Smurfitstone Container Corp (SSCC) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 30, 2010

Exhibit 99.1

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’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

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