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Weyerhaeuser Reports Third Quarter Net Earnings of $211 Million, or 85 Cents per Diluted Share, on Net Sales of $5.3 Billion

PRNewswire-FirstCall
FEDERAL WAY, Wash.
Oct 25, 2006

Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings of $211 million, or 85 cents per diluted share, on net sales of $5.3 billion. This compares with $285 million, or $1.16 per diluted share, on net sales of $5.4 billion for the third quarter 2005.

  (Logo:  http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
          http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b )
  Third quarter 2006 earnings include the following after-tax items:

  -- A gain of $31 million, or 13 cents per diluted share, from the sale of
     the North American composites business.
  -- A gain of $15 million, or 6 cents per diluted share, due to a reduction
     of the reserve for hardboard siding claims.
  -- A charge of $25 million, or 10 cents per diluted share, for the
     additional impairment of assets related to the closure of the Prince
     Albert, Saskatchewan facility and the write-off of additional goodwill
     associated with the former BC Coastal business.
  -- A charge of $18 million, or 7 cents per diluted share, for asset
     impairments and costs associated with facility closures or
     curtailments, primarily in the Wood Products segment.
  -- A charge of $9 million, or 4 cents per diluted share, for impairment of
     real estate assets.
  -- A charge of $6 million, or 2 cents per diluted share, related to the
     previously announced acquisition of OrganicID, a research and
     development company.

  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.

During third quarter 2006, Weyerhaeuser repurchased 5.3 million shares of common stock. As of the end of the third quarter, Weyerhaeuser has repurchased a total of 5.5 million shares of the 18 million-share repurchase previously authorized by the company's board of directors.

"We anticipated the downturn in the housing market and transformed Weyerhaeuser into a more focused company to position it to be a strong performer during this market cycle," said Steven R. Rogel, chairman, president and chief executive officer. "While anticipated, the housing market decline was more abrupt and drove wood products prices and demand into a deeper plunge than expected. We are taking the necessary actions to match our production to demand and over the long-term, remain confident about the residential housing market. We have the right strategies and combination of businesses to succeed and add value for shareholders.

"Our cellulose fiber, white papers and packaging businesses showed continued improved performance during the quarter," Rogel said. "Some of this was the result of stronger pricing, but we also benefited from the decisive action we have taken to improve the ability of these businesses to meet customer demand. Such steps take time, but we are starting to benefit from the long-term changes they are creating within Weyerhaeuser."

   SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS

   Millions (except per share data)             3Q 2006  3Q 2005  Change
   Net earnings                                    $211     $285   ($74)
   Earnings per diluted share                     $0.85    $1.16 ($0.31)
   Net sales                                     $5,328   $5,432  ($104)

   SEGMENT RESULTS FOR THIRD QUARTER
   (Contributions to Pre-Tax Earnings)
   Millions                                     3Q 2006  3Q 2005  Change
   Timberlands                                     $178     $191   ($13)
   Wood Products                                    $11     $124  ($113)
   Cellulose Fiber and White Papers                $115     ($2)    $117
   Containerboard, Packaging and Recycling          $96      $36     $60
   Real Estate and Related Assets                  $135     $145   ($10)

   TIMBERLANDS
                                                3Q 2006  2Q 2006  Change
   Contribution to pre-tax earnings (millions)     $178     $224   ($46)


Third quarter earnings decreased from second quarter 2006 due to the timing of sales of non-strategic properties, seasonally reduced fee harvest levels and the adverse effect of falling lumber prices on domestic log prices. Third quarter costs benefited from the absence of salvage logging expense with the completion of the Hurricane Katrina cleanup in the second quarter.

Weyerhaeuser expects lower fourth quarter earnings for the segment compared with the third quarter due to decreased demand for lumber which will result in lower domestic log prices.

   WOOD PRODUCTS
                                                3Q 2006  2Q 2006  Change
   Contribution to pre-tax earnings (millions)      $11     $131  ($120)


Third quarter contribution to earnings included a $51 million gain on the sale of the company's North American composites business, $23 million of income related to a reduction in the reserve for hardboard siding claims, and charges of $17 million for the impairment of fixed assets associated with mill closures and curtailments. Excluding these items, contribution to earnings decreased $177 million from the second quarter.

Lower prices and volumes contributed to the lower earnings. Weaker prices in lumber, plywood and oriented strand board caused by normal seasonal declines in demand and the weakening housing market were significant factors in the earnings decline. Lower wood product shipment volumes and the loss of ongoing earnings from the North American composites business, which Weyerhaeuser sold in late July, also contributed to the decline. Manufacturing costs did not vary significantly from quarter to quarter.

Weyerhaeuser expects the segment to continue to operate at a loss in the fourth quarter.

The company incurred $7 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 of 2006. The Canadian softwood lumber agreement became effective on Oct. 12, and at current price levels, the company will pay a 15 percent tax on lumber produced by its Canadian mills exported to the United States. This compares to the duty deposit rate of 13.13 percent in effect since December 2005. The company expects to receive a refund of duty based on the outcome of the new agreement.

   CELLULOSE FIBER AND WHITE PAPERS
                                                3Q 2006  2Q 2006  Change
   Contribution to pre-tax earnings (millions)     $115      $23     $92


Fine paper and cellulose fiber products experienced stronger market conditions in the third quarter, resulting in the realization of higher prices. Sales volumes for fine paper and cellulose fiber declined slightly in the third quarter because of the second-quarter closures of a paper machine at Dryden, Ontario and the Prince Albert, Saskatchewan pulp mill.

Third quarter manufacturing costs for fine paper and cellulose fiber decreased significantly from the second quarter when the company incurred shutdowns for annual mill maintenance, capital upgrades and power interruptions. Productivity improved in the third quarter and energy, chemicals and maintenance costs decreased.

Weyerhaeuser expects fourth quarter earnings for the segment to be similar to third quarter.

   CONTAINERBOARD, PACKAGING AND RECYCLING
                                                3Q 2006  2Q 2006  Change
   Contribution to pre-tax earnings (millions)      $96      $74     $22


Third quarter 2006 results included charges of $6 million for costs associated with facility closures and workforce reductions related to the continued implementation of the segment's new business model. Second quarter 2006 results included charges of $18 million for restructuring costs associated with implementing the segment's new business model and charges of $5 million related to facility closures. Excluding these items, third quarter earnings improved $5 million compared with the second quarter.

During the third quarter, the company completed the implementation of the previously announced price increases for containerboard and packaging. Significantly higher costs for old corrugated containerboard (OCC), rising wood chip costs and a seasonal decline in packaging shipments to the produce market segment partially offset the effect from higher prices. In addition, packaging volumes were down as the company exited certain low-margin business.

Weyerhaeuser expects fourth quarter earnings for the segment to be comparable with third quarter results. Shipments are expected to increase and OCC costs are expected to decline from third quarter levels. Rapidly rising wood chip costs, primarily on the West Coast, and seasonally higher energy usage are expected to offset higher packaging shipments and lower OCC costs.

   REAL ESTATE AND RELATED ASSETS
                                                3Q 2006  2Q 2006  Change
   Contribution to pre-tax earnings (millions)     $135     $123     $12


Third quarter single-family home closing volume was comparable to the second quarter. Higher prices for single-family homes closed and lower overhead contributed to the third quarter earnings increase, partially offset by $14 million in impairment charges for two real estate projects.

Closing volumes were greater than new sales in the third quarter, decreasing the backlog of homes sold, but not closed, to approximately 4.5 months' sales.

Weyerhaeuser expects earnings from real estate and related assets to increase in the fourth quarter because of seasonally higher closing volumes, which are expected to be partially offset by lower margins. The company expects fourth quarter earnings to be substantially below last year's fourth quarter performance.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were $22.6 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/ .

EARNINGS CALL INFORMATION

The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 25 to discuss third quarter results.

To access the conference call from within North America, dial 1-888-221- 5699 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-706-643-3795. Replays will be available for one week at 1-800-642-1687 (access code - 2336060) from within North America and at 1-706- 645-9291 (access code - 2336060) from outside North America.

The call is being webcast through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com/ by clicking on the "Q3 2006 Earnings Conference Call" link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com/ , Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected site, StreetEvents (http://www.streetevents.com/ ).

FORWARD-LOOKING STATEMENT

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 2006; expected earnings and performance of the company's business segments during the fourth quarter 2006, demand and pricing for the company's products in the fourth quarter 2006, lower domestic log prices in the fourth quarter 2006, lower prices and reduced shipment volumes for lumber, oriented strand board, and engineered lumber products in the fourth quarter 2006, higher wood products manufacturing costs due to lower production volumes in the fourth quarter 2006, expected refunds of softwood lumber duties, seasonal increases in real estate earnings, higher raw material and energy costs in the fourth quarter 2006 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;
  -- Chemical prices;
  -- Performance of the company's manufacturing operations including
     unexpected maintenance requirements;
  -- 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
     policies and regulations, and changes in accounting regulations;
  -- The effect of weather;
  -- The risk of loss from fires, floods, windstorms, hurricanes and other
     natural disasters;
  -- Transportation costs;
  -- Legal proceedings;
  -- The effect of timing of retirements and changes in the market price of
     company stock on charges for stock-based compensation; 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. 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.

  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  CONSOLIDATED
  EARNINGS                    Q1                Q2                Q3
    (in millions)        March   March     June     June     Sept.    Sept.
                          26,      27,      25,      26,      24,      25,
                         2006     2005     2006     2005     2006     2005
  Net sales and
   revenues:
    Weyerhaeuser  (1)   $4,566   $4,577   $4,911   $5,017   $4,579   $4,836
    Real Estate and
     Related Assets        690      655      746      648      749      596
  Total net sales and
   revenues              5,256    5,232    5,657    5,665    5,328    5,432

  Costs and expenses:
    Weyerhaeuser:
     Costs of products
      sold  (2)          3,612    3,504    3,815    3,833    3,590    3,800
     Depreciation,
      depletion and
      amortization         306      316      305      319      305      320
     Selling expenses      109      115      125      116      123      116
     General and
      administrative
      expenses             255      221      223      215      234      234
     Research and
      development
      expenses  (3)         16       14       15       12       21       18
     Taxes other than
      payroll and
      income taxes          44       44       46       44       43       45
     Charges for
      restructuring
      (4)                    -        5       18        4        4        2
     Charges for
      closure of
      facilities             1        5       17        3       43       29
     Impairment of
      goodwill  (5)        746        -        3        -        -        -
     Other operating
      costs, net  (6)
      (7)                   31        9      (23)     (40)     (34)     (32)
                         5,120    4,233    4,544    4,506    4,329    4,532
    Real Estate and
     Related Assets:
     Costs and
      operating
      expenses  (8)        481      426      552      441      537      401
     Depreciation and
      amortization           3        3        4        4       10        4
     Selling expenses       37       33       43       36       44       36
     General and
      administrative
      expenses              30       24       34       25       30       27
     Taxes other than
      payroll and
      income taxes           1        1        2        -        2        1
     Other operating
      costs, net            (3)       -        3       (2)      (2)      (2)
     Impairment of
      long-lived
      assets                 -        -        3        -       14        -
                           549      487      641      504      635      467
  Total costs and
   expenses              5,669    4,720    5,185    5,010    4,964    4,999

  Operating income        (413)     512      472      655      364      433

  Interest expense and
   other:
    Weyerhaeuser:
     Interest expense
      incurred  (9)       (152)    (196)    (152)    (179)    (149)    (193)
     Less: interest
      capitalized  (2)      16        -       20        2       21        3
     Interest income
      and other             19       27       15       20       17      143
     Equity in income
      (loss) of
      affiliates  (10)       3        -        6        4        -        2
    Real Estate and
     Related Assets:
     Interest expense
      incurred             (14)     (14)     (14)     (14)     (12)     (13)
     Less: interest
      capitalized           14       14       14       14       12       13
     Interest income
      and other             10        5        3       (2)       7        4
     Equity in income
      of
      unconsolidated
         entities
          (11)              21       10       15       13       14       14
  Earnings (loss)
   before income taxes    (496)     358      379      513      274      406
  Income tax (expense)
   benefit  (12)           (87)    (125)     (82)    (225)     (89)    (119)
  Earnings (loss) from
   continuing
   operations             (583)     233      297      288      185      287
  Earnings (loss) from
   discontinued
   operations, net of
   taxes  (13)               3        6       17      132       26       (2)
  Net earnings (loss)    $(580)    $239     $314     $420     $211     $285

  Basic net earnings
   (loss) per share:
    Continuing
     operations         $(2.37)   $0.96    $1.20    $1.18    $0.75    $1.17
    Discontinued
     operations           0.01     0.02     0.07     0.54     0.10    (0.01)
    Net earnings
     (loss) per share   $(2.36)   $0.98    $1.27    $1.72    $0.85    $1.16

  Diluted net earnings
   (loss) per share:
    Continuing
     operations         $(2.37)   $0.96    $1.19    $1.17    $0.75    $1.17
    Discontinued
     operations           0.01     0.02     0.07     0.54     0.10    (0.01)
    Net earnings
     (loss) per share   $(2.36)   $0.98    $1.26    $1.71    $0.85    $1.16

  Dividends paid per
   share                 $0.50    $0.40    $0.50    $0.50    $0.60    $0.50

  Weighted average
   shares outstanding
   (in thousands)
    Basic              245,794  242,863  248,147  244,702  247,428  245,009
    Diluted            245,794  244,185  249,194  245,881  247,900  246,190



                                                                     Year
  CONSOLIDATED EARNINGS                    Year-to-date      Q4      Ended
     (in millions)                     Sept. 24, Sept. 25, Dec. 25, Dec. 25,
                                          2006     2005     2005     2005
  Net sales and revenues:
     Weyerhaeuser  (1)                   $14,056  $14,430   $4,700  $19,130
     Real Estate and Related Assets        2,185    1,899    1,016    2,915
  Total net sales and revenues            16,241   16,329    5,716   22,045

  Costs and expenses:
     Weyerhaeuser:
      Costs of products sold  (2)         11,017   11,137    3,832   14,969
      Depreciation, depletion and
       amortization                          916      955      326    1,281
      Selling expenses                       357      347      106      453
      General and administrative
       expenses                              712      670      221      891
      Research and development
       expenses (3)                           52       44       17       61
      Taxes other than payroll and
       income taxes                          133      133       16      149
      Charges for restructuring  (4)          22       11       10       21
      Charges for closure of facilities       61       37      656      693
      Impairment of goodwill  (5)            749        -        -        -
      Other operating costs,
       net (6) (7)                           (26)     (63)       3      (60)
                                          13,993   13,271    5,187   18,458
     Real Estate and Related Assets:
      Costs and operating expenses (8)     1,570    1,268      677    1,945
      Depreciation and amortization           17       11        5       16
      Selling expenses                       124      105       46      151
      General and administrative
       expenses                               94       76       28      104
      Taxes other than payroll and
       income taxes                            5        2        1        3
      Other operating costs, net              (2)      (4)       1       (3)
      Impairment of long-lived assets         17        -       33       33
                                           1,825    1,458      791    2,249
  Total costs and expenses                15,818   14,729    5,978   20,707

  Operating income                           423    1,600     (262)   1,338

  Interest expense and other:
     Weyerhaeuser:
      Interest expense incurred (9)         (453)    (568)    (171)    (739)
      Less: interest capitalized (2)          57        5        4        9
      Interest income and other               51      190       24      214
      Equity in income (loss) of
       affiliates (10)                         9        6      (12)      (6)
     Real Estate and Related Assets:
      Interest expense incurred              (40)     (41)     (14)     (55)
      Less: interest capitalized              40       41       14       55
      Interest income and other               20        7        5       12
      Equity in income of unconsolidated
          entities (11)                       50       37       20       57
  Earnings (loss) before income taxes        157    1,277     (392)     885
  Income tax (expense) benefit  (12)        (258)    (469)     151     (318)
  Earnings (loss) from continuing
   operations                               (101)     808     (241)     567
  Earnings (loss) from discontinued
   operations, net of taxes (13)              46      136       30      166
  Net earnings (loss)                       $(55)    $944    $(211)    $733

  Basic net earnings (loss) per share:
     Continuing operations                $(0.41)   $3.31   $(0.98)   $2.32
     Discontinued operations                0.19     0.55     0.12     0.68
     Net earnings (loss) per share        $(0.22)   $3.86   $(0.86)   $3.00

  Diluted net earnings (loss) per share:
     Continuing operations                $(0.41)   $3.30   $(0.98)   $2.31
     Discontinued operations                0.19     0.55     0.12     0.67
     Net earnings (loss) per share        $(0.22)   $3.85   $(0.86)   $2.98

  Dividends paid per share                 $1.60    $1.40    $0.50    $1.90

  Weighted average shares outstanding
   (in thousands)
     Basic                               247,123  244,191  245,215  244,447
     Diluted                             247,123  245,354  246,198  245,559



   WEYERHAEUSER COMPANY
   STATISTICAL INFORMATION  (unaudited)

   FOOTNOTES TO CONSOLIDATED EARNINGS
        (in millions)
                                                                  Year
                                                  Year-to-date    Ended
                                                  ___________
                    Q1    Q1    Q2   Q2   Q3   Q3   Q3   Q3   Q4
                  2006  2005  2006 2005 2006 2005 2006 2005 2005  2005
  (1) Countervailing
   and anti-dumping
   duties and
   related costs:  $11   $22   $10  $27   $7  $19  $28  $68  $16   $84

  (2) Weyerhaeuser capitalized interest on Weyerhaeuser Real Estate Company
  (WRECO) assets in the first, second and third quarters of 2006 in the
  amount of $14 million, $15 million and $17 million, respectively.
  Weyerhaeuser cost of products sold includes $7 million, $7 million and $8
  million for the first, second and third quarters of 2006, respectively, to
  expense previously capitalized interest in connection with the sale of
  WRECO assets. See footnote 7 for 2005 information.

  (3) The third quarter of 2006 includes a $9 million charge related to the
  acquisition of OrganicID, a research and development company.

  (4) The second quarter of 2006 includes an $18 million charge related to
  the restructuring of the Containerboard, Packaging and Recycling business
  model.

  (5) The first and second quarters of 2006 include charges of $746 million
  and $3 million, respectively, for the impairment of goodwill associated
  with the fine paper business.

                                                                  Year
                                                  Year-to-date    Ended
                                                  ___________
                    Q1    Q1    Q2   Q2   Q3   Q3   Q3   Q3   Q4
                  2006  2005  2006 2005 2006 2005 2006 2005 2005  2005
   (6) Net foreign
   exchange gains
   (losses),
   primarily from
   fluctuations in
   Canadian and
   New Zealand
   exchange rates: $(26)  $13  $21 $(13)  $17  $37  $12  $37 $(21)  $16

  (7) The third quarter of 2006 includes $23 million of income related to a
  reduction of the reserve for hardboard siding claims and charges of $7
  million for the impairment of fixed assets related to production
  curtailments. The first quarter of 2005 includes a $12 million charge
  related to 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
  fourth quarter of 2005 includes a $38 million charge related to the
  settlement of linerboard antitrust litigation and $43 million of income
  related to the cumulative effect of a change to begin capitalizing
  Weyerhaeuser interest to assets of WRECO.

  (8) The first quarter of 2006 includes income of $8 million related to a
  warranty insurance recovery.

  (9) The third and fourth quarters of 2005 include charges of $21 million
  and $15 million, respectively, related to the early extinguishment of
  debt.

  (10) The third quarter of 2006 includes a $2 million charge and the fourth
  quarter of 2005 includes a $15 million charge related to the impairment of
  investments in equity affiliates.

  (11) The first quarter of 2006 includes recognition of $9 million of
  deferred income in connection with partnership restructurings.

  (12) The second quarter of 2006 includes a one-time tax benefit of $48
  million related to a change in Texas state income tax law, a reduction in
  the Canadian federal income tax rate and a deferred tax adjustment related
  to the Medicare Part D subsidy. 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.

  (13) Discontinued operations includes the net operating results of the
  company's coastal British Columbia operations and its North American and
  European composites operations. The third quarter of 2006 includes a
  pretax gain of $51 million and related tax expense of $20 million
  associated with the sale of the North American composites operations and
  an $8 million charge to write off additional goodwill associated with the
  coastal British Columbia operations. The second quarter of 2005 includes a
  gain of $110 million, including a tax benefit of $46 million, related to
  the sale of the coastal British Columbia operations. The fourth quarter of
  2005 includes a pretax gain of $57 million and related tax expense of $23
  million associated with the sale of the French composites operations.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  Net sales and revenues (in
  millions):                       Q1              Q2              Q3
                              March   March   June    June    Sept.   Sept.
                               26,     27,     25,     26,     24,     25,
                              2006    2005    2006    2005    2006    2005
  Timberlands:
    Logs                       $201    $182    $198    $195    $200    $188
    Other products               62      82      71      63      46      65
                                263     264     269     258     246     253
  Wood Products:
    Softwood lumber             782     892     857   1,032     733     889
    Plywood                     135     183     147     196     134     184
    Veneer                       13      13      13      10       9       9
    Composite panels            121     120     140     132      71     122
    OSB                         287     288     273     306     203     267
    Hardwood lumber              99      94     105     102      96      95
    Engineered I-Joists         169     150     202     202     162     186
    Engineered Solid Section    204     179     231     228     190     226
    Logs                          7      27       5      24       5       6
    Other products              256     270     327     340     302     325
                              2,073   2,216   2,300   2,572   1,905   2,309
  Cellulose Fiber and White
   Papers:
    Pulp                        394     376     402     355     404     381
    Paper                       613     599     601     611     604     604
    Coated groundwood            40      42      44      47      42      45
    Liquid packaging board       46      47      62      52      59      50
    Other products               14      14      17      12      21      16
                              1,107   1,078   1,126   1,077   1,130   1,096
  Containerboard, Packaging
   and Recycling:
    Containerboard               82     117      84     101      92      86
    Packaging                   911     898   1,002     969     997     929
    Recycling                    80      92      85      92      89      87
    Bags                         20      22      20      21      23      20
    Other products               34      34      46      40      44      47
                              1,127   1,163   1,237   1,223   1,245   1,169

  Real Estate and Related
   Assets                       690     655     746     648     749     596

  Corporate and Other           116     149     117     151     123     146

  Less: sales of
   discontinued operations     (120)   (293)   (138)   (264)    (70)   (137)

                             $5,256  $5,232  $5,657  $5,665  $5,328  $5,432

  Contribution (charge) to
   pre-tax earnings:               Q1              Q2              Q3
    (in millions)              March   March   June    June    Sept.   Sept.
                                26,     27,     25,     26,     24,     25,
                               2006    2005    2006    2005    2006    2005

  Timberlands  (1) (2) (4)     $198    $200    $224    $210    $178    $191
  Wood Products  (1) (2) (5)    117     131     131     204      11     124
  Cellulose Fiber and White
   Papers  (1) (2) (6)         (763)     19      23      16     115      (2)
  Containerboard, Packaging
   and Recycling  (1) (2) (7)    22      48      74      99      96      36
  Real Estate and Related
   Assets  (2) (8)              172     183     123     156     135     145
  Corporate and Other  (1)
   (2) (3) (9)                 (102)    (17)    (40)     99     (78)    101
                              $(356)   $564    $535    $784    $457    $595


                                                                     Year
  Net sales and revenues (in millions):     Year-to-date      Q4     Ended
                                       Sept. 24, Sept. 25, Dec. 25, Dec. 25,
                                          2006     2005      2005    2005
  Timberlands:
     Logs                                    $599     $565    $196     $761
     Other products                           179      210      76      286
                                              778      775     272    1,047
  Wood Products:
     Softwood lumber                        2,372    2,813     811    3,624
     Plywood                                  416      563     172      735
     Veneer                                    35       32      12       44
     Composite panels                         332      374     123      497
     OSB                                      763      861     303    1,164
     Hardwood lumber                          300      291      99      390
     Engineered I-Joists                      533      538     165      703
     Engineered Solid Section                 625      633     200      833
     Logs                                      17       57       5       62
     Other products                           885      935     290    1,225
                                            6,278    7,097   2,180    9,277
  Cellulose Fiber and White Papers:
     Pulp                                   1,200    1,112     370    1,482
     Paper                                  1,818    1,814     603    2,417
     Coated groundwood                        126      134      46      180
     Liquid packaging board                   167      149      54      203
     Other products                            52       42      12       54
                                            3,363    3,251   1,085    4,336
  Containerboard, Packaging and
   Recycling:
     Containerboard                           258      304      91      395
     Packaging                              2,910    2,796     914    3,710
     Recycling                                254      271      81      352
     Bags                                      63       63      20       83
     Other products                           124      121      46      167
                                            3,609    3,555   1,152    4,707

  Real Estate and Related Assets            2,185    1,899   1,016    2,915

  Corporate and Other                         356      446     154      600

  Less: sales of discontinued operations     (328)    (694)   (143)    (837)

                                          $16,241  $16,329  $5,716  $22,045

  Contribution (charge) to pre-tax                                   Year
   earnings:                                Year-to-date      Q4     Ended
     (in millions)                     Sept. 24, Sept. 25, Dec. 25, Dec. 25,
                                          2006     2005      2005     2005
  Timberlands  (1) (2) (4)                   $600     $601    $183     $784
  Wood Products  (1) (2) (5)                  259      459      26      485
  Cellulose Fiber and White Papers  (1)
   (2) (6)                                   (625)      33    (477)    (444)
  Containerboard, Packaging and Recycling
   (1) (2) (7)                                192      183    (188)      (5)
  Real Estate and Related Assets  (2) (8)     430      484     250      734
  Corporate and Other  (1) (2) (3) (9)       (220)     183      33      216
                                             $636   $1,943   $(173)  $1,770


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)
  FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
  (in millions)

                                                                  Year
                                                  Year-to-date    Ended
                                                  ___________
                    Q1    Q1    Q2   Q2   Q3   Q3   Q3   Q3   Q4
                  2006  2005  2006 2005 2006 2005 2006 2005 2005  2005

  (1) Closure charges by segment:
   Timberlands      $--  $ 3  $--  $--  $--  $--  $--   $3   $3   $6
   Wood Products     --    1    1    1   10    6   11    8   91   99
   Cellulose Fiber
    and White Papers (1)  --   11   --    4   22   14   22  427  449
   Containerboard,
    Packaging and
    Recycling         2    4    5    2    3    1   10    7  130  137
   Corporate
    and Other        --   --   --   --   26   --   26   --    5    5
                     $1   $8  $17   $3  $43  $29  $61  $40 $656 $696

The above closure charges for the third quarter of 2006 includes a $26 million charge in the Corporate and Other segment for the impairment of corporate assets related to the Prince Albert pulp and paper facility.The first quarter and full year 2005 include $3 million of costs incurred within the company's discontinued operations.

                                                                  Year
                                                  Year-to-date    Ended
                                                  ___________
                    Q1    Q1    Q2   Q2   Q3   Q3   Q3   Q3   Q4
                  2006  2005  2006 2005 2006 2005 2006 2005 2005  2005

  (2) Share-based compensation charges (income) recognized by segment:
   Timberlands      $ 1   $--  $--  $--  $--  $--  $ 1  $--  $-- $--
   Wood Products      2    --   --   --   --   --    2   --   --  --
   Cellulose Fiber
    and White Papers  1    --   --   --    1   --    2   --   --  --
   Containerboard,
    Packaging and
    Recycling         2    --   (1)  --    1   --    2   --   --  --
   Real Estate
    and Related
    Assets           --    --    2   --   --   --    2   --   --  --
   Corporate
    and Other        15     2   (5)  (6)   1    3   11   (1)  12   11
                    $21    $2  $(4) $(6) $ 3  $ 3  $20  $(1) $12  $11

                                                                  Year
                                                  Year-to-date    Ended
                                                  ___________
                    Q1    Q1    Q2   Q2   Q3   Q3   Q3   Q3   Q4
                  2006  2005  2006 2005 2006 2005 2006 2005 2005  2005
  (3) Net foreign
   exchange gains
   (losses)
   included in
   Corporate
   and Other:      $(26)  $13  $20 $(12) $17  $38  $11  $39 $(20) $19

  (4) Additional Timberlands notes:
       (a) Hurricane related losses were $5 million in third quarter 2005
           and $6 million in fourth quarter 2005.
  (5) Additional Wood Products notes:
       (a) Refer to footnote 1 to Consolidated Earnings regarding
           countervailing duty and anti-dumping costs included in Wood
           Products.
       (b) The third quarter of 2006 includes $23 million of income related
           to a reduction of the reserves for hardboard siding claims.
           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.
       (c) The third quarter of 2006 includes a $51 million gain on the
           sale of the company's North American composites operations.
       (d) The third quarter of 2006 includes charges of $7 million for the
           impairment of fixed assets related to production curtailments.
       (e) The second quarter of 2005 includes a $6 million gain related to
           a tenure reallocation agreement with the British Columbia
           government.

  (6) Additional Cellulose Fiber and White Papers notes:
       (a) The first and second quarters of 2006 include charges of $746
           million and $3 million, respectively, for the impairment of
           goodwill associated with the fine paper business.

  (7) Additional Containerboard, Packaging and Recycling notes:
       (a) The second and third quarters of 2006 include charges of $18
           million and $3 million, respectively, related to the
           restructuring of the Containerboard, Packaging and Recycling
           business model.
       (b) The first and fourth quarters of 2005 include charges of
           $12 million and $38 million, respectively, associated with the
           settlement of linerboard antitrust lawsuits.
       (c) The third quarter of 2005 had a charge of $1 million related to
           hurricane damage.

  (8) Additional Real Estate and Related Assets notes:
       (a) The first quarter of 2006 includes income of $8 million related
           to a warranty insurance recovery and income of $9 million
           related to recognition of deferred income in connection with
           partnership restructurings.
       (b) The first, second and third quarters of 2006 includes net gains
           (losses) on land and lot sales of $33 million, ($1) million and
           $0, respectively. The first, second, third and fourth quarters
           of 2005 include net gains (losses) on land and lot sales of $57
           million, $21 million, ($1) and $2 million, respectively.
           The fourth quarter of 2005 includes a $33 million charge for the
           impairment of unimproved land.
       (c) The second and third quarters of 2006 include charges for the
           impairment of assets of $3 million and $14 million,
           respectively.

  (9) Additional Corporate and Other notes:
       (a) The third quarter of 2006 includes a $2 million charge and the
           fourth quarter of 2005 includes a $15 million charge related to
           the impairments of investments in equity affiliates.
       (b) The third quarter of 2006 includes a $9 million charge related
           to the acquisition of OrganicID, a research and development
           company.
       (c) The third quarter of 2006 includes an $8 million charge to write
           off additional goodwill associated with the coastal British
           Columbia operations.
       (d) 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 2005
           includes a $57 million gain on the sale of the company's French
           composites operations and $43 million of income for the
           cumulative effect of a change to begin capitalizing Weyerhaeuser
           interest to assets of Weyerhaeuser Real Estate Company.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  Third party sales volumes:       Q1              Q2              Q3
                             March   March    June    June    Sept.   Sept.
                              26,     27,      25,     26,     24,     25,
                              2006    2005    2006    2005    2006    2005
  Timberlands (thousands):
    Logs - cunits               935     864     808     863     850     886

  Wood Products (millions):
    Softwood lumber - board
     feet                     1,921   2,057   2,113   2,355   1,974   2,179
    Plywood  - square feet
     (3/8")                     389     537     458     600     437     558
    Veneer - square feet
     (3/8")                      61      60      63      59      48      51
    Composite panels -
     square feet (3/4")         302     299     324     317     139     308
    Oriented strand board -
     square feet (3/8")       1,000     908   1,069   1,041     989   1,008
    Hardwood lumber - board
     feet                       103     102     110     114     100     105
    Engineered I-Joists -
     lineal feet                114     108     137     138     110     125
    Engineered Solid Section
     - cubic feet                 9       9      11      10       9      10
    Logs - cunits (in
     thousands)                  55     187      46     177      26      41

  Cellulose Fiber and White
   Papers (thousands):
    Pulp - air-dry metric
     tons                       651     629     647     587     625     653
    Paper - tons                753     736     662     742     641     757
    Coated groundwood - tons     52      58      59      62      59      56
    Liquid packaging board
     - tons                      56      60      71      65      72      64
    Paper converting - tons     511     475     474     494     462     494

  Containerboard, Packaging
   and Recycling
   (thousands):
    Containerboard - tons       211     295     189     259     202     238
    Packaging - MSF          18,342  17,354  19,168  18,600  18,425  18,560
    Recycling - tons            733     692     719     695     678     665
    Kraft bags and sacks -
     tons                        20      23      20      22      22      22

  Real Estate and Related
   Assets:
    Single-family homes sold  1,472   1,378   1,325   1,525     906   1,608
    Single-family homes
     closed                   1,161   1,189   1,483   1,279   1,439   1,257
    Single-family homes sold
     but not closed at end
     of period                3,105   2,561   2,947   2,807   2,414   3,158

  Total production volumes:        Q1              Q2              Q3
                              March   March   June    June    Sept.   Sept.
                               26,     27,     25,     26,     24,     25,
                              2006    2005    2006    2005    2006    2005
  Timberlands (thousands):
    Fee Depletion  - cunits   2,132   2,248   2,083   2,231   2,040   2,098

  Wood Products (millions):
    Softwood lumber - board
     feet                     1,663   1,821   1,650   1,869   1,559   1,651
    Plywood - square feet
     (3/8")                     241     303     245     302     237     296
    Veneer - square feet
     (3/8") (1)                 455     517     455     529     494     486
    Composite panels -
     square feet (3/4")         278     267     288     282     100     268
    Oriented strand board -
     square feet (3/8")       1,073   1,007   1,062   1,019   1,009   1,017
    Hardwood lumber - board
     feet                        82      92      83      96      82      91
    Engineered I-Joists - LF    121     133     136     132     130     108
    Engineered Solid Section
     - CF                        11      11      12      10      10      10

  Cellulose Fiber and White
   Papers (thousands):
    Pulp - air-dry metric
     tons                       676     621     588     614     660     663
    Paper - tons (2)            724     763     672     752     675     765
    Coated groundwood - tons     56      55      56      59      59      60
    Liquid packaging board
     - tons                      61      60      75      64      73      69
    Paper converting - tons     498     475     461     487     485     483

  Containerboard, Packaging
   and Recycling
   (thousands):
    Containerboard - tons
     (3)                      1,575   1,503   1,533   1,581   1,544   1,597
    Packaging - MSF          19,550  18,628  20,290  19,915  19,341  19,416
    Recycling - tons (4)      1,716   1,624   1,684   1,673   1,641   1,716
    Kraft bags and sacks -
     tons                        19      23      20      22      18      21


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

                                                                     Year
  Third party sales volumes:              Year-to-date      Q4       Ended
                                       Sept. 24, Sept. 25, Dec. 25, Dec. 25,
                                         2006     2005       2005     2005
  Timberlands (thousands):
     Logs - cunits                        2,593    2,613      939    3,552

  Wood Products (millions):
     Softwood lumber - board feet         6,008    6,591    2,059    8,650
     Plywood  - square feet (3/8")        1,284    1,695      485    2,180
     Veneer - square feet (3/8")            172      170       61      231
     Composite panels - square feet
      (3/4")                                765      924      305    1,229
     Oriented strand board - square
      feet (3/8")                         3,058    2,957      991    3,948
     Hardwood lumber - board feet           313      321      106      427
     Engineered I-Joists - lineal feet      361      371      113      484
     Engineered Solid Section - cubic
      feet                                   29       29        9       38
     Logs - cunits (in thousands)           127      405       46      451

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons           1,923    1,869      633    2,502
     Paper - tons                         2,056    2,235      761    2,996
     Coated groundwood - tons               170      176       56      232
     Liquid packaging board  - tons         199      189       69      258
     Paper converting - tons              1,447    1,463      501    1,964

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons                  602      792      254    1,046
     Packaging - MSF                     55,935   54,514   19,117   73,631
     Recycling - tons                     2,130    2,052      676    2,728
     Kraft bags and sacks - tons             62       67       22       89

  Real Estate and Related Assets:
     Single-family homes sold             3,703    4,511    1,174    5,685
     Single-family homes closed           4,083    3,725    1,922    5,647
     Single-family homes sold but not
      closed at end of period             2,414    3,158    2,410    2,410


  Total production volumes:                                          Year
                                           Year-to-date       Q4     Ended
                                       Sept. 24, Sept. 25, Dec. 25, Dec. 25,
                                          2006     2005      2005     2005
  Timberlands (thousands):
     Fee Depletion  - cunits              6,255    6,577    2,153    8,730

  Wood Products (millions):
     Softwood lumber - board feet         4,872    5,341    1,645    6,986
     Plywood - square feet (3/8")           723      901      254    1,155
     Veneer - square feet (3/8") (1)      1,404    1,532      447    1,979
     Composite panels - square feet
      (3/4")                                666      817      263    1,080
     Oriented strand board - square
      feet (3/8")                         3,144    3,043    1,035    4,078
     Hardwood lumber - board feet           247      279       85      364
     Engineered I-Joists - LF               387      373      110      483
     Engineered Solid Section - CF           33       31       10       41

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons           1,924    1,898      604    2,502
     Paper - tons (2)                     2,071    2,280      780    3,060
     Coated groundwood - tons               171      174       60      234
     Liquid packaging board  - tons         209      193       71      264
     Paper converting - tons              1,444    1,445      505    1,950

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons (3)            4,652    4,681    1,587    6,268
     Packaging - MSF                     59,181   57,959   20,130   78,089
     Recycling - tons (4)                 5,041    5,013    1,730    6,743
     Kraft bags and sacks - tons             57       66       22       88

  (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 SHEETS (unaudited)
  (in millions)
                             March 26,       June 25,        Sept. 24,
  Assets                       2006            2006            2006
  Weyerhaeuser
    Current assets:
     Cash and short-term
      investments              $105            $113            $114
     Receivables, less
      allowances              1,807           1,920           1,816
     Inventories              2,036           1,899           1,983
     Prepaid expenses           433             427             440
     Assets of discontinued
      operations                222             219              88
           Total current
            assets            4,603           4,578           4,441
    Property and equipment   10,124          10,107           9,926
    Construction in
     progress                   640             607             640
    Timber and timberlands
     at cost, less fee
     stumpage charged to
     disposals                3,702           3,696           3,665
    Investments in and
     advances to equity
     affiliates                 475             479             490
    Goodwill                  2,235           2,243           2,254
    Deferred pension and
     other assets             1,284           1,303           1,265
    Restricted assets held
     by special purpose
     entitites                  914             916             914
                             23,977          23,929          23,595

  Real Estate and Related
   Assets
    Cash and short-term
     investments                 39              36              13
    Receivables, less
     allowances                 143             141             145
    Real estate in process
     of development and for
     sale                     1,341           1,590           1,636
    Land being processed
     for development          1,298           1,282           1,355
    Investments in
     unconsolidated
     entities, less
     reserves                    60              66              74
    Other assets                353             420             422
    Assets not owned,
     consolidated under FIN
     46R                        170             154             132
                              3,404           3,689           3,777
    Total assets            $27,381         $27,618         $27,372

  Liabilities and
   Shareholders' Interest

  Weyerhaeuser
    Current liabilities:
     Notes payable and
      commercial paper           $1              $2            $222
     Current maturities of
      long-term debt            693             551             492
     Accounts payable         1,181           1,210           1,142
     Accrued liabilities      1,252           1,326           1,098
     Liabilities of
      business held for
      sale                       22              19              18
           Total current
            liabilities       3,149           3,108           2,972
    Long-term debt            6,938           7,075           7,082
    Deferred income taxes     3,998           3,909           3,848
    Deferred pension, other
     postretirement
     benefits
     and other liabilities    1,651           1,674           1,628
    Liabilities
     (nonrecourse to
     Weyerhaeuser) held by
     special purpose
      entities                  763             765             762
                             16,499          16,531          16,292
  Real Estate and Related
   Assets
    Notes payable and
     commercial paper            63             125             385
    Long-term debt              878             628             601
    Other liabilities           568             707             766
    Liabilites not owned,
     consolidated under FIN
     46R                        144             127             107
                              1,653           1,587           1,859
    Total liabilities        18,152          18,118          18,151
    Shareholders' interest    9,229           9,500           9,221
    Total liabilities and
     shareholders' interest $27,381         $27,618         $27,372

  STATEMENT OF CASH FLOWS         Q1              Q2              Q3
  SELECTED INFORMATION         March  March    June   June     Sept.  Sept.
   (unaudited)                  26,    27,      25,    26,      24,    25,
    (in millions)              2006   2005     2006   2005     2006   2005
  (Weyerhaeuser only,
   excludes Real Estate &
   Related Assets)

    Net cash from
     operations               $(209) $(203)    $565   $723      $95   $452
    Cash paid for property
     and equipment            $(182) $(117)   $(184) $(196)   $(173) $(220)
    Cash paid for
     timberlands
     reforestation             $(12)  $(12)     $(9)   $(6)     $(6)   $(6)
    Cash received from
     issuances of debt           $-     $-       $-     $1       $3     $-
    Revolving credit
     facilities, notes and
     commercial paper
     borrowings, net           $(68)   $19      $19    $23     $195   $(40)
    Payments on debt          $(158) $(404)    $(10) $(206)    $(58) $(986)
    Proceeds from the sale
     of operations               $-     $-       $- $1,107     $187     $-
    Repurchases of common
     stock                       $-     $-       $-     $-    $(332)    $-



  CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
  (in millions)
                                                                    Dec. 25,
  Assets                                                              2005
  Weyerhaeuser
     Current assets:
      Cash and short-term investments                                  $818
      Receivables, less allowances                                    1,707
      Inventories                                                     1,885
      Prepaid expenses                                                  414
      Assets of discontinued operations                                 223
            Total current assets                                      5,047
     Property and equipment                                          10,345
     Construction in progress                                           527
     Timber and timberlands at cost,
      less fee stumpage charged to
      disposals                                                       3,705
     Investments in and advances to
      equity affiliates                                                 486
     Goodwill                                                         2,982
     Deferred pension and other assets                                1,314
     Restricted assets held by special
      purpose entitites                                                 916
                                                                     25,322

  Real Estate and Related Assets
     Cash and short-term investments                                    286
     Receivables, less allowances                                        42
     Real estate in process of
      development and for sale                                        1,055
     Land being processed for
      development                                                     1,037
     Investments in unconsolidated
      entities, less reserves                                            61
     Other assets                                                       296
     Assets not owned, consolidated
      under FIN 46R                                                     130
                                                                      2,907
     Total assets                                                   $28,229

  Liabilities and Shareholders' Interest

  Weyerhaeuser
     Current liabilities:
      Notes payable and commercial paper                                 $3
      Current maturities of long-term
       debt                                                             381
      Accounts payable                                                1,227
      Accrued liabilities                                             1,622
      Liabilities of business held for
       sale                                                              25
            Total current liabilities                                 3,258
     Long-term debt                                                   7,404
     Deferred income taxes                                            4,032
     Deferred pension, other
      postretirement benefits
      and other liabilities                                           1,591
     Liabilities (nonrecourse to
      Weyerhaeuser) held by
      special purpose entities                                          764
                                                                     17,049
  Real Estate and Related Assets
     Notes payable and commercial paper                                   3
     Long-term debt                                                     851
     Other liabilities                                                  417
     Liabilites not owned, consolidated
      under FIN 46R                                                     109
                                                                      1,380
     Total liabilities                                               18,429
     Shareholders' interest                                           9,800
     Total liabilities and shareholders'
      interest                                                      $28,229

  STATEMENT OF CASH FLOWS                  Year-to-date      Q4      Year
                                                                     Ended
                                            Sept.    Sept.    Dec.     Dec.
  SELECTED INFORMATION (unaudited)           24,      25,      25,      25,
     (in millions)                          2006     2005     2005     2005
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

     Net cash from operations               $451     $972     $648   $1,620
     Cash paid for property and
      equipment                            $(539)   $(533)   $(310)   $(843)
     Cash paid for timberlands
      reforestation                         $(27)    $(24)     $(8)    $(32)
     Cash received from issuances of
      debt                                    $3       $1       $-       $1
     Revolving credit facilities, notes
      and commercial paper
      borrowings, net                       $146       $2     $170     $172
     Payments on debt                      $(226) $(1,596)   $(603) $(2,178)
     Proceeds from the sale of
      operations                            $187   $1,107     $102   $1,209
     Repurchases of common stock           $(332)    $-       $(11)    $(11)
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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