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Exhibit 99.1
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SMURFIT-STONE REPORTS FIRST QUARTER 2011 RESULTS
CREVE COEUR, Mo., and CHICAGO, April 26, 2011 — Smurfit-Stone Container Corporation (NYSE: SSCC) today reported net income of $54 million, or $0.54 per diluted share, for the first quarter ended March 31, 2011, compared with net income of $49 million, or $0.49 per diluted share, for the fourth quarter of 2010, and a net loss attributable to common stockholders of ($91) million, or ($0.35) per diluted share, for the first quarter of 2010.
Smurfit-Stone’s first quarter 2011 adjusted net income was $43 million, or $0.43 per diluted share, compared to adjusted net income of $62 million, or $0.62 per diluted share, in the fourth quarter of 2010, and an adjusted net loss of ($59) million, or ($0.23) per diluted share, in the first quarter of 2010. The primary adjustment in the first quarter of 2011 was the exclusion of the cellulosic biofuel production income tax credit recognized in the quarter. The major adjustments in the first and fourth quarters of 2010 were the exclusion of costs or income related to reorganization and restructuring. The first quarter of 2010 was also adjusted to exclude the alternative fuel mixture tax credit recognized in that quarter.
Diluted Earnings Per Share Attributable to Common Stockholders
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First |
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Fourth |
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First |
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Quarter |
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Quarter |
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Quarter |
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2011 |
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2010 |
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2010 |
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Net Income (Loss) Attributable to Common Stockholders |
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$ |
0.54 |
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$ |
0.49 |
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$ |
(0.35 |
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Adjustments |
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$ |
(0.11 |
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$ |
0.13 |
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$ |
0.12 |
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Adjusted Net Income (loss) |
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$ |
0.43 |
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$ |
0.62 |
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$ |
(0.23 |
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Weighted Average Shares (MM) |
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101 |
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100 |
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258 |
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The Company reported operating income of $92 million for the first quarter of 2011, compared to operating income of $103 million in the fourth quarter of 2010, and an operating loss of $31 million in the first quarter of 2010. Adjusted EBITDA for the first quarter of 2011 was $179 million, down from $205 million in the fourth quarter of 2010, and up from $46 million in the first quarter of 2010. The sequential decline in earnings was the result of the moderate improvement in pricing and lower scheduled maintenance downtime costs being more than offset by cost inflation primarily related to fuels, higher seasonal energy usage, and the impact of benefit cost timing in the quarter.
Net sales for the first quarter of 2011 were $1.58 billion, down slightly from $1.63 billion in the fourth quarter of 2010 and up 8 percent compared with sales of $1.46 billion in the first quarter of 2010. The sequential decline in sales in first quarter 2011 reflects modestly higher selling prices, more than offset by seasonally lower volumes.
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 Tuesday, April 26, 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-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 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.
SSCC Quarterly Reports
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10-Q Quarterly Report April 2011
- 10-Q Quarterly Report November 2010
- 10-Q Quarterly Report August 2010
- 10-Q Quarterly Report May 2010
- 10-Q Quarterly Report November 2009
