Financial Summary
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For the Year Ended December 31, |
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(In millions, except per-share data, ratios and shareholders)* |
2005 |
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2004 |
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Sales |
$ |
3,483.8 |
$ |
3,190.3 |
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Operating income (1) |
$ |
98.8 |
$ |
29.5 |
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Net loss |
$ |
(120.6 |
) |
$ |
(87.1 |
) |
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Diluted loss per common share |
$ |
(2.10 |
) |
$ |
(1.52 |
) |
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Average common and common equivalent |
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Dividends declared per common share |
$ |
0.80 |
$ |
0.80 |
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Total assets |
$ |
5,152.4 |
$ |
5,450.0 |
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Total shareholders’ equity |
$ |
1,215.5 |
$ |
1,507.3 |
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Percent return on average common equity (1) |
(8.9 |
)% |
(5.6 |
)% |
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Total debt |
$ |
2,477.2 |
$ |
2,514.9 |
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Total debt as a percentage of total capitalization |
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Total debt as a percentage of total capitalization |
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Current ratio |
1.74 |
1.62 |
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Capital expenditures, including timberlands |
$ |
167.4 |
$ |
84.1 |
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Shareholders of record (common stock and |
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Common stock price range |
$24.73-$44.40 |
$34.15-$48.00 |
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- *All amounts are in U.S. dollars.
- Operating income includes net gain on sale of assets of $65.8 and $6.9 million for 2005 and 2004, respectively, and asset impairment charges of $82.6 million in 2005. Operating income excluding these items was $115.6 million and $22.6 million for 2005 and 2004, respectively.
- The calculation of total debt as a percentage of total capitalization in accordance with our credit facility, excludes, both in the numerator and denominator, reevaluation of debt assumed through acquisitions and minimum pension liability included in accumulated other comprehensive income (loss). Total debt as a percentage of total capitalization is the most directly comparable measure using GAAP. A reconciliation of the calculation of total debt as a percentage of total capitalization, in accordance with GAAP, to the calculation of total debt as a percentage of total capitalization, in accordance with our credit facility is presented on page 44 of our Annual Report on Form 10-K.