Temple Inland Inc (TIN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 3, 2009

 

NEWS

RELEASE___________________________________________________

 

FOR IMMEDIATE RELEASE

CONTACT: Chris Mathis

(512) 434-3766

 

 

TEMPLE-INLAND INC. REPORTS FOURTH QUARTER

AND FULL YEAR 2008 RESULTS

 

AUSTIN, TEXAS, January 27, 2009--Temple-Inland Inc. today reported a fourth quarter 2008 net loss of $6 million, or $0.06 per share, compared with third quarter 2008 net income of $3 million, or $0.03 per share, and fourth quarter 2007 net income of $1.165 billion, or $10.76 per share.

 

Fourth quarter 2008 net income excluding special items was $0.11 per share, compared with third quarter 2008 net loss excluding special items of $0.03 per share, and fourth quarter 2007 net income excluding special items of $0.23 per share. Results for fourth quarter 2008 include special items of $0.17 per share, consisting of (i) a special after-tax charge of $8 million, or $0.07 per share, primarily related to the closure of our Rome, Georgia box plant and our hardboard siding operation in Diboll, Texas; and (ii) a tax adjustment of $10 million, or $0.10 per share, resulting from a change in the annual tax rate.

 

 

For the year, net loss was $8 million, or $0.08 per share, including special after-tax charges of $20 million, or $0.19 per share, primarily related to our 2007 transformation plan and the closure of converting and production facilities. This compares with 2007 net income of $1.305 billion, or $12.08 per share including special after-tax items of $1.225 billion, or $11.34 per share, primarily related to the effects of our transformation plan. Net income excluding special items was $12 million, or $0.11 per share, in 2008 compared with $80 million, or $0.74 per share, in 2007.