Exhibit 99.1

 

Contact:

John Haudrich (investors), 314-656-5375

 

Sue Neumann (media), 314-656-5691

 

www.smurfit-stone.com

 

SMURFIT-STONE REPORTS THIRD QUARTER 2008 RESULTS

 

·            Net income of $0.24 per share includes favorable resolution of Canadian tax matters

·            Adjusted net loss of $0.08 per share includes a $0.04 loss related to energy hedges

·            Liquidity improved in the third quarter; In compliance with all financial covenants

·            Company expects sequentially improved adjusted net earnings in fourth quarter 2008

 

 

 

3Q 2008

 

2Q 2008

 

3Q 2007

 

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

 

$

0.24

 

$

(0.16

)

$

(0.38

)

Non-cash foreign currency exchange (gains) losses - Canadian dollar

 

(0.03

)

0.02

 

0.09

 

Loss on sale of assets

 

 

 

0.38

 

Restructuring charges

 

0.04

 

0.02

 

0.03

 

Resolution of income tax matters

 

(0.33

)

 

 

Pension curtailment

 

 

 

(0.01

)

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

 

$

(0.08

)

$

(0.12

)

$

0.11

 

 

CREVE COEUR, Mo., and CHICAGO, October 22, 2008 —   Smurfit-Stone Container Corporation (NASDAQ: SSCC) today reported third quarter 2008 net income available to common stockholders of $62 million, or $0.24 per share. As previously reported, earnings benefited $84 million, or $0.33 per share, from the favorable resolution of Canadian income tax matters.

 

Adjusting for the items detailed in the chart above, Smurfit-Stone reported a third quarter 2008 adjusted net loss of $21 million, or $0.08 per diluted share. Results compare to adjusted net income of $28 million, or $0.11 per share, in the third quarter 2007 and an adjusted net loss of $31 million, or $0.12 per share, in the second quarter 2008.

 

Sales of $1.9 billion for the third quarter 2008 were up 2.3 percent on a sequential basis and were comparable to the third quarter 2007.

 

Commenting on the company’s third quarter performance, Patrick J. Moore, chairman and CEO, said, “As expected, our adjusted earnings improved from the second quarter. We raised our containerboard and box prices and both mill production and box shipments improved. Higher selling prices and greater volume more than offset incremental cost inflation. To guard against rapidly increasing commodity inflation, we expanded our hedging program earlier this year. However, as energy prices declined sharply later in the third quarter, we incurred a $0.04 per share loss related to our hedge position. We continued to make progress implementing our transformation plan and we remain on-track to realize $525 million in cumulative savings this year. Our liquidity improved in the third quarter and we remain in compliance with all financial covenants.”

 

Third quarter highlights:

 

·                  Segment profits: $100 million, up $26 million sequentially, down $82 million from prior year

·                  Domestic containerboard and box prices improved both sequentially and year-over-year

·                  Sequential volume improvement: mills 1.5 percent; per-day US box shipments 2.4 percent

·                  Cost inflation: $22 million sequentially, $110 million year-over-year

·                  Closures: 4 converting plants; headcount reduction:  229

·                  Additional closures announced: 4 converting plants, Snowflake paper machine, Pontiac mill

·                  Reported debt was $3.57 billion, flat with second quarter 2008

 


The following information was filed by Smurfit Stone Container Corp on Wednesday, October 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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