Exhibit 99.1

 

GRAPHIC

 

SMURFIT-STONE REPORTS FOURTH QUARTER 2010 RESULTS

 

CREVE COEUR, Mo., and CHICAGO, Jan. 23, 2011

Smurfit-Stone Container Corporation (NYSE: SSCC) today reported net income of $49 million, or $0.49 per diluted share, for the fourth quarter ended Dec. 31, 2010, compared with net income of $65 million, or $0.65 per diluted share, for the third quarter of 2010, and a net loss attributable to common stockholders of ($6) million, or ($0.02) per share, for the fourth quarter of 2009.

 

Smurfit-Stone’s fourth quarter 2010 adjusted net income was $62 million, or $0.62 per diluted share, down seasonally from adjusted net income of $76 million, or $0.76 per diluted share, in the third quarter of 2010, and an adjusted net loss of ($16) million, or ($0.06) per diluted share, in the fourth quarter of 2009.  The adjustments in the third and fourth quarter of 2010 were primarily the exclusion of costs related to reorganization and restructuring.

 

Diluted Earnings Per Share Attributable to Common Stockholders

 

 

 

Fourth

 

Third

 

Fourth

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

2010

 

2010

 

2009

 

Net Income (Loss) Attributable to Common Stockholders

 

$

0.49

 

$

0.65

 

$

(0.02

)

 

 

 

 

 

 

 

 

Adjustments

 

$

0.13

 

$

0.11

 

$

(0.04

)

 

 

 

 

 

 

 

 

Adjusted Net Income (loss)

 

$

0.62

 

$

0.76

 

$

(0.06

)

 

 

 

 

 

 

 

 

Weighted Average Shares (MM)

 

100

 

100

 

257

 

 

The Company reported operating income of $103 million for the fourth quarter of 2010, compared to operating income of $142 million in the third quarter of 2010, and an operating loss of ($131) million in the fourth quarter of 2009.  The sequential decline in operating income is mainly due to seasonally lower volumes, higher mill annual outage costs, and cost inflation, including a substantial increase in reclaimed fiber costs during the fourth quarter.

 

Patrick J. Moore, Smurfit-Stone’s Chief Executive Officer, commented, “Fourth quarter performance was strong, meeting our expectations, and demonstrating that our initiatives to improve productivity and lower costs are enabling us to deliver improvement in earnings, margins and cash flow.”

 

Adjusted EBITDA for the fourth quarter of 2010 was $205 million, down from $239 million in the third quarter of 2010, and up from $67 million in the fourth quarter of 2009.  The sequential decline in adjusted EBITDA reflects seasonally lower volumes, cost inflation, the impact of a work stoppage at the Company’s La Tuque, Quebec mill, and market-related downtime taken in December in order to balance supply and demand in the Company’s system.

 

Six CityPlace Drive, Creve Coeur, MO  63141   Phone: 314.656.5300  Web: Smurfit-stone.com

 


The following information was filed by Smurfitstone Container Corp (SSCC) on Monday, January 24, 2011 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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