惠好公司(纽约证券交易所代码:WY)今天公布了2004年净收益13亿美元，摊薄每股5.43美元，净销售额227亿美元。相比之下，2003年全年净销售额为199亿美元，为2.77亿美元，或摊薄每股1.25美元。

(标志:http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-ahttp://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b）

2004年第四季度的净销售额为59亿美元，每股收益为1.99亿美元，即稀释后每股收益为82美分。去年，Weyerhaeuser公布第四季度净利润为9200万美元，即每股摊薄后每股41美分，净销售额为51亿美元。

2004年第四季度的收益包括以下税后项目:——提前清偿债务的支出为3400万美元，或摊薄每股14美分。——出售设施的收益为2400万美元，或摊薄每股10美分。——为公司欧洲制造业务的资产减值支出1,900万美元，或摊薄每股8美分。——1600万美元的费用，即摊薄每股7美分，与估算工人赔偿责任的方法改变有关。——向一所大学捐赠的技术净资产收取1500万美元，即摊薄每股6美分。2003年第四季度的收益包括以下税后项目:——关闭工厂的费用为2900万美元，或摊薄每股14美分。- 1,700万美元(摊薄后每股8美分)用于整合和重组活动。——与诉讼和解相关的500万美元费用，即摊薄每股2美分。——出售田纳西州和卡罗莱纳州林地获得4000万美元收益，稀释后每股收益18美分。2004年第四季度其他重要的财务事项包括:——该公司，包括房地产和相关资产，减少了约7.3亿美元的未偿债务。 For the year, the company reduced outstanding debt by approximately $1.9 billion and ended the year with approximately $1.2 billion in cash and short-term investments and approximately $10.6 billion in outstanding debt. -- Capital spending, excluding Real Estate and Related Assets, for 2004 was approximately $504 million.

该公司董事长、总裁兼首席执行官Steven R. Rogel表示:“我们今年的强劲表现表明，我们对客户、效率和财务管理的关注，创造了一个有竞争力的惠好用户，能够提供强大的股东回报。”“然而，在第四季度，我们的一些业务经历了高于预期的成本，这损害了我们的业绩。其中一些成本是由于今年早些时候市场需求强劲，我们推迟到第四季度才进行维修。由于天气相关的问题，以及为了平衡订单与客户需求而采取的停机时间，我们还产生了额外的成本。在我们展望第一季度的时候，我们担心异常恶劣的天气可能会对我们的业绩产生影响。”

总结第四季度金融突显出数百万(每股数据除外)4 2004 q q 2003改变净收益199美元92美元107美元盈利摊薄后每股0.82美元0.41美元0.41美元净销售额5886美元5145美元741美元的总结年度财务突显出数百万(每股数据除外)2004 2003改变净收益1283美元277美元1006美元每股稀释每股$5.43 $1.25 $4.18净销售额$22,665 $19,873 $2,792 SEGMENT RESULTS FOR FOURTH QUARTER (Contributions to税前收入)Millions of Millions 2004第四季度2003第四季度改变林地$217 $185 $32木制品$72 $111($39)纸浆和纸张$35($67)manbetx apk手机版$102硬纸板，包装及循环再造$81 $32 $49不动产及相关资产$217 $109 $108林地2004第四季度2004第三季度税前收入变动贡献$217 $450 ($233)

除第三季度乔治亚州27万英亩林地税前利润2.71亿美元外，第四季度利润较第三季度增长3800万美元，主要是因为其他非战略性林地的销售比预期提前结束。

惠好预计第一季度的市场状况将与第四季度相似。

manbetx apk手机版木材产品2004年第四季度2004年第三季度税前收入变动贡献率(百万)$72 $362 ($290)

第四季度盈利7200万美元，其中包括出售不列颠哥伦比亚省温哥华市一家工厂的3000万美元税前收益，以及出售卡罗莱纳州三家工厂的600万美元税前收益。第三季度收益包括与不列颠哥伦比亚省政府签订的租赁权再分配协议带来的2000万美元税前收益，以及硬纸板侧板索赔准备金减少2000万美元。

正如预期的那样，第四季度的价格明显低于第三季度，特别是软木材和结构板。此外，由于天气导致的运输中断和短缺，南部和加拿大的原木交付成本更高，也影响了该部分。树脂和能源成本上升，以及加元走强也对该板块产生了负面影响。由于季节性市场状况，主要产品的数量下降了大约6%。该公司还经历了几个设施的长期维护，包括其最大的定向刨花板设施。

该公司在第四季度向美国销售的加拿大软木材招致了2700万美元的反补贴和反倾销关税及相关成本，而第三季度为3100万美元。去年，该公司支付了1.18亿美元的反补贴和反倾销税及相关成本，而2003年为9700万美元。

惠好预计，由于房价改善和房屋开工强劲，第一季度收益将较去年第四季度有所增长。

纸浆及纸业2004年第四季2004年第三季税前收入变动贡献率(百万)$35 $80 ($45)

本季度盈利下降，原因是与计划中的维修停机时间相关的成本上升，加元走强，以及高于预期的能源成本。本季度初曾下滑的纸浆价格开始回升。绒毛纸浆价格略有上涨。与第三季度相比，优质纸制品的定价有所改善。

惠好预计第一季度收益将高于去年第四季度。本季度晚些时候开始回升的纸浆价格应该会继续上涨。预计优质纸价格将保持稳定。

2004年第四季度2004年第三季度变动对税前收入的贡献(百万)$81 $82 ($1)

第四季度收益与第三季度相比相对持平。第四季度纸箱和纸箱价格的上涨抵消了纸箱出货量的下降以及能源和维护成本的上升。在第四季度，惠好采取了24000吨市场停机。

该公司预计第一季度收益将与第四季度持平。

房地产及相关资产2004年第4季度2004年第3季度变化税前收益贡献(百万)217美元155美元62美元

第四季度财报受益于单户住宅成交量上升、销售价格和利润率上升。此外，土地和地块销售带来的2400万美元税前净收益也为该公司带来了收益。与上一季度相比，本季度独栋住宅的销售量季节性下降。

截至第四季度末，已售出但未售出的积压房屋已近六个月。惠好预计，由于该公司经营的市场中单户住宅的关闭数量减少，第一季度的收益将比第四季度有所下降。

另外

公司将于上午7点举行现场电话会议。太平洋(上午10点。东方航空(Eastern)将于1月21日讨论第四季度业绩。

要进入会议电话，来自北美的听众应该在会议开始前至少15分钟拨打1-888-221-5699。如果您想从北美以外的地区拨打电话，请拨打1-706-643-3795。通话结束后一周内通话回放可用，在北美地区可拨打1-800-642-1687(接入码- 3158466)，在北美以外地区可拨打1-706-645-9291(接入码- 3158466)。

本次电话会议正在进行网络直播，您可以通过惠好公司的网站www.noirla.com点击“倾听我们的电话会议”链接访问该电话会议。

此次网络直播还将通过汤姆森StreetEvents网络(Thomson StreetEvents Network)向机构和个人投资者分发。万博电竞个人投资者可以在汤姆森万博电竞/CCBN的个人投资者门户网站www.fulldisclosure.com上收听电话会议，该网站由StreetEvents提供支持。机构投资者可以通过汤姆逊有密万博电竞码保护的活动管理网站StreetEvents (www.streetevents.com)访问电话会议。

惠好公司成立于1900年，是世界上最大的综合性林产品公司之一。2004年，销售额为227亿美元。它在19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。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公司对2005年第一季度市场的预期;2005年第一季度公司业务部门的预期收益和业绩，2005年第一季度公司产品的需求和定价，2005年第一季度非战略性林地销售，2005年第一季度单户住宅关闭的季节性下降，加拿大汇率的影响，以及其他问题。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;天气条件;原材料的供应和定价，公司生产经营的业绩; the successful execution of internal performance plans; the level of competition from domestic and foreign producers; the effect of forestry, land use, environmental and other governmental regulations; fires, floods and other natural disasters; disruption of transportation and legal proceedings. 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.

欲了解更多信息，请联系：Media-Bruce Amundson 253-924-3047分析师-Kathryn McAuley 253-924-2058 WEYERHAEUSER公司统计信息（未经审计）合并收益第一季度第二季度3月3日6月6日9月（百万）28、30、27、29、26、28、2004年净销售额和收入：WEYERHAEUSER（1）4568美元4169美元5369美元4498美元5258美元4650美元房地产和相关资产469 445 524 432 591 534总净销售额和收入5037 4614 5893 4930 5849 5184成本和费用：Weyerhaeuser：售出产品成本3539 3322 3922 3611 3894 3598折旧，摊销和费用立木325 321 328 313 326 320销售费用121 107 122 111 125 117一般和管理费用241 231 235 232 229 249研究和开发费用12 12 13 12 13 10工资税和所得税以外的税费48 47 48 50 45整合和重组费用15 29 13 25 8 24关闭设施1 22--12 13 48其他运营成本净额（2）（3）14 37 42（205）（318）16 4316 4128 4723 4159 4340 4427房地产和相关资产：成本和运营费用321 330 381 316 414 406折旧和摊销2 3 4 2 3销售费用27 24 30 25 31 27一般和管理费用17 14 19 19 19 15工资和所得税以外的税费1--1 10其他运营成本净额1（7）1--（19） 2 369 365 435 358 449 453总成本和费用4685 4493 5158 4517 4789 4880营业收入352 121 735 413 1060 304利息费用和其他：Weyerhaeuser:发生的利息费用（4）（195）（208）（218）（205）（184）（200）减去利息资本化的3 5 1 6 0 3附属公司收入（损失）权益--（5）7 3 4（3）利息收入和其他36573房地产及相关资产：发生的利息费用（15）（14）（14）（13）（14）（13）减去未合并实体收入权益中的利息资本化15 14 14 14 13利息收入和其他11 11 9 8 1 6所得税前收入以及会计原则变更的累积影响183（65）559 238 900 124所得税（62）22（190）（81）（306）（42）会计原则变更累计影响前的收益121（43）369 157 594 82会计原则变更累计影响，扣除适用税费6（5）美元--（11）----净收益（亏损）$121$（54）$369$157$594$82每股基本净收益（亏损）：净收益（亏损）会计原则变更的累积影响之前$0.54$（0.19）$1.57$0.71$2.46$0.37会计原则变更的累积影响--（0.05）----净收益（亏损）$0.54$（0.24）$1.57$0.71$2.46$0.37稀释每股净收益（亏损）：净收益（亏损）在会计原则变更的累积影响之前$0.54$（0.19）$1.57$0.71$2.45$0.37会计原则变更的累积影响--（0.05）----净收益（亏损）$0.54$（0.24）$1.57$0.71$2.45$0.37每股支付的股息$0.40$0.40$0.40$0.40$0.40$0.40截止第四季度（百万）2004年12月12日12月26日、28日、26日、28日净销售额和收入：Weyerhaeuser（1）4975美元4527美元20170美元17844美元房地产和相关资产911 618 2495 2029总净销售额和收入5886 5145 22665 19873成本和费用：Weyerhaeuser：售出产品成本3894 3547 15249 14078折旧、摊销和费用立项329 353 1308 1307销售费用120 122 488 457一般和管理费用ses 250 238 955 950研发费用17 17 55 51工资税和所得税以外的税费48 45 194 185整合和重组费用3 25 39 103设施关闭费用0 45 14 127其他运营成本净额（2）（3）4（92）（258）（244）4665 4300 18044 17014房地产和相关资产：成本和运营费用647 464 1763 1516折旧和摊销5 3 14 11销售费用37 31 125 107一般和管理费用26 20 81 63工资和所得税以外的税费——12 3其他运营成本，净额0（4）（17）（9）715 515 1968 1691总成本和费用5380 4815 20012 18705营业收入506 330 2653 1168利息费用和其他：Weyerhaeuser：发生的利息费用（4）（241）（202）（838）（815）减去附属公司收入权益资本化的利息（损失）3（1）14（6）利息收入和其他9 2 24 17房地产和相关资产：发生的利息费用（14）（13）（57）（53）减去资本化利息14 13 57 53未合并实体收入中的权益11（3）52 20利息收入和其他10 8 31 33所得税前收益和会计原则变更的累积影响303 139 1945 436所得税（104）（47）（662）（148）会计原则变更累积影响前的收益199 92 1283 288会计原则变更累积影响，扣除适用税费6（5）-（11）净收益（亏损）$199 $92 $1,283 $277 Basic net earnings (loss) per share: Net earnings (loss) before cumulative effect of a change in accounting principle $0.82 $0.41 $5.45 $1.30 Cumulative effect of a change in accounting principle -- -- -- (0.05) Net earnings (loss) $0.82 $0.41 $5.45 $1.25 Diluted net earnings (loss) per share: Net earnings (loss) before cumulative effect of a change in accounting principle $0.82 $0.41 $5.43 $1.30 Cumulative effect of a change in accounting principle -- -- -- (0.05) Net earnings (loss) $0.82 $0.41 $5.43 $1.25 Dividends paid per share $0.40 $0.40 $1.60 $1.60 (1) The first, second, third and fourth quarters of 2004 include charges of $26 million, $34 million and $31 million and $27 million, respectively, or $118 million year-to-date, for countervailing and anti-dumping duties and related costs. The first, second, third and fourth quarters of 2003 include charges of $24 million, $26 million, $25 million, and $22 million, respectively, or a total of $97 million for the year, for countervailing and anti-dumping duties and related costs. (2) The first, second, third and fourth quarters of 2004 include net foreign exchange gains (losses) of ($9) million, ($7) million, $16 million and $27 million, respectively, for a total year-to-date net gain of $27 million. The 2003 first, second, third and fourth quarters include net foreign exchange gains (losses) of $35 million, $47 million, ($4) million, and $30 million, respectively, for a total net gain of $108 million for the year. These gains and losses result primarily from fluctuations in Canadian and New Zealand exchange rates. (3) The first quarter of 2004 includes a $49 million charge for the settlement of lawsuits involving the market for Pacific Northwest alder logs and a $33 million gain on the sale of an oriented strand board mill in Slave Lake, Alberta. The second quarter includes a $16 million charge resulting from an adverse judgment in a lawsuit involving the market for Pacific Northwest alder logs. The third quarter includes a $271 million gain on the sale of timberlands in Georgia, a $25 million gain from a tenure reallocation agreement with the British Columbia government, and a $20 million gain due to the reduction of the reserve for hardboard siding claims. The fourth quarter includes a net gain of $36 million on the sale of facilities, and charges of $29 million for the impairment of assets in the company's European manufacturing operations, $24 million recognized in connection with a change in the method of estimating workers' compensation liabilities and $23 million for the net book value of technology donated to a university. The first quarter of 2003 includes a $79 million charge for a lawsuit involving the market for Pacific Northwest alder logs. 2003 second quarter includes a $144 million gain on the sales of timberlands in Washington state and a $25 million gain for the settlement of an insurance claim relating to the Cemwood litigation. 2003 third quarter includes a $23 million charge associated with the settlement of a class action linerboard antitrust lawsuit. 2003 fourth quarter includes a $61 million gain on the sales of timberlands in Tennessee and the Carolinas and an $8 million charge associated with the settlement of litigation related to workers' compensation claims. (4) The second and fourth quarters of 2004 include charges of $21 million and $52 million, respectively, for the early extinguishment of debt. (5) Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations, was adopted as of the beginning of 2003. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) Net sales and revenues (in millions): Q1 Q2 Q3 March March June June Sept. Sept. 28, 30, 27, 29, 26, 28, 2004 2003 2004 2003 2004 2003 Timberlands: Logs $193 $162 $211 $185 $197 $184 Other products 58 80 66 61 51 62 251 242 277 246 248 246 Wood Products: Softwood lumber 819 752 1,106 846 1,089 890 Plywood 221 165 263 173 237 219 Veneer 11 9 12 9 11 9 Composite panels 108 90 133 104 138 100 OSB 338 167 456 227 341 345 Hardwood lumber 90 89 100 92 89 82 Engineered lumber products 298 254 396 308 418 329 Logs 23 25 38 33 32 19 Other products 239 207 288 256 289 244 2,147 1,758 2,792 2,048 2,644 2,237 Pulp and Paper: Pulp 339 309 371 321 381 333 Paper 535 596 538 546 583 530 Coated groundwood 36 36 37 32 39 39 Liquid packaging board 49 47 53 52 53 50 Other products 10 6 13 6 15 5 969 994 1,012 957 1,071 957 Containerboard, Packaging and Recycling: Containerboard 81 77 80 81 94 73 Packaging 853 879 918 922 916 898 Recycling 80 60 91 63 87 60 Bags 19 20 18 20 20 19 Other products 33 33 34 35 43 40 1,066 1,069 1,141 1,121 1,160 1,090 Real Estate and Related Assets 469 445 524 432 591 534 Corporate and Other 135 106 147 126 135 120 $5,037 $4,614 $5,893 $4,930 $5,849 $5,184 Q4 Year ended Dec. Dec. Dec. Dec. 26, 28, 26, 28, 2004 2003 2004 2003 Timberlands: Logs $221 $199 $822 $730 Other products 105 61 280 264 326 260 1,102 994 Wood Products: Softwood lumber 901 793 3,915 3,281 Plywood 208 227 929 784 Veneer 10 12 44 39 Composite panels 122 99 501 393 OSB 255 370 1,390 1,109 Hardwood lumber 86 87 365 350 Engineered lumber products 393 288 1,505 1,179 Logs 32 28 125 105 Other products 253 238 1,069 945 2,260 2,142 9,843 8,185 Pulp and Paper: Pulp 380 342 1,471 1,305 Paper 570 510 2,226 2,182 Coated groundwood 44 33 156 140 Liquid packaging board 53 49 208 198 Other products 16 9 54 26 1,063 943 4,115 3,851 Containerboard, Packaging and Recycling: Containerboard 113 73 368 304 Packaging 897 845 3,584 3,544 Recycling 89 64 347 247 Bags 23 21 80 80 Other products 46 39 156 147 1,168 1,042 4,535 4,322 Real Estate and Related Assets 911 618 2,495 2,029 Corporate and Other 158 140 575 492 $5,886 $5,145 $22,665 $19,873 Contribution (charge) to earnings: Q1 Q2 Q3 (in millions) March March June June Sept. Sept. 28, 30, 27, 29, 26, 28, 2004 2003 2004 2003 2004 2003 Timberlands (1) $159 $149 $201 $300 $450 $143 Wood Products (2) (3) (4) (5) 173 (150) 448 (53) 362 151 Pulp and Paper (6) (25) 10 14 (7) 80 (18) Containerboard, Packaging and Recycling (7) (8) 24 80 62 108 82 42 Real Estate and Related Assets (9) 120 95 118 91 155 97 Corporate and Other (10) (11) (12) (76) (46) (67) (2) (45) (94) $375 $138 $776 $437 $1,084 $321 Q4 Year ended (in millions) Dec. Dec. Dec. Dec. 26, 28, 26, 28, 2004 2003 2004 2003 Timberlands (1) $217 $185 $1,027 $777 Wood Products (2) (3) (4) (5) 72 111 1,055 59 Pulp and Paper (6) 35 (67) 104 (82) Containerboard, Packaging and Recycling (7) (8) 81 32 249 262 Real Estate and Related Assets (9) 217 109 610 392 Corporate and Other (10) (11) (12) (83) (34) (271) (176) $539 $336 $2,774 $1,232 (1) The 2004 third quarter includes a $271 million gain on the sale of timberlands in Georgia and a $5 million gain from a tenure reallocation agreement with the British Columbia government. The 2003 second quarter includes a $144 million gain on the sales of timberlands in Washington state. The 2003 fourth quarter includes a $61 million gain on the sale of timberlands in Tennessee and the Carolinas. (2) The first, second, third and fourth quarters of 2004 include charges of $26 million, $34 million and $31 million and $27 million, respectively, or $118 million year-to-date, for countervailing and anti-dumping duties and related costs. The first, second, third and fourth quarters of 2003 include charges of $24 million, $26 million, $25 million, and $22 million, respectively, or a total of $97 million for the year, for countervailing and anti-dumping duties and related costs. (3) The first quarter of 2004 includes a $49 million charge for the settlement of lawsuits involving the market for Pacific Northwest alder logs. The second quarter of 2004 includes a $16 million charge resulting from an adverse judgment in a lawsuit involving the market for Pacific Northwest alder logs. The third quarter of 2004 includes a $20 million gain due to the reduction of the reserve for hardboard siding claims. The first quarter of 2003 includes a $79 million charge for a lawsuit involving the market for Pacific Northwest alder logs. (4) The third quarter of 2004 includes a $20 million gain from a tenure reallocation agreement with the British Columbia government. (5) The first quarter of 2004 includes a credit of $2 million for the reversal of closure costs accrued in prior years and a $33 million gain on the sale of an oriented strand board mill in Slave Lake, Alberta. The second quarter of 2004 includes a $5 million net loss on the sale of facilities. The third quarter of 2004 includes a $2 million net gain on the sale or closure of facilities. The fourth quarter of 2004 includes charges of $3 million for the closure of facilities and a gain of $36 million on the sale of facilities. The 2003 first, second, third and fourth quarters include costs for the closure of facilities of $22 million, $11 million, $31 million, and $14 million, respectively. 2003 second quarter also includes a charge of $16 million to recognize impairment associated with an impending facility sale that closed in the fourth quarter of 2003. (6) The 2004 second quarter includes a $2 million asset impairment charge related to assets held for sale. 2003 second quarter includes $3 million of closure costs. 2003 fourth quarter includes $30 million of closure costs. (7) The third quarter of 2003 includes a $23 million charge associated with the settlement of a class action linerboard antitrust lawsuit. (8) The first quarter of 2004 includes closure costs of $3 million. The second quarter of 2004 includes a net gain of $1 million on the sales of a facility and a joint venture investment. The third quarter of 2004 includes closure costs of $12 million, including a pension termination charge of $9 million related to a closure that occurred in a previous year. The fourth quarter of 2004 includes a credit of $3 million for the reversal of closure costs accrued in prior years. The 2003 second quarter includes the reversal of an accrual for closure charges of $2 million. The 2003 third and fourth quarters include closure costs of $17 million and $1 million, respectively. (9) The first quarter of 2004 includes a $22 million gain on a land sale. The third quarter of 2004 includes a gain of $18 million on the sale of a multi-family site. The fourth quarter of 2004 includes a $24 million net gain on land and lot sales. The 2003 first quarter includes gains of $8 million for the sale of two office buildings and $10 for the sale of an apartment complex. The 2003 second quarter includes a gain of $12 million for the sale of commercial property. The 2003 fourth quarter includes a $7 million gain on an acreage sale. (10) The 2003 second quarter includes a $6 million charge to reflect the final settlement in connection with the termination of the former MacMillan Bloedel pension plan for U.S. employees. (11) The fourth quarter of 2004 includes a $7 million gain for the settlement of an insurance claim relating to the Cemwood litigation. The 2003 second quarter includes a $25 million gain for the settlement of an insurance claim relating to the Cemwood litigation. The 2003 fourth quarter includes an $8 million charge for the settlement of litigation related to workers' compensation claims. (12) The fourth quarter of 2004 includes charges of $29 million for the impairment of assets in the company's European manufacturing operations, $24 million recognized in connection with a change in the method of estimating workers' compensation liabilities and $23 million for the net book value of technology donated to a university. (13) The first, second, third and fourth quarters of 2004 include net foreign exchange gains (losses) of ($10) million, ($6) million, $16 million and $26 million, respectively, for a $26 million net gain year-to-date. 2003 results include net foreign exchange gains (losses) of $35 million in the first quarter, $46 million in the second quarter, ($4) million in the third quarter, and $30 million in the fourth quarter, for a net 2003 gain of $107 million. These gains and losses result primarily from fluctuations in Canadian and New Zealand exchange rates. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) Third party sales volumes: Q1 Q2 Q3 March March June June Sept. Sept. 28, 30, 27, 29, 26, 28, 2004 2003 2004 2003 2004 2003 Timberlands (thousands): Logs - cunits 1,044 984 954 1,006 904 987 Wood Products (millions): Softwood lumber - board feet 2,054 2,175 2,393 2,385 2,299 2,298 Plywood - square feet (3/8") 642 664 668 697 672 688 Veneer - square feet (3/8") 55 62 60 63 55 56 Composite panels - square feet (3/4") 301 267 324 304 315 302 Oriented strand board - square feet (3/8") 981 1,025 1,143 1,206 1,078 1,129 Hardwood lumber - board feet 102 109 118 115 102 104 Logs - cunits (in thousands) 170 170 279 230 237 189 Pulp and Paper (thousands): Pulp - air-dry metric tons 624 623 642 596 633 632 Paper - tons 741 737 718 690 737 707 Coated groundwood - tons 59 61 61 55 60 64 Liquid packaging board - tons 66 60 72 67 69 64 Paper converting - tons 483 502 472 472 481 478 Containerboard, Packaging and Recycling (thousands): Containerboard - tons 250 221 221 233 245 214 Packaging - MSF 18,146 17,752 18,917 18,577 18,287 18,545 Recycling - tons 678 593 701 566 645 538 Kraft bags and sacks - tons 24 25 23 24 23 25 Real Estate and Related Assets: Single-family homes sold 1,506 1,289 1,564 1,321 1,313 1,239 Single-family homes closed 1,065 1,010 1,216 1,003 1,345 1,182 Single-family homes sold but not closed at end of period 2,702 2,161 3,050 2,479 3,018 2,536 Q4 Year ended Dec. 26, Dec. 28, Dec. 26, Dec. 28, 2004 2003 2004 2003 Timberlands (thousands): Logs - cunits 1,018 1,148 3,920 4,125 Wood Products (millions): Softwood lumber - board feet 2,144 2,123 8,890 8,981 Plywood - square feet (3/8") 647 616 2,629 2,665 Veneer - square feet (3/8") 55 58 225 239 Composite panels - square feet (3/4") 294 289 1,234 1,162 Oriented strand board - square feet (3/8") 1,011 1,001 4,213 4,361 Hardwood lumber - board feet 95 107 417 435 Logs - cunits (in thousands) 248 210 934 799 Pulp and Paper (thousands): Pulp - air-dry metric tons 659 628 2,558 2,479 Paper - tons 680 688 2,876 2,822 Coated groundwood - tons 63 54 243 234 Liquid packaging board - tons 69 65 276 256 Paper converting - tons 458 430 1,894 1,882 Containerboard, Packaging and Recycling (thousands): Containerboard - tons 285 222 1,001 890 Packaging - MSF 17,535 17,867 72,885 72,741 Recycling - tons 670 593 2,694 2,290 Kraft bags and sacks - tons 25 26 95 100 Real Estate and Related Assets: Single-family homes sold 992 1,156 5,375 5,005 Single-family homes closed 1,638 1,431 5,264 4,626 Single-family homes sold but not closed at end of period 2,372 2,261 2,372 2,261 Total production volumes: Q1 Q2 Q3 March March June June Sept. Sept. 28, 30, 27, 29, 26, 28, 2004 2003 2004 2003 2004 2003 Timberlands (thousands): Fee Depletion - cunits 2,265 2,555 2,404 2,479 2,189 2,223 Wood Products (millions): Softwood lumber - board feet 1,760 1,842 1,881 1,825 1,819 1,742 Plywood - square feet (3/8") 422 478 405 412 405 414 Veneer - square feet (3/8") (1) 585 593 609 536 592 536 Composite panels - square feet (3/4") 268 231 281 252 272 253 Oriented strand board - square feet (3/8") 1,031 1,011 1,056 1,051 1,022 1,061 Hardwood lumber - board feet 89 98 96 93 84 93 Pulp and Paper (thousands): Pulp - air-dry metric tons 619 654 636 619 652 604 Paper - tons (2) 743 757 736 712 766 706 Coated groundwood - tons 55 62 61 55 62 61 Liquid packaging board - tons 61 56 67 68 71 72 Paper converting - tons 490 516 470 479 500 472 Containerboard, Packaging and Recycling (thousands): Containerboard - tons (3) 1,503 1,429 1,598 1,568 1,604 1,512 Packaging - MSF 19,493 18,977 20,208 19,955 19,473 19,865 Recycling - tons (4) 1,607 1,528 1,707 1,644 1,703 1,507 Kraft bags and sacks - tons 24 25 23 25 23 23 Q4 Year ended Dec. 26, Dec. 28, Dec. 26, Dec. 28, 2004 2003 2004 2003 Timberlands (thousands): Fee Depletion - cunits 2,155 2,171 9,013 9,428 Wood Products (millions): Softwood lumber - board feet 1,727 1,704 7,187 7,113 Plywood - square feet (3/8") 396 404 1,628 1,708 Veneer - square feet (3/8") (1) 600 534 2,386 2,199 Composite panels - square feet (3/4") 245 252 1,066 988 Oriented strand board - square feet (3/8") 972 1,047 4,081 4,170 Hardwood lumber - board feet 80 89 349 373 Pulp and Paper (thousands): Pulp - air-dry metric tons 639 645 2,546 2,522 Paper - tons (2) 761 658 3,006 2,833 Coated groundwood - tons 62 61 240 239 Liquid packaging board - tons 67 65 266 261 Paper converting - tons 494 415 1,954 1,882 Containerboard, Packaging and Recycling (thousands): Containerboard - tons (3) 1,586 1,494 6,291 6,003 Packaging - MSF 18,648 19,033 77,822 77,830 Recycling - tons (4) 1,701 1,537 6,718 6,216 Kraft bags and sacks - tons 24 25 94 98 (1) Veneer production represents lathe production and includes volumes that are further processed into plywood and engineered lumber products by company mills. (2) Paper production includes unprocessed rolls and converted paper volumes. (3) Containerboard production represents machine production and includes volumes that are further processed into packaging by company facilities. (4) Recycling production includes volumes processed in Weyerhaeuser recycling facilities and brokered volumes. WEYERHAEUSER COMPANY STATISTICAL INFORMATION CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) (in millions) March June Sept. Dec. Dec. 28, 27, 26, 26, 28, Assets 2004 2004 2004 2004 2003 Weyerhaeuser Current assets: Cash and short-term investments $74 $725 $1,227 $1,044 $171 Receivables, less allowances 1,701 1,860 1,804 1,604 1,484 Inventories 2,020 1,936 1,998 2,045 1,911 Prepaid expenses 471 488 527 600 455 Total current assets 4,266 5,009 5,556 5,293 4,021 Property and equipment 12,141 11,883 11,838 11,755 12,243 Construction in progress 251 279 242 269 403 Timber and timberlands at cost, less fee stumpage charged to disposals 4,279 4,244 4,193 4,212 4,287 Investments in and advances to equity affiliates 603 592 632 583 603 Goodwill 3,232 3,218 3,241 3,244 3,237 Deferred pension and other assets 1,287 1,273 1,243 1,223 1,311 26,059 26,498 26,945 26,579 26,105 Real Estate and Related Assets Cash and short-term investments 5 12 8 153 31 Receivables, less allowances 52 42 52 43 64 Real estate and land for sale and development 1,728 1,849 1,929 1,934 1,645 Other assets 293 322 350 342 264 2,078 2,225 2,339 2,472 2,004 Total assets $28,137 $28,723 $29,284 $29,051 $28,109 Liabilities and Shareholders' Interest Weyerhaeuser Current liabilities: Notes payable and commercial paper $103 $2 $3 $3 $4 Current maturities of long-term debt 1,129 445 490 489 90 Accounts payable 1,065 1,114 1,102 1,197 1,041 Accrued liabilities 1,212 1,323 1,337 1,444 1,390 Total current liabilities 3,509 2,884 2,932 3,133 2,525 Long-term debt 10,399 10,325 10,010 9,277 11,503 Deferred income taxes 4,303 4,373 4,451 4,533 4,294 Deferred pension, other postretirement benefits and other liabilities 1,391 1,416 1,429 1,438 1,377 19,602 18,998 18,822 18,381 19,699 Real Estate and Related Assets Notes payable and commercial paper 78 -- -- 2 1 Long-term debt 887 872 869 867 893 Other liabilities 356 443 534 546 407 1,321 1,315 1,403 1,415 1,301 Total liabilities 20,923 20,313 20,225 19,796 21,000 Shareholders' interest 7,214 8,410 9,059 9,255 7,109 Total liabilities and shareholders' interest $28,137 $28,723 $29,284 $29,051 $28,109 STATEMENT OF CASH FLOWS Q1 Q2 Q3 March March June June Sept. Sept. SELECTED INFORMATION (unaudited) 28, 30, 27, 29, 26, 28, (in millions) 2004 2003 2004 2003 2004 2003 (Weyerhaeuser only, excludes Real Estate & Related Assets) Net cash from operations $(89) $(107) $787 $379 $592 $581 Cash paid for property and equipment (79) (128) (80) (172) (93) (146) Cash paid for timberlands reforestation (12) (14) (6) (5) (5) (6) Cash received from issuances of debt -- 1 -- -- -- 12 Revolving credit facilities, notes and commercial paper borrowings, net 67 580 (80) (315) (6) 142 Payments on debt (60) (251) (813) (14) (253) (509) Proceeds from equity offering -- -- 954 -- -- -- Q4 Year ended Dec. Dec. Dec. Dec. 26, 28, 26, 28, (in millions) 2004 2003 2004 2003 (Weyerhaeuser only, excludes Real Estate & Related Assets) Net cash from operations $745 $778 $2,035 $1,631 Cash paid for property and equipment (222) (146) (474) (592) Cash paid for timberlands reforestation (7) (9) (30) (34) Cash received from issuances of debt 1 31 1 44 Revolving credit facilities, notes and commercial paper borrowings, net 35 (707) 16 (300) Payments on debt (742) (50) (1,868) (824) Proceeds from equity offering -- -- 954 --

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