Smurfit-Stone Reports First Quarter 2011 Results

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CREVE COEUR, Mo., and CHICAGO, April 26, 2011 /CNW/ -- Smurfit-Stone Container Corporation (NYSE: SSCC) today reported net income of $54 million, or $0.54 per diluted share, for the first quarter ended March 31, 2011, compared with net income of $49 million, or $0.49 per diluted share, for the fourth quarter of 2010, and a net loss attributable to common stockholders of ($91) million, or ($0.35) per diluted share, for the first quarter of 2010.

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    (Logo: http://photos.prnewswire.com/prnh/20070129/SMURFIT-STONELOGO)

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Smurfit-Stone's first quarter 2011 adjusted net income was $43 million, or $0.43 per diluted share, compared to adjusted net income of $62 million, or $0.62 per diluted share, in the fourth quarter of 2010, and an adjusted net loss of ($59) million, or ($0.23) per diluted share, in the first quarter of 2010. The primary adjustment in the first quarter of 2011 was the exclusion of the cellulosic biofuel production income tax credit recognized in the quarter. The major adjustments in the first and fourth quarters of 2010 were the exclusion of costs or income related to reorganization and restructuring. The first quarter of 2010 was also adjusted to exclude the alternative fuel mixture tax credit recognized in that quarter.

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Diluted Earnings Per Share Attributable to Common Stockholders

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                                      First          Fourth            First
                                    Quarter         Quarter          Quarter
                                       2011            2010             2010
                                       ----            ----             ----
      Net Income (Loss)
       Attributable to
          Common Stockholders         $0.54           $0.49           $(0.35)
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Adjustments $(0.11) $0.13 $0.12

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      Adjusted Net Income
       (loss)                         $0.43           $0.62           $(0.23)
                                      =====           =====           ======
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      Weighted Average Shares
       (MM)                             101             100              258





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The Company reported operating income of $92 million for the first quarter of 2011, compared to operating income of $103 million in the fourth quarter of 2010, and an operating loss of $31 million in the first quarter of 2010. Adjusted EBITDA for the first quarter of 2011 was $179 million, down from $205 million in the fourth quarter of 2010, and up from $46 million in the first quarter of 2010. The sequential decline in earnings was the result of the moderate improvement in pricing and lower scheduled maintenance downtime costs being more than offset by cost inflation primarily related to fuels, higher seasonal energy usage, and the impact of benefit cost timing in the quarter.

Net sales for the first quarter of 2011 were $1.58 billion, down slightly from $1.63 billion in the fourth quarter of 2010 and up 8 percent compared with sales of $1.46 billion in the first quarter of 2010. The sequential decline in sales in first quarter 2011 reflects modestly higher selling prices, more than offset by seasonally lower volumes.

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    First Quarter Highlights

    --  The Company achieved solid financial results in line with its
        expectations despite the impacts of cost inflation for freight,
energy,
        and fiber.
    --  Total debt was $1.17 billion at March 31, 2011, representing 1.6x LTM
        adjusted EBITDA or 1.0x on a net debt basis.
    --  The Company maintained a strong liquidity position of just under $1
        billion including $446 million of cash at March 31, 2011.


    Outlook

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Smurfit-Stone expects sequentially lower earnings in the second quarter as operating efficiencies and seasonal volume improvements will be more than offset by continued cost inflation and higher maintenance downtime costs.

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    Forward-Looking Statements & Non-GAAP Measures

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This press release contains statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in general economic conditions, pricing pressures in key product lines, seasonality, changes in input costs including recycled fiber and energy costs, as well as other risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, as amended by the Company's Annual Report on Form 10-K/A filed on March 29, 2011, as updated from time to time in the Company's Securities and Exchange Commission filings. In this press release, certain non-U.S. GAAP financial information is presented. A reconciliation of that information to U.S. GAAP financial measures and additional disclosure regarding our use of non-GAAP financial measures are included in the attached schedules. The Company does not intend to review, revise or update any particular forward-looking statements in light of future events.

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    About Smurfit-Stone
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Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone generated revenue of $6.3 billion in 2010, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association. The company is a member of the Sustainable Forestry Initiative® .

(Financial statements follow)

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                          SMURFIT-STONE CONTAINER CORPORATION
                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                      (Unaudited)
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                                                 Successor        Predecessor
                                                 ---------        -----------
                                           Three         Three       Three
                                          Months        Months      Months
                                           Ended         Ended      Ended
                                           March        December
                                            31,            31,    March 31,
                                             2011           2010        2010
                                             ----           ----        ----
    Net sales                              $1,581         $1,628      $1,461
    Costs and expenses
      Cost of goods sold                    1,363          1,379       1,356
      Selling and administrative
       expenses                               122            129         151
      Restructuring (income) expense            4             18          (4)
      Gain on disposal of assets                              (1)
      Other operating income                                             (11)
                                                                         ---
        Operating income (loss)                92            103         (31)
    Other income (expense)
      Interest expense, net                   (22)           (22)        (13)
      Foreign currency exchange losses                                    (6)
      Other, net                               (4)                         2
                                              ---                        ---
        Income (loss) before
         reorganization items and income
         taxes                                 66             81         (48)
    Reorganization items                       (1)            (5)        (41)
                                              ---            ---         ---
        Income (loss) before income taxes      65             76         (89)
    Provision for income taxes                (11)           (27)
                                              ---            ---
        Net income (loss)                      54             49         (89)
    Preferred stock dividends and
     accretion                                                            (2)
                                                                         ---
        Net income (loss) attributable to
         common stockholders                  $54            $49        $(91)
                                              ---            ---        ----
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    Basic earnings per common share
        Net income (loss) attributable to
         common stockholders                $0.54          $0.49      $(0.35)
                                            -----          -----      ------
    Weighted average shares
     outstanding                              100            100         258
                                              ---            ---         ---
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    Diluted earnings per common share
        Net income (loss) attributable to
         common stockholders                $0.54          $0.49      $(0.35)
                                            -----          -----      ------
    Weighted average shares
     outstanding                              101            100         258
    -----------------------                   ---            ---         ---


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                 SMURFIT-STONE CONTAINER CORPORATION
                     CONSOLIDATED BALANCE SHEETS
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                                                          Successor
                                                          ---------
                                                                  December
                                                     March 31,       31,
    (In millions, except share data)                       2011       2010
    --------------------------------                       ----       ----
    Assets                                          (Unaudited)
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    Current assets
      Cash and cash equivalents                            $446       $449
      Receivables                                           825        765
      Receivable for alternative energy tax
       credits                                               11         11
      Inventories                                           550        496
      Refundable income taxes                                 4          6
      Prepaid expenses and other current
       assets                                                32         24
                                                            ---        ---
         Total current assets                             1,868      1,751
    Net property, plant and equipment                     4,334      4,374
    Goodwill                                                102        100
    Intangible assets, net                                   74         75
    Other assets                                            156        159
                                                            ---        ---
                                                         $6,534     $6,459
                                                         ------     ------
    Liabilities and Stockholders' Equity
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    Current liabilities
      Current maturities of long-term debt                  $18        $39
      Accounts payable                                      561        503
      Accrued compensation and payroll taxes                147        180
      Interest payable                                        3          3
      Other current liabilities                              80         86
                                                            ---        ---
         Total current liabilities                          809        811
    Long-term debt, less current
     maturities                                           1,151      1,155
    Pension and postretirement benefits,
     net of current portion                               1,308      1,300
    Other long-term liabilities                             129        129
    Deferred income taxes                                   465        453
                                                            ---        ---
       Total liabilities                                  3,862      3,848
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    Stockholders' equity
      Preferred stock
      Common stock
      Additional paid-in capital                          2,369      2,366
      Retained earnings                                     168        114
      Accumulated other comprehensive income                135        131
                                                            ---        ---
         Total stockholders' equity                       2,672      2,611
                                                          -----      -----
                                                         $6,534     $6,459
                                                         ------     ------


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                              SMURFIT-STONE CONTAINER CORPORATION
                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                          (Unaudited)
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                                                     Successor  Predecessor
                                                     ---------  -----------
    Three months ended March 31, (In millions)            2011         2010
    ------------------------------------------            ----         ----
    Cash flows from operating activities
      Net income (loss)                                    $54         $(89)
      Adjustments to reconcile net income (loss)
       to net cash provided by operating
         activities
        Depreciation, depletion and amortization            87           85
        Amortization of deferred debt issuance
         costs and original issue discount                   3
        Deferred income taxes                               12           (2)
        Pension and postretirement benefits                  3           28
        Non-cash restructuring income                                    (3)
        Non-cash stock-based compensation                    3            1
        Non-cash foreign currency exchange losses                         6
        Non-cash reorganization items                                    26
        Change in restricted cash for utility
         deposits                                                         2
        Change in operating assets and
         liabilities, net of effects from
         acquisitions and
       dispositions
           Receivables                                     (60)         (93)
           Receivable for alternative energy tax
            credits                                                      48
           Inventories                                     (51)         (19)
           Prepaid expenses and other current assets        (6)          (3)
           Accounts payable and accrued liabilities         18           46
           Interest payable                                              3
        Other, net                                          (6)          14
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      Net cash provided by operating activities             57           50
                                                           ---          ---
    Cash flows from investing activities
      Expenditures for property, plant and
       equipment                                           (35)         (34)
      Proceeds from property disposals                       1            6
      Net cash used for investing activities               (34)         (28)
                                                           ---          ---
    Cash flows from financing activities
      Net repayments of long-term debt                     (26)          (1)
      Debt issuance costs on exit credit
       facilities and other financing costs                              (9)
      Change in restricted cash for
       collateralizing outstanding letters of
       credit                                                           (15)
                                                                        ---
      Net cash used for financing activities               (26)         (25)
                                                           ---          ---
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      Effect of exchange rate changes on cash                             1
                                                                        ---
    Decrease in cash and cash equivalents                   (3)          (2)
    Cash and cash equivalents
      Beginning of period                                  449          704
                                                           ---          ---
      End of period                                       $446         $702
      -------------                                        ---          ---


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                            SMURFIT-STONE CONTAINER CORPORATION
                                 EBITDA, As Defined Below
                                       (In millions)
                                        (Unaudited)
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                                                Successor      Predecessor
                                                ---------      -----------
                                                1Q 11   4Q 10   1Q 10
                                                -----   -----   -----
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Net sales $1,581 $1,628 $1,461

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    Net income (loss)                              $54     $49        $(89)
      Provision for income taxes (Note 1)           11      27           -
      Interest expense, net                         22      22          13
      Depreciation, depletion and amortization      87      85          85
                                                   ---     ---         ---
    EBITDA                                         174     183           9
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      Reorganization items                           1       5          41
      Restructuring (income) expense                 4      18          (4)
      Alternative fuel mixture tax credits           -       -         (11)
      Non-cash foreign currency exchange losses      -       -           6
      Bankruptcy claims settlement gain             (3)      -           -
      Rock-Tenn merger transaction expense           3       -           -
      Gain on disposal of assets                     -      (1)          -
      Other                                          -       -           5
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    Adjusted EBITDA                               $179    $205         $46
                                                  ----    ----         ---
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    Adjusted EBITDA margin                        11.3%   12.6%        3.1%
                                                  ----    ----         ---
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    Other Financial Information:
    ----------------------------
    Net cash provided by operating activities      $57     $50         $50
    Capital expenditures                            35      67          34
    Pension expense                                 10      14          31
    Pension contributions                            7     154           2
    Cash taxes refunded                              1      14           2
    Change in working capital                      (99)     19         (18)
    Containerboard, corrugated containers and
     reclamation
      operations segment operating profit          141     174          34
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    "EBITDA" is defined as net income before provision for income taxes,
    interest expense, net and depreciation, depletion and amortization.
    "Adjusted EBITDA" is defined as EBITDA adjusted as indicated above.
    EBITDA and Adjusted EBITDA are non-GAAP financial measures.  See
    disclosure following regarding the use of non-GAAP financial
    measures.
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    Note 1: Provision for income taxes for the three months ended March
    31, 2011 is net of cellulosic biofuel production income tax credit
    of $14 million.


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                        SMURFIT-STONE CONTAINER CORPORATION
                              STATISTICAL INFORMATION
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                                                      Successor  Predecessor
                                                      ---------  -----------
                                                   1Q 11  4Q 10   1Q 10
                                                   -----  -----   -----
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    Containerboard System
      North American Mill Operating Rates
       (Containerboard Only)                        97.1%  95.4%     100.0%
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      North American Containerboard Production -M
       Tons                                        1,576  1,534      1,585
      Sequential Avg. Domestic Linerboard Price
       Change                                       -1.4%  -1.5%       6.3%
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      Pulp Production - M Tons                        59     73         62
      SBS/SBL Board Production - M Tons               33     28         35
      Kraft Paper Production - M Tons                 28     27         29
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Total Maintenance Downtime Tons - M Tons 23 43 20

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    Corrugated Containers
      North American Shipments - BSF                16.2   16.3       16.4
      Per Day North American Shipments - MMSF      252.6  267.9      260.9
      Sequential Avg. Corrugated Price Change        1.2%   0.5%      -0.6%
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    Fiber Reclaimed and Brokered - M Tons          1,501  1,458      1,423



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                                 SMURFIT-STONE CONTAINER CORPORATION
                             ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
                                 (In Millions, Except Per Share Data)
                                             (Unaudited)
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                                          Successor             Predecessor
                                          (Note 1)               (Note 1)
                                          --------               --------
                                    1Q 11         4Q 10           1Q 10
                                    -----         -----           -----
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    Net income (loss)
     attributable to common
     stockholders (GAAP)               $54           $49              $(91)
      Reorganization items, net of
       income taxes                      1             3                41
      Restructuring (income)
       expense, net of income taxes      2            11                (4)
      Alternative fuel mixture tax
       credits                           -             -               (11)
      Non-cash foreign currency
       exchange losses                   -             -                 6
      Bankruptcy claims settlement
       gain, net of income taxes        (2)            -                 -
      Rock-Tenn merger transaction
       expense, net of income taxes      2             -                 -
      Gain on disposal of assets,
       net of income taxes               -            (1)                -
      Cellulosic biofuel production
       income tax credit               (14)            -                 -
                                       ---           ---               ---
    Adjusted net income (loss)
     attributable to common
     stockholders (Note 2)             $43           $62              $(59)
                                       ---           ---              ----
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                                        Successor         Predecessor
                                        (Note 1)           (Note 1)
                                        --------           --------
                                    1Q 11         4Q 10           1Q 10
                                    -----         -----           -----
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    Net income (loss) per diluted
     share attributable to common
     stockholders (GAAP)             $0.54         $0.49            $(0.35)
      Reorganization items, net of
       income taxes                   0.01          0.03              0.16
      Restructuring (income)
       expense, net of income taxes   0.02          0.11             (0.02)
      Alternative fuel mixture tax
       credits                           -             -             (0.04)
      Non-cash foreign currency
       exchange losses                   -             -              0.02
      Bankruptcy claims settlement
       gain, net of income taxes     (0.02)            -                 -
      Rock-Tenn merger transaction
       expense, net of income taxes   0.02             -                 -
      Gain on disposal of assets,
       net of income taxes               -         (0.01)                -
      Cellulosic biofuel production
       income tax credit             (0.14)            -                 -
                                     -----           ---               ---
    Adjusted net income (loss)
     per diluted share
     attributable to common
     stockholders (Note 2)           $0.43         $0.62            $(0.23)
                                     -----         -----            ------
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    Note 1:  For the Predecessor Company, adjustments to GAAP net income
    were not tax effected during the three months ended March 31, 2010
    because it was more likely than not that substantially all of the
    deferred tax assets that were generated during bankruptcy would not
    be realized.
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    For the Successor Company periods, we recorded a provision for income
    taxes related to the statements of operations.  As a result, the
    Successor period adjustments to net income are presented on a net of
    tax basis.
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    Note 2:  Exclusive of reorganization items, restructuring (income)
    expense, alternative fuel mixture tax credits, non-cash foreign
    currency exchange losses, bankruptcy claims settlement gain, Rock-
    Tenn merger transaction expense, gain on disposal of assets and
    cellulosic biofuel production income tax credit.  Adjusted net
    income (loss) attributable to common stockholders and adjusted net
    income (loss) per diluted share attributable to common stockholders
    are non-GAAP financial measures.  See disclosure following
    regarding the use of non-GAAP financial measures.


    RESULTS OF OPERATIONS

    Non-GAAP Financial Measures
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In the accompanying analysis of financial information, we use the financial measures "adjusted net income (loss) attributable to common stockholders" ("adjusted net income (loss)"), "adjusted net income (loss) per diluted share attributable to common stockholders" ("adjusted net income (loss) per diluted share"), "EBITDA" and "adjusted EBITDA" which are derived from our consolidated financial information but are not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. Adjusted net income (loss) and adjusted net income (loss) per diluted share are non-GAAP financial measures that exclude from net income (loss) attributable to common stockholders the effects of reorganization items, restructuring (income) expense, alternative fuel mixture tax credits, non-cash foreign currency exchange losses, bankruptcy claims settlement gain, Rock-Tenn merger transaction expense, gain on disposal of assets and cellulosic biofuel production income tax credit. EBITDA is defined as net income (loss) before provision for income taxes, interest expense, net and depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA adjusted for reorganization items, restructuring (income) expense, alternative fuel mixture tax credits, non-cash foreign currency exchange losses, bankruptcy claims settlement gain, Rock-Tenn merger transaction expense, gain on disposal of assets and other adjustments.

We use these supplemental non-GAAP measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. These non-GAAP measures of operating results are reported to our board of directors and chief executive officer and are used to make strategic and operating decisions and assess performance. These non-GAAP measures are presented to enhance an understanding of our operating results and are not intended to represent cash flows or results of operations. We also believe these non-GAAP measures are beneficial to investors, potential investors and other key stakeholders, including analysts and creditors who use these measures in their evaluations of our performance from period to period and against the performance of other companies in our industry. The use of these non-GAAP financial measures is beneficial to these stakeholders because they exclude certain items that management believes are not indicative of the ongoing operating performance of our business, and including them would distort comparisons to our past operating performance. Accordingly, we have excluded the adjustments, as detailed below, for the purpose of calculating these non-GAAP measures.

The following is an explanation of each of the adjustments that we have made to arrive at these non-GAAP measures for the three months ended March 31, 2011 and December 31, 2010 of the Successor and the three months ended March 31, 2010 of the Predecessor, as well as the reasons management believes each of these items is not indicative of operating performance:

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    --  Reorganization items - These expense items are directly related to the
        process of our reorganizing under Chapter 11 and the CCAA.  The items
        include a provision for rejected/settled executory contracts and
        leases, accounts payable settlement gains and professional fees. 
These
        items are not considered indicative of ongoing operating performance
        and are not used by us to assess our operating performance.
    --  Restructuring (income) expense - These adjustments primarily represent
        severance costs and other costs associated with our restructuring
        activities, net of gains related to the sale of previously closed
        facilities. These income and expense items are not considered
        indicative of ongoing operating performance and are not used by us to
        assess our operating performance.
    --  Alternative fuel mixture tax credits - These amounts represent an
        excise tax credit for alternative fuel mixtures produced by a taxpayer
        for sale, or for use as a fuel in a taxpayer's trade or business,
        through December 31, 2009, at which time the credit expired.  These
        items are not considered indicative of ongoing operating performance
        and are not used by us to assess our operating performance.
    --  Non-cash foreign currency exchange losses - Through June 30, 2010, the
        functional currency for our Canadian operations was the U.S. dollar. 
        Fluctuations in Canadian dollar-denominated monetary assets and
        liabilities resulted in non-cash losses.  We excluded the impact of
        foreign currency exchange losses because the impact of foreign
exchange
        is highly variable and difficult to predict from period to period and
        is not tied to our operating performance.  These losses are not
        considered indicative of ongoing operating performance and are not
used
        by us to assess our operating performance.
    --  Bankruptcy claims settlement gain - These amounts represent the return
        of reserved funds due to the favorable resolution of bankruptcy
claims.
        These items are not considered indicative of ongoing operating
        performance and are not used by us to assess our operating
performance.
    --  Rock-Tenn merger transaction expense - These amounts represent charges
        for legal, consulting and other direct expenses related to the
        announced merger with Rock-Tenn.  These items are not considered
        indicative of ongoing operating performance and are not used by us to
        assess our operating performance.
    --  Gain on disposal of assets - These amounts represent gains we
        recognized related to the sale of non-strategic assets.  These gains
        are not considered indicative of ongoing operating performance and are
        not used by us to assess our operating performance.
    --  Cellulosic biofuel production income tax credit - These amounts
        represent an income tax credit for registered cellulosic biofuel
        producers which did not otherwise qualify for the alternative fuel
        mixture credit. Under current law, this tax credit can be utilized to
        offset income tax through December 31, 2015.  These items are not
        considered indicative of ongoing operating performance and are not
used
        by us to assess our operating performance.
    --  Other - These adjustments principally represent amounts accrued under
        our 2009 long-term incentive plan.  These income and expense items are
        not considered indicative of ongoing operating performance and are not
        used by us to assess our operating performance.


    >>

Adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA and adjusted EBITDA have certain material limitations associated with their use as compared to net income (loss). These limitations are primarily due to the exclusion of certain amounts that are material to our consolidated results of operations, as discussed above. In addition, these adjusted net income (loss) and EBITDA measures may differ from adjusted net income (loss) and EBITDA calculations of other companies in our industry, limiting their usefulness as comparative measures. Because of these limitations, adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA and adjusted EBITDA should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA and adjusted EBITDA only as supplemental measures of our operating performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial statements prepared in accordance with GAAP.

We believe that providing these non-GAAP measures in addition to the related GAAP measures provides investors greater transparency to the information our management uses for financial and operational decision-making and allows investors to see our results as management sees them. We also believe that providing this information better enables investors to understand our operating performance and to evaluate the methodology used by our management to evaluate and measure our operating performance, and the methodology and financial measures used by our board of directors to assess management's performance.

The following financial presentation includes a reconciliation of net income (loss) attributable to common stockholders and net income (loss) per diluted share attributable to common stockholders, the most directly comparable GAAP financial measures, to adjusted net income (loss) attributable to common stockholders and adjusted net income (loss) per diluted share attributable to common stockholders, respectively. The adjustments to GAAP net income (loss) attributable to common stockholders for the Predecessor period for the three months ended March 31, 2010 were not tax effected because it was more likely than not that substantially all of the deferred tax assets that were generated during bankruptcy would not be realized. For the three months ended March 31, 2011, we recorded a provision for income taxes related to the Successor statement of operations. As a result, the Successor period adjustments to net income (loss) attributable to common stockholders are presented on a net of tax basis.

A reconciliation of net income (loss) to EBITDA and adjusted EBITDA is also presented.

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SOURCE Smurfit-Stone Container Corporation

For further information: media, Lisa Esneault, +1-314-656-5827, or investors, Tim Griffith, or Scott Dudley, +1-314-656-5553 Web Site: http://www.smurfit-stone.com

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Smurfit-Stone Container Corporation

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