Weyerhaeuser公司（纽约证券交易所）（纽约证券交易所）今天报告了第一季度亏损5400万美元，或每股24美分，其中包括1100万美元的税后，或每股5美分，用于所需变更的累积效应与资产退休义务有关的会计原则;5200万美元，或每股23美分，对于涉及太平洋西北艾尔日志的诉讼;1900万美元，或每股8美分，与一体化和重组活动有关;为关闭设施，为1500万美元或每股7美分。

去年，Weyerhaeuser报道了第一季度净收入为3000万美元，或每股14美分，其中包括与收购威拉米特行业的桥梁融资相关的2300万美元的余额，税后17美元百万用于关闭设施，税后持续税收优惠为1200万美元，以便逆转以前累计的反复职责。

在2003年第一季度，除了房地产和Timberlands以外，公司的所有业务都经历了艰难的市场环境。惠好还因向美国进口加拿大软木材而承担了约2400万美元的反补贴和反倾销关税及相关成本，而上一季度则为2600万美元。在2003年第一季度，惠好从收购威拉米特的协同效应中获益，并持续改善了生产性能。

在第一季度末，惠好估计其税前协同效益的年化运行率为2.61亿美元。该公司有信心比预期更快地实现3亿美元的税前年度协同效应。

董事长、总裁兼首席执行官Steven R. Rogel对第一季度业绩的评论:

“这是一个极其困难的季度，我们的业绩反映了我们面临的具有挑战性的商业环境。但也有四分之一的时间证明了我们在创造一个更高效的惠好用户方面所取得的进展。尽管能源成本上升、建筑材料价格疲软和经济状况低迷抵消了我们所取得的进步，但我们对我们不断提高的制造效率和朝着协同目标的持续进展感到非常高兴。在未来几个季度，我们预计已经采取的措施将带来更多好处。我们的重点仍然是减少我们的债务、严格的资本支出和坚持我们已经采取的改善措施。我们将继续做任何必要的事情，以进一步提高我们公司的能力，无论市场情况。这可能需要我们就一些设施的持续运行做出额外的艰难决定。”总结第一季度金融突显出数百万(每股数据除外)1 q 2003 1 q 2002改变净收益(损失)(54美元)30美元(84美元)的收益(损失)(0.24美元)每股0.14美元(0.38美元)的净销售额4614美元3991美元623美元部分结果2003年第一季度税前利润(贡献)数百万2002 q 2003 1 q改变林地42美元149美元107美元manbetx apk手机版木制品($150)$9($159)纸浆及纸张$10 $1 $9硬纸板、包装及循环再造$80 $58 $22房地产及相关资产$95 $91 $4 TIMBERLANDS 2003年第一季度2002年第四季收入变动贡献率(百万)$149 $300 ($151)

从销售115,000英亩的华盛顿州林地的销售中排除第四季度的税前收益1.17亿美元，第一季度收益略低于第四季度。

预计第二季度的运营收益将与第一季度持平。预计稍低的价格将抵消出口和国内市场产量的增加。在本季度，惠好还预计将从向汉考克木材资源(Hancock Timber Resources)出售华盛顿西部林地获得1.43亿美元的税前收益。拍卖所得将用于偿还收购威拉米特的相关债务。

manbetx apk手机版木材产品2003年第一季度2002年第四季收入变动供款(收费)(百万)($150)($75)($75)

第一季业绩包括一项7,900万美元的税前费用，以弥补4月18日美国俄勒冈州地区法院陪审团裁定的损害赔偿。除去上述费用，运营亏损与第四季度的亏损相当，原因是东部地区价格低迷和恶劣天气，但运营效率的提高抵消了这些损失。

作为公司专注于提高运营效率的一部分，惠好宣布关闭阿拉巴马州米尔波特的工厂。胶合板厂。该公司表示，将继续审查其木材产品组合，并在必要时做出调整，以提高其效率。manbetx apk手机版此外，由于南方原材料短缺，该公司有5家工厂停产。

由于木材、工程木材和面板需求的季节性增长，木材产品第二manbetx apk手机版季度的业绩预计将好于第一季度。惠好将继续受到反补贴和反倾销税的不利影响，以及该公司进口到美国的加拿大软木的相关成本。

纸浆及纸业2003年第一季度2002年第四季收入变动供款(百万)$10 $86 ($76)

柔软的精细纸张价格和能源增加，运输和纤维成本抵消了纸浆价格上涨。因此，收入低于前一季度。此外，2002年第四季度业绩受益于与普利茅斯的锅炉中断相关的商业中断保险税收税收税4000万美元。

由于较高的纸浆价格和降低的能源成本，第二季度收益预计将高于第一季度。该公司将估计40,000吨精细纸张停机时间来抵消增加的生产效率并进行正常维护。

集装箱板、包装及循环再造2003年第一季度2002年第四季收入变动贡献(百万)$80 $114 ($34)

由于提高了制造业效率和平息需求，该公司在Contexboard中占用了14.1万吨的停机时间，以平衡订单和40,000吨的生产，以进行正常维护。此外，较高的能源成本对季度产生了不利影响。与第四季度相比，这导致第一季度盈利较弱。

由于谦虚地改善市场条件和包装需求需求的季节性增加，第二季度收益预计将高于第一季度。旧波纹容器（OCC）的成本增加将部分抵消季节性改进的效果。该公司预计本季度约有68,000吨的停机时间。

房地产和相关资产1Q 2003年4Q 2002年4Q改变贡献对收入（百万美元）$ 95 $ 81 $ 14

第一季度的业绩比去年第四季度有所增长，因为出售了一套公寓和2栋办公楼。已售出但未售出的积压房屋数量略有增加，达到近6个月。

预计第二季度收益预计将较低，由于计划第二季度的单身家庭住房转移到今年下半年的第二季度。

其他

该公司将于美国东部时间4月25日上午7点(美国东部时间上午10点)举行实时电话会议，讨论第一季度业绩。

要访问电话会议，请在北美境内呼叫的侦听器应在电话会议开始前至少15分钟拨打1-888-789-0089。希望从北美外部访问电话的人应该拨打1-416-695-5259。打电话的重播将在完成直播后48小时可用，并且可以在北美内的1-866-518-1010和北美外部1-416-252-1143访问。

电话也可以通过Weyerhaeuser的网站www.noirla.com访问呼叫，通过点击“收听我们的会议”链接。

惠好公司(NYSE: WY)成立于1900年，是世界上最大的综合林产品公司之一。2002年，销售额为291亿加元(185亿美元)。它在18个国家设有办事处或业务，客户遍布全球。惠好主要从事木材的种植和收获;林产品的生产、经销和销售;及房地产建设、开发等相关活动。惠好公司是一家全资子公司，其可交换股份在多伦多证券交易所上市，代码为WYL。有关惠好业务、产品和实践的更多信息，请访问//www.noirla.com/。

本新闻稿包含有关公司未来业绩和业绩的声明，这些声明是1995年《私人证券诉讼改革法案》意义上的前瞻性声明。可以识别这些前瞻性陈述使用前瞻性的术语如“期望”,“可能”“将”,“相信”“应该”“大约”,预计,“”估计,”和“计划”,这些术语的负面或其他变化或类似的术语或讨论的策略,计划或意图。特别是，其中一些前瞻性陈述涉及收购Willamette的预期协同效应、生产性能的预期改善、停机时间;公司业务部门第二季度的预期收益和业绩，预期的债务削减，预期的资本支出和预期的林地销售。这些声明的准确性受到若干风险、不确定性和假设的影响，这些风险、不确定性和假设可能导致实际结果与预测存在重大差异，包括但不限于一般经济状况的影响，包括利率水平和房屋开工率;市场对该公司产品的需求，这可能与美国各业务部门的相对实力有关;能源价格;公司生产经营业绩;内部绩效计划的成功执行;来自国内外生产商的竞争水平; the effect of forestry, land use, environmental and other governmental regulations; fires, floods and other natural disasters; the company's ability to successfully integrate and manage acquired businesses and to realize anticipated cost savings and synergies from this acquisition; the ability of acquired businesses to perform in accordance with the company's expectations; legal proceedings; performance of pension fund assets; and uncertainties related to closure of timberland sales. The company is also a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, and by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar; and restrictions on international trade or tariffs imposed on imports, including the countervailing and dumping duties imposed on the company's softwood lumber shipments from Canada to the United States. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

媒体 -  Bruce Amundson 253-924-3047 Analysts  -  Kathryn McAuley 253-924-2058 Weyerhaeuser公司统计信息（未经审计）综合收益（1）Q1 Q1季度季度季度季度3月6月9月9月9月9月（数百万）30，31,31，30,28,28,28,2003 2002 2003 2003 2003 2002年净销售和收入：Weyerhaeuser（2）$ 4,169 $ 3,595 $ 4,501 $ 4,422房地产和相关资产445 396 421 468总销售额和收入4,614 3,991 4,922 4,890费用和费用：Weyerhaeuser：Weyerhaeuser：产品的成本已售出3,322 2,831 3,519 3,576折旧，摊销和费用Stumpage 321 264 311 304销售费用107 103 116 116一般和行政费用231 186 231 2011 131 2011年第12款12 12 13 11税收除了工资单和所得税，47 38 5348其他运营成本（收入），净（3）（4）37 4（27）纳入设施融合29 2 23封闭设施收费22 27 27 27  -  4,128 3,467 4,267 4,292房地产和相关资产：成本和经营展示ES 330 291 317 359折旧和摊销3 2 1 1销售费用24 21 21 23 23 23总额和行政费用14 10 11 14税收除了工资单和所得税之外的税收1 1 1 1其他运营成本，净（7）（8）2 6365 317 356 404总费用和费用4,493 3,784 4,623 4,696营业收入121 207 299 194年利息费用和其他：韦伊赫勒斯：威尔霍夫•息租（5）（208）（178）（222）（214）资本资本5 4 16 16收入（5）（4）（4）（2）（6）利息收入和其他6 5 6 9房地产及相关资产：利息费用（14）​​（13）（13）（12）（13）（12）少利息大资本化14 13 13 12未掩盖实体收入的权益5 6 6 6 10利息收入和其他11 6 8 11 11次收益在所得税和会计原则变化的累计效应（65）46 111 20所得税22（16）（39）（7）累计累计会计原则变更的累计效应（43）30 72 13 ACCO的变化的累积效应举行原则，净税率为6（6）（11） -   -   - 净收入（亏损）$（54）$（54）$ 30 $ 72 $ 72 $ 72 $ 72 $ 13每股基本和摊薄净收入（亏损）：累计累计累计累计累计效应 a change in accounting principle ($0.19) $0.14 $0.32 $0.06 Cumulative effect of a change in accounting principle (0.05) -- -- -- Net earnings (loss) ($0.24) $0.14 $0.32 $0.06 Dividends paid $0.40 $0.40 $0.40 $0.40 CONSOLIDATED EARNINGS (1) Q4 Year ended (in millions) Dec. 28, Dec. 29, Dec. 28, Dec. 29, 2003 2002 2003 2002 Net sales and revenues: Weyerhaeuser (2) $4,253 $16,771 Real estate and related assets 465 1,750 Total net sales and revenues 4,718 18,521 Costs and expenses: Weyerhaeuser: Costs of products sold 3,285 13,211 Depreciation, amortization and fee stumpage 335 1,214 Selling expenses 115 450 General and administrative expenses 229 847 Research and development expenses 16 52 Taxes other than payroll and income taxes 39 178 Other operating costs (income), net (3) (4) (135) (139) Charges for integration of facilities 30 72 Charges for closure of facilities 40 95 3,954 15,980 Real estate and related assets: Costs and operating expenses 359 1,326 Depreciation and amortization 7 11 Selling expenses 22 90 General and administrative expenses 13 48 Taxes other than payroll and income taxes 1 4 Other operating costs, net (1) (1) 401 1,478 Total costs and expenses 4,355 17,458 Operating income 363 1,063 Interest expense and other: Weyerhaeuser: Interest expense incurred (5) (207) (821) Less interest capitalized 14 50 Equity in income (loss) of affiliates (1) (13) Interest income and other 8 28 Real estate and related assets: Interest expense incurred (15) (53) Less interest capitalized 15 53 Equity in income of unconsolidated entities 9 31 Interest income and other 8 33 Earnings before income taxes and cumulative effect of a change in accounting principle 194 371 Income taxes (68) (130) Earnings before cumulative effect of a change in accounting principle 126 241 Cumulative effect of a change in accounting principle, net of applicable taxes of $6 (6) -- -- Net earnings (loss) $126 $241 Basic and diluted net earnings (loss) per share: Net earnings before cumulative effect of a change in accounting principle $0.57 $1.09 Cumulative effect of a change in accounting principle -- -- Net earnings (loss) $0.57 $1.09 Dividends paid $0.40 $1.60 (1) Certain reclassifications have been made to conform prior period data with the current presentation. (2) The first quarter of 2003 includes $24 million of charges for countervailing and anti-dumping duties and related costs. 2002 first quarter includes $13 million of charges for countervailing and anti-dumping duties and related costs and a credit of $18 million for the reversal of countervailing and anti-dumping duties accrued in 2001. The 2002 second quarter includes $7 million of charges for countervailing and anti-dumping duties and related costs, a credit of $29 million for the reversal of charges accrued in 2001 and a credit of $13 million for charges accrued in the first quarter of 2002. The 2002 third quarter includes charges of $31 million and the 2002 fourth quarter includes charges of $26 million for countervailing and anti-dumping duties and related costs. The 2002 impact of countervailing and anti-dumping duties and related costs is a net charge of $17 million, including current year charges of $64 million, net of $47 million of credits related to the reversal of charges accrued in 2001. (3) The first quarter of 2003 includes $35 million of net foreign exchange gains. 2002 includes $33 million in net foreign exchange gains. Gains of $8 million and $27 million are included in the first and second quarters, respectively. A loss of $16 million is included in the third quarter and a gain of $14 million is included in the fourth quarter. (4) The first quarter of 2003 includes a $79 million charge for a lawsuit involving the market for Pacific Northwest alder logs. 2002 fourth quarter includes a $117 million gain on the sale of timberlands in Washington state. (5) 2002 first quarter includes a $35 million charge to write off debt issue costs in connection with the refinancing of debt in connection with the acquisition of Willamette Industries. (6) Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations, was adopted as of the beginning of 2003. Results for 2002 were not impacted by the change in accounting principle. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) Net sales and revenues (in millions): Q1 Q2 Q3 March March June June Sept. Sept. 30, 31, 29, 30, 28, 29, 2003 2002 2003 2002 2003 2002 Timberlands: Raw materials (logs, timber and chips) $203 $142 $184 $193 Other products 21 19 21 18 224 161 205 211 Wood products: Softwood lumber 752 692 901 845 Plywood and veneer 174 158 203 195 Oriented strand board, composite and other panels 257 240 320 217 Hardwood lumber 80 76 81 72 Engineered lumber products 254 253 315 324 Raw materials (logs, timber and chips) 81 106 129 120 Other products 174 176 198 184 1,772 1,701 2,147 1,957 Pulp and Paper: Pulp 309 280 297 300 Paper 596 416 563 590 Coated groundwood 36 30 30 32 Bleached paperboard 47 40 51 37 Other products 10 6 10 8 998 772 951 967 Containerboard, Packaging and Recycling: Containerboard 77 73 90 101 Packaging 879 758 935 909 Recycling 60 48 51 67 Bags 20 10 20 22 Other products 33 10 34 28 1,069 899 1,130 1,127 Real estate and related assets 445 396 421 468 Corporate and other 106 62 68 160 $4,614 $3,991 $4,922 $4,890 Earnings before interest expense, income taxes, and a cumulative effect of a change in accounting principle (1) Q1 Q2 Q3 (in millions) March March June June Sept. Sept. 30, 31, 29, 30, 28, 29, 2003 2002 2003 2002 2003 2002 Timberlands (2) $149 $107 $162 $133 Wood products (3) (4) (150) 9 64 (18) Pulp and Paper (5) (6) 10 1 (15) 10 Containerboard Packaging and Recycling (7) 80 58 75 88 Real estate and related assets (8) 95 91 79 85 Corporate and other (9) (10) (46) (46) (48) (80) $138 $220 $317 $218 Net sales and revenues (in millions): Q4 Year ended Dec. 28, Dec. 29, Dec. 28, Dec. 29, 2003 2002 2003 2002 Timberlands: Raw materials (logs, timber and chips) $254 $773 Other products 39 97 293 870 Wood products: Softwood lumber 748 3,186 Plywood and veneer 178 734 Oriented strand board, composite and other panels 251 1,028 Hardwood lumber 77 306 Engineered lumber products 256 1,148 Raw materials (logs, timber and chips) 117 472 Other products 160 718 1,787 7,592 Pulp and Paper: Pulp 319 1,196 Paper 594 2,163 Coated groundwood 34 126 Bleached paperboard 51 179 Other products 10 34 1,008 3,698 Containerboard, Packaging and Recycling: Containerboard 86 350 Packaging 864 3,466 Recycling 63 229 Bags 23 75 Other products 20 92 1,056 4,212 Real estate and related assets 465 1,750 Corporate and other 109 399 $4,718 $18,521 Earnings before interest expense, income taxes, and a cumulative effect of a change in accounting principle (1) Q4 Year ended (in millions) Dec. 28, Dec. 29, Dec. 28, Dec. 29, 2003 2002 2003 2002 Timberlands (2) $300 $702 Wood products (3) (4) (75) (20) Pulp and Paper (5) (6) 86 82 Containerboard Packaging and Recycling (7) 114 335 Real estate and related assets (8) 81 336 Corporate and other (9) (10) (119) (293) $387 $1,142 (1) Certain reclassifications have been made to conform prior period data with the current presentation. (2) 2002 fourth quarter includes a $117 million gain on the sale of timberlands in Washington state. (3) The first quarter of 2003 includes $24 million of charges for countervailing and anti-dumping duties and related costs. 2002 first quarter includes $13 million of charges for countervailing and anti-dumping duties and related costs and a credit of $18 million for the reversal of countervailing and anti-dumping duties accrued in 2001. The 2002 second quarter includes $7 million of charges for countervailing and anti-dumping duties and related costs, a credit of $29 million for the reversal of charges accrued in 2001 and a credit of $13 million for charges accrued in the first quarter of 2002. The 2002 third quarter includes charges of $31 million and the 2002 fourth quarter includes charges of $26 million for countervailing and anti-dumping duties and related costs. The 2002 impact of countervailing and anti-dumping duties and related costs is a net charge of $17 million, including current year charges of $64 million, net of $47 million of credits related to the reversal of charges accrued in 2001. (4) The first quarter of 2003 includes a $79 million charge for a lawsuit involving the market for Pacific Northwest alder logs and $22 million in charges for closure costs. 2002 includes closure costs of $51 million ($17 million in the first quarter and $34 million in the fourth quarter). (5) 2002 includes $12 million in net business disruption costs associated with the recovery boiler explosion at the Plymouth, N.C., paper facility. Costs of $22 million and $30 million are included in the second and third quarters, respectively. Net recoveries of $40 million are included in the fourth quarter. (6) 2002 fourth quarter results include an $8 million benefit resulting from adjustments to closure reserves established in 2001. (7) 2002 includes closure costs of $52 million ($10 million in the first quarter, $28 million in the second quarter and $14 million in the fourth quarter). (8) 2003 includes $8 million for the sale of two office buildings and $10 for the sale of an apartment complex. 2002 includes $21 million in gains from sales of apartment complexes, including $7 million in the second quarter and $14 million in the third quarter. (9) 2002 results include a $35 million charge in the fourth quarter for the termination of the former MacMillan Bloedel pension plan for U.S. employees. (10) 2003 results include $36 million of net foreign exchange gains. 2002 results include net foreign exchange gains (losses) of $20 million in the second quarter, ($17 million) in the third quarter and $1 million in the fourth quarter, for a 2002 net gain of $4 million. These gains and losses result primarily from fluctuations in Canadian exchange rates. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) Third party sales volumes: Q1 Q2 Q3 March March June June Sept. Sept. 30, 31, 29, 30, 28, 29, 2003 2002 2003 2002 2003 2002 Timberlands (millions): Raw materials - cubic feet 96 67 102 91 Wood products (millions): Softwood lumber - board feet 2,147 1,812 2,295 2,362 Plywood and veneer - square feet (3/8") 726 624 815 792 Composite panels - square feet (3/4") 278 308 445 95 Oriented strand board - square feet (3/8") 1,025 945 1,095 1,117 Hardwood lumber - board feet 106 108 113 104 Raw materials - cubic feet 128 143 164 161 Pulp and paper (thousands): Pulp - air-dry metric tons 623 563 618 561 Paper - tons 737 546 717 749 Coated groundwood - tons 61 48 49 55 Bleached paperboard - tons 60 53 61 47 Paper converting - tons 502 375 488 499 Containerboard, packaging and recycling (thousands) Containerboard - tons 221 209 260 283 Packaging - MSF 17,752 15,430 19,614 19,007 Recycling - tons 593 604 552 539 Bags - tons 25 13 26 26 Total production volumes: Q1 Q2 Q3 March March June June Sept. Sept. 30, 31, 29, 30, 28, 29, 2003 2002 2003 2002 2003 2002 Timberlands (millions): Logs - cubic feet 182 153 191 164 Wood products (millions): Softwood lumber - board feet 1,842 1,530 1,702 1,728 Plywood and veneer - square feet (3/8") 672 471 649 638 Composite panels - square feet (3/4") 231 218 183 235 Oriented strand board - square feet (3/8") 1,011 957 944 1,115 Hardwood lumber - board feet 108 96 99 107 Logs - cubic feet 260 185 187 204 Pulp and paper (thousands): Pulp - air-dry metric tons 654 607 492 630 Paper - tons 757 510 667 704 Coated groundwood - tons 62 48 60 43 Paperboard - tons 56 63 67 31 Paper converting - tons 516 353 496 502 Containerboard, packaging and recycling (thousands) Containerboard - tons 1,429 1,250 1,600 1,621 Packaging - MSF 18,977 16,174 20,521 19,596 Recycling - tons 1,528 1,387 1,588 1,551 Bags - tons 25 13 25 27 Third party sales volumes: Q4 Year ended Dec. 28, Dec. 29, Dec. 28, Dec. 29, 2003 2002 2003 2002 Timberlands (millions): Raw materials - cubic feet 110 370 Wood products (millions): Softwood lumber - board feet 2,154 8,623 Plywood and veneer - square feet (3/8") 672 2,903 Composite panels - square feet (3/4") 299 1,147 Oriented strand board - square feet (3/8") 1,048 4,205 Hardwood lumber - board feet 102 427 Raw materials - cubic feet 127 595 Pulp and paper (thousands): Pulp - air-dry metric tons 636 2,378 Paper - tons 730 2,742 Coated groundwood - tons 58 210 Bleached paperboard - tons 68 229 Paper converting - tons 497 1,859 Containerboard, packaging and recycling (thousands) Containerboard - tons 231 983 Packaging - MSF 17,643 71,694 Recycling - tons 597 2,292 Bags - tons 28 93 Total production volumes: Q4 Year ended Dec. 28, Dec. 29, Dec. 28, Dec. 29, 2003 2002 2003 2002 Timberlands (millions): Logs - cubic feet 155 663 Wood products (millions): Softwood lumber - board feet 1,871 6,831 Plywood and veneer - square feet (3/8") 520 2,278 Composite panels - square feet (3/4") 228 864 Oriented strand board - square feet (3/8") 1,033 4,049 Hardwood lumber - board feet 104 406 Logs - cubic feet 218 794 Pulp and paper (thousands): Pulp - air-dry metric tons 552 2,281 Paper - tons 730 2,611 Coated groundwood - tons 59 210 Paperboard - tons 66 227 Paper converting - tons 493 1,844 Containerboard, packaging and recycling (thousands) Containerboard - tons 1,533 6,004 Packaging - MSF 18,809 75,100 Recycling - tons 1,566 6,092 Bags - tons 28 93 WEYERHAEUSER COMPANY STATISTICAL INFORMATION CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) (in millions) March June Sept. Dec. Dec. 30, 29, 28, 28, 29, Assets 2003 2003 2003 2003 2002 Weyerhaeuser Current assets: Cash and short-term investments $59 $115 Receivables, less allowances 1,573 1,413 Inventories 2,167 1,941 Prepaid expenses 455 419 Total current assets 4,254 3,888 Property and equipment 12,228 12,278 Construction in progress 709 687 Timber and timberlands at cost, less fee stumpage charged to disposals 4,450 4,402 Investments in and advances to equity affiliates 538 578 Goodwill 3,191 3,131 Deferred pension and other assets 1,337 1,285 26,707 26,249 Real estate and related assets 1,989 1,970 Total assets $28,696 $28,219 Liabilities and Shareholders' Interest Weyerhaeuser Current liabilities: Notes payable and commercial paper $321 $2 Current maturities of long- term debt 595 786 Accounts payable 975 983 Accrued liabilities 1,162 1,223 Total current liabilities 3,053 2,994 Long-term debt 12,129 11,907 Deferred income taxes, pension, other postretirement benefits and other liabilities 5,541 5,346 20,723 20,247 Real estate and related assets Notes payable and commercial paper 115 63 Long-term debt 764 814 Other liabilities 466 472 1,345 1,349 Total liabilities 22,068 21,596 Shareholders' interest 6,628 6,623 Total liabilities and shareholders' interest $28,696 $28,219 STATEMENT OF CASH FLOWS Q1 Q2 Q3 March March June June Sept. Sept. SELECTED INFORMATION (unaudited) 30, 31, 29, 30, 28, 29, (in millions) 2003 2002 2003 2002 2003 2002 (Weyerhaeuser only, excludes real estate & related assets) Net cash from operations (126) (90) 379 268 Cash paid for property and equipment (128) (158) (288) (237) Cash paid for timberlands reforestation (14) (12) (8) (6) Cash received from issuances of debt 1 13,001 100 26 Revolving credit facilities, notes and commercial paper borrowings, net 599 30 (150) 122 Payments on debt (251) (6,593) (97) (159) STATEMENT OF CASH FLOWS Q4 Year ended SELECTED INFORMATION (unaudited) Dec. 28, Dec. 29, Dec. 28, Dec. 29, (in millions) 2003 2002 2003 2002 (Weyerhaeuser only, excludes real estate & related assets) Net cash from operations 701 1,258 Cash paid for property and equipment (241) (924) Cash paid for timberlands reforestation (10) (36) Cash received from issuances of debt 1,015 14,142 Revolving credit facilities, notes and commercial paper borrowings, net (230) (228) Payments on debt (1,375) (8,224)

资料来源:惠好公司

联系方式:媒体布鲁斯·阿蒙森，电话+1-253-924-3047，分析师凯瑟琳
McAuley，+ 1-253-924-2058，Weyerhaeuser公司

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