Exhibit 99-1

 

 

 

Contact:    John Haudrich (investors), 314-656-5375

Brian Peura (investors), 314-656-5696

Tom Lange (media), 314-656-5369`

Mylene Labrie (Canada), 514-864-5103

www.smurfit-stone.com

 

SMURFIT-STONE REPORTS IMPROVED

FOURTH QUARTER AND FULL YEAR 2007 EARNINGS

 

·             Improved year-over-year fourth quarter and full year 2007 adjusted net income

·             Successful price increases and operational improvements drove higher earnings

·             Exceeded 2007 cumulative strategic initiatives benefit target

·             Company expects improved year-over-year profits in first quarter and full year 2008

 

 

 

Fourth Quarter

 

Full Year

 

 

 

2007

 

2006

 

2007

 

2006

 

Net income (loss) available to common stockholders per diluted share

 

$

0.16

 

$

0.09

 

$

(0.45

)

$

(0.28

)

Non-cash foreign currency translation (gains) losses - Canadian Dollar

 

0.02

 

(0.05

)

0.20

 

 

Restructuring (income) charges

 

(0.07

)

0.02

 

0.02

 

0.10

 

(Gain) loss on sale of assets and discontinued operations

 

 

 

0.38

 

(0.04

)

Loss on early extinguishment of debt

 

 

 

0.07

 

0.07

 

Other, net

 

(0.02

)

 

(0.05

)

 

Adjusted net income (loss) available to common stockholders per diluted share

 

$

0.09

 

$

0.06

 

$

0.17

 

$

(0.15

)

 

CREVE COEUR, MO., and CHICAGO, January 28, 2008 –

Smurfit-Stone Container Corporation (NASDAQ:  SSCC) today reported fourth quarter 2007 adjusted net income of $23 million, or $0.09 per diluted share.   These results represent a $0.03 per share improvement compared to adjusted net income of $14 million, or $0.06 per share, in the prior year quarter.

 

For full year 2007, adjusted net income was $44 million, or $0.17 per share, an increase of $0.32 per share compared to an adjusted net loss of $39 million, or $0.15 per share, in 2006.

 

Adjusted net income (loss) reflects adjustments to net income (loss) available to common stockholders, as detailed above.   Adjustments to the company’s 2007 net loss of $0.45 per diluted share include a $0.38 per share loss related to the sale of assets in the third quarter of 2007 and a $0.20 per share non-cash foreign currency translation loss.

 

Sales were $1.84 billion for the fourth quarter 2007 compared to $1.82 billion in the prior year quarter.  Full year 2007 sales were $7.42 billion representing a 3.7 percent increase over 2006 sales of $7.16 billion.

 

Executing Smurfit-Stone’s Transformation Strategy

 

Commenting on the company’s results, Patrick J. Moore, chairman and CEO, said, “I am pleased to report Smurfit-Stone’s year-over-year adjusted earnings improved both in the fourth quarter and full year 2007.  The successful implementation of our recent price increases, improving business mix, and savings from operational improvements drove higher profits, despite continued inflationary cost pressures.  We reduced debt significantly during the year, strengthening our balance sheet and enhancing our financial flexibility. At the same time, we invested capital to establish one of the most modern converting operations in North America.   As we continue to execute our strategy, I am confident our efforts will drive improved financial performance in the future.”

 


The following information was filed by Smurfit Stone Container Corp on Monday, January 28, 2008 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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