Temple-Inland Inc. (NYSE:TIN) today reported a fourth quarter 2008 net
loss of $6 million, or $0.06 per share, compared with third quarter 2008
net income of $3 million, or $0.03 per share, and fourth quarter 2007
net income of $1.165 billion, or $10.76 per share.
Fourth quarter 2008 net income excluding special items was $0.11 per
share, compared with third quarter 2008 net loss excluding special items
of $0.03 per share, and fourth quarter 2007 net income excluding special
items of $0.23 per share. Results for fourth quarter 2008 include
special items of $0.17 per share, consisting of (i) a special after-tax
charge of $8 million, or $0.07 per share, primarily related to the
closure of our Rome, Georgia box plant and our hardboard siding
operation in Diboll, Texas; and (ii) a tax adjustment of $10 million, or
$0.10 per share, resulting from a change in the annual tax rate.
|
|
|
4th Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
|
|
2008
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
Net income per share
|
|
|
($0.06
|
)
|
|
$
|
0.03
|
|
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$
|
10.76
|
|
|
Adjustment for special items
|
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$
|
0.17
|
|
|
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($0.06
|
)
|
|
|
($10.53
|
)
|
|
Net income (loss) per share, excluding special items
|
|
$
|
0.11
|
|
|
|
($0.03
|
)
|
|
$
|
0.23
|
|
For the year, net loss was $8 million, or $0.08 per share, including
special after-tax charges of $20 million, or $0.19 per share, primarily
related to our 2007 transformation plan and the closure of converting
and production facilities. This compares with 2007 net income of $1.305
billion, or $12.08 per share including special after-tax items of $1.225
billion, or $11.34 per share, primarily related to the effects of our
transformation plan. Net income excluding special items was $12 million,
or $0.11 per share, in 2008 compared with $80 million, or $0.74 per
share, in 2007.
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Year
|
|
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
Net income per share
|
|
|
($0.08
|
)
|
|
$
|
12.08
|
|
|
Adjustment for special items
|
|
$
|
0.19
|
|
|
|
($11.34
|
)
|
|
Net income per share, excluding special items
|
|
$
|
0.11
|
|
|
$
|
0.74
|
|
Corrugated Packaging
|
|
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4th Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Year
|
|
Year
|
|
|
|
2008
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
Segment Operating Income
|
|
$68
|
|
$50
|
|
$75
|
|
$225
|
|
$287
|
|
($ in Millions)
|
|
|
|
|
|
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Corrugated Packaging reported fourth quarter 2008 operating income of
$68 million compared with $50 million in third quarter 2008 and $75
million in fourth quarter 2007. Corrugated Packaging operating income
improved in fourth quarter 2008 compared with third quarter 2008 as
higher box prices and lower fiber, energy and freight costs more than
offset lower box shipments and the costs associated with 108,000 tons of
market-related downtime and 22,000 tons of maintenance related downtime
taken in fourth quarter 2008. Operating income declined in fourth
quarter 2008 compared with fourth quarter 2007 as higher box prices were
more than offset by downtime costs, higher energy, freight, and chemical
costs, and lower box shipments.
Building Products
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|
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4th Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Year
|
|
Year
|
|
|
|
2008
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
Segment Operating Income
|
|
($14)
|
|
($6)
|
|
($15)
|
|
($40)
|
|
$8
|
|
($ in Millions)
|
|
|
|
|
|
|
|
|
|
|
Building Products reported a fourth quarter 2008 operating loss of $14
million compared with a loss of $6 million in third quarter 2008 and a
loss of $15 million in fourth quarter 2007. Operating income declined in
fourth quarter 2008 compared with third quarter 2008 as higher gypsum
prices and lower costs were more than offset by lower lumber prices and
lower volumes for all products. Building Products operating income
improved in fourth quarter 2008 compared with fourth quarter 2007 as
lower costs and higher gypsum and particleboard prices more than offset
lower lumber prices and volumes for all products.
Comments
Doyle R. Simons, chairman and chief executive officer of Temple-Inland
Inc., said, “We delivered solid operating results in fourth quarter 2008.
“In Corrugated Packaging, fourth quarter 2008 was our most profitable
quarter of the year. We operated well and benefited from our box plant
transformation, acquisition of PBL, higher box prices and lower input
costs. We took 108,000 tons of mill downtime in the quarter to match our
production to our demand as our box shipments were down approximately 7%
compared with year ago levels. We enter 2009 with the lowest inventory
levels in the last three years.
“In Building Products, shipments for all of our products declined in the
fourth quarter due to difficult market conditions and the seasonal
slowdown in demand. We took action in the quarter to further drive down
our costs including exiting the hardboard siding business and reducing
our headcount by an additional 11%. We also successfully introduced a
new fiberglass-faced gypsum sheathing product, GreenGlass™, for use in
commercial and residential applications during the quarter.
“As we enter 2009, economic conditions continue to be uncertain.
However, the actions we took in 2008 to lower our cost structure
significantly throughout our company, drive down our inventories and
grow our business will serve us well in 2009.”
Temple-Inland will host a conference call on January 27, 2008 at 9:30 am
EST to discuss results of fourth quarter 2008. To access the conference
call, listeners calling from the United States and Canada should dial
1-866-394-6665 at least 15 minutes prior to the start of the call. The
passcode for the conference call is: 81604811. Those wishing to access
the call from outside the United States and Canada should dial
1-706-634-1667 and use the same passcode as set forth above. Replays of
the call will be available for two weeks following completion of the
live call and can be accessed at 1-800-642-1687 in the United States and
Canada and at 1-706-645-9291 outside the United States and Canada. The
passcode for the replay is: 81604811.
Temple-Inland Inc. is a manufacturing company focused on corrugated
packaging and building products. The fully integrated corrugated
packaging operation consists of 7 mills and 63 converting facilities.
The building products operation manufactures a diverse line of building
products for new home construction, commercial and repair and remodeling
markets. Temple-Inland's address on the World Wide Web is www.templeinland.com.
This release contains “forward-looking statements” within the meaning of
the federal securities laws. These statements reflect management’s
current views with respect to future events and are subject to risk and
uncertainties. We note that a variety of factors and uncertainties could
cause our actual results to differ significantly from the results
discussed in the forward-looking statements. Factors and uncertainties
that might cause such differences include, but are not limited to:
general economic, market, or business conditions; the opportunities (or
lack thereof) that may be presented to us and that we may pursue;
fluctuations in costs and expenses including the costs of raw materials,
purchased energy, and freight; changes in interest rates; current
conditions of financial markets could adversely affect our ability to
finance our operations; demand for new housing; accuracy of accounting
assumptions related to impaired assets, pension and postretirement
costs, contingency reserves and income taxes; competitive actions by
other companies; changes in laws or regulations; our ability to execute
certain strategic and business improvement initiatives; the accuracy of
certain judgments and estimates concerning the integration of acquired
operations; and other factors, many of which are beyond our control.
|
TEMPLE-INLAND INC. AND SUBSIDIARIES
CONSOLIDATED EARNINGS AND SEGMENT RESULTS
(Preliminary and Unaudited)
|
|
|
|
|
|
Fourth Quarter
|
|
For the Year
|
|
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
|
|
(In millions, except per share)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging
|
$
|
819
|
|
$
|
756
|
|
$
|
3,190
|
|
$
|
3,044
|
|
|
Building products
|
|
154
|
|
|
164
|
|
|
694
|
|
|
806
|
|
|
Timber and timberland (a)
|
|
––
|
|
|
17
|
|
|
––
|
|
|
76
|
|
|
Total revenues
|
$
|
973
|
|
$
|
937
|
|
$
|
3,884
|
|
$
|
3,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging
|
$
|
68
|
|
$
|
75
|
|
$
|
225
|
|
$
|
287
|
|
|
Building products
|
|
(14
|
)
|
|
(15
|
)
|
|
(40
|
)
|
|
8
|
|
|
Timber and timberland (a)
|
|
––
|
|
|
12
|
|
|
––
|
|
|
65
|
|
|
Total segment operating income
|
|
54
|
|
|
72
|
|
|
185
|
|
|
360
|
|
|
Items not included in segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense
|
|
(17
|
)
|
|
(25
|
)
|
|
(76
|
)
|
|
(100
|
)
|
|
Share-based compensation
|
|
18
|
|
|
––
|
|
|
2
|
|
|
(34
|
)
|
|
Other operating income (expense)
|
|
(13
|
)
|
|
1,881
|
|
|
(29
|
)
|
|
1,865
|
|
|
Other non-operating income (expense)
|
|
1
|
|
|
(36
|
)
|
|
––
|
|
|
(35
|
)
|
|
Net interest income (expense) on financial assets and nonrecourse
financial liabilities of special purpose entities
|
|
2
|
|
|
10
|
|
|
(2
|
)
|
|
10
|
|
|
Interest expense on debt
|
|
(23
|
)
|
|
(25
|
)
|
|
(81
|
)
|
|
(111
|
)
|
|
Income (loss) before taxes
|
|
22
|
|
|
1,877
|
|
|
(1
|
)
|
|
1,955
|
|
|
Income tax (expense) benefit
|
|
(28
|
)
|
|
(719
|
)
|
|
(7
|
)
|
|
(753
|
)
|
|
Income (loss) from continuing operations
|
|
(6
|
)
|
|
1,158
|
|
|
(8
|
)
|
|
1,202
|
|
|
Discontinued operations
|
|
––
|
|
|
7
|
|
|
––
|
|
|
103
|
|
|
Net income (loss)
|
$
|
(6
|
)
|
$
|
1,165
|
|
$
|
(8
|
)
|
$
|
1,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares outstanding
|
|
106.7
|
|
|
106.0
|
|
|
106.7
|
|
|
106.0
|
|
|
Average diluted shares outstanding
|
|
106.7
|
|
|
108.2
|
|
|
107.4
|
|
|
108.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
$
|
(0.06
|
)
|
$
|
10.88
|
|
$
|
(0.08
|
)
|
$
|
11.33
|
|
|
Discontinued operations
|
|
––
|
|
|
0.08
|
|
|
––
|
|
|
0.98
|
|
|
Net income (loss)
|
$
|
(0.06
|
)
|
$
|
10.96
|
|
$
|
(0.08
|
)
|
$
|
12.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – Diluted (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
(0.06
|
)
|
$
|
10.69
|
|
$
|
(0.08
|
)
|
$
|
11.12
|
|
|
Discontinued operations
|
|
––
|
|
|
0.07
|
|
|
––
|
|
|
0.96
|
|
|
Net income
|
$
|
(0.06
|
)
|
$
|
10.76
|
|
$
|
(0.08
|
)
|
$
|
12.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share (c)
|
$
|
0.10
|
|
$
|
10.53
|
|
$
|
0.40
|
|
$
|
11.37
|
|
|
(a)
|
|
We no longer have a timber and timberland segment as a result of the
fourth quarter 2007 sale of our timberland.
|
|
(b)
|
|
Earnings per diluted share not applicable for fourth quarter and
full year 2008 due to our loss from continuing operations.
|
|
(c)
|
|
Includes special dividends of $10.25 per share in fourth quarter
2007.
|
|
TEMPLE-INLAND INC. AND SUBSIDIARIES
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(Preliminary and Unaudited)
|
|
|
Year-End
2008
|
|
Year-End
2007
|
|
ASSETS
|
(Dollars in millions)
|
|
Current Assets
|
$
|
1,073
|
|
$
|
1,277
|
|
Property and Equipment
|
|
1,664
|
|
|
1,632
|
|
Financial Assets of Special Purpose Entities
|
|
2,474
|
|
|
2,383
|
|
Goodwill
|
|
394
|
|
|
365
|
|
Other Assets
|
|
264
|
|
|
285
|
|
TOTAL ASSETS
|
$
|
5,869
|
|
$
|
5,942
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current Liabilities
|
$
|
446
|
|
$
|
890
|
|
Long-Term Debt
|
|
1,191
|
|
|
852
|
|
Nonrecourse Financial Liabilities of Special Purpose Entities
|
|
2,140
|
|
|
2,140
|
|
Deferred Tax Liability
|
|
750
|
|
|
762
|
|
Liability for Pension Benefits
|
|
172
|
|
|
71
|
|
Liability for Postretirement Benefits
|
|
101
|
|
|
123
|
|
Other Long-Term Liabilities
|
|
292
|
|
|
324
|
|
TOTAL LIABILITIES
|
|
5,092
|
|
|
5,162
|
|
NONCONTROLLING INTEREST OF SPECIAL PURPOSE ENTITIES
|
|
91
|
|
|
––
|
|
SHAREHOLDERS’ EQUITY
|
|
686
|
|
|
780
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
5,869
|
|
$
|
5,942
|
|
TEMPLE-INLAND INC. AND SUBSIDIARIES
SUMMARIZED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Preliminary and Unaudited)
|
|
|
|
Fourth
Quarter
2008
|
|
Third
Quarter
2008
|
|
Second
Quarter
2008
|
|
First
Quarter
2008
|
|
For the
Year
2008
|
|
|
CASH PROVIDED BY (USED FOR) OPERATIONS
|
|
(Dollars in millions)
|
|
|
Operations (including payments related to our 2007 transformation
plan of $11 million in third quarter and $39 million in first
quarter)
|
$
|
80
|
(a)
|
$
|
66
|
|
$
|
57
|
(a)
|
$
|
19
|
$
|
222
|
|
|
Working capital (including payments related to our 2007
transformation plan of $20 million in third quarter, $1 million in
second quarter and $276 million in first quarter)
|
|
(19
|
)
|
|
(20
|
)
|
|
(7
|
)
|
|
(358)
|
|
(404
|
)
|
|
|
|
61
|
|
|
46
|
|
|
50
|
|
|
(339)
|
|
(182
|
)
|
|
CASH PROVIDED BY (USED FOR) INVESTING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(48
|
)
|
|
(40
|
)
|
|
(42
|
)
|
|
(34)
|
|
(164
|
)
|
|
Acquisition, net of cash acquired
|
|
––
|
|
|
(57
|
)
|
|
––
|
|
|
––
|
|
(57
|
)
|
|
Other
|
|
––
|
|
|
(2
|
)
|
|
(3
|
)
|
|
(1)
|
|
(6
|
)
|
|
|
|
(48
|
)
|
|
(99
|
)
|
|
(45
|
)
|
|
(35)
|
|
(227
|
)
|
|
CASH PROVIDED BY (USED FOR) FINANCING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends to shareholders
|
|
(11
|
)
|
|
(11
|
)
|
|
(10
|
)
|
|
(11)
|
|
(43
|
)
|
|
Net change in debt
|
|
(1
|
)
|
|
68
|
|
|
15
|
|
|
204
|
|
286
|
|
|
Other
|
|
(7
|
)
|
|
2
|
|
|
(4
|
)
|
|
(8)
|
|
(17
|
)
|
|
|
|
(19
|
)
|
|
59
|
|
|
1
|
|
|
185
|
|
226
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(3
|
)
|
|
––
|
|
|
––
|
|
|
––
|
|
(3
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(9
|
)
|
|
6
|
|
|
6
|
|
|
(189)
|
|
(186
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
50
|
|
|
44
|
|
|
38
|
|
|
227
|
|
227
|
|
|
Cash and cash equivalents at end of period
|
$
|
41
|
|
$
|
50
|
|
$
|
44
|
|
$
|
38
|
$
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
$
|
55
|
|
$
|
51
|
|
$
|
50
|
|
$
|
50
|
$
|
206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes $15 million of voluntary, discretionary
contributions to our defined benefit plan in second and fourth quarter
2008.
|
TEMPLE-INLAND INC. AND SUBSIDIARIES
REVENUES AND UNIT SALES, EXCLUDING JOINT VENTURE OPERATIONS
(Preliminary and Unaudited)
|
|
|
|
Fourth Quarter
|
|
|
For the Year
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
|
(Dollars in millions)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging
|
$
|
744
|
|
$
|
727
|
|
$
|
2,975
|
|
$
|
2,905
|
|
Paperboard (a) (b)
|
|
75
|
|
|
29
|
|
|
215
|
|
|
139
|
|
Total corrugated packaging
|
$
|
819
|
|
$
|
756
|
|
$
|
3,190
|
|
$
|
3,044
|
|
Building products
|
|
|
|
|
|
|
|
|
|
|
|
|
Pine lumber
|
$
|
48
|
|
$
|
54
|
|
$
|
225
|
|
$
|
244
|
|
Particleboard
|
|
37
|
|
|
38
|
|
|
175
|
|
|
181
|
|
Gypsum wallboard
|
|
34
|
|
|
39
|
|
|
135
|
|
|
228
|
|
Medium density fiberboard
|
|
16
|
|
|
13
|
|
|
72
|
|
|
62
|
|
Fiberboard
|
|
8
|
|
|
11
|
|
|
41
|
|
|
52
|
|
Other
|
|
11
|
|
|
9
|
|
|
46
|
|
|
39
|
|
Total building products
|
$
|
154
|
|
$
|
164
|
|
$
|
694
|
|
$
|
806
|
|
Timber and Timberland (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiber and other
|
|
N/A
|
|
$
|
17
|
|
|
N/A
|
|
$
|
76
|
|
Unit Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging
|
|
|
|
|
|
|
|
|
|
|
|
|
Corrugated packaging, thousands of tons
|
|
799
|
|
|
816
|
|
|
3,303
|
|
|
3,351
|
|
Paperboard, thousands of tons (a) (b)
|
|
165
|
|
|
60
|
|
|
469
|
|
|
303
|
|
Total, thousands of tons
|
|
964
|
|
|
876
|
|
|
3,772
|
|
|
3,654
|
|
Building products
|
|
|
|
|
|
|
|
|
|
|
|
|
Pine lumber, mbf
|
|
176
|
|
|
198
|
|
|
769
|
|
|
838
|
|
Particleboard, msf
|
|
100
|
|
|
110
|
|
|
472
|
|
|
506
|
|
Gypsum wallboard, msf
|
|
248
|
|
|
311
|
|
|
1,061
|
|
|
1,475
|
|
Medium density fiberboard, msf
|
|
30
|
|
|
29
|
|
|
140
|
|
|
135
|
|
Fiberboard, msf
|
|
43
|
|
|
60
|
|
|
213
|
|
|
288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Paperboard includes containerboard and light-weight gypsum facing
paper.
|
|
(b)
|
Comparisons of revenue and unit sales of paperboard are affected by
the July 25, 2008 purchase of our partner’s interest in Premier
Boxboard Limited LLC.
|
|
(c)
|
We no longer have a timber and timberland segment as a result of the
fourth quarter 2007 sale of our timberland.
|
|
TEMPLE-INLAND INC. AND SUBSIDIARIES
CALCULATION OF NON-GAAP FINANCIAL MEASURES
(Preliminary and Unaudited)
|
|
|
|
Fourth Quarter
|
|
Third
Quarter
|
|
|
For the Year
|
|
|
|
2008
|
|
2007
|
|
2008
|
|
|
2008
|
|
2007
|
|
|
|
(In millions, except per share)
|
|
NET INCOME (LOSS) EXCLUDING SPECIAL
ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) in accordance with GAAP
|
$
|
(6
|
)
|
$
|
1,165
|
|
$
|
3
|
|
$
|
(8
|
)
|
$
|
1,305
|
|
|
Special items, after-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transformation plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of timberland
|
|
––
|
|
|
(1,265
|
)
|
|
––
|
|
|
––
|
|
|
(1,265
|
)
|
|
Transformation costs
|
|
––
|
|
|
39
|
|
|
––
|
|
|
13
|
|
|
48
|
|
|
Charges related to early repayment of debt
|
|
––
|
|
|
25
|
|
|
––
|
|
|
––
|
|
|
25
|
|
|
Discontinued operations
|
|
––
|
|
|
(7
|
)
|
|
––
|
|
|
––
|
|
|
(103
|
)
|
|
|
|
––
|
|
|
(1,208
|
)
|
|
––
|
|
|
13
|
|
|
(1,295
|
)
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closure and sale of converting and production facilities
|
|
5
|
|
|
39
|
|
|
––
|
|
|
5
|
|
|
34
|
|
|
Litigation and other
|
|
3
|
|
|
30
|
|
|
––
|
|
|
––
|
|
|
39
|
|
|
Charges related to early repayment of PBL debt
|
|
––
|
|
|
––
|
|
|
1
|
|
|
2
|
|
|
––
|
|
|
Adjustment due to change in annual tax rate to 89 percent in third
quarter 2008 and 38 percent in fourth quarter 2008
|
|
10
|
|
|
––
|
|
|
(7
|
)
|
|
––
|
|
|
––
|
|
|
One-time tax benefit
|
|
––
|
|
|
––
|
|
|
––
|
|
|
––
|
|
|
(3
|
)
|
|
|
|
18
|
|
|
69
|
|
|
(6
|
)
|
|
7
|
|
|
70
|
|
|
Total special items, after-tax
|
|
18
|
|
|
(1,139
|
)
|
|
(6
|
)
|
|
20
|
|
|
(1,225
|
)
|
|
Net income (loss), excluding special items
|
$
|
12
|
|
$
|
26
|
|
$
|
(3
|
)
|
$
|
12
|
|
$
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), per share, in accordance with GAAP
|
$
|
(0.06
|
)
|
$
|
10.76
|
|
$
|
0.03
|
|
$
|
(0.08
|
)
|
$
|
12.08
|
|
|
Special items, after-tax, per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transformation plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of timberland
|
|
––
|
|
|
(11.69
|
)
|
|
––
|
|
|
––
|
|
|
(11.69
|
)
|
|
Transformation costs
|
|
––
|
|
|
0.36
|
|
|
––
|
|
|
0.12
|
|
|
0.44
|
|
|
Charges related to early repayment of debt
|
|
––
|
|
|
0.23
|
|
|
––
|
|
|
––
|
|
|
0.23
|
|
|
Discontinued operations
|
|
––
|
|
|
(0.07
|
)
|
|
––
|
|
|
––
|
|
|
(0.96
|
)
|
|
|
|
––
|
|
|
(11.17
|
)
|
|
––
|
|
|
0.12
|
|
|
(11.98
|
)
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closure and sale of converting and production facilities
|
|
0.05
|
|
|
0.36
|
|
|
––
|
|
|
0.05
|
|
|
0.31
|
|
|
Litigation and other
|
|
0.02
|
|
|
0.28
|
|
|
––
|
|
|
––
|
|
|
0.36
|
|
|
Charges related to early repayment of PBL debt
|
|
––
|
|
|
––
|
|
|
0.01
|
|
|
0.02
|
|
|
––
|
|
|
Adjustment due to change in annual tax rate to 89 percent in third
quarter 2008 and 38 percent in fourth quarter 2008
|
|
0.10
|
|
|
––
|
|
|
(0.07
|
)
|
|
––
|
|
|
––
|
|
|
One-time tax benefit
|
|
––
|
|
|
––
|
|
|
––
|
|
|
––
|
|
|
(0.03
|
)
|
|
|
|
0.17
|
|
|
0.64
|
|
|
(0.06
|
)
|
|
0.07
|
|
|
0.64
|
|
|
Total special items, after-tax
|
|
0.17
|
|
|
(10.53
|
)
|
|
(0.06
|
)
|
|
0.19
|
|
|
(11.34
|
)
|
|
Net income (loss) per share, excluding special items
|
$
|
0.11
|
|
$
|
0.23
|
|
$
|
(0.03
|
)
|
$
|
0.11
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares outstanding
|
|
106.7
|
|
|
106.0
|
|
|
106.7
|
|
|
106.7
|
|
|
106.0
|
|
|
Average diluted shares outstanding
|
|
106.7
|
|
|
108.2
|
|
|
107.6
|
|
|
107.4
|
|
|
108.1
|
|
Temple-Inland Inc.
Chris Mathis, 512-434-3766
