Smurfitstone Container Corp (SSCC) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Exhibit 99.1

SMURFIT-STONE REPORTS FOURTH QUARTER 2010 RESULTS

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

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

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