Attached files
| file | filename |
|---|---|
| 8-K - 8-K FOR 2009 EARNINGS RELEASE - TEMPLE INLAND INC | tin8k2009earnings20100209.htm |
| EX-99.3 - INVESTOR PRESENTATION MATERIALS - TEMPLE INLAND INC | tinex99320100209.htm |
| EX-99.2 - CONFERENCE CALL SLIDES - TEMPLE INLAND INC | tinex99220100209.htm |
NEWS
RELEASE___________________________________________________
FOR
IMMEDIATE RELEASE
CONTACT:
Chris Mathis
(512)
434-3766
TEMPLE-INLAND
INC. REPORTS FOURTH QUARTER
AND
FULL YEAR 2009 RESULTS
AUSTIN,
TEXAS, February 9, 2010--Temple-Inland Inc. today reported net income for full
year 2009 of $206 million, or $1.89 per diluted share, compared with a net loss
of $8 million, or $0.08 per share, in 2008. Net income in 2009 excluding special
items was $78 million, or $0.70 per diluted share, compared with $12 million, or
$0.11 per diluted share, in 2008.
|
Year
|
||
|
2009
|
2008
|
|
|
Net
income per diluted share as reported
|
$1.89
|
($0.08)
|
|
Adjustment
for special items
|
(1.19)
|
0.19
|
|
Net
income per diluted share, excluding special items
|
$0.70
|
$0.11
|
Doyle R.
Simons, chairman and chief executive officer of Temple-Inland Inc., said, “We
delivered strong operating results and cash flow in 2009 despite tough economic
conditions. Cash from operations was $640 million. We reduced debt by
$482 million for the year.
“In
Corrugated Packaging, we posted record operating income of $347 million and
generated a return on investment of 16.5%, the highest return among our peers.
Operating income in 2009 improved by over 50% compared with 2008 driven by our
lower cost structure in our box plant system and benefits from our Newport,
Indiana mill, which included integration synergies and production of value-added
white-top linerboard. We also benefited from lower input costs, our heavy
orientation to the food and beverage market and our integrated
system.
“Building
Products markets continue to suffer from the decline in housing markets. Despite
a 39% decrease in housing starts in 2009 compared with 2008, we generated $17
million of EBITDA in 2009, an increase of $9 million compared with 2008. Our
improvement in 2009 was due to our structural cost reduction initiatives,
favorable geographic footprint and mix of products. We remain focused on
generating cash and returning to profitability in this business.
4
“As we
enter 2010, we are focused on fully implementing the current box price increase
and continuing to structurally lower our costs in Corrugated Packaging. In
Building Products, our low-cost assets and favorable product mix position us to
fully capitalize on an economic rebound and recovery in housing.”
Fourth
quarter 2009 net income was $38 million, or $0.34 per diluted share, compared
with fourth quarter 2008 net loss of $6 million, or $0.06 per share, and third
quarter 2009 net income of $67 million, or $0.61 per diluted share. Fourth
quarter 2009 net loss excluding special items was $7 million, or $0.07 per
share.
|
Fourth Quarter
|
Third Quarter
|
|||||||||||
|
2009
|
2008
|
2009
|
||||||||||
|
Net
income per dil. share as reported
|
$ | 0.34 | $ | (0.06 | ) | $ | 0.61 | |||||
|
Adjustment
for special items
|
(0.41 | ) | 0.17 | (0.37 | ) | |||||||
|
Net
income per diluted share,
Excluding
special items
|
$ | (0.07 | ) | $ | 0.11 | $ | 0.24 | |||||
Corrugated
Packaging
|
Segment Operating Income
|
Year
2009
|
Year
2008
|
4th
Qtr.
2009
|
4th
Qtr.
2008
|
3rd
Qtr.
2009
|
|
($
in Millions)
|
$347
|
$225
|
$57
|
$68
|
$94
|
Corrugated
Packaging operating results were a record $347 million in 2009. Earnings
improved in 2009 compared with 2008 as lower input and converting costs and the
benefits of the acquisition of the Newport, Indiana mill more than offset lower
box prices and volumes. Operating results declined in fourth quarter 2009
compared with third quarter 2009 due to lower box volumes, higher input costs,
more downtime and lower prices.
Building
Products
|
Segment Operating Income
|
Year
2009
|
Year
2008
|
4th
Qtr.
2009
|
4th
Qtr.
2008
|
3rd
Qtr.
2009
|
|
($
in Millions)
|
($27)
|
($40)
|
($18)
|
($14)
|
($4)
|
Building
Products operating results improved in 2009 compared with 2008 primarily due to
lower costs. Operating income for fourth quarter 2009 declined compared with
third quarter 2009 primarily due to lower shipments and prices for all products.
Results for fourth quarter 2009 also include $4 million of non-cash inventory
adjustments and asset write-offs.
5
Special
items for 2009 after tax were $128 million, or $1.19 per diluted share,
including: (i) income of $134 million, or $1.24 per diluted share, for
alternative fuel mixture tax credits; (ii) a charge of $11 million, or $0.10 per
diluted share, related to the substitution of letters of credit in connection
with the 2007 sale of timberland; (iii) income of $9 million, or $0.09 per
diluted share, related to the purchase and retirement of long-term debt; and
(iv) a charge of $3 million, or $0.03 per diluted share, related to facility
closures and employment reductions.
Special
items for fourth quarter 2009 after tax were income of $45 million, or $0.41 per
diluted share, for alternative fuel mixture tax credits.
Temple-Inland
will host a conference call on February 9, 2010, at 9:30 am Eastern Time to
discuss results of fourth quarter and full year 2009. To access the conference
call, listeners calling from the United States and Canada should dial
1-866-394-6665 at least 15 minutes prior to the start of the
call. The passcode for the conference call is:
49352530. Those calling from outside the United States and Canada
should dial 1-706-634-1667 and use the same passcode as set forth
above. Replays of the call will be available for two weeks following
completion of the live call and can be accessed at 1-800-642-1687 in the United
States and Canada and at 1-706-645-9291 outside the United States and
Canada. The passcode for the replay is: 49352530.
The
conference call may also be accessed through Temple-Inland’s Internet site,
www.templeinland.com,
by clicking on "Investor Relations – Investor Events."
Temple-Inland
Inc. is a manufacturing company focused on corrugated packaging and building
products. The fully integrated corrugated packaging operation consists of 7
mills and 63 converting facilities. The building products operation manufactures
a diverse line of building products for new home construction, commercial and
repair and remodeling markets. Temple-Inland's address on the World Wide Web is
www.templeinland.com.
This
release contains “forward-looking statements” within the meaning of the federal
securities laws. These statements reflect management’s current views with
respect to future events and are subject to risk and uncertainties. We note that
a variety of factors and uncertainties could cause our actual results to differ
significantly from the results discussed in the forward-looking statements.
Factors and uncertainties that might cause such differences include, but are not
limited to: general economic, market, or business conditions; the opportunities
(or lack thereof) that may be presented to us and that we may pursue;
fluctuations in costs and expenses including the costs of raw materials,
purchased energy, and freight; changes in interest rates; current conditions in
financial markets could adversely affect our ability to finance our operations;
demand for new housing; accuracy of accounting assumptions related to impaired
assets, pension and postretirement costs, contingency reserves and
income taxes; competitive actions by other companies; changes in laws or
regulations; our ability to execute certain strategic and business improvement
initiatives; the accuracy of certain judgments and estimates concerning the
integration of acquired operations; and other factors, many of which are beyond
our control. Except as required by law, we expressly disclaim any obligation to
publically revise any forward looking statements contained in this release to
reflect the occurrence of events after the date of this release.
This
release includes non-GAAP financial measures. The required
reconciliations to GAAP financial measures are included in this
release.
6
TEMPLE-INLAND INC. AND SUBSIDIARIES
CONSOLIDATED
EARNINGS AND SEGMENT RESULTS
(Preliminary
and Unaudited)
|
Fourth
Quarter
|
For
the Year
|
|||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
(In
millions, except per share)
|
||||||||||||
|
Revenues
|
||||||||||||
|
Corrugated
packaging
|
$
|
715
|
$
|
819
|
$
|
3,001
|
$
|
3,190
|
||||
|
Building
products
|
130
|
154
|
576
|
694
|
||||||||
|
Total
revenues
|
$
|
845
|
$
|
973
|
$
|
3,577
|
$
|
3,884
|
||||
|
Income
|
||||||||||||
|
Corrugated
packaging
|
$
|
57
|
$
|
68
|
$
|
347
|
$
|
225
|
||||
|
Building
products
|
(18
|
)
|
(14
|
)
|
(27
|
)
|
(40
|
)
|
||||
|
Total
segment operating income
|
39
|
54
|
320
|
185
|
||||||||
|
Items
not included in segments:
|
||||||||||||
|
General
and administrative expense
|
(17
|
)
|
(17
|
)
|
(70
|
)
|
(76
|
)
|
||||
|
Share-based
and long-term incentive compensation
|
(19
|
)
|
18
|
(58
|
)
|
2
|
||||||
|
Other
operating income (expense)
|
67
|
(13
|
)
|
206
|
(29
|
)
|
||||||
|
Other
non-operating income (expense)
|
1
|
1
|
(1
|
)
|
––
|
|||||||
|
Net
interest income (expense) on financial assets and nonrecourse financial
liabilities of special purpose entities
|
(2
|
)
|
2
|
(2
|
)
|
(2
|
)
|
|||||
|
Interest
expense on debt
|
(13
|
)
|
(23
|
)
|
(63
|
)
|
(81
|
)
|
||||
|
Income
(loss) before taxes
|
56
|
22
|
332
|
(1
|
)
|
|||||||
|
Income
tax expense
|
(18
|
)
|
(28
|
)
|
(125
|
)
|
(7
|
)
|
||||
|
Net
income (loss)
|
38
|
(6
|
)
|
207
|
(8
|
)
|
||||||
|
Net
income attributable to noncontrolling interest of special purpose
entities
|
––
|
––
|
(1
|
)
|
––
|
|||||||
|
Net
income (loss) attributable to Temple-Inland Inc.
|
$
|
38
|
$
|
(6
|
)
|
$
|
206
|
$
|
(8
|
)
|
||
|
Average
basic shares outstanding
|
107.3
|
106.7
|
106.9
|
106.7
|
||||||||
|
Average
diluted shares outstanding
|
109.0
|
106.7
|
108.0
|
107.4
|
||||||||
|
Per share information:
|
|
|||||||||||
|
Basic
earnings
|
$
|
0.35
|
$
|
(0.06
|
)
|
$
|
1.91
|
$
|
(0.08
|
)
|
||
|
Diluted
earnings (a)
|
$
|
0.34
|
$
|
(0.06
|
)
|
$
|
1.89
|
$
|
(0.08
|
)
|
||
|
Dividends
|
$
|
0.10
|
$
|
0.10
|
$
|
0.40
|
$
|
0.40
|
||||
____________
|
(a)
|
Earnings
per share for fourth quarter and full year 2008 is based on average basic
shares outstanding due to our loss from continuing
operations.
|
7
TEMPLE-INLAND
INC. AND SUBSIDIARIES
SUMMARIZED
CONSOLIDATED BALANCE SHEETS
(Preliminary
and Unaudited)
|
Year-End
2009
|
Year-End
2008
|
|||||||
|
(Dollars
in millions)
|
||||||||
|
ASSETS
|
||||||||
|
Current
Assets
|
$
|
992
|
$
|
1,073
|
||||
|
Property
and Equipment
|
1,595
|
1,664
|
||||||
|
Financial
Assets of Special Purpose Entities
|
2,475
|
2,474
|
||||||
|
Goodwill
|
394
|
394
|
||||||
|
Other
Assets
|
253
|
264
|
||||||
|
TOTAL
ASSETS
|
$
|
5,709
|
$
|
5,869
|
||||
|
LIABILITIES
|
||||||||
|
Current
Liabilities
|
$
|
471
|
$
|
446
|
||||
|
Long-Term
Debt
|
710
|
1,191
|
||||||
|
Nonrecourse
Financial Liabilities of Special Purpose Entities
|
2,140
|
2,140
|
||||||
|
Deferred
Tax Liability
|
721
|
750
|
||||||
|
Liability
for Pension Benefits
|
285
|
172
|
||||||
|
Liability
for Postretirement Benefits
|
105
|
101
|
||||||
|
Other
Long-Term Liabilities
|
391
|
292
|
||||||
|
TOTAL
LIABILITIES
|
4,823
|
5,092
|
||||||
|
SHAREHOLDERS’
EQUITY
|
||||||||
|
Temple-Inland
Inc. Shareholders’ Equity
|
794
|
686
|
||||||
|
Noncontrolling
Interest of Special Purpose Entities
|
92
|
91
|
||||||
|
TOTAL
SHAREHOLDERS’ EQUITY
|
886
|
777
|
||||||
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
5,709
|
$
|
5,869
|
||||
8
TEMPLE-INLAND
INC. AND SUBSIDIARIES
SUMMARIZED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Preliminary
and Unaudited)
|
Fourth
Quarter
|
For
the Year
|
||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
(In
millions)
|
|||||||||||||||
|
CASH
PROVIDED BY (USED FOR) OPERATIONS
|
|||||||||||||||
|
Operations
|
$
|
125
|
(a)
|
$
|
80
|
(c)
|
$
|
549
|
(a)
(c)
|
$
|
222
|
(c)(d)
|
|||
|
Working
capital
|
75
|
(b)
|
(19
|
)
|
91
|
(b)
|
(404
|
)
(e)
|
|||||||
|
200
|
|
61
|
640
|
|
(182
|
)
|
|||||||||
|
CASH
PROVIDED BY (USED FOR) INVESTING
|
|||||||||||||||
|
Capital
expenditures
|
(49
|
)
|
(48
|
)
|
(130
|
)
|
(164
|
)
|
|||||||
|
Acquisition,
net of cash acquired
|
—
|
—
|
—
|
(57
|
)
|
||||||||||
|
Other
|
8
|
—
|
4
|
(6
|
)
|
||||||||||
|
(41
|
)
|
(48
|
)
|
(126
|
)
|
(227
|
)
|
||||||||
|
CASH
PROVIDED BY (USED FOR) FINANCING
|
|||||||||||||||
|
Cash
dividends to shareholders
|
(11
|
)
|
(11
|
)
|
(43
|
)
|
(43
|
)
|
|||||||
|
Net
change in debt
|
(168
|
)
|
(1
|
)
|
(467
|
)
|
286
|
||||||||
|
Fees
related to special purpose entities
|
—
|
—
|
(19
|
)
|
—
|
||||||||||
|
Other
|
13
|
(7
|
)
|
9
|
(17
|
)
|
|||||||||
|
(166
|
)
|
(19
|
)
|
(520
|
)
|
226
|
|||||||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
1
|
(3
|
)
|
1
|
(3
|
)
|
|||||||||
|
Net
decrease in cash and cash equivalents
|
(6
|
)
|
(9
|
)
|
(5
|
)
|
(186
|
)
|
|||||||
|
Cash
and cash equivalents at beginning of period
|
42
|
50
|
41
|
227
|
|||||||||||
|
Cash
and cash equivalents at end of period
|
$
|
36
|
$
|
41
|
$
|
36
|
$
|
41
|
|||||||
|
SUPPLEMENTAL
INFORMATION
|
|||||||||||||||
|
Depreciation
and amortization
|
$
|
49
|
$
|
55
|
$
|
200
|
$
|
206
|
|||||||
_____________
|
(a)
|
Includes
alternative fuel mixture tax credits, net of related costs and tax
payments, of $54 million in fourth quarter 2009 and $175 million for the
year 2009.
|
|
(b)
|
Includes
federal income tax refund of $58 million.
|
|
(c)
|
Includes
voluntary, discretionary contributions to our defined benefit plan of $15
million in fourth quarter 2008, and $30 million for the year 2009 and
2008.
|
|
(d)
|
Includes
payments related to our 2007 transformation plan of $50
million.
|
|
(e)
|
Includes
payments related to our 2007 transformation plan of $297
million.
|
9
TEMPLE-INLAND
INC. AND SUBSIDIARIES
SUMMARIZED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Preliminary
and Unaudited)
|
Fourth
|
Third
|
Second
|
First
|
Fourth
|
||||||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
||||||||||||||||
|
2009
|
2009
|
2009
|
2009
|
2008
|
||||||||||||||||
|
(In
millions)
|
||||||||||||||||||||
|
CASH
PROVIDED BY (USED FOR) OPERATIONS
|
||||||||||||||||||||
|
Operations
|
$
|
125
|
(a)
|
$
|
160
|
(a)(c)
|
$
|
150
|
(a)(c)
|
$
|
114
|
$
|
80
|
(c)
|
||||||
|
Working
capital
|
75
|
(b)
|
28
|
22
|
(34
|
)
|
(19
|
)
|
||||||||||||
|
200
|
188
|
172
|
|
80
|
61
|
|||||||||||||||
|
CASH
PROVIDED BY (USED FOR) INVESTING
|
||||||||||||||||||||
|
Capital
expenditures
|
(49
|
)
|
(29
|
)
|
(33
|
)
|
(19
|
)
|
(48
|
)
|
||||||||||
|
Other
|
8
|
4
|
(7
|
)
|
(1
|
)
|
—
|
|||||||||||||
|
(41
|
)
|
(25
|
)
|
(40
|
)
|
(20
|
)
|
(48
|
)
|
|||||||||||
|
CASH
PROVIDED BY (USED FOR) FINANCING
|
||||||||||||||||||||
|
Cash
dividends to shareholders
|
(11
|
)
|
(11
|
)
|
(11
|
)
|
(10
|
)
|
(11
|
)
|
||||||||||
|
Net
change in debt
|
(168
|
)
|
(151
|
)
|
(108
|
)
|
(40
|
)
|
(1
|
)
|
||||||||||
|
Fees
related to special purpose entities
|
—
|
—
|
(4
|
)
|
(15
|
)
|
—
|
|||||||||||||
|
Other
|
13
|
11
|
(4
|
)
|
(11
|
)
|
(7
|
)
|
||||||||||||
|
(166
|
)
|
(151
|
)
|
(127
|
)
|
(76
|
)
|
(19
|
)
|
|||||||||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
1
|
(1
|
)
|
2
|
(1
|
)
|
(3
|
)
|
||||||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
(6
|
)
|
11
|
7
|
(17
|
)
|
(9
|
)
|
||||||||||||
|
Cash
and cash equivalents at beginning of period
|
42
|
31
|
24
|
41
|
50
|
|||||||||||||||
|
Cash
and cash equivalents at end of period
|
$
|
36
|
$
|
42
|
$
|
31
|
$
|
24
|
$
|
41
|
||||||||||
|
SUPPLEMENTAL
INFORMATION
|
||||||||||||||||||||
|
Depreciation
and amortization
|
$
|
49
|
$
|
50
|
$
|
50
|
$
|
51
|
$
|
55
|
||||||||||
_____________
|
(a)
|
Includes
alternative fuel mixture tax credits, net of related costs and tax
payments, of $54 million in fourth quarter 2009, $58 million in third
quarter 2009, and $63 million in second quarter 2009.
|
|
(b)
|
Includes
federal income tax refund of $58 million.
|
|
(c)
|
Includes
voluntary, discretionary contribution to our defined benefit plan of $15
million in third and second quarter 2009 and fourth quarter
2008.
|
10
TEMPLE-INLAND
INC. AND SUBSIDIARIES
REVENUES
AND UNIT SALES, EXCLUDING JOINT VENTURE OPERATIONS
(Preliminary
and Unaudited)
|
Fourth
Quarter
|
For
the Year
|
|||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
Revenues
|
(Dollars
in millions)
|
|||||||||||
|
Corrugated
packaging
|
||||||||||||
|
Corrugated
packaging
|
$
|
679
|
$
|
744
|
$
|
2,856
|
$
|
2,975
|
||||
|
Paperboard
(a)
(b)
|
36
|
75
|
145
|
215
|
||||||||
|
Total
corrugated packaging
|
$
|
715
|
$
|
819
|
$
|
3,001
|
$
|
3,190
|
||||
|
Building
products
|
||||||||||||
|
Lumber
|
$
|
42
|
$
|
48
|
$
|
181
|
$
|
225
|
||||
|
Gypsum
wallboard
|
32
|
34
|
141
|
135
|
||||||||
|
Particleboard
|
28
|
37
|
136
|
175
|
||||||||
|
Medium
density fiberboard
|
15
|
16
|
64
|
72
|
||||||||
|
Fiberboard
|
5
|
8
|
23
|
41
|
||||||||
|
Other
|
8
|
11
|
31
|
46
|
||||||||
|
Total
building products
|
$
|
130
|
$
|
154
|
$
|
576
|
$
|
694
|
||||
|
Unit
Sales
|
||||||||||||
|
Corrugated
packaging
|
||||||||||||
|
Corrugated
packaging, thousands of tons
|
|
795
|
799
|
3,285
|
3,303
|
|||||||
|
Paperboard,
thousands of tons (a)
(b)
|
89
|
165
|
353
|
469
|
||||||||
|
Total,
thousands of tons
|
884
|
964
|
3,638
|
3,772
|
||||||||
|
Building
products
|
||||||||||||
|
Lumber,
mbf
|
163
|
176
|
718
|
769
|
||||||||
|
Gypsum
wallboard, msf
|
292
|
248
|
1,162
|
1,061
|
||||||||
|
Particleboard,
msf
|
85
|
100
|
394
|
472
|
||||||||
|
Medium
density fiberboard, msf
|
28
|
30
|
124
|
140
|
||||||||
|
Fiberboard,
msf
|
26
|
43
|
121
|
213
|
____________
|
(a)
|
Paperboard
includes containerboard and light-weight gypsum facing
paper.
|
|
(b)
|
Comparisons
of revenue and unit sales of paperboard are affected by the July 25, 2008
purchase of our partner’s interest in Premier Boxboard Limited
LLC.
|
11
TEMPLE-INLAND
INC. AND SUBSIDIARIES
CALCULATION
OF NON-GAAP FINANCIAL MEASURES
(Preliminary
and Unaudited)
|
Fourth
Quarter
|
Third
Quarter
|
For
the Year
|
|||||||||||||
|
2009
|
2008
|
2009
|
2009
|
2008
|
|||||||||||
|
(In
millions, except per share)
|
|||||||||||||||
|
NET INCOME (LOSS) EXCLUDING SPECIAL
ITEMS
|
|||||||||||||||
|
Net
income (loss) in accordance with GAAP
|
$
|
38
|
$
|
(6
|
)
|
$
|
67
|
$
|
206
|
$
|
(8
|
)
|
|||
|
Special
items, after-tax:
|
|||||||||||||||
|
Alternative
fuel mixture tax credits, net of costs
|
45
|
––
|
42
|
134
|
––
|
||||||||||
|
Facility
closures and headcount reductions
|
––
|
(5
|
)
|
––
|
(3
|
)
|
(5
|
)
|
|||||||
|
Litigation
and other
|
––
|
(3
|
)
|
––
|
(1
|
)
|
––
|
||||||||
|
Substitution
costs
|
––
|
––
|
––
|
(11
|
)
|
––
|
|||||||||
|
Gain
(loss) on purchase and retirement of debt
|
––
|
––
|
(2
|
)
|
9
|
––
|
|||||||||
|
Charges
related to early repayment of PBL debt
|
––
|
––
|
––
|
––
|
(2
|
)
|
|||||||||
|
Transformation
costs
|
––
|
––
|
––
|
––
|
(13
|
)
|
|||||||||
|
Effect
of change in estimated annual effective tax rate on previously reported
special items
|
––
|
(10
|
)
|
––
|
––
|
––
|
|||||||||
|
Total
special items, after-tax
|
45
|
(18
|
)
|
40
|
128
|
(20
|
)
|
||||||||
|
Net
income (loss), excluding special items
|
$
|
(7
|
)
|
$
|
12
|
$
|
27
|
$
|
78
|
$
|
12
|
||||
|
Net
income (loss), per share, in accordance with GAAP
|
$
|
0.34
|
$
|
(0.06
|
)
|
$
|
0.61
|
$
|
1.89
|
$
|
(0.08
|
)
|
|||
|
Special
items, after-tax, per share:
|
|||||||||||||||
|
Alternative
fuel mixture tax credits, net of costs
|
0.41
|
––
|
0.39
|
1.24
|
––
|
||||||||||
|
Facility
closures and headcount reductions
|
––
|
(0.05
|
)
|
––
|
(0.03
|
)
|
(0.05
|
)
|
|||||||
|
Litigation
and other
|
––
|
(0.02
|
)
|
––
|
(0.01
|
)
|
––
|
||||||||
|
Substitution
costs
|
––
|
––
|
––
|
(0.10
|
)
|
––
|
|||||||||
|
Gain
(loss) on purchase and retirement of debt
|
––
|
––
|
(0.02
|
)
|
0.09
|
––
|
|||||||||
|
Charges
related to early repayment of PBL debt
|
––
|
––
|
––
|
––
|
(0.02
|
)
|
|||||||||
|
Transformation
costs
|
––
|
––
|
––
|
––
|
(0.12
|
)
|
|||||||||
|
Effect
of change in estimated annual effective tax rate on previously reported
special items
|
––
|
(0.10
|
)
|
––
|
––
|
––
|
|||||||||
|
Total
special items, after-tax
|
0.41
|
(0.17
|
)
|
0.37
|
1.19
|
(0.19
|
)
|
||||||||
|
Net
income (loss), per share, excluding special items
|
$
|
(0.07
|
)
|
$
|
0.11
|
$
|
0.24
|
$
|
0.70
|
$
|
0.11
|
||||
|
Average
basic shares outstanding
|
107.3
|
106.7
|
106.9
|
106.9
|
106.7
|
||||||||||
|
Average
diluted shares outstanding
|
109.0
|
106.7
|
108.6
|
108.0
|
107.4
|
||||||||||
|
Building products EBITDA
|
|||||||||||||||
|
Segment
operating loss determined in
accordance
with GAAP
|
$
|
(18
|
)
|
$
|
(14
|
)
|
$
|
(4
|
)
|
$
|
(27
|
)
|
$
|
(40
|
)
|
|
Depreciation
and amortization
|
10
|
13
|
11
|
44
|
48
|
||||||||||
|
Building
products EBITDA
|
$
|
(8
|
)
|
$
|
(1
|
)
|
$
|
7
|
$
|
17
|
$
|
8
|
|||
12