Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WEYERHAEUSER CO | d8k.htm |
| EX-99.1 - PRESS RELEASE OF WEYERHAEUSER COMPANY ISSUED APRIL 29, 2011 - WEYERHAEUSER CO | dex991.htm |
Exhibit 99.2
Weyerhaeuser Company
Q1.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
| in millions | Q4 | Q1 | ||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Net sales and revenues |
$ | 1,664 | $ | 1,578 | $ | 1,419 | ||||||
| Cost of products sold |
1,362 | 1,324 | 1,232 | |||||||||
| Gross margin |
302 | 254 | 187 | |||||||||
| Selling, general and administrative expenses |
178 | 179 | 163 | |||||||||
| Research and development expenses |
10 | 7 | 8 | |||||||||
| Charges for restructuring, closures and impairments |
127 | 4 | 2 | |||||||||
| Other operating income, net |
(66 | ) | (174 | ) | (70 | ) | ||||||
| Operating income |
53 | 238 | 84 | |||||||||
| Interest income and other |
10 | 11 | 42 | |||||||||
| Impairments of investments and other related charges |
(3 | ) | — | — | ||||||||
| Interest expense, net of capitalized interest |
(96 | ) | (93 | ) | (106 | ) | ||||||
| Earnings (loss) before taxes |
(36 | ) | 156 | 20 | ||||||||
| Income tax benefit (provision) |
207 | (57 | ) | (38 | ) | |||||||
| Net earnings (loss) |
171 | 99 | (18 | ) | ||||||||
| Less: net earnings attributable to noncontrolling interests |
— | — | (2 | ) | ||||||||
| Net earnings (loss) attributable to Weyerhaeuser common shareholders |
$ | 171 | $ | 99 | $ | (20 | ) | |||||
| Per Share Information | ||||||||||||
| Q4 | Q1 | |||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders |
$ | 0.32 | $ | 0.18 | $ | (0.10 | ) | |||||
| Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders |
$ | 0.32 | $ | 0.18 | $ | (0.10 | ) | |||||
| Dividends paid per share |
$ | 0.05 | $ | 0.15 | $ | 0.05 | ||||||
| Weighted average shares outstanding (in thousands): |
||||||||||||
| Basic |
535,956 | 537,140 | 211,440 | |||||||||
| Diluted |
538,376 | 540,476 | 211,440 | |||||||||
| Common shares outstanding at end of period (in thousands) |
535,976 | 538,408 | 211,557 | |||||||||
Page 1 of 9
Weyerhaeuser Company
Q1.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
| in millions | March
31, 2011 |
Dec 31, 2010 |
||||||
| Assets |
||||||||
| Forest Products |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 1,459 | $ | 1,466 | ||||
| Receivables, less allowances |
505 | 451 | ||||||
| Inventories |
544 | 478 | ||||||
| Prepaid expenses |
85 | 81 | ||||||
| Deferred tax assets |
155 | 113 | ||||||
| Total current assets |
2,748 | 2,589 | ||||||
| Property and equipment, net |
3,151 | 3,217 | ||||||
| Construction in progress |
149 | 123 | ||||||
| Timber and timberlands at cost, less depletion charged to disposals |
4,003 | 4,035 | ||||||
| Investments in and advances to equity affiliates |
192 | 194 | ||||||
| Goodwill |
40 | 40 | ||||||
| Other assets |
424 | 363 | ||||||
| Restricted assets held by special purpose entities |
914 | 915 | ||||||
| 11,621 | 11,476 | |||||||
| Real Estate |
||||||||
| Cash and cash equivalents |
4 | 1 | ||||||
| Receivables, less allowances |
54 | 51 | ||||||
| Real estate in process of development and for sale |
515 | 517 | ||||||
| Land being processed for development |
978 | 974 | ||||||
| Investments in and advances to equity affiliates |
15 | 16 | ||||||
| Deferred tax assets |
266 | 266 | ||||||
| Other assets |
119 | 120 | ||||||
| Consolidated assets not owned |
8 | 8 | ||||||
| 1,959 | 1,953 | |||||||
| Total assets |
$ | 13,580 | $ | 13,429 | ||||
| Liabilities |
||||||||
| Forest Products |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 359 | $ | 340 | ||||
| Accrued liabilities |
686 | 734 | ||||||
| Total current liabilities |
1,045 | 1,074 | ||||||
| Long-term debt |
4,710 | 4,710 | ||||||
| Deferred income taxes |
485 | 366 | ||||||
| Deferred pension and other postretirement benefits |
908 | 930 | ||||||
| Other liabilities |
405 | 393 | ||||||
| Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities |
771 | 772 | ||||||
| 8,324 | 8,245 | |||||||
| Real Estate |
||||||||
| Long-term debt |
348 | 350 | ||||||
| Other liabilities |
196 | 212 | ||||||
| Consolidated liabilities not owned |
8 | 8 | ||||||
| 552 | 570 | |||||||
| Total liabilities |
8,876 | 8,815 | ||||||
| Equity |
||||||||
| Total Weyerhaeuser shareholders’ interest |
4,702 | 4,612 | ||||||
| Noncontrolling interests |
2 | 2 | ||||||
| Total equity |
4,704 | 4,614 | ||||||
| Total liabilities and equity |
$ | 13,580 | $ | 13,429 | ||||
Page 2 of 9
Weyerhaeuser Company
Q1.2011 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
| in millions | Q4 | Q1 | ||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Cash flows from operations: |
||||||||||||
| Net earnings (loss) |
$ | 171 | $ | 99 | $ | (18 | ) | |||||
| Noncash charges (credits) to income (loss): |
||||||||||||
| Depreciation, depletion and amortization |
127 | 123 | 126 | |||||||||
| Deferred income taxes, net |
(341 | ) | 39 | 34 | ||||||||
| Pension and other postretirement benefits |
(2 | ) | 24 | (1 | ) | |||||||
| Share-based compensation expense |
8 | 14 | 6 | |||||||||
| Equity in loss of equity affiliates |
3 | 2 | 3 | |||||||||
| Charges for impairment of assets |
112 | 1 | 2 | |||||||||
| Net gains on dispositions of assets and operations |
(46 | ) | (156 | ) | (83 | ) | ||||||
| Foreign exchange transaction gains |
(4 | ) | (7 | ) | (10 | ) | ||||||
| Decrease (increase) in working capital: |
||||||||||||
| Receivables less allowances |
36 | (59 | ) | (87 | ) | |||||||
| Receivable for taxes |
62 | 1 | 568 | |||||||||
| Inventories |
2 | (66 | ) | (65 | ) | |||||||
| Real estate and land |
48 | (2 | ) | (36 | ) | |||||||
| Prepaid expenses |
14 | (10 | ) | (13 | ) | |||||||
| Accounts payable and accrued liabilities |
(44 | ) | (78 | ) | (47 | ) | ||||||
| Deposits on land positions and other assets |
3 | — | 3 | |||||||||
| Pension contributions |
(27 | ) | (1 | ) | (132 | ) | ||||||
| Other |
87 | (33 | ) | (72 | ) | |||||||
| Net cash from operations |
209 | (109 | ) | 178 | ||||||||
| Cash flows from investing activities: |
||||||||||||
| Property and equipment |
(79 | ) | (35 | ) | (46 | ) | ||||||
| Timberlands reforestation |
(10 | ) | (12 | ) | (13 | ) | ||||||
| Redemption of short-term investments |
2 | — | 47 | |||||||||
| Proceeds from sale of assets and operations |
53 | 193 | 115 | |||||||||
| Repayments from pension trust |
— | — | 50 | |||||||||
| Other |
(17 | ) | 5 | (3 | ) | |||||||
| Cash from investing activities |
(51 | ) | 151 | 150 | ||||||||
| Cash flows from financing activities: |
||||||||||||
| Notes, commercial paper borrowings and revolving credit facilities, net |
(1 | ) | — | (3 | ) | |||||||
| Cash dividends |
(27 | ) | (81 | ) | (11 | ) | ||||||
| Change in book overdrafts |
33 | 3 | (4 | ) | ||||||||
| Payments on debt |
(65 | ) | (2 | ) | (17 | ) | ||||||
| Exercises of stock options |
— | 34 | — | |||||||||
| Other |
1 | — | (2 | ) | ||||||||
| Cash from financing activities |
(59 | ) | (46 | ) | (37 | ) | ||||||
| Net change in cash and cash equivalents |
99 | (4 | ) | 291 | ||||||||
| Cash and cash equivalents at beginning of period |
1,368 | 1,467 | 1,869 | |||||||||
| Cash and cash equivalents at end of period |
$ | 1,467 | $ | 1,463 | $ | 2,160 | ||||||
| Cash paid (received) during the year for: |
||||||||||||
| Interest, net of amount capitalized |
$ | 57 | $ | 156 | $ | 153 | ||||||
| Income taxes |
$ | (9 | ) | $ | 2 | $ | (444 | ) | ||||
Page 3 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Total Company Statistics |
Special Items Included in Net Earnings
| in millions | Q4 | Q1 | ||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Net earnings (loss) |
$ | 171 | $ | 99 | $ | (20 | ) | |||||
| Income tax adjustments |
(177 | ) | — | 31 | ||||||||
| Gain on sale of wood products assets |
— | — | (26 | ) | ||||||||
| Gain on sale of railroads |
(31 | ) | — | — | ||||||||
| Gain on sale of 82,000 acres of non-strategic timberlands |
— | (96 | ) | — | ||||||||
| Charges for closures, restructuring and impairments |
89 | — | — | |||||||||
| Net earnings (loss) before special items |
$ | 52 | $ | 3 | $ | (15 | ) | |||||
| Q4 | Q1 | |||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Net earnings (loss) per diluted share |
$ | 0.32 | $ | 0.18 | $ | (0.10 | ) | |||||
| Income tax adjustments |
(0.33 | ) | — | 0.15 | ||||||||
| Gain on sale of wood products assets |
— | — | (0.12 | ) | ||||||||
| Gain on sale of railroads |
(0.06 | ) | — | — | ||||||||
| Gain on sale of 82,000 acres of non-strategic timberlands |
— | (0.18 | ) | — | ||||||||
| Charges for closures, restructuring and impairments |
0.17 | — | — | |||||||||
| Net earnings (loss) before special items per diluted share |
$ | 0.10 | $ | — | $ | (0.07 | ) | |||||
| Selected Total Company Items | ||||||||||||
| in millions | Q4 | Q1 | ||||||||||
| Dec 31, | March 31, | March 31, | ||||||||||
| 2010 | 2011 | 2010 | ||||||||||
| Depreciation, depletion and amortization: |
||||||||||||
| Cost of products sold |
$ | 112 | $ | 107 | $ | 110 | ||||||
| Selling, general and administrative expenses |
15 | 16 | 16 | |||||||||
| Total depreciation, depletion and amortization |
$ | 127 | $ | 123 | $ | 126 | ||||||
| Pension and postretirement credits (costs): |
||||||||||||
| Pension and postretirement costs allocated to business segments |
$ | (12 | ) | $ | (12 | ) | $ | (12 | ) | |||
| Pension and postretirement credits (costs) retained by Corporate segment |
19 | (12 | ) | 16 | ||||||||
| Total company pension and postretirement credits (costs) |
$ | 7 | $ | (24 | ) | $ | 4 | |||||
| Total decrease (increase) in Forest Products working capital |
$ | 98 | $ | (196 | ) | $ | 169 | |||||
| Cash spent for capital expenditures |
$ | (89 | ) | $ | (47 | ) | $ | (59 | ) | |||
Page 4 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Timberlands Segment |
Segment Statement of Operations
| in millions | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 207 | $ | 230 | $ | 202 | ||||||
| Intersegment sales |
164 | 191 | 171 | |||||||||
| Total net sales and revenues |
371 | 421 | 373 | |||||||||
| Cost of products sold |
298 | 320 | 277 | |||||||||
| Gross margin |
73 | 101 | 96 | |||||||||
| Selling, general and administrative expenses |
22 | 23 | 20 | |||||||||
| Research and development expenses |
7 | 4 | 4 | |||||||||
| Charges for restructuring, closures and impairments |
— | — | 1 | |||||||||
| Other operating income, net |
(11 | ) | (166 | ) | (10 | ) | ||||||
| Operating income |
55 | 240 | 81 | |||||||||
| Interest income and other |
1 | 1 | — | |||||||||
| Net contribution to earnings |
$ | 56 | $ | 241 | $ | 81 | ||||||
Selected Segment Items
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Depreciation, depletion and amortization |
$ | 30 | $ | 31 | $ | 30 | ||||||
| Total increase in working capital |
$ | (4 | ) | $ | (17 | ) | $ | (15 | ) | |||
| Cash spent for capital expenditures |
$ | (20 | ) | $ | (14 | ) | $ | (20 | ) | |||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Gain on sale of 82,000 acres of non-strategic timberlands |
$ | — | $ | 152 | $ | — | ||||||
Segment Statistics
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||||
| Third Party Net Sales and Revenue (millions) |
Logs: | |||||||||||||
| West |
$ | 97 | $ | 110 | $ | 82 | ||||||||
| South |
41 | 41 | 27 | |||||||||||
| Canada |
5 | 7 | 9 | |||||||||||
| Total Logs | 143 | 158 | 118 | |||||||||||
| Pay as cut timber sales | 8 | 8 | 8 | |||||||||||
| Timberlands exchanges and dispositions | 20 | 21 | 35 | |||||||||||
| Higher and better use land sales | 4 | 4 | 5 | |||||||||||
| Minerals, oil and gas | 14 | 14 | 15 | |||||||||||
| Products from international operations | 16 | 17 | 15 | |||||||||||
| Other products | 2 | 8 | 6 | |||||||||||
| Total | $ | 207 | $ | 230 | $ | 202 | ||||||||
| Logs Third Party Sales Realizations (per cubic meter) |
West | $ | 95.30 | $ | 100.20 | $ | 84.17 | |||||||
| South | $ | 41.86 | $ | 41.22 | $ | 43.21 | ||||||||
| Canada | $ | 33.84 | $ | 34.73 | $ | 34.02 | ||||||||
| International | $ | 18.21 | $ | 18.61 | $ | 20.35 | ||||||||
| Logs Third Party Sales Volumes (cubic meters, thousands) |
West | 1,020 | 1,095 | 975 | ||||||||||
| South | 993 | 1,005 | 634 | |||||||||||
| Canada | 141 | 194 | 259 | |||||||||||
| International | 74 | 72 | 78 | |||||||||||
| Total | 2,228 | 2,366 | 1,946 | |||||||||||
| Logs Fee Depletion (cubic meters, thousands) |
West | 1,290 | 1,611 | 1,431 | ||||||||||
| South | 2,116 | 2,180 | 2,140 | |||||||||||
| International | 79 | 98 | 92 | |||||||||||
| Total | 3,485 | 3,889 | 3,663 | |||||||||||
Page 5 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Wood Products Segment |
Segment Statement of Operations
| in millions | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 572 | $ | 624 | $ | 604 | ||||||
| Intersegment sales |
18 | 21 | 16 | |||||||||
| Total net sales and revenues |
590 | 645 | 620 | |||||||||
| Cost of products sold |
613 | 630 | 616 | |||||||||
| Gross margin |
(23 | ) | 15 | 4 | ||||||||
| Selling, general and administrative expenses |
63 | 55 | 68 | |||||||||
| Research and development expenses |
1 | 1 | 1 | |||||||||
| Charges for restructuring, closures and impairments |
103 | 2 | 1 | |||||||||
| Other operating income, net |
(1 | ) | (5 | ) | (46 | ) | ||||||
| Operating loss |
(189 | ) | (38 | ) | (20 | ) | ||||||
| Interest income and other |
1 | 2 | 1 | |||||||||
| Net contribution to earnings |
$ | (188 | ) | $ | (36 | ) | $ | (19 | ) | |||
Selected Segment Items
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Depreciation, depletion and amortization |
$ | 43 | $ | 40 | $ | 45 | ||||||
| Total decrease (increase) in working capital |
$ | 40 | $ | (118 | ) | $ | (134 | ) | ||||
| Cash spent for capital expenditures |
$ | (21 | ) | $ | (6 | ) | $ | (2 | ) | |||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Gain on sale of assets |
$ | — | $ | — | $ | 44 | ||||||
| Charges for restructuring, closures and impairments |
(103 | ) | — | — | ||||||||
| Total |
$ | (103 | ) | $ | — | $ | 44 | |||||
Segment Statistics
| in millions, except for third-party sales realizations | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||||
| Structural Lumber (board feet) |
Third Party Net Sales and Revenue |
$ | 241 | $ | 260 | $ | 241 | |||||||
| Third Party Sales Realizations |
$ | 292.63 | $ | 315.26 | $ | 316.60 | ||||||||
| Third Party Sales Volumes |
822 | 826 | 761 | |||||||||||
| Production Volumes |
785 | 893 | 801 | |||||||||||
| Engineered Solid Section (cubic feet) |
Third Party Net Sales and Revenue |
$ | 59 | $ | 62 | $ | 66 | |||||||
| Third Party Sales Realizations |
$ | 1,853.91 | $ | 1,851.05 | $ | 1,718.25 | ||||||||
| Third Party Sales Volumes |
3 | 3 | 4 | |||||||||||
| Production Volumes |
3 | 4 | 4 | |||||||||||
| Engineered I-joists (lineal feet) |
Third Party Net Sales and Revenue |
$ | 35 | $ | 33 | $ | 48 | |||||||
| Third Party Sales Realizations |
$ | 1,259.46 | $ | 1,266.51 | $ | 1,083.79 | ||||||||
| Third Party Sales Volumes |
29 | 26 | 44 | |||||||||||
| Production Volumes |
26 | 30 | 41 | |||||||||||
| Oriented Strand Board (square feet 3/8’) |
Third Party Net Sales and Revenue |
$ | 72 | $ | 85 | $ | 66 | |||||||
| Third Party Sales Realizations |
$ | 177.84 | $ | 192.16 | $ | 197.46 | ||||||||
| Third Party Sales Volumes |
408 | 445 | 334 | |||||||||||
| Production Volumes |
429 | 494 | 378 | |||||||||||
| Softwood Plywood (square feet 3/8’) | Third Party Net Sales and Revenue |
$ | 15 | $ | 17 | $ | 16 | |||||||
| Third Party Sales Realizations |
$ | 250.61 | $ | 263.83 | $ | 263.54 | ||||||||
| Third Party Sales Volumes |
57 | 63 | 60 | |||||||||||
| Production Volumes |
43 | 53 | 48 | |||||||||||
| Hardwood Lumber (square feet 3/8’) | Third Party Net Sales and Revenue |
$ | 51 | $ | 58 | $ | 54 | |||||||
| Third Party Sales Realizations |
$ | 833.75 | $ | 845.42 | $ | 814.00 | ||||||||
| Third Party Sales Volumes |
61 | 69 | 67 | |||||||||||
| Production Volumes |
51 | 58 | 59 | |||||||||||
Page 6 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Cellulose Fibers Segment |
Segment Statement of Operations
| in millions | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||
| Total net sales and revenues |
$ | 511 | $ | 506 | $ | 410 | ||||||
| Cost of products sold |
356 | 400 | 367 | |||||||||
| Gross margin |
155 | 106 | 43 | |||||||||
| Selling, general and administrative expenses |
21 | 22 | 20 | |||||||||
| Research and development expenses |
2 | 2 | 2 | |||||||||
| Other operating income, net |
(7 | ) | (5 | ) | (2 | ) | ||||||
| Operating income |
139 | 87 | 23 | |||||||||
| Interest income and other |
(1 | ) | (1 | ) | (4 | ) | ||||||
| Net contribution to earnings |
$ | 138 | $ | 86 | $ | 19 | ||||||
Selected Segment Items
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Depreciation, depletion and amortization |
$ | 39 | $ | 36 | $ | 36 | ||||||
| Total decrease (increase) in working capital |
$ | 21 | $ | 21 | $ | (10 | ) | |||||
| Cash spent for capital expenditures |
$ | (46 | ) | $ | (26 | ) | $ | (35 | ) | |||
Segment Statistics
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||||
| Pulp (air-dry metric tons) |
Third Party Net Sales and Revenue (millions) |
$ | 402 | $ | 398 | $ | 321 | |||||||
| Third Party Sales Realizations |
$ | 926.29 | $ | 912.12 | $ | 761.78 | ||||||||
| Third Party Sales Volumes (thousands) |
434 | 436 | 422 | |||||||||||
| Production Volumes (thousands) |
453 | 437 | 437 | |||||||||||
| Liquid Packaging Board (tons) |
Third Party Net Sales and Revenue (millions) |
$ | 88 | $ | 85 | $ | 71 | |||||||
| Third Party Sales Realizations |
$ | 1,081.52 | $ | 1,148.29 | $ | 1,051.81 | ||||||||
| Third Party Sales Volumes (thousands) |
81 | 74 | 67 | |||||||||||
| Production Volumes (thousands) |
84 | 67 | 69 | |||||||||||
Page 7 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Real Estate Segment |
Segment Statement of Operations
| in millions | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||
| Total net sales and revenues |
$ | 305 | $ | 160 | $ | 151 | ||||||
| Cost of products sold |
228 | 126 | 121 | |||||||||
| Gross margin |
77 | 34 | 30 | |||||||||
| Selling, general and administrative expenses |
45 | 35 | 34 | |||||||||
| Charges for restructuring, closures and impairments |
17 | 1 | 1 | |||||||||
| Other operating (income) loss, net |
(1 | ) | — | 1 | ||||||||
| Operating income (loss) |
16 | (2 | ) | (6 | ) | |||||||
| Interest income and other |
— | 1 | 39 | |||||||||
| Impairments of investments and other related charges |
(3 | ) | — | — | ||||||||
| Loss attributable to noncontrolling interests |
— | — | (2 | ) | ||||||||
| Net contribution to earnings |
$ | 13 | $ | (1 | ) | $ | 31 | |||||
| Selected Segment Items | ||||||||||||
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Depreciation and amortization |
$ | 4 | $ | 3 | $ | 3 | ||||||
| Cash spent for capital expenditures |
$ | (2 | ) | $ | (1 | ) | $ | (1 | ) | |||
| Segment Special Items Included in Net Contribution to Earnings (Pre-Tax) | ||||||||||||
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Charges for restructuring, closures and impairments |
$ | (20 | ) | $ | — | $ | — | |||||
| Segment Statistics | ||||||||||||
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Net sales and revenues: |
||||||||||||
| Single-family housing |
$ | 266 | $ | 152 | $ | 143 | ||||||
| Land |
25 | 7 | 7 | |||||||||
| Other |
14 | 1 | 1 | |||||||||
| Total net sales and revenue |
$ | 305 | $ | 160 | $ | 151 | ||||||
| Single-family homes sold |
385 | 535 | 620 | |||||||||
| Single-family homes closed |
606 | 363 | 393 | |||||||||
| Single-family homes sold but not closed (backlog) |
439 | 611 | 877 | |||||||||
| Single-family average price of homes closed (in thousands) |
$ | 439 | $ | 419 | $ | 365 | ||||||
| Single-family home gross margin - excluding impairments (1) |
26.1 | % | 21.7 | % | 19.4 | % | ||||||
| (1) | Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs). |
Page 8 of 9
| Weyerhaeuser Company Q1.2011 Analyst Package Preliminary results, subject to audit |
Corporate & Other Segment |
Segment Statement of Operations
| in millions | Q4.2010 | Q1.2011 | Q1.2010 | |||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 69 | $ | 58 | $ | 52 | ||||||
| Intersegment sales |
5 | 3 | 4 | |||||||||
| Total net sales and revenues |
74 | 61 | 56 | |||||||||
| Cost of products sold |
54 | 63 | 42 | |||||||||
| Gross margin |
20 | (2 | ) | 14 | ||||||||
| Selling, general and administrative expenses |
27 | 44 | 21 | |||||||||
| Research and development expenses |
— | — | 1 | |||||||||
| Charges for restructuring, closures and impairments |
6 | 1 | (1 | ) | ||||||||
| Other operating (income) loss, net |
(45 | ) | 2 | (13 | ) | |||||||
| Operating income (loss) |
32 | (49 | ) | 6 | ||||||||
| Interest income and other |
9 | 8 | 6 | |||||||||
| Net contribution to earnings |
$ | 41 | $ | (41 | ) | $ | 12 | |||||
| Selected Segment Items | ||||||||||||
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Depreciation, depletion and amortization |
$ | 11 | $ | 13 | $ | 12 | ||||||
| Total decrease (increase) in working capital |
$ | 41 | $ | (82 | ) | $ | 328 | |||||
| Cash spent for capital expenditures |
$ | — | $ | — | $ | (1 | ) | |||||
| Share-based compensation expense |
$ | 8 | $ | 16 | $ | 3 | ||||||
| Foreign exchange gains |
$ | 4 | $ | 6 | $ | 9 | ||||||
| Pension and postretirement credits (costs) retained by Corporate segment |
$ | 19 | $ | (12 | ) | $ | 16 | |||||
| Segment Special Items Included in Net Contribution to Earnings (Pre-Tax) | ||||||||||||
| Q4.2010 | Q1.2011 | Q1.2010 | ||||||||||
| Charges for restructuring, closures and impairments |
$ | (7 | ) | $ | — | $ | — | |||||
| Gain on sale of railroads |
46 | — | — | |||||||||
| Total |
$ | 39 | $ | — | $ | — | ||||||
Corporate and Other includes results of our transportation operations, certain gains or charges that are not related to an individual operating segment and the portion of items such as share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses and other general and administrative expenses that are not allocated to the business segments. We sold our five short line railroads at the end of 2010 and transportation currently only consists of Westwood Shipping Lines.
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