Newsroom
Weyerhaeuser Reports First Quarter Net Earnings of $239 Million; Board Increases Second Quarter Dividend to 50 Cents Per Share
PRNewswire-FirstCall
FEDERAL WAY, Wash.
Apr 21, 2005
Weyerhaeuser Company (NYSE: WY) today reported first quarter 2005 net earnings of $239 million, or 98 cents per diluted share, on net sales of $5.5 billion. This compares with $121 million, or 54 cents per diluted share, on net sales of $5.0 billion for the first quarter of 2004.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b ) First quarter 2005 earnings include the following after-tax items: -- A charge of $8 million, or 3 cents per diluted share, associated with the settlement of a linerboard antitrust lawsuit. -- A charge of $5 million, or 2 cents per diluted share, associated with the closure of facilities. First quarter 2004 earnings included the following after-tax items: -- A charge of $32 million, or 14 cents per diluted share, associated with the settlement of litigation. -- A charge of $10 million, or 4 cents per diluted share, for integration and restructuring activities. -- A gain of $22 million, or 10 cents per diluted share, on the sale of the Slave Lake, Alberta oriented strand board mill.
Earlier today, Weyerhaeuser announced it would increase its second quarter dividend by 25 percent to 50 cents per share.
"This action reflects the board's confidence in the company's financial strength," said Steven R. Rogel, chairman, president and chief executive officer. "It also demonstrates the commitment we made to shareholders that we would capitalize on opportunities to enhance shareholder value after reducing our debt following the Willamette acquisition."
SUMMARY OF FIRST QUARTER FINANCIAL HIGHLIGHTS
Millions (except per share data) 1Q 2005 1Q 2004 Change
Net earnings $239 $121 $118
Earnings per diluted share $0.98 $0.54 $0.44
Net sales $5,548 $5,037 $511
SEGMENT RESULTS FOR FIRST QUARTER
(Contributions to Pre-Tax Earnings)
Millions 1Q 2005 1Q 2004 Change
Timberlands $200 $159 $41
Wood Products $131 $173 ($42)
Pulp and Paper $19 ($25) $44
Containerboard, Packaging and Recycling $48 $24 $24
Real Estate and Related Assets $183 $120 $63
TIMBERLANDS
1Q 2005 4Q 2004 Change
Contribution to earnings (millions) $200 $217 ($17)
First quarter earnings decreased $17 million from the fourth quarter primarily because of a $28 million decline in the sales of non-strategic timberlands. Partially offsetting that decline was a slightly higher seasonal fee harvest and higher domestic log prices due to strong demand in the U.S. housing market.
Weyerhaeuser expects log prices to remain strong in the second quarter, resulting in second quarter earnings similar to first quarter.
WOOD PRODUCTS
1Q 2005 4Q 2004 Change
Contribution to earnings (millions) $131 $72 $59
Earnings increased significantly from fourth quarter 2004 due primarily to higher first quarter prices driven by stronger demand for lumber, plywood and oriented strand board. Fourth quarter earnings included a $30 million pre-tax gain from the sale of an industrial land site in Vancouver, British Columbia, and a $6 million pre-tax gain from the sale of three mills in the Carolinas.
First quarter sales were lower than fourth quarter due to severe weather in the Southwest which delayed construction. In addition, transportation problems affected the segment results. Costs for delivered logs, purchased wood and resin continued to increase. During the quarter, the segment incurred three weeks of maintenance downtime at its Sutton, W.Va. oriented strand board mill.
The segment incurred $22 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, compared with $27 million in the fourth quarter primarily as a result of a decrease from 31.18 percent to 24.36 percent in the rates charged on Weyerhaeuser shipments.
Weyerhaeuser expects second quarter earnings to increase from first quarter due to higher shipment volumes and higher average prices driven by seasonal demand in residential construction. Ongoing rail transportation constraints and log availability due to poor logging conditions in Canada may moderate the expected increase.
PULP AND PAPER
1Q 2005 4Q 2004 Change
Contribution to earnings (millions) $19 $35 ($16)
Pulp prices improved during the quarter. Fine paper prices declined from fourth quarter levels, but shipments improved due to seasonally stronger market conditions more than offsetting maintenance downtime on two paper machines. Earnings declined during the quarter due in part to higher costs associated with the maintenance outages. In addition, Pulp and Paper experienced continuing higher costs for energy, transportation, raw materials and chemicals.
Weyerhaeuser expects modestly higher second quarter earnings compared with the first quarter due to slightly higher price realizations for some products, seasonally lower production costs for newsprint and higher production levels for liquid packaging.
CONTAINERBOARD, PACKAGING AND RECYCLING
1Q 2005 4Q 2004 Change
Contribution to earnings (millions) $48 $81 ($33)
First quarter earnings declined from fourth quarter levels due primarily to lower box shipments as unusually wet weather in southern California and Arizona adversely affected demand from agricultural producers. Production was down 100,000 tons from fourth quarter due to maintenance and slower operating rates at containerboard mills to balance production with the company's orders. First quarter results also include pre-tax charges of $12 million associated with the settlement of a linerboard antitrust lawsuit and $4 million for costs associated with the closure of a packaging facility in Bowling Green, Kentucky.
The company expects second quarter earnings to increase due to a seasonal improvement in box demand.
REAL ESTATE AND RELATED ASSETS
1Q 2005 4Q 2004 Change
Contribution to pre-tax earnings (millions) $183 $217 ($34)
Earnings decreased from fourth quarter due to seasonally lower single-family home closings in markets in which the company operates. Margins on single-family closings continued to be strong due to price increases implemented during the prior year. First quarter results benefited from land sales which contributed approximately $57 million to earnings compared with $24 million in the fourth quarter of 2004.
The backlog of homes sold, but not closed, at the end of the first quarter continues to be near six months. Weyerhaeuser expects second quarter earnings to decline from the first quarter due to lower land sales.
OTHER
Capital spending for the first quarter 2005, excluding Real Estate and Related Assets, was approximately $129 million. The company expects to spend approximately $850 million on capital expenditures in 2005.
The company expects to close the sale of its BC Coastal assets to Brascan during the second quarter.
CONFERENCE CALL
The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on April 21 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 -5088542) within North America and at 1-706-645-9291 (access code - 5088542) from outside North America.
Callers may access a webcast of the call through Weyerhaeuser's Internet site at www.weyerhaeuser.com and clicking on the "Listen to our conference call" link.
The Thomson StreetEvents Network is distributing the webcast to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2004, sales were $22.7 billion. It has offices or operations in 19 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/ .
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. 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," and "plans," 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 the company's markets in the second quarter of 2005; expected earnings and performance of the company's business segments during the second quarter of 2005, demand and pricing for the company's products in the second quarter of 2005, non-strategic timberland sales in the second quarter of 2005, land sales in the second quarter of 2005, expected capital expenditures in 2005, the expected closing of the sale of BC Coastal Assets in the second quarter of 2005, and other matters. 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;
-- the company's ability to increase the prices of our products;
-- energy prices;
-- weather conditions;
-- availability and pricing of raw materials;
-- the availability of transportation;
-- the successful execution of internal performance plans and the
performance of the company's manufacturing operations;
-- 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
-- regulatory actions 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.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS Q1 Q2 Q3 Q4 YTD
(in millions) March 27, March 28, June 27, Sept. 26, Dec. 26,Dec. 26,
2005 2004 2004 2004 2004 2004
Net sales and revenues:
Weyerhaeuser (1) $4,893 $4,568 $5,369 $5,258 $4,975 $20,170
Real Estate and
Related Assets 655 469 524 591 911 2,495
Total net sales and
revenues 5,548 5,037 5,893 5,849 5,886 22,665
Costs and expenses:
Weyerhaeuser:
Costs of products
sold 3,784 3,539 3,922 3,894 3,894 15,249
Depreciation,
amortization and
fee stumpage 331 325 328 326 329 1,308
Selling expenses 119 121 122 125 120 488
General and
administrative
expenses 224 241 235 229 250 955
Research and
development
expenses 14 12 13 13 17 55
Taxes other than
payroll and
income taxes 46 48 48 50 48 194
Charges for
integration and
restructuring 5 15 13 8 3 39
Charges for
closure of
facilities 7 1 -- 13 0 14
Other operating
costs, net (2)(3) 9 14 42 (318) 4 (258)
4,539 4,316 4,723 4,340 4,665 18,044
Real Estate and
Related Assets:
Costs and
operating
expenses 426 321 381 414 647 1,763
Depreciation and
amortization 3 2 4 3 5 14
Selling expenses 33 27 30 31 37 125
General and
administrative
expenses 24 17 19 19 26 81
Taxes other than
payroll and
income taxes 1 1 -- 1 0 2
Other operating
costs, net -- 1 1 (19) 0 (17)
487 369 435 449 715 1,968
Total costs and
expenses 5,026 4,685 5,158 4,789 5,380 20,012
Operating income 522 352 735 1,060 506 2,653
Interest expense and
other:
Weyerhaeuser:
Interest expense
incurred (4) (196) (195) (218) (184) (241) (838)
Less interest
capitalized -- 3 1 0 5 9
Equity in income
(loss) of
affiliates -- -- 7 4 3 14
Interest income and
other 27 3 5 7 9 24
Real Estate and
Related Assets:
Interest expense
incurred (14) (15) (14) (14) (14) (57)
Less interest
capitalized 14 15 14 14 14 57
Equity in income
of unconsolidated
entities 10 9 20 12 11 52
Interest income and
other 5 11 9 1 10 31
Earnings before income
taxes 368 183 559 900 303 1,945
Income taxes (129) (62) (190) (306) (104) (662)
Net earnings $239 $121 $369 $594 $199 $1,283
Basic net earnings
per share: $0.98 $0.54 $1.57 $2.46 $0.82 $5.45
Diluted net earnings
per share: $0.98 $0.54 $1.57 $2.45 $0.82 $5.43
Dividends paid per
share $0.40 $0.40 $0.40 $0.40 $0.40 $1.60
Weighted average
shares outstanding
(in thousands)
Basic 242,863 223,728 234,494 241,621 242,114 235,453
Diluted 244,185 225,072 235,475 242,649 243,472 236,546
NOTE: The financial statements included herein include the results of the company's BC Coastal operations. As a result of the pending sale of these operations, this activity will be presented as discontinued operations in the company's Form 10-Q to be filed with the SEC for the thirteen weeks ended March 27, 2005.
(1) The first quarter of 2005 includes charges of $22 million for countervailing and anti-dumping duties and related costs. The first, second, third and fourth quarters of 2004 include charges of $26 million, $34 million and $31 million and $27 million, respectively, or $118 million year-to-date, for countervailing and anti-dumping duties and related costs.
(2) The first quarter of 2005 includes a net foreign exchange gain of $13 million. The first, second, third and fourth quarters of 2004 include net foreign exchange gains (losses) of ($9) million, ($7) million, $16 million and $27 million, respectively, for a total year-to-date net gain of $27 million. These gains and losses result primarily from fluctuations in Canadian and New Zealand exchange rates.
(3) The first quarter of 2005 includes a $12 million charge for the settlement of a linerboard antitrust lawsuit. 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 second quarter of 2004 includes a $16 million charge resulting from an adverse judgment in a lawsuit involving the market for Pacific Northwest alder logs. The third quarter of 2004 includes a $271 million gain on the sale of timberlands in Georgia, a $25 million gain from a tenure reallocation agreement with the British Columbia government, and a $20 million gain due to the reduction of the reserve for hardboard siding claims. The fourth quarter of 2004 includes a net gain of $36 million on the sale of facilities, and charges of $29 million for the impairment of assets in the company's European manufacturing operations, $24 million recognized in connection with a change in the method of estimating workers' compensation liabilities and $23 million for the net book value of technology donated to a university.
(4) The second and fourth quarters of 2004 include charges of $21 million and $52 million, respectively, for the early extinguishment of debt.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Net sales and revenues
(in millions): Q1 Q2 Q3 Q4 YTD
March 27, March 28, June 27,Sept. 26, Dec. 26,Dec. 26,
2005 2004 2004 2004 2004 2004
Timberlands:
Logs $182 $193 $211 $197 $221 $822
Other products 82 58 66 51 105 280
264 251 277 248 326 1,102
Wood Products:
Softwood lumber 892 819 1,106 1,089 901 3,915
Plywood 183 221 263 237 208 929
Veneer 13 11 12 11 10 44
Composite panels 120 108 133 138 122 501
OSB 288 338 456 341 255 1,390
Hardwood lumber 94 90 100 89 86 365
Engineered lumber
products 374 298 396 418 393 1,505
Logs 27 23 38 32 32 125
Other products 248 239 288 289 253 1,069
2,239 2,147 2,792 2,644 2,260 9,843
Pulp and Paper:
Pulp 376 339 371 381 380 1,471
Paper 599 535 538 583 570 2,226
Coated groundwood 42 36 37 39 44 156
Liquid packaging
board 47 49 53 53 53 208
Other products 14 10 13 15 16 54
1,078 969 1,012 1,071 1,063 4,115
Containerboard,
Packaging and
Recycling:
Containerboard 117 81 80 94 113 368
Packaging 898 853 918 916 897 3,584
Recycling 92 80 91 87 89 347
Bags 22 19 18 20 23 80
Other products 34 33 34 43 46 156
1,163 1,066 1,141 1,160 1,168 4,535
Real Estate and
Related Assets 655 469 524 591 911 2,495
Corporate and Other 149 135 147 135 158 575
$5,548 $5,037 $5,893 $5,849 $5,886 $22,665
Contribution (charge)
to earnings: Q1 Q2 Q3 Q4 YTD
(in millions) March 27,March 28,June 27, Sept. 26, Dec. 26,Dec. 26,
2005 2004 2004 2004 2004 2004
Timberlands (1)(2) $200 $159 $201 $450 $217 $1,027
Wood Products (3)(4)
(5)(6) 131 173 448 362 72 1,055
Pulp and Paper (7) 19 (25) 14 80 35 104
Containerboard,
Packaging and
Recycling (8)(9) 48 24 62 82 81 249
Real Estate and
Related Assets (10) 183 120 118 155 217 610
Corporate and Other
(11)(12)(13) (17) (76) (67) (45) (83) (271)
$564 $375 $776 $1,084 $539 $2,774
(1) The 2004 third quarter includes a $271 million gain on the sale of timberlands in Georgia and a $5 million gain from a tenure reallocation agreement with the British Columbia government.
(2) The first quarter of 2005 includes $3 million of charges for the closure of facilities.
(3) The first quarter of 2005 includes charges of $22 million for countervailing and anti-dumping duties and related costs. The first, second, third and fourth quarters of 2004 include charges of $26 million, $34 million and $31 million and $27 million, respectively, or $118 million year-to-date, 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 second quarter of 2004 includes a $16 million charge resulting from an adverse judgment in a lawsuit involving the market for Pacific Northwest alder logs. The third quarter of 2004 includes a $20 million gain due to the reduction of the reserve for hardboard siding claims.
(5) The third quarter of 2004 includes a $20 million gain from a tenure reallocation agreement with the British Columbia government.
(6) The first quarter of 2005 includes charges of $1 million associated with the sale or closure of facilities. 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 second quarter of 2004 includes a $5 million net loss on the sale of facilities. The third quarter of 2004 includes a $2 million net gain on the sale or closure of facilities. The fourth quarter of 2004 includes charges of $3 million for the closure of facilities and a gain of $36 million on the sale of facilities.
(7) The 2004 second quarter includes a $2 million asset impairment charge related to assets held for sale.
(8) The first quarter of 2005 includes a $12 million charge associated with the settlement of a linerboard antitrust lawsuit.
(9) The first quarter of 2005 includes $4 million of charges for the closure of facilities. The first quarter of 2004 includes closure costs of $3 million. The second quarter of 2004 includes a net gain of $1 million on the sales of a facility and a joint venture investment. The third quarter of 2004 includes closure costs of $12 million, including a pension termination charge of $9 million related to a closure that occurred in a previous year. The fourth quarter of 2004 includes a credit of $3 million for the reversal of closure costs accrued in prior years.
(10) The first quarter of 2005 includes $57 million of net gains on land and lot sales. The first quarter of 2004 includes a $22 million gain on a land sale. The third quarter of 2004 includes a gain of $18 million on the sale of a multi-family site. The fourth quarter of 2004 includes a $24 million net gain on land and lot sales.
(11) The fourth quarter of 2004 includes a $7 million gain for the settlement of an insurance claim relating to the Cemwood litigation.
(12) The fourth quarter of 2004 includes charges of $29 million for the impairment of assets in the company's European manufacturing operations, $24 million recognized in connection with a change in the method of estimating workers' compensation liabilities and $23 million for the net book value of technology donated to a university.
(13) The first quarter of 2005 includes a net foreign exchange gain of $13 million. The first, second, third and fourth quarters of 2004 include net foreign exchange gains (losses) of ($10) million, ($6) million, $16 million and $26 million, respectively, for a $26 million net gain year-to-date. 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 27,March 28, June 27, Sept. 26,Dec. 26,Dec. 26,
2005 2004 2004 2004 2004 2004
Timberlands
(thousands):
Logs - cunits 864 1,044 954 904 1,018 3,920
Wood Products
(millions):
Softwood lumber
- board feet 2,057 2,054 2,393 2,299 2,144 8,890
Plywood - square
feet (3/8") 537 642 668 672 647 2,629
Veneer - square
feet (3/8") 60 55 60 55 55 225
Composite panels
- square feet
(3/4") 299 301 324 315 294 1,234
Oriented strand
board - square
feet (3/8") 908 981 1,143 1,078 1,011 4,213
Hardwood lumber
- board feet 102 103 117 102 95 417
Logs - cunits (in
thousands) 187 170 279 237 248 934
Pulp and Paper
(thousands):
Pulp - air-dry
metric tons 629 624 642 633 659 2,558
Paper - tons 736 741 718 737 680 2,876
Coated groundwood
- tons 58 59 61 60 63 243
Liquid packaging
board - tons 60 66 72 69 69 276
Paper converting
- tons 494 483 472 481 458 1,894
Containerboard,
Packaging and
Recycling
(thousands):
Containerboard
- tons 295 250 221 245 285 1,001
Packaging - MSF 17,354 18,146 18,917 18,287 17,535 72,885
Recycling - tons 692 678 701 645 670 2,694
Kraft bags and
sacks - tons 23 24 23 23 25 95
Real Estate and
Related Assets:
Single-family homes
sold 1,378 1,506 1,564 1,313 992 5,375
Single-family homes
closed 1,189 1,065 1,216 1,345 1,638 5,264
Single-family homes
sold but not closed
at end of period 2,561 2,702 3,050 3,018 2,372 2,372
Total production
volumes: Q1 Q2 Q3 Q4 YTD
March 27,March 28, June 27, Sept. 26,Dec. 26, Dec. 26,
2005 2004 2004 2004 2004 2004
Timberlands
(thousands):
Fee Depletion
- cunits 2,248 2,265 2,404 2,189 2,155 9,013
Wood Products
(millions):
Softwood lumber
- board feet 1,821 1,760 1,881 1,819 1,727 7,187
Plywood - square
feet (3/8") 303 422 405 405 396 1,628
Veneer - square
feet (3/8") (1) 517 585 609 592 600 2,386
Composite panels
- square feet (3/4") 267 268 281 272 245 1,066
Oriented strand
board - square
feet (3/8") 1,007 1,031 1,056 1,022 972 4,081
Hardwood lumber
- board feet 92 89 96 84 80 349
Pulp and Paper
(thousands):
Pulp - air-dry
metric tons 621 619 636 652 639 2,546
Paper - tons (2) 763 743 736 766 761 3,006
Coated groundwood
- tons 55 55 61 62 62 240
Liquid packaging
board - tons 60 61 67 71 67 266
Paper converting
- tons 506 490 470 500 494 1,954
Containerboard,
Packaging and
Recycling
(thousands):
Containerboard
- tons (3) 1,503 1,503 1,598 1,604 1,586 6,291
Packaging - MSF 18,628 19,493 20,208 19,473 18,648 77,822
Recycling - tons
(4) 1,624 1,607 1,707 1,703 1,701 6,718
Kraft bags and
sacks - tons 23 24 23 23 24 94
(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) Containerboard production represents machine production and includes volumes that are further processed into packaging and kraft bags and sacks by company facilities.
(4) Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
(in millions)
March 27, Dec. 26,
Assets 2005 2004
Weyerhaeuser
Current assets:
Cash and short-term investments $402 $1,044
Receivables, less allowances 1,879 1,604
Inventories 2,269 2,045
Prepaid expenses 639 600
Total current assets 5,189 5,293
Property and equipment 11,618 11,843
Construction in progress 326 269
Timber and timberlands at cost, less fee
stumpage charged to disposals 4,195 4,212
Investments in and advances to equity
affiliates 491 489
Goodwill 3,249 3,244
Deferred pension and other assets 1,217 1,223
Assets not owned, consolidated under FIN
46R 914 909
27,199 27,482
Real Estate and Related Assets
Cash and short-term investments 5 153
Receivables, less allowances 60 43
Real estate and land for sale and
development 2,052 1,889
Other assets 328 342
Assets not owned, consolidated under
FIN 46R 26 45
2,471 2,472
Total assets $29,670 $29,954
Liabilities and Shareholders' Interest
Weyerhaeuser
Current liabilities:
Notes payable and commercial paper $2 $3
Current maturities of long-term debt 96 489
Accounts payable 1,192 1,197
Accrued liabilities 1,346 1,460
Total current liabilities 2,636 3,149
Long-term debt 9,263 9,277
Deferred income taxes 4,538 4,533
Deferred pension, other postretirement
benefits and other liabilities 1,504 1,510
Liabilities not owned, consolidated under
FIN 46R 820 815
18,761 19,284
Real Estate and Related Assets
Notes payable and commercial paper 2 2
Long-term debt 869 867
Other liabilities 508 501
Liabilities not owned, consolidated under
FIN 46R 25 45
1,404 1,415
Total liabilities 20,165 20,699
Shareholders' interest 9,505 9,255
Total liabilities and shareholders'
interest $29,670 $29,954
STATEMENT OF CASH FLOWS Q1 Q2 Q3 Q4 YTD
SELECTED INFORMATION (unaudited) March March June Sept. Dec. Dec.
(in millions) 27, 28, 27, 26, 26, 26,
2005 2004 2004 2004 2004 2004
(Weyerhaeuser only, excludes Real
Estate & Related Assets)
Net cash from operations $(203) $(89) $787 $592 $745 $2,035
Cash paid for property and
equipment (117) (79) (80) (93) (222) (474)
Cash paid for timberlands
reforestation (12) (12) (6) (5) (7) (30)
Cash received from issuances of
debt -- -- -- -- 1 1
Revolving credit facilities,
notes and commercial paper
borrowings, net 19 67 (80) (6) 35 16
Payments on debt (404) (60) (813) (253) (742) (1,868)
Proceeds from equity offering -- -- 954 -- -- 954
CONTACT:
Media, Bruce Amundson, +1-253-924-3047
Analysts, Kathryn McAuley, +1-253-924-2058
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SOURCE: Weyerhaeuser Company
CONTACT: media, Bruce Amundson, +1-253-924-3047, or investors,
Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company
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