Exhibit 99.1

 

GRAPHIC

 

Contacts:              Sue Neumann (media) 314-656-5287

Tim Griffith or Scott Dudley (investors) 314-656-5553

www.smurfit-stone.com

 

SMURFIT-STONE REPORTS SECOND QUARTER 2010 RESULTS

 

COMPANY COMPLETES REORGANIZATION AND POSITIONS ITSELF FOR IMPROVED PERFORMANCE IN THE SECOND HALF OF 2010

 

CREVE COEUR, Mo. and CHICAGO, Aug. 3, 2010

Smurfit-Stone Container Corporation (NYSE: SSCC) today reported net income attributable to common stockholders of $1.41 billion, or $5.41 per diluted share, for the second quarter of 2010, compared with a net loss of ($91) million, or ($0.35) per diluted share in the first quarter of 2010, and net income of $155 million, or $0.60 per diluted share, for the second quarter of 2009.

 

Smurfit-Stone’s second-quarter 2010 adjusted net income was $2 million, or $0.01 per diluted share, compared with an adjusted net loss of ($59) million, or ($0.23) per diluted share, in the first quarter of this year, and an adjusted net loss of ($21) million, or ($0.08) per diluted share, in the second quarter of 2009.  The most significant adjustment in the second quarter of 2010 was exclusion of $1.42 billion of income, including tax benefits, related to the Company’s emergence from bankruptcy reorganization proceedings in the U.S. and Canada.

 

Diluted Earnings Per Share Attributable to Common Stockholders

 

 

 

Second

 

First

 

Second

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

2010

 

2010

 

2009

 

 

 

 

 

 

 

 

 

Net Income (loss)

 

$5.41

 

$(0. 35

)

$0.60

 

 

 

 

 

 

 

 

 

Adjustments

 

$(5.40

)

$0.12

 

$(0.68

)

 

 

 

 

 

 

 

 

Adjusted Net Income (loss)

 

$0.01

 

$(0.23

)

$(0.08

)

 

The Company reported an operating loss of ($6) million for the three months ended June 30, 2010, compared to an operating loss of ($31) million in the first quarter of 2010, and operating income of $271 million in the second quarter of 2009.  The second quarter 2010 operating loss was primarily driven by a concentration of planned maintenance-related downtime.  Second quarter 2009 operating income was significantly impacted by the income related to the alternative fuel tax credits that were received in 2009.

 

1


The following information was filed by Smurfitstone Container Corp (SSCC) on Tuesday, August 3, 2010 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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