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Weyerhaeuser Reports Third Quarter Net Earnings of $285 Million, or $1.16 per Diluted Share, on Net Sales of $5.6 Billion

PRNewswire-FirstCall
FEDERAL WAY, Wash.
Oct 21, 2005

Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $285 million, or $1.16 per diluted share, on net sales of $5.6 billion. This compares with $594 million, or $2.45 per diluted share, on net sales of $5.7 billion for the third quarter of 2004.

  (Logo:  http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
          http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b )
  Third quarter 2005 earnings include the following after-tax items:

   *    A gain of $75 million, or 31 cents per diluted share, for the sale
        of MAS Capital Management Partners, LP, a joint venture.
   *    A charge of $19 million, or 8 cents per diluted share, for closure
        of facilities.
   *    A loss of $14 million, or 6 cents per diluted share, for the early
        extinguishment of debt.

In addition, net earnings for third quarter 2005 include a one-time tax benefit of $14 million, or 6 cents per diluted share, related to a change in the Ohio state income tax law.

  Third quarter 2004 earnings include the following after-tax items:

   *    A gain of $179 million, or 74 cents per diluted share, from a sale
        of timberlands in Georgia.
   *    A gain of $16 million, or 7 cents per diluted share, from a tenure
        reallocation agreement with the British Columbia government.
   *    A gain of $13 million, or 5 cents per diluted share, due to the
        reduction of the reserve for hardboard siding claims.
   *    A charge of $7 million, or 3 cents per diluted share, related to the
        sale or closure of facilities.

"Our results in the third quarter reflect the difficult business conditions we face in certain segments," said Steven R. Rogel, chairman, president and chief executive officer. "Although the recent hurricanes did not significantly affect our operations, we expect to experience residual effects of the storms in terms of higher energy, chemical and transportation costs. This will put additional pressure on our businesses in the fourth quarter."

Rogel said the company's strategic review of its business portfolio has resulted in the previously announced indefinite shutdown of the Prince Albert pulp and paper facility in Canada and the closure of two facilities -- a specialty pulp mill and a large-log sawmill -- in Washington.

"These are the first, but by no means the final steps," Rogel said. "We will continue to take the actions necessary to make Weyerhaeuser a more competitive company and generate greater returns while returning cash to our shareholders. To that end, we are pleased to have announced today that the board of directors authorized the repurchase of up to 18 million shares, or 7.4 percent of Weyerhaeuser's outstanding common stock."

  SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS

  Millions (except per share data)        3Q 2005     3Q 2004   Change
  Net earnings                               $285        $594   ($309)
  Earnings per diluted share                $1.16       $2.45  ($1.29)
  Net sales                                $5,604      $5,679    ($75)

  SEGMENT RESULTS FOR THIRD QUARTER
  (Contributions to Pre-Tax Earnings)

  Millions                                3Q 2005     3Q 2004   Change
  Timberlands                                $191        $450   ($259)
  Wood Products                              $124        $362   ($238)
  Cellulose Fiber and White Papers           ($2)         $80    ($82)
  Containerboard, Packaging and Recycling     $36         $82    ($46)
  Real Estate and Related Assets             $145        $155    ($10)

  DISCUSSION AND OUTLOOK BY BUSINESS SEGMENT
  TIMBERLANDS
                                          3Q 2005     2Q 2005   Change
  Contribution to earnings (millions)        $191        $210    ($19)

Third quarter earnings decreased from the second quarter due to higher fuel prices that affected logging and hauling costs, and a $5 million pre-tax charge related to timber damage caused by Hurricane Katrina. In addition, second quarter results include $6 million earnings from the British Columbia Coastal operations, which were sold in May.

The segment expects fourth quarter earnings to be lower than the third quarter, reflecting decreased Western profits due to normal seasonal slowdowns, and expected lower domestic sales prices. Export log markets are expected to remain firm. In the South, the segment expects log prices to decline from third quarter. Costs are expected to increase due to hurricane salvage operations.

  WOOD PRODUCTS
                                          3Q 2005     2Q 2005   Change
  Contribution to earnings (millions)        $124        $204    ($80)

Earnings decreased from second quarter due primarily to lower average price realizations for lumber and oriented strand board. Second quarter earnings included $18 million in pre-tax charges related to litigation.

Demand for building products remained strong throughout the quarter. However, readily available supply caused prices to decline during the first two months of the quarter.

Despite temporary price increases in September following the hurricanes, average prices for the entire quarter were lower for Weyerhaeuser lumber and oriented strand board. Lumber realizations declined $31 per thousand board feet and oriented strand board declined $30 per thousand square feet (3/8" basis). Average price realizations for engineered products increased from the second quarter, partially offsetting the effects from lumber and oriented strand board. The hurricanes had a minimal effect on total production for the segment.

The segment incurred $19 million in countervailing and anti-dumping duties and related costs on Canadian softwood lumber the company sold into the United States in the third quarter, compared with $27 million in the second quarter.

The segment expects normal seasonal slowing in the fourth quarter resulting in price decreases in commodity building products and reduced shipment volumes. The segment also expects to incur continued increased costs for energy, resin and transportation. As a result, fourth quarter earnings are expected to follow their normal seasonal decrease. In addition, the segment will be affected by an estimated $25 million pre-tax charge associated with the Big River sawmill in Saskatchewan.

  CELLULOSE FIBER AND WHITE PAPERS
                                          3Q 2005     2Q 2005   Change
  Contribution (charge) to earnings
   (millions)                                ($2)         $16    ($18)

Segment earnings declined from second quarter due to a third quarter pre- tax charge of $22 million primarily related to the closure of the Cosmopolis, Wash., pulp facility.

Papergrade pulp prices declined during the quarter due to continued strong supply coupled with the normal seasonal slowdown in demand. Fluff pulp prices remained relatively stable. Fine paper prices declined due to lower demand in North America for fine paper products. Manufacturing costs were lower due to fewer scheduled third quarter maintenance shutdowns. The negative effects of the strengthening Canadian dollar and increased costs for transportation, energy and raw material partially offset this cost reduction.

The company expects fourth quarter results to decline due to lower fine paper prices, seasonally lower shipments, and higher transportation, chemical and energy costs. In addition, the segment will be affected by an estimated $350 to $375 million pre-tax charge associated with the previously announced indefinite closure of the Prince Albert pulp and paper facility as the company continues the portfolio improvement strategy in this segment.

  CONTAINERBOARD, PACKAGING AND RECYCLING
                                          3Q 2005     2Q 2005   Change
  Contribution to earnings (millions)         $36         $99    ($63)

Earnings decreased from second quarter levels primarily due to lower prices for containerboard and boxes, and increased transportation and energy costs. The hurricanes had a minimal effect on the segment's operating results for the third quarter.

The segment expects fourth quarter earnings to decrease to near break-even levels due to a continued decline in box prices resulting from earlier declines in containerboard prices, a seasonal decline in box shipments and higher energy costs, partially offset by lower costs for old corrugated containers. The recently announced containerboard and box price increase will not materially affect earnings in the fourth quarter.

  REAL ESTATE AND RELATED ASSETS
                                          3Q 2005     2Q 2005   Change
  Contribution to earnings (millions)        $145        $156    ($11)

Single-family home closings declined slightly from second quarter due to delays in providing utility services in Las Vegas, Hurricane Rita in Texas and fewer lot closings. The backlog of homes sold, but not closed, increased and represents slightly more than six months' sales.

The segment expects fourth quarter earnings to be significantly higher than third quarter due to seasonally stronger single-family closings, which will exceed the fourth quarter of 2004.

OTHER

The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 21 to discuss the third 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 -- 1384562) within North America and at 1-706-645-9291 (access code -- 1384562) from outside North America.

The call is being webcast and can be accessed through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com/ by clicking on the "Q3 2005 Earnings Conference Call" link.

The webcast also is being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://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 (http://www.streetevents.com/).

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/.

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 fourth quarter; expected earnings and performance of the company's business segments during the fourth quarter, demand and pricing for the company's products in the fourth quarter, raw material, energy and transportation costs, hurricane salvage costs, seasonal slowdowns in timber harvest in the fourth quarter, facility closings and related charges, new home sales, and related 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;
   *    Energy prices;
   *    Raw material prices;
   *    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;
   *    The effect of weather;
   *    The risk of loss from fires, floods and other natural disasters;
   *    Transportation costs;
   *    Legal proceedings; and
   *    Performance of pension fund investments and related derivatives.

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 anti-dumping duties imposed on the company's softwood lumber shipments from Canada to the United States. These and other factors could cause or contribute to actual results differing materially from such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them occurs, what effect they will have on the company's results of operations or financial condition. The company expressly declines any obligation to publicly revise any forward-looking statements that have been made to reflect the occurrence of events after the date of this news release.

   For more information contact:
        Media - Bruce Amundson (253) 924-3047
        Analysts - Kathryn McAuley (253) 924-2058


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  CONSOLIDATED
  EARNINGS                    Q1                Q2                Q3
    (in millions)       March   March     June     June     Sept.    Sept.
                         27,      28,      26,      27,      25,      26,
                        2005     2004     2005     2004     2005     2004
  Net sales and
   revenues:
    Weyerhaeuser (1)    $4,749   $4,442   $5,190   $5,204   $5,008   $5,088
    Real Estate and
     Related Assets        655      469      648      524      596      591
  Total net sales and
   revenues              5,404    4,911    5,838    5,728    5,604    5,679

  Costs and expenses:
    Weyerhaeuser:
     Costs of products
      sold               3,652    3,432    3,974    3,790    3,934    3,758
     Depreciation,
      depletion and
      amortization         325      317      326      318      329      316
     Selling expenses      118      120      119      122      119      123
     General and
      administrative
      expenses             223      239      218      233      236      226
     Research and
      development
      expenses              14       12       12       13       18       13
     Taxes other than
      payroll and
      income taxes          46       48       48       47       69       51
     Charges for
      integration and
      restructuring          5       15        4       13        2        8
     Charges for
      closure of
      facilities             5        4        3       --       29       13
     Other operating
      costs, net (2) (3)     9       17      (40)      43     (147)    (300)
                         4,397    4,204    4,664    4,579    4,589    4,208
    Real Estate and
     Related Assets:
     Costs and
      operating
      expenses             426      321      441      381      401      414
     Depreciation and
      amortization           3        2        4        4        4        3
     Selling expenses       33       27       36       30       36       31
     General and
      administrative
      expenses              24       17       25       19       27       19
     Taxes other than
      payroll and
      income taxes           1        1       --       --        1        1
     Other operating
      costs, net            --        1       (2)       1       (2)     (19)
                           487      369      504      435      467      449
  Total costs and
   expenses              4,884    4,573    5,168    5,014    5,056    4,657

  Operating income         520      338      670      714      548    1,022

  Interest expense and
   other:
    Weyerhaeuser:
     Interest expense
      incurred (4)        (196)    (195)    (179)    (218)    (193)    (184)
     Less interest
      capitalized           --        3        2        1        3        0
     Equity in income
      of affiliates         --       --        4        7        2        4
     Interest income
      and other             27        3       20        5       28        7
    Real Estate and
     Related Assets:
     Interest expense
      incurred             (14)     (15)     (14)     (14)     (13)     (14)
     Less interest
      capitalized           14       15       14       14       13       14
     Equity in income
      of unconsolidated
      entities              10        9       13       20       14       12
     Interest income
      and other              5       11       (2)       9        4        1

  Earnings before
   income taxes            366      169      528      538      406      862
  Income taxes (5)        (128)     (57)    (229)    (183)    (120)    (293)
  Earnings from
   continuing
   operations              238      112      299      355      286      569
  Earnings from
   discontinued
   operations, net of
   taxes (6)                 1        9      121       14       (1)      25
  Net earnings            $239     $121     $420     $369     $285     $594


  Basic net earnings
   per share:
    Continuing
     operations          $0.98    $0.50    $1.23    $1.51    $1.16    $2.36
    Discontinued
     operations             --     0.04     0.49     0.06       --     0.10
    Net earnings per
     share               $0.98    $0.54    $1.72    $1.57    $1.16    $2.46

  Diluted net earnings
   per share:
    Continuing
     operations          $0.98    $0.50    $1.22    $1.51    $1.16    $2.35
    Discontinued
     operations             --     0.04     0.49     0.06       --     0.10
    Net earnings per
     share               $0.98    $0.54    $1.71    $1.57    $1.16    $2.45

  Dividends paid per
   share                 $0.40    $0.40    $0.50    $0.40    $0.50    $0.40

  Weighted average
   shares outstanding
   (in thousands)
    Basic              242,863  223,728  244,702  234,494  245,009  241,621
    Diluted            244,185  225,072  245,881  235,475  246,190  242,649


                                                                   Year-to-
  CONSOLIDATED EARNINGS                    Year-to-date      Q4      date
     (in millions)                     Sept. 25, Sept. 26, Dec. 26, Dec. 26,
                                          2005     2004      2004     2004
  Net sales and revenues:
     Weyerhaeuser (1)                    $14,947  $14,734   $4,804  $19,538
     Real Estate and Related Assets        1,899    1,584      911    2,495
  Total net sales and revenues            16,846   16,318    5,715   22,033

  Costs and expenses:
     Weyerhaeuser:
       Costs of products sold             11,560   10,980    3,735   14,715
       Depreciation, depletion and
        amortiz........                      980      951      320    1,271
       Selling expenses                      356      365      119      484
       General and administrative
        expenses                             677      698      247      945
       Research and development expenses      44       38       17       55
       Taxes other than payroll and
        income taxes                         163      146       48      194
       Charges for integration and
        restructuring                         11       36        3       39
       Charges for closure of facilities      37       17        0       17
       Other operating costs, net  (2)
        (3)                                 (178)    (240)      36     (204)
                                          13,650   12,991    4,525   17,516
     Real Estate and Related Assets:
       Costs and operating expenses        1,268    1,116      647    1,763
       Depreciation and amortization          11        9        5       14
       Selling expenses                      105       88       37      125
       General and administrative
        expenses                              76       55       26       81
       Taxes other than payroll and
        income taxes                           2        2        0        2
       Other operating costs, net             (4)     (17)       0      (17)
                                           1,458    1,253      715    1,968
  Total costs and expenses                15,108   14,244    5,240   19,484

  Operating income                         1,738    2,074      475    2,549

  Interest expense and other:
     Weyerhaeuser:
       Interest expense incurred (4)        (568)    (597)    (241)    (838)
       Less interest capitalized               5        4        5        9
       Equity in income of affiliates          6       11        3       14
       Interest income and other              75       15        9       24
     Real Estate and Related Assets:
       Interest expense incurred             (41)     (43)     (14)     (57)
       Less interest capitalized              41       43       14       57
       Equity in income of
        unconsolidated entities               37       41       11       52
       Interest income and other               7       21       10       31

  Earnings before income taxes             1,300    1,569      272    1,841
  Income taxes (5)                          (477)    (533)     (94)    (627)
  Earnings from continuing operations        823    1,036      178    1,214
  Earnings from discontinued operations,
   net of taxes (6)                          121       48       21       69
  Net earnings                              $944   $1,084     $199   $1,283


  Basic net earnings per share:
     Continuing operations                 $3.36    $4.45    $0.73    $5.16
     Discontinued operations                0.50     0.20     0.09     0.29
     Net earnings per share                $3.86    $4.65    $0.82    $5.45

  Diluted net earnings per share:
     Continuing operations                 $3.36    $4.42    $0.73    $5.14
     Discontinued operations                0.49     0.20     0.09     0.29
     Net earnings per share                $3.85    $4.62    $0.82    $5.43

  Dividends paid per share                 $1.40    $1.20    $0.40    $1.60

  Weighted average shares outstanding
   (in thousands)
     Basic                               244,191  233,281  242,114  235,453
     Diluted                             245,354  234,356  243,472  236,546

   (1)  The first, second and third quarters of 2005 include charges of $22
        million, $27 million and $19 million, respectively, or $68 million
        year-to-date, 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, $31 million and $27 million,
        respectively, or $118 million year-to-date, for countervailing and
        anti-dumping duties and related costs.

   (2)  The first, second and third quarters of 2005 include net foreign
        exchange gains (losses) of $13 million, ($13) million and $37
        million, respectively, for a year-to-date net gain $37 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 second quarter of
        2005 includes an $18 million charge related to alder litigation and
        $57 million of income related to the recognition of a deferred gain
        from previous timberlands sales.  The third quarter of 2005 includes
        a $115 million gain on the sale of an investment in a joint venture.

        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 third quarter of 2005 includes a charge of $21 million for the
        early extinguishment of debt.  The second and fourth quarters of
        2004 include charges of $21 million and $52 million, respectively,
        for the early extinguishment of debt.

   (5)  The second quarter of 2005 includes a charge of $44 million related
        to the repatriation of $1.1 billion of eligible Canadian earnings
        under the provisions of the American Jobs Creation Act of 2004. The
        third quarter of 2005 includes a one-time tax benefit of $14 million
        related to a change in the Ohio state income tax law.

   (6)  Includes the net operating results of the company's operations in
        coastal British Columbia. The second quarter of 2005 also includes a
        gain of $110 million, including a tax benefit of $46 million,
        related to the sale of these operations.  The third quarter of 2005
        includes a $1 million charge related to the termination of pension
        plans associated with these operations.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  Net sales and revenues (in
  millions):                       Q1              Q2              Q3
                             March   March    June    June    Sept.   Sept.
                               27,     28,     26,     27,     25,     26,
                              2005    2004    2005    2004    2005    2004
  Timberlands:
    Logs                       $182    $193    $195    $211    $188    $197
    Other products               82      58      63      66      65      51
                                264     251     258     277     253     248
  Wood Products:
    Softwood lumber             892     819   1,032   1,106     889   1,089
    Plywood                     183     221     196     263     184     237
    Veneer                       13      11      10      12       9      11
    Composite panels            120     108     132     133     122     138
    OSB                         288     338     306     456     267     341
    Hardwood lumber              94      90     102     100      95      89
    Engineered I-Joists         160     134     213     178     202     189
    Engineered Solid Section    190     148     241     194     244     203
    Logs                         27      23      24      38       6      32
    Other products              272     255     339     312     326     315
                              2,239   2,147   2,595   2,792   2,344   2,644
  Cellulose Fiber and White
   Papers:
    Pulp                        376     339     355     371     381     381
    Paper                       599     535     611     538     604     583
    Coated groundwood            42      36      47      37      45      39
    Liquid packaging board       47      49      52      53      50      53
    Other products               14      10      12      13      16      15
                              1,078     969   1,077   1,012   1,096   1,071

  Containerboard, Packaging
   and Recycling:
    Containerboard              117      81     101      80      86      94
    Packaging                   898     853     969     918     929     916
    Recycling                    92      80      92      91      87      87
    Bags                         22      19      21      18      20      20
    Other products               34      33      40      34      47      43
                              1,163   1,066   1,223   1,141   1,169   1,160

  Real Estate and Related
   Assets                       655     469     648     524     596     591

  Corporate and Other           149     135     151     147     146     135

  Less sales of discontinued
   operations                  (144)   (126)   (114)   (165)     --    (170)

                             $5,404  $4,911  $5,838  $5,728  $5,604  $5,679


  Contribution (charge) to
   earnings:                       Q1               Q2              Q3
    (in millions)             March   March    June    June    Sept.   Sept.
                                27,     28,     26,     27,     25,     26,
                               2005    2004    2005    2004    2005    2004

  Timberlands (1) (2)          $200    $159    $210    $201    $191    $450
  Wood Products (3) (4) (5) (6) 131     173     204     448     124     362
  Cellulose Fiber and White
   Papers (7)                    19     (25)     16      14      (2)     80
  Containerboard, Packaging
   and Recycling (8) (9)         48      24      99      62      36      82
  Real Estate and Related
   Assets (10)                  183     120     156     118     145     155
  Corporate and
   Other (11) (12) (13)         (17)    (76)     99     (67)    101     (45)
                               $564    $375    $784    $776    $595  $1,084


                                                                   Year-to-
  Net sales and revenues (in millions):    Year-to-date       Q4     date
                                       Sept. 25, Sept. 26, Dec. 26, Dec. 26,
                                          2005      2004     2004    2004
  Timberlands:
     Logs                                    $565     $601    $221     $822
     Other products                           210      175     105      280
                                              775      776     326    1,102
  Wood Products:
     Softwood lumber                        2,813    3,014     901    3,915
     Plywood                                  563      721     208      929
     Veneer                                    32       34      10       44
     Composite panels                         374      379     122      501
     OSB                                      861    1,135     255    1,390
     Hardwood lumber                          291      279      86      365
     Engineered I-Joists                      575      501     177      678
     Engineered Solid Section                 675      545     189      734
     Logs                                      57       93      32      125
     Other products                           937      882     280    1,162
                                            7,178    7,583   2,260    9,843
  Cellulose Fiber and White Papers:
     Pulp                                   1,112    1,091     380    1,471
     Paper                                  1,814    1,656     570    2,226
     Coated groundwood                        134      112      44      156
     Liquid packaging board                   149      155      53      208
     Other products                            42       38      16       54
                                            3,251    3,052   1,063    4,115

  Containerboard, Packaging and Recycling:
     Containerboard                           304      255     113      368
     Packaging                              2,796    2,687     897    3,584
     Recycling                                271      258      89      347
     Bags                                      63       57      23       80
     Other products                           121      110      46      156
                                            3,555    3,367   1,168    4,535

  Real Estate and Related Assets            1,899    1,584     911    2,495

  Corporate and Other                         446      417     158      575

  Less sales of discontinued operations      (258)    (461)   (171)    (632)

                                          $16,846  $16,318  $5,715  $22,033


  Contribution (charge) to earnings:                               Year-to-
    (in millions)                                             Q4     date
                                       Sept. 25, Sept. 26, Dec. 26, Dec. 26,
                                           2005     2004    2004     2004

  Timberlands (1) (2)                        $601     $810    $217   $1,027
  Wood Products (3) (4) (5) (6)               459      983      72    1,055
  Cellulose Fiber and White Papers (7)         33       69      35      104
  Containerboard, Packaging and
   Recycling (8) (9)                          183      168      81      249
  Real Estate and Related Assets (10)         484      393     217      610
  Corporate and Other  (11) (12) (13)         183     (188)    (83)    (271)
                                           $1,943   $2,235    $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.  The third quarter of 2005 includes a $5
        million loss related to hurricane damage.

   (3)  The first, second and third quarters of 2005 include charges of $22
        million, $27 million and $19 million, respectively, or $68 million
        year-to-date, 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, $31 million and $27 million,
        respectively, or $118 million year-to-date, for countervailing and
        anti-dumping duties and related costs.

   (4)  The second quarter of 2005 includes an $18 million charge related to
        alder litigation.  The third quarter of 2005 includes $9 million of
        income related to the reduction of reserves for alder litigation and
        an insurance settlement related to product liability claims.  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 second quarter of 2005 includes a $6 million gain related to a
        tenure reallocation agreement with the British Columbia government.
        The third quarter of 2004 includes a $20 million gain from a tenure
        reallocation agreement with the British Columbia government.

   (6)  The first, second and third quarters of 2005 include charges of $1
        million, $1 million and $6 million, respectively, 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 third quarter of 2005 includes net charges of $22 million
        related to facility closures.  The second quarter of 2004 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.  The third
        quarter of 2005 includes a $1 million loss related to hurricane
        damage.

   (9)  The first, second and third quarters of 2005 include charges of $4
        million, $2 million and $1 million, respectively, 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, second and third quarters of 2005 include net gains
        (losses) on land and lot sales of $57 million, $21 million and ($1)
        million, respectively.  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 second quarter of 2005 includes a $64 million pretax gain on the
        sale of the company's operations in coastal British Columbia and $57
        million of income related to the recognition of a deferred gain from
        previous timberlands sales. The third quarter of 2005 includes a
        $115 million gain on the sale of an investment in a joint venture.
        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, second and third quarters of 2005 include net foreign
        exchange gains (losses) of $13 million, ($12) million and $38
        million, respectively, for a year-to-date net gain of $39 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
                             March   March    June    June    Sept.   Sept.
                               27,     28,     26,     27,     25,     26,
                              2005    2004    2005    2004    2005    2004
  Timberlands (thousands):
    Logs - cunits               864   1,044     863     954     886     904

  Wood Products (millions):
    Softwood lumber - board
     feet                     2,057   2,054   2,355   2,393   2,179   2,299
    Plywood  - square feet
     (3/8")                     537     642     600     668     558     672
    Veneer - square feet
     (3/8")                      60      55      59      60      51      55
    Composite panels -
     square feet (3/4")         299     301     317     324     308     315
    Oriented strand board -
     square feet (3/8")         908     981   1,041   1,143   1,008   1,078
    Hardwood lumber - board
     feet                       102     103     114     117     105     102
    Engineered I-Joists - LF    108     108     138     132     125     133
    Engineered Solid Section
     - CF                         9       8      10      10      10      10
    Logs - cunits (in
     thousands)                 187     170     177     279      41     237

  Cellulose Fiber and White
   Papers (thousands):
    Pulp - air-dry metric
     tons                       629     624     587     642     653     633
    Paper - tons                736     741     742     718     757     737
    Coated groundwood - tons     58      59      62      61      56      60
    Liquid packaging board
     - tons                      60      66      65      72      64      69
    Paper converting - tons
     - Restated 2005.2
     excluding rolls            475     467     494     459     494     470

  Containerboard, Packaging
   and Recycling
   (thousands):
    Containerboard - tons       295     250     259     221     238     245
    Packaging - MSF          17,354  18,146  18,600  18,917  18,560  18,287
    Recycling - tons            692     678     695     701     665     645
    Kraft bags and sacks -
     tons                        23      24      22      23      22      23

  Real Estate and Related
   Assets:
    Single-family homes sold  1,378   1,506   1,525   1,564   1,608   1,313
    Single-family homes
     closed                   1,189   1,065   1,279   1,216   1,257   1,345
    Single-family homes sold
     but not closed at end
     of period                2,561   2,702   2,807   3,050   3,158   3,018


  Total production volumes:        Q1              Q2              Q3
                              March   March    June    June    Sept.   Sept.
                                27,     28,     26,     27,     25,     26,
                               2005    2004    2005    2004    2005    2004
  Timberlands (thousands):
    Fee Depletion  - cunits   2,248   2,265   2,231   2,404   2,098   2,189

  Wood Products (millions):
    Softwood lumber - board
     feet                     1,821   1,760   1,869   1,881   1,651   1,819
    Plywood - square feet
     (3/8")                     303     422     302     405     296     405
    Veneer - square feet
     (3/8") (1)                 517     585     529     609     486     592
    Composite panels -
     square feet (3/4")         267     268     282     281     268     272
    Oriented strand board -
     square feet (3/8")       1,007   1,031   1,019   1,056   1,017   1,022
    Hardwood lumber - board
     feet                        92      89      96      96      91      84
    Engineered I-Joists - LF    133     110     132     124     108     136
    Engineered Solid Section
     - CF                        11       9      10      11      10      11

  Cellulose Fiber and White
   Papers (thousands):
    Pulp - air-dry metric
     tons                       621     619     614     636     663     652
    Paper - tons (2)            763     743     752     736     765     766
    Coated groundwood - tons     55      55      59      61      60      62
    Liquid packaging board
     - tons                      60      61      64      67      69      71
    Paper converting - tons
     - Restated 2005.2
     excluding rolls            475     460     487     442     483     471

  Containerboard, Packaging
   and Recycling
   (thousands):
    Containerboard - tons (3) 1,503   1,503   1,581   1,598   1,597   1,604
    Packaging - MSF          18,628  19,493  19,915  20,208  19,416  19,473
    Recycling - tons (4)      1,624   1,607   1,673   1,707   1,716   1,703
    Kraft bags and sacks -
     tons                        23      24      22      23      21      23


                                                                  Year-to-
  Third party sales volumes:              Year-to-date      Q4      date
                                      Sept. 25, Sept. 26, Dec. 26, Dec. 26,
                                         2005     2004     2004     2004
  Timberlands (thousands):
     Logs - cunits                        2,613    2,902    1,018    3,920

  Wood Products (millions):
     Softwood lumber - board feet         6,591    6,746    2,144    8,890
     Plywood  - square feet (3/8")        1,695    1,982      647    2,629
     Veneer - square feet (3/8")            170      170       55      225
     Composite panels - square feet
      (3/4")                                924      940      294    1,234
     Oriented strand board - square
      feet (3/8")                         2,957    3,202    1,011    4,213
     Hardwood lumber - board feet           321      322       95      417
     Engineered I-Joists - LF               371      373      123      496
     Engineered Solid Section - CF           29       28        9       37
     Logs - cunits (in thousands)           405      686      248      934

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons           1,869    1,899      659    2,558
     Paper - tons                         2,235    2,196      680    2,876
     Coated groundwood - tons               176      180       63      243
     Liquid packaging board  - tons         189      207       69      276
     Paper converting - tons - Restated
      2005.2 excluding rolls              1,463    1,396      443    1,839

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons                  792      716      285    1,001
     Packaging - MSF                     54,514   55,350   17,535   72,885
     Recycling - tons                     2,052    2,024      670    2,694
     Kraft bags and sacks - tons             67       70       25       95

  Real Estate and Related Assets:
     Single-family homes sold             4,511    4,383      992    5,375
     Single-family homes closed           3,725    3,626    1,638    5,264
     Single-family homes sold but not
      closed at end of period             3,158    3,018    2,372    2,372


  Total production volumes:                                         Year-to-
                                           Year-to-date      Q4      date
                                       Sept. 25, Sept. 26, Dec. 26, Dec. 26,
                                           2005     2004     2004     2004
  Timberlands (thousands):
     Fee Depletion  - cunits              6,577    6,858    2,155    9,013

  Wood Products (millions):
     Softwood lumber - board feet         5,341    5,460    1,727    7,187
     Plywood - square feet (3/8")           901    1,232      396    1,628
     Veneer - square feet (3/8") (1)      1,532    1,786      600    2,386
     Composite panels - square feet
      (3/4")                                817      821      245    1,066
     Oriented strand board - square
      feet (3/8")                         3,043    3,109      972    4,081
     Hardwood lumber - board feet           279      269       80      349
     Engineered I-Joists - LF               373      370      134      504
     Engineered Solid Section - CF           31       31       10       42

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons           1,898    1,907      639    2,546
     Paper - tons (2)                     2,280    2,245      761    3,006
     Coated groundwood - tons               174      178       62      240
     Liquid packaging board  - tons         193      199       67      266
     Paper converting - tons - Restated
      2005.2 excluding rolls              1,445    1,373      465    1,838

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons (3)            4,681    4,705    1,586    6,291
     Packaging - MSF                     57,959   59,174   18,648   77,822
     Recycling - tons (4)                 5,013    5,017    1,701    6,718
     Kraft bags and sacks - tons             66       70       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, June 26, Sept. 25, Dec. 26,
  Assets                                  2005     2005     2005     2004

  Weyerhaeuser
     Current assets:
       Cash and short-term investments      $402   $1,704     $885   $1,044
       Receivables, less allowances        1,840    2,008    1,966    1,558
       Inventories                         2,122    2,018    1,992    1,891
       Prepaid expenses                      634      612      581      592
       Assets of business held for sale    1,119       --       --    1,129
             Total current assets          6,117    6,342    5,424    6,214
     Property and equipment               11,447   11,175   11,093   11,672
     Construction in progress                324      451      544      268
     Timber and timberlands at cost,
      less fee stumpage charged
       to disposals                        3,712    3,709    3,690    3,733
     Investments in and advances to
      equity affiliates                      491      495      496      489
     Goodwill                              2,997    2,977    2,989    2,996
     Deferred pension and other assets     1,197    1,249    1,309    1,201
     Restricted assets held by special
      purpose entities                      914      916      914      909
                                          27,199   27,314   26,459   27,482

  Real Estate and Related Assets
     Cash and short-term investments           5       11        4      153
     Receivables, less allowances             60       57       49       43
     Real estate and land for sale and
      development                          2,083    2,333    2,288    1,947
     Other assets                            323      278      357      329
                                           2,471    2,679    2,698    2,472

     Total assets                        $29,670  $29,993  $29,157  $29,954

  Liabilities and Shareholders' Interest

  Weyerhaeuser
     Current liabilities:
       Notes payable and commercial
        paper                                 $2       $2       $3       $3
       Current maturities of long-term
        debt                                  96      225      182      489
       Accounts payable                    1,150    1,225    1,167    1,159
       Accrued liabilities                 1,313    1,655    1,562    1,432
       Liabilities of business held for
        sale                                 308       --       --      297
             Total current liabilities     2,869    3,107    2,914    3,380
     Long-term debt                        9,263    8,926    8,010    9,277
     Deferred income taxes                 4,315    4,320    4,396    4,312
     Deferred pension, other
      postretirement benefits
       and other liabilities               1,494    1,560    1,585    1,500
     Liabilities not owned, consolidated
      under FIN 46R                          820      784      783      815
                                          18,761   18,697   17,688   19,284
  Real Estate and Related Assets
     Notes payable and commercial paper        2        5        3        2
     Long-term debt                          869      854      852      867
     Other liabilities                       533      588      488      546
                                           1,404    1,447    1,343    1,415
     Total liabilities                    20,165   20,144   19,031   20,699

  Shareholders' interest                   9,505    9,849   10,126    9,255

     Total liabilities and shareholders'
      interest                           $29,670  $29,993  $29,157  $29,954



  STATEMENT OF CASH FLOWS                  Q1           Q2           Q3
                                       March  March  June  June  Sept. Sept.
  SELECTED INFORMATION (unaudited)       27,   28,    26,   27,   25,   26,
     (in millions)                      2005  2004   2005  2004  2005  2004
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

     Net cash from operations          $(203) $(89)  $713  $787  $441  $592
     Cash paid for property and
      equipment                         (117)  (79)  (196)  (80) (220)  (93)
     Cash paid for timberlands
      reforestation                      (12)  (12)    (6)   (6)   (6)   (5)
     Cash received from issuances of
      debt                                --    --      1    --    (1)   --
     Revolving credit facilities,
      notes and commercial paper
       borrowings, net                    19    67     23   (80)  (40)   (6)
     Payments on debt                   (404)  (60)  (206) (813) (965) (253)
     Proceeds from equity offering        --    --     --   954    --    --
     Proceeds from the sale of BC
      Coastal operations                  --    --  1,107    --    --    --


                                                                    Year-to-
  STATEMENT OF CASH FLOWS                 Year-to-date      Q4        date
  SELECTED INFORMATION (unaudited)     Sept. 25, Sept. 26, Dec. 26, Dec. 26,
     (in millions)                         2005     2004    2004      2004
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

     Net cash from operations              $951   $1,290   $745   $2,035
     Cash paid for property and
      equipment                            (533)    (252)  (222)    (474)
     Cash paid for timberlands
      reforestation                         (24)     (23)    (7)     (30)
     Cash received from issuances of debt    --       --      1        1
     Revolving credit facilities, notes
      and commercial paper
       borrowings, net                        2      (19)    35       16
     Payments on debt                    (1,575)  (1,126)  (742)  (1,868)
     Proceeds from equity offering           --      954     --      954
     Proceeds from the sale of BC
      Coastal operations                  1,107       --     --       --
Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com

SOURCE: 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/

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