2005 Q2 Earnings Summary
Operating Earnings before Special Items
Timberlands $ 159 $ 201 $ 174 $ 217 $ 203 $ 210
Wood Products 185 464 320 36 132 222
Cellulose Fiber and White Papers (22) 14 80 35 19 16
Containerboard, Packaging & Recycling 28 62 94 81 64 99
Real Estate & Related Assets 120 118 155 217 183 156
Corporate and Other (64) (67) (45) (7) (17) (22)
Total Operating Earnings before Special Items $ 406 $ 792 $ 778 $ 579 $ 584 $ 681
Special Items (31) (16) 306 (40) (20) 103
Total Operating Earnings $ 375 $ 776 $1,084 $ 539 $ 564 $ 784
Interest Expense, net (192) (217) (184) (236) (196) (176)
Income Taxes (62) (190) (306) (104) (129) (188)
Net Income $ 121 $ 369 $ 594 $ 199 $ 239 $ 420
Diluted EPS $ 0.54 $ 1.57 $ 2.45 $ 0.82 $ 0.98 $ 1.71
Diluted EPS before Special Items $ 0.62 $ 1.67 $ 1.62 $ 1.07 $ 1.03 $ 1.34
DTP/3065 2005 Q2.ppt • 7/21/05 • *
1. Interest expense included $21 MM loss in 2004Q2 and $52 MM loss in 2004Q4 on early extinguishment of debt.
2. Income taxes included $44 MM of taxes in 2005Q2 related to the planned repatriation of $1.1 billion of eligible Canadian earnings.