Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contact:

John Haudrich (investors) 314-656-5375

 

 

Stephanie Meiners (investors) 314-656-5371

 

 

Tom Lange (media) 314-656-5369

NEWS

 

Mylene Labrie (Canadian media) 514-864-5103

 

 

www.smurfit-stone.com

 

 

SMURFIT-STONE REPORTS FOURTH QUARTER 2006 PROFIT OF $22 MILLION

 

Solid performance driven by favorable pricing, excellent mill productivity,
and benefits from the company’s strategic initiatives program

 

CHICAGO, January 24, 2007 —

Smurfit-Stone Container Corporation (Nasdaq: SSCC) today reported net income available to common stockholders of $22 million, or $0.09 per diluted share, for the fourth quarter of 2006.  These results include:

 

                  A restructuring charge of $0.02 per diluted share primarily from the closure of container plants and headcount reductions; and

                  A $0.03 per diluted share gain related to a non-cash foreign currency translation adjustment.

 

Fourth quarter 2006 results compare favorably to a net loss of $0.36 per diluted share for the prior year fourth quarter, which included a net $0.08 per share charge for litigation settlement, restructuring charges, and other unusual items.

 

Sales for the fourth quarter 2006 were $1.8 billion, compared to $1.6 billion in the fourth quarter of 2005.

 

For the full year 2006, Smurfit-Stone reported a net loss available to common stockholders of $71 million, or $0.28 cents per diluted share, compared to a net loss available to common stockholders of $339 million, or $1.33 per diluted share in 2005.  Operating results for 2006 included restructuring charges of $0.10 per share compared to $0.82 per share in 2005.  Sales for the year were $7.2 billion, compared to $6.8 billion in 2005.  2006 results reflect the sale of the company’s Consumer Packaging operation on June 30, 2006.

 

Commenting on results, Patrick J. Moore, chairman and chief executive officer, said, “I am pleased with our fourth quarter performance and significant operating earnings improvement in 2006.  Despite inflation on all key input costs, we improved our year-over-year operating performance due to higher prices for our products, excellent supply chain management, and cumulative benefits achieved during the first full year of our strategic initiatives program.”

 

Fourth quarter operating profit was $146 million, up significantly from breakeven a year ago.  Consistent with previous guidance, fourth quarter profits were down sequentially due to lower packaging volume as a result of fewer shipping days and plant closures during the quarter, additional mill maintenance downtime, and a turbine failure at the company’s Florence mill.  Average containerboard prices decreased slightly from the previous quarter due to customer mix changes.

 


The following information was filed by Smurfit Stone Container Corp on Wednesday, January 24, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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