Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 21:46:39 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Thu, 06 Nov 1997 19:42:28 GMT Content-Length: 6014 Weyerhaeuser
For Immediate Release For More Information E-Mail.
January 22, 1996

Weyerhaeuser Reports Lower Earnings, Sales for 1996

Weyerhaeuser Company today reported net earnings for 1996 of $463 million or $2.34 per common share. This compares with 1995 net earnings of $983 million or $4.83 per common share, before a special charge. Net sales in 1996 were $11.1 billion, compared to $11.8 billion in 1995.

"1996 was a year of mixed results," said President Jack Creighton. "Lower prices for Pulp, Paper and Packaging products were in sharp contrast with the 1995 record levels, accounting for the decline in our 1996 earnings. Timberlands and Wood Products, driven by solid demand in the United States and Japan, enjoyed continued good results despite weak panel markets. Tight supplies and disruptions related to the countervailing duties on imports from Canada contributed to strong lumber results."

Fourth-quarter net earnings for 1996 were $98 million, or 50 cents per common share, compared with the prior year’s fourth-quarter earnings of $251 million or $1.25 per common share. Net sales in fourth quarter 1996 were $2.8 billion, down from the $3.1 billion for the comparable quarter of 1995.

Operating earnings for Timberlands and Wood Products for 1996 were $805 million, compared to $808 million for the previous year. 1996 fourth quarter operating earnings were $226 million, compared with $183 million in the year-ago quarter.

The company’s Pulp, Paper and Packaging businesses had operating earnings of $307 million for the year, down from $1.18 billion for all of 1995. For the fourth quarter of 1996, earnings were $31 million, compared to $304 million in the comparable quarter of 1995.

The company’s Real Estate and Financial Services businesses earned $43 million in 1996, compared with $13 million, before a special charge, for the prior year. Those businesses reported $22 million in earnings for the fourth quarter of 1996, compared with $12 million in the year-ago quarter.

"We begin 1997 with unsettled markets in many of our businesses," Creighton said. "But we are well positioned to benefit when market conditions improve in our Pulp, Paper and Packaging businesses."

Weyerhaeuser Company is one of the largest integrated forest products companies in the world. Its principal segments are timberlands and wood products; pulp, paper and packaging; and real estate and financial services. It is the world's largest private owner of merchantable softwood timber and producer of market pulp. It is one of North America's largest producers of forest products and recyclers of office wastepaper, newspaper and corrugated boxes.

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