 million, $25 million, and $22 million, respectively,
or a total of $97 million for the year, for countervailing and
anti-dumping duties and related costs.
(4) The first quarter of 2004 includes a $49 million charge for the
settlement of lawsuits involving the market for Pacific Northwest
alder logs. The first quarter of 2003 includes a $79 million charge
for a lawsuit involving the market for Pacific Northwest alder logs.
(5) The first quarter of 2004 includes a credit of $2 million for the
reversal of closure costs accrued in prior years and a $33 million
gain on the sale of an oriented strand board mill in Slave Lake,
Alberta. The 2003 first, second, third and fourth quarters include
costs for the closure of facilities of $22 million, $11 million,
$31 million, and $14 million, respectively. 2003 second quarter also
includes a charge of $16 million to recognize impairment associated
with an impending facility sale that closed in the fourth quarter of
2003.
(6) 2003 second quarter includes $3 million of closure costs. 2003 fourth
quarter includes $30 million of closure costs.
(7) The third quarter of 2003 includes a $23 million charge associated
with the settlement of a class action linerboard antitrust lawsuit.
(8) The first quarter of 2004 includes closure costs of $3 million. The
2003 second quarter includes the reversal of an accrual for closure
charges of $2 million. The 2003 third and fourth quarters include
closure costs of $17 million and $1 million, respectively.
(9) The first quarter of 2004 includes a $22 million gain on an acreage
sale. The 2003 first quarter includes gains of $8 million for the
sale of two office buildings and $10 for the sale of an apartment
complex. The 2003 second quarter includes a gain of $12 million for
the sale of commercial property. The 2003 fourth quarter includes a
gain of $7 million on an acreage sale.
(10) The 2003 second quarter includes a $6 million charge to reflect the
final settlement in connection with the termination of the former
MacMillan Bloedel pension plan for U.S. employees.
(11) The 2003 second quarter includes a $25 million gain for the
settlement of an insurance claim relating to the Cemwood litigation.
The 2003 fourth quarter includes an $8 million charge for the
settlement of litigation related to workers compensation claims.
(12) The first quarter of 2004 includes a net foreign exchange loss of
$10 million. 2003 results include net foreign exchange gains
(losses) of $35 million in the first quarter, $46 million in the
second quarter, ($4) million in the third quarter, and $30 million in
the fourth quarter, for a net 2003 gain of $107 million. These gains
and losses result primarily from fluctuations in Canadian and
New Zealand exchange rates.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Third party sales volumes: Q1 Q2 Q3 Q4 YTD
March March June Sept. Dec. Dec.
28, 30, 29, 28, 28, 28,
2004 2003 2003 2003 2003 2003
Timberlands (thousands):
Logs - cunits 1,044 984 1,006 987 1,148 4,125
Wood Products (millions):
Softwood lumber - board
feet 2,054 2,175 2,385 2,298 2,123 8,981
Plywood - square feet
(3/8") 642 664 697 688 616 2,665
Veneer - square feet
(3/8") 55 62 63 56 58 239
Composite panels -
square feet (3/4") 301 267 304 302 289 1,162
Oriented strand board -
square feet (3/8") 981 1,025 1,206 1,129 1,001 4,361
Hardwood lumber - board
feet 100 106 113 103 105 427
Logs - cunits
(in thousands) 170 170 230 189 210 799
Pulp and Paper
(thousands):
Pulp - air-dry metric
tons 624 623 596 632 628 2,479
Paper - tons 741 737 690 707 688 2,822
Coated groundwood - tons 59 61 55 64 54 234
Liquid packaging board
- tons 66 60 67 64 65 256
Paper converting - tons 483 502 472 478 430 1,882
Containerboard, Packaging
and Recycling (thousands)
Containerboard - tons 262 221 233 214 222 890
Packaging - MSF 18,146 17,752 18,577 18,545 17,867 72,741
Recycling - tons 665 593 566 538 593 2,290
Kraft bags and sacks -
tons 24 25 24 25 26 100
Real Estate and Related
Assets
Single-family homes sold 1,506 1,289 1,321 1,239 1,156 5,005
Single-family homes
closed 1,065 1,010 1,003 1,182 1,431 4,626
Single-family homes
sold but not closed
at end of period 2,702 2,161 2,479 2,536 2,261 2,261
Total production volumes: Q1 Q2 Q3 Q4 YTD
March March June Sept. Dec. Dec.
28, 30, 29, 28, 28, 28,
2004 2003 2003 2003 2003 2003
Timberlands (thousands):
Fee Depletion - cunits 2,265 2,555 2,479 2,223 2,171 9,428
Wood Products (millions):
Softwood lumber - board
feet 1,760 1,842 1,825 1,742 1,704 7,113
Plywood - square feet
(3/8") 422 478 412 414 404 1,708
Veneer - square feet
(3/8") (1) 585 593 536 536 534 2,199
Composite panels -
square feet (3/4") 268 231 252 253 252 988
Oriented strand board -
square feet (3/8") 1,031 1,011 1,051 1,061 1,047 4,170
Hardwood lumber - board
feet 89 98 93 93 89 373
Pulp and Paper
(thousands):
Pulp - air-dry metric
tons 645 654 619 604 645 2,522
Paper - tons (2) 743 757 712 706 658 2,833
Coated groundwood - tons 55 62 55 61 61 239
Liquid packaging board
- tons 61 56 68 72 65 261
Paper converting - tons 490 516 479 472 415 1,882
Containerboard, Packaging
and Recycling (thousands)
Containerboard - tons 1,503 1,429 1,568 1,512 1,494 6,003
Packaging - MSF 19,493 18,977 19,955 19,865 19,033 77,830
Recycling - tons (3) 1,607 1,528 1,644 1,507 1,537 6,216
Kraft bags and sacks -
tons 24 25 25 23 25 98
(1) Veneer production represents lathe production and includes volumes
that are further processed into plywood and engineered lumber products
by company mills.
(2) Paper production includes unprocessed rolls and converted paper
volumes.
(3) Recycling production includes volumes processed in Weyerhaeuser
recycling facilities and brokered volumes.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
(in millions)
March 28, Dec. 28,
Assets 2004 2003
Weyerhaeuser
Current assets:
Cash and short-term
investments $74 $171
Receivables, less allowances 1,701 1,484
Inventories 2,020 1,911
Prepaid expenses 471 455
Total current assets 4,266 4,021
Property and equipment 12,141 12,243
Construction in progress 251 403
Timber and timberlands at cost,
less fee stumpage charged
to disposals 4,279 4,287
Investments in and advances to
equity affiliates 603 603
Goodwill 3,232 3,237
Deferred pension and other assets 1,287 1,311
26,059 26,105
Real Estate and Related Assets 2,078 2,004
Total assets $28,137 $28,109
Liabilities and Shareholders' Interest
Weyerhaeuser
Current liabilities:
Notes payable and commercial
paper $103 $4
Current maturities of long-
term debt 1,129 90
Accounts payable 1,065 1,041
Accrued liabilities 1,212 1,390
Total current liabilities 3,509 2,525
Long-term debt 10,399 11,503
Deferred income taxes, pension,
other postretirement benefits
and other liabilities 5,694 5,671
19,602 19,699
Real Estate and Related Assets
Notes payable and commercial paper 78 1
Long-term debt 887 893
Other liabilities 356 407
1,321 1,301
Total liabilities 20,923 21,000
Shareholders' interest 7,214 7,109
Total liabilities and
shareholders' interest $28,137 $28,109
STATEMENT OF CASH FLOWS Q1 Q2 Q3 Q4 YTD
March March June Sept. Dec. Dec.
SELECTED INFORMATION (unaudited) 28, 30, 29, 28, 28, 28,
(in millions) 2004 2003 2003 2003 2003 2003
(Weyerhaeuser only, excludes Real
Estate & Related Assets)
Net cash from operations $(120) $(126) $397 $557 $821 $1,649
Cash paid for property and
equipment (79) (128) (172) (146) (146) (592)
Cash paid for timberlands
reforestation (12) (14) (5) (6) (9) (34)
Cash received from issuances of
debt -- 1 -- 12 31 44
Revolving credit facilities,
notes and commercial paper
borrowings, net 98 599 (333) 166 (750) (318)
Payments on debt (60) (251) (14) (509) (50) (824)
Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-aSOURCE: Weyerhaeuser Company
CONTACT: Media, Bruce Amundson, +1-253-924-3047, or Analysts,
Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company
Web site: http://www.weyerhaeuser.com/
https://investor.weyerhaeuser.com/2004-04-23-Weyerhaeuser-Reports-First-Quarter-Net-Earnings-of-121-Million-Or-54-Cents-Per-Share-on-Net-Sales-of-5-Billion