Consolidated Statements of Operations

For the Years Ended December 31,

(In thousands, except per share data) (Note 1)

2001

2000

1999

SALES

$913,686

$1,014,615

$936,928

COST OF SALES

680,172

759,521

683,772

Gross profit

233,514

255,094

253,156

FREIGHT COSTS

52,806

51,184

46,839

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

146,934

145,268

125,784

RESTRUCTURING AND OTHER NONRECURRING COSTS (Note 12)

7,083

16,777

Operating income

26,691

41,865

80,533

OTHER (EXPENSE) INCOME:

Interest expense

(41,153)

(34,063)

(25,456)

Interest income

986

412

603

Equity in (loss) income of unconsolidated affiliates

(2,610)

6,533

9,224

Other, net

(1,904)

(918)

(459)

(44,681)

(28,036)

(16,088)

(LOSS) INCOME BEFORE MINORITY INTEREST, INCOME TAXES

AND EXTRAORDINARY LOSS

(17,990)

13,829

64,445

MINORITY INTEREST

180

(169)

(356)

(BENEFIT) PROVISION FOR INCOME TAXES

(5,903)

5,485

23,142

(LOSS) INCOME BEFORE EXTRAORDINARY LOSS

(11,907)

8,175

40,947

EXTRAORDINARY LOSS FROM EARLY EXTINGUISHMENT OF DEBT,

NET OF TAX BENEFIT

(2,695)

NET (LOSS) INCOME

$ (14,602)

$ 8,175

$ 40,947

BASIC

(LOSS) INCOME PER COMMON SHARE BEFORE EXTRAORDINARY LOSS

$ (0.42)

$ 0.31

$ 1.63

EXTRAORDINARY LOSS PER COMMON SHARE

$ (0.10)

$ 0.00

(LOSS) INCOME PER COMMON SHARE

$ (0.52)

$ 0.31

$ 1.63

BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

27,845

26,292

25,078

DILUTED

(LOSS) INCOME PER COMMON SHARE BEFORE EXTRAORDINARY LOSS

$ (0.42)

$ 0.31

$ 1.62

EXTRAORDINARY LOSS PER COMMON SHARE

$ (0.10)

$ 0.00

(LOSS) INCOME PER COMMON SHARE

$ (0.52)

$ 0.31

$ 1.62

DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

27,845

26,301

25,199

The accompanying notes are an integral part of these consolidated statements of operations.

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Caraustar Industries, Inc.