Exhibit 99.1

 

GRAPHIC

 

SMURFIT-STONE REPORTS THIRD QUARTER 2010 RESULTS

COMPANY POSTS STRONG EARNINGS AND OPERATING CASH FLOW

 

CREVE COEUR, Mo., and CHICAGO, Nov. 1, 2010

Smurfit-Stone Container Corporation (NYSE: SSCC) today reported net income of $65 million, or $0.65 per diluted share, for the third quarter ended Sept. 30, 2010, compared with net income attributable to common stockholders of $1.41 billion, or $5.41 per diluted share, for the second quarter of 2010, and $65 million, or $0.25 per share, for the third quarter of 2009.

 

Smurfit-Stone’s third quarter 2010 adjusted net income was $76 million, or $0.76 per diluted share, up from adjusted net income of $2 million, or $0.01 per diluted share, in the second quarter of this year, and an adjusted net loss of ($23) million, or ($0.09) per diluted share, in the third quarter of 2009.  The adjustments in the third quarter of 2010 were primarily the exclusion of costs related to reorganization and restructuring.  The major adjustment in the second quarter of 2010 was the exclusion of $1.42 billion of income, including tax benefits, related to the Company’s emergence from bankruptcy.

 

Diluted Earnings Per Share Attributable to Common Stockholders

 

 

 

Third

 

Second

 

Third

 

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

2010

 

2010

 

2009

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

0.65

 

$

5.41

 

$

0.25

 

 

 

 

 

 

 

 

 

Adjustments

 

$

0.11

 

$

(5.40

)

$

(0.34

)

 

 

 

 

 

 

 

 

Adjusted Net Income (Loss)

 

$

0.76

 

$

0.01

 

$

(0.09

)

 

 

 

 

 

 

 

 

Weighted Average Shares (MM)

 

100

 

261

 

257

 

 

The Company reported operating income of $142 million for the third quarter of 2010, compared to an operating loss of ($6) million in the second quarter of 2010, and operating income of $159 million in the third quarter of 2009.  The sequential improvement in operating income reflects increased net sales in the third quarter due to higher selling prices, lower maintenance-related downtime, lower fiber costs, and cost savings achieved in mill and container operations.  Third quarter 2009 operating income significantly benefitted from income related to the alternative fuel tax credits that were received in 2009.

 

Patrick J. Moore, Smurfit-Stone’s Chief Executive Officer, commented, “I am pleased with our strong third quarter performance, which benefitted from favorable pricing trends and lower input costs driven primarily fiber. Importantly, we are realizing cost savings and efficiency improvements from our financial restructuring, investments in our core business, and focused efforts such as our Operational Excellence initiative.  I’m proud of the efforts and commitment of our employees which contributed significantly to the strong quarter.  I view the positive momentum in the quarter as an important step in delivering on the accelerated performance improvement we are pursuing.”

 

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, November 1, 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.

View differences made from one quarter to another to evaluate Smurfitstone Container Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Smurfitstone Container Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account