Exhibit 99.2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS | Q1 | Q2 | Q3 | Q4 | Year-to-date | |||||||||||||||||||||||||||||||||||
(in millions) | March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | ||||||||||||||||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Net sales and revenues: | ||||||||||||||||||||||||||||||||||||||||
Weyerhaeuser(1) | $ | 4,566 | $ | 4,577 | $ | 4,911 | $ | 5,017 | $ | 4,579 | $ | 4,836 | $ | 4,505 | $ | 4,701 | $ | 18,561 | $ | 19,131 | ||||||||||||||||||||
Real Estate and Related Assets | 690 | 655 | 746 | 648 | 749 | 596 | 1,150 | 1,016 | 3,335 | 2,915 | ||||||||||||||||||||||||||||||
Total net sales and revenues | 5,256 | 5,232 | 5,657 | 5,665 | 5,328 | 5,432 | 5,655 | 5,717 | 21,896 | 22,046 | ||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
Weyerhaeuser: | ||||||||||||||||||||||||||||||||||||||||
Costs of products sold(2) | 3,652 | 3,544 | 3,855 | 3,871 | 3,628 | 3,841 | 3,665 | 3,877 | 14,800 | 15,133 | ||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 306 | 316 | 305 | 319 | 305 | 320 | 331 | 326 | 1,247 | 1,281 | ||||||||||||||||||||||||||||||
Selling expenses | 109 | 115 | 126 | 117 | 123 | 116 | 134 | 107 | 492 | 455 | ||||||||||||||||||||||||||||||
General and administrative expenses | 259 | 225 | 228 | 219 | 237 | 239 | 266 | 224 | 990 | 907 | ||||||||||||||||||||||||||||||
Research and development expenses(3) | 16 | 14 | 15 | 12 | 23 | 18 | 15 | 17 | 69 | 61 | ||||||||||||||||||||||||||||||
Charges for restructuring(4) | — | 5 | 18 | 4 | 4 | 2 | — | 10 | 22 | 21 | ||||||||||||||||||||||||||||||
Charges for closure of facilities(5) | 1 | 5 | 17 | 3 | 43 | 29 | 51 | 656 | 112 | 693 | ||||||||||||||||||||||||||||||
Impairment of goodwill(6) | 746 | — | 3 | — | — | — | — | — | 749 | — | ||||||||||||||||||||||||||||||
Refund of countervailing and anti-dumping duties | — | — | — | — | — | — | (344 | ) | — | (344 | ) | — | ||||||||||||||||||||||||||||
Other operating costs, net(2) (7) (8) | 31 | 9 | (23 | ) | (39 | ) | (34 | ) | (33 | ) | (12 | ) | 19 | (38 | ) | (44 | ) | |||||||||||||||||||||||
5,120 | 4,233 | 4,544 | 4,506 | 4,329 | 4,532 | 4,106 | 5,236 | 18,099 | 18,507 | |||||||||||||||||||||||||||||||
Real Estate and Related Assets: | ||||||||||||||||||||||||||||||||||||||||
Costs and operating expenses(9) | 482 | 426 | 553 | 441 | 539 | 401 | 764 | 678 | 2,338 | 1,946 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 3 | 3 | 4 | 4 | 10 | 4 | 8 | 5 | 25 | 16 | ||||||||||||||||||||||||||||||
Selling expenses | 37 | 34 | 43 | 36 | 44 | 36 | 56 | 46 | 180 | 152 | ||||||||||||||||||||||||||||||
General and administrative expenses | 30 | 24 | 35 | 25 | 30 | 28 | 29 | 28 | 124 | 105 | ||||||||||||||||||||||||||||||
Other operating costs, net | (3 | ) | — | 3 | (2 | ) | (2 | ) | (2 | ) | (1 | ) | 1 | (3 | ) | (3 | ) | |||||||||||||||||||||||
Impairment of long-lived assets | — | — | 3 | — | 14 | — | 19 | 33 | 36 | 33 | ||||||||||||||||||||||||||||||
549 | 487 | 641 | 504 | 635 | 467 | 875 | 791 | 2,700 | 2,249 | |||||||||||||||||||||||||||||||
Total costs and expenses | 5,669 | 4,720 | 5,185 | 5,010 | 4,964 | 4,999 | 4,981 | 6,027 | 20,799 | 20,756 | ||||||||||||||||||||||||||||||
Operating income | (413 | ) | 512 | 472 | 655 | 364 | 433 | 674 | (310 | ) | 1,097 | 1,290 | ||||||||||||||||||||||||||||
Interest expense and other: | ||||||||||||||||||||||||||||||||||||||||
Weyerhaeuser: | ||||||||||||||||||||||||||||||||||||||||
Interest expense incurred(10) | (152 | ) | (196 | ) | (152 | ) | (179 | ) | (149 | ) | (193 | ) | (162 | ) | (171 | ) | (615 | ) | (739 | ) | ||||||||||||||||||||
Less: interest capitalized(2) | 16 | — | 20 | 2 | 21 | 3 | 28 | 54 | 85 | 59 | ||||||||||||||||||||||||||||||
Interest income and other(11) | 19 | 27 | 15 | 20 | 17 | 143 | 19 | 24 | 70 | 214 | ||||||||||||||||||||||||||||||
Equity in income (loss) of affiliates(12) | 3 | — | 6 | 4 | — | 2 | (2 | ) | (12 | ) | 7 | (6 | ) | |||||||||||||||||||||||||||
Real Estate and Related Assets: | ||||||||||||||||||||||||||||||||||||||||
Interest expense incurred | (14 | ) | (14 | ) | (14 | ) | (14 | ) | (12 | ) | (13 | ) | (15 | ) | (14 | ) | (55 | ) | (55 | ) | ||||||||||||||||||||
Less: interest capitalized | 14 | 14 | 14 | 14 | 12 | 13 | 15 | 14 | 55 | 55 | ||||||||||||||||||||||||||||||
Interest income and other | 10 | 5 | 3 | (2 | ) | 7 | 4 | 10 | 5 | 30 | 12 | |||||||||||||||||||||||||||||
Equity in income of unconsolidated entities(13) | 21 | 10 | 15 | 13 | 14 | 14 | 8 | 20 | 58 | 57 | ||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | (496 | ) | 358 | 379 | 513 | 274 | 406 | 575 | (390 | ) | 732 | 887 | ||||||||||||||||||||||||||||
Income tax (expense) benefit(14) | (87 | ) | (125 | ) | (82 | ) | (225 | ) | (89 | ) | (119 | ) | (177 | ) | 151 | (435 | ) | (318 | ) | |||||||||||||||||||||
Earnings (loss) from continuing operations | (583 | ) | 233 | 297 | 288 | 185 | 287 | 398 | (239 | ) | 297 | 569 | ||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes(15) | 3 | 6 | 17 | 132 | 26 | (2 | ) | 52 | 28 | 98 | 164 | |||||||||||||||||||||||||||||
Net earnings (loss) | $ | (580 | ) | $ | 239 | $ | 314 | $ | 420 | $ | 211 | $ | 285 | $ | 450 | $ | (211 | ) | $ | 395 | $ | 733 | ||||||||||||||||||
Basic net earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (2.37 | ) | $ | 0.96 | $ | 1.20 | $ | 1.18 | $ | 0.75 | $ | 1.17 | $ | 1.67 | $ | (0.98 | ) | $ | 1.21 | $ | 2.33 | ||||||||||||||||||
Discontinued operations | 0.01 | 0.02 | 0.07 | 0.54 | 0.10 | (0.01 | ) | 0.21 | 0.12 | 0.40 | 0.67 | |||||||||||||||||||||||||||||
Net earnings (loss) per share | $ | (2.36 | ) | $ | 0.98 | $ | 1.27 | $ | 1.72 | $ | 0.85 | $ | 1.16 | $ | 1.88 | $ | (0.86 | ) | $ | 1.61 | $ | 3.00 | ||||||||||||||||||
Diluted net earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (2.37 | ) | $ | 0.96 | $ | 1.19 | $ | 1.17 | $ | 0.75 | $ | 1.17 | $ | 1.67 | $ | (0.98 | ) | $ | 1.21 | $ | 2.32 | ||||||||||||||||||
Discontinued operations | 0.01 | 0.02 | 0.07 | 0.54 | 0.10 | (0.01 | ) | 0.21 | 0.12 | 0.40 | 0.66 | |||||||||||||||||||||||||||||
Net earnings (loss) per share | $ | (2.36 | ) | $ | 0.98 | $ | 1.26 | $ | 1.71 | $ | 0.85 | $ | 1.16 | $ | 1.88 | $ | (0.86 | ) | $ | 1.61 | $ | 2.98 | ||||||||||||||||||
Dividends paid per share | $ | 0.50 | $ | 0.40 | $ | 0.50 | $ | 0.50 | $ | 0.60 | $ | 0.50 | $ | 0.60 | $ | 0.50 | $ | 2.20 | $ | 1.90 | ||||||||||||||||||||
Weighted average shares outstanding (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Basic | 245,794 | 242,863 | 248,147 | 244,702 | 247,428 | 245,009 | 238,824 | 245,215 | 244,931 | 244,447 | ||||||||||||||||||||||||||||||
Diluted | 245,794 | 244,185 | 249,194 | 245,881 | 247,900 | 246,190 | 239,525 | 246,198 | 245,707 | 245,559 |
PRELIMINARY RESULTS SUBJECT TO AUDIT
1
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONSOLIDATED EARNINGS
(in millions)
(in millions)
Year-to-date | ||||||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||
(1) | Includes countervailing and anti-dumping duties and related costs: | $ | 11 | $ | 22 | $ | 10 | $ | 27 | $ | 7 | $ | 19 | $ | — | $ | 16 | $ | 28 | $ | 84 |
(2) | In the fourth quarter of 2005, Weyerhaeuser began capitalizing interest on qualifying assets of Weyerhaeuser Real Estate Company (WRECO). These amounts are included in Weyerhaeuser capitalized interest. Weyerhaeuser cost of products sold includes amounts recognized to expense previously capitalized interest in connection with the sale of WRECO assets. The year-to-date 2005 amounts were recorded in the fourth quarter of 2005. The net cumulative effect for years prior to 2005 was recorded in Weyerhaeuser other operating costs, net. Weyerhaeuser results include the following related to capitalized interest on WRECO assets: |
Year-to-date | ||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Cost of products sold: | $ | 7 | $ | — | $ | 7 | $ | — | $ | 8 | $ | — | $ | 13 | $ | 32 | $ | 35 | $ | 32 | ||||||||||||||||||||
Interest capitalized: | (14 | ) | — | (15 | ) | — | (17 | ) | — | (22 | ) | (50 | ) | (68 | ) | (50 | ) | |||||||||||||||||||||||
Other operating costs, net: | — | — | — | — | — | — | — | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||
$ | (7 | ) | $ | — | $ | (8 | ) | $ | — | $ | (9 | ) | $ | — | $ | (9 | ) | $ | (43 | ) | $ | (33 | ) | $ | (43 | ) | ||||||||||||||
(3) | The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company. | |
(4) | The second quarter of 2006 includes an $18 million charge related to the restructuring of the Containerboard, Packaging and Recycling business model. | |
(5) | See detail of closure charges by segment on page 4. | |
(6) | The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business. |
Year-to-date | ||||||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||
(7) | Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates: | $ | (26 | ) | $ | 13 | $ | 21 | $ | (13 | ) | $ | 17 | $ | 37 | $ | 16 | $ | (21 | ) | $ | 28 | $ | 16 |
(8) | The third quarter of 2006 includes $23 million of income related to a reduction of the reserve for hardboard siding claims and charges of $7 million for the impairment of fixed assets related to production curtailments. The first quarter of 2005 includes a $12 million charge related to the settlement of a linerboard antitrust lawsuit. The second quarter of 2005 includes an $18 million charge related to alder litigation and $57 million of income related to the recognition of a deferred gain from previous timberlands sales. The fourth quarter of 2005 includes a $38 million charge related to the settlement of linerboard antitrust litigation. | |
(9) | The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery. | |
(10) | The third and fourth quarters of 2005 include charges of $21 million and $15 million, respectively, related to the early extinguishment of debt. | |
(11) | The third quarter of 2005 includes a $115 million gain on the sale of an investment in a joint venture. | |
(12) | The third quarter of 2006 includes a $2 million charge and the fourth quarter of 2005 includes a $15 million charge related to the impairment of investments in equity affiliates. | |
(13) | The first quarter of 2006 includes recognition of $9 million of deferred income in connection with partnership restructurings. | |
(14) | The second quarter of 2006 includes a one-time tax benefit of $48 million related to a change in Texas state income tax law, a reduction in the Canadian federal income tax rate and a deferred tax adjustment related to the Medicare Part D subsidy. The second quarter of 2005 includes a charge of $44 million related to the repatriation of $1.1 billion of eligible Canadian earnings under the provisions of the American Jobs Creation Act of 2004. The third quarter of 2005 includes a one-time tax benefit of $14 million related to a change in the Ohio state income tax law. | |
(15) | Discontinued operations includes the net operating results of the company’s coastal British Columbia operations and its North American and European composites operations. The third quarter of 2006 includes a pretax gain of $51 million and related tax expense of $18 million associated with the sale of the North American composites operations and an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations. The fourth quarter of 2006 includes a pretax gain of $45 million and related tax expense of $4 million associated with the sale of the Irish composites operations. The second quarter of 2005 includes a gain of $110 million, including a tax benefit of $46 million, related to the sale of the coastal British Columbia operations. The fourth quarter of 2005 includes a pretax gain of $57 million and related tax expense of $23 million associated with the sale of the French composites operations. |
PRELIMINARY RESULTS SUBJECT TO AUDIT
2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
STATISTICAL INFORMATION (unaudited)
Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||||||||||||||
March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | |||||||||||||||||||||||||||||||
Net sales and revenues (in millions): | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||||||||
Timberlands: | ||||||||||||||||||||||||||||||||||||||||
Logs | $ | 201 | $ | 182 | $ | 198 | $ | 195 | $ | 200 | $ | 188 | $ | 182 | $ | 196 | $ | 781 | $ | 761 | ||||||||||||||||||||
Other products | 62 | 82 | 71 | 63 | 46 | 65 | 56 | 76 | 235 | 286 | ||||||||||||||||||||||||||||||
263 | 264 | 269 | 258 | 246 | 253 | 238 | 272 | 1,016 | 1,047 | |||||||||||||||||||||||||||||||
Wood Products: | ||||||||||||||||||||||||||||||||||||||||
Softwood lumber | 782 | 892 | 857 | 1,032 | 733 | 889 | 625 | 811 | 2,997 | 3,624 | ||||||||||||||||||||||||||||||
Plywood | 135 | 183 | 147 | 196 | 134 | 184 | 113 | 172 | 529 | 735 | ||||||||||||||||||||||||||||||
Veneer | 13 | 13 | 13 | 10 | 9 | 9 | 7 | 12 | 42 | 44 | ||||||||||||||||||||||||||||||
Composite panels | 121 | 120 | 140 | 132 | 71 | 122 | 25 | 123 | 357 | 497 | ||||||||||||||||||||||||||||||
OSB | 287 | 288 | 273 | 306 | 203 | 267 | 176 | 303 | 939 | 1,164 | ||||||||||||||||||||||||||||||
Hardwood lumber | 99 | 94 | 105 | 102 | 96 | 95 | 98 | 99 | 398 | 390 | ||||||||||||||||||||||||||||||
Engineered I-Joists | 169 | 150 | 202 | 202 | 162 | 186 | 137 | 166 | 670 | 704 | ||||||||||||||||||||||||||||||
Engineered Solid Section | 204 | 179 | 231 | 228 | 190 | 226 | 169 | 200 | 794 | 833 | ||||||||||||||||||||||||||||||
Logs | 7 | 27 | 5 | 24 | 5 | 6 | 6 | 5 | 23 | 62 | ||||||||||||||||||||||||||||||
Other products | 256 | 270 | 327 | 340 | 302 | 325 | 268 | 290 | 1,153 | 1,225 | ||||||||||||||||||||||||||||||
2,073 | 2,216 | 2,300 | 2,572 | 1,905 | 2,309 | 1,624 | 2,181 | 7,902 | 9,278 | |||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers: | ||||||||||||||||||||||||||||||||||||||||
Pulp | 394 | 376 | 402 | 355 | 404 | 381 | 457 | 370 | 1,657 | 1,482 | ||||||||||||||||||||||||||||||
Paper | 613 | 599 | 601 | 611 | 604 | 604 | 652 | 603 | 2,470 | 2,417 | ||||||||||||||||||||||||||||||
Coated groundwood | 40 | 42 | 44 | 47 | 42 | 45 | 45 | 46 | 171 | 180 | ||||||||||||||||||||||||||||||
Liquid packaging board | 46 | 47 | 62 | 52 | 59 | 50 | 62 | 54 | 229 | 203 | ||||||||||||||||||||||||||||||
Other products | 14 | 14 | 17 | 12 | 21 | 16 | 22 | 12 | 74 | 54 | ||||||||||||||||||||||||||||||
1,107 | 1,078 | 1,126 | 1,077 | 1,130 | 1,096 | 1,238 | 1,085 | 4,601 | 4,336 | |||||||||||||||||||||||||||||||
Containerboard, Packaging and Recycling: | ||||||||||||||||||||||||||||||||||||||||
Containerboard | 82 | 117 | 84 | 101 | 92 | 86 | 119 | 91 | 377 | 395 | ||||||||||||||||||||||||||||||
Packaging | 911 | 898 | 1,002 | 969 | 997 | 929 | 1,021 | 914 | 3,931 | 3,710 | ||||||||||||||||||||||||||||||
Recycling | 80 | 92 | 85 | 92 | 89 | 87 | 91 | 81 | 345 | 352 | ||||||||||||||||||||||||||||||
Bags | 20 | 22 | 20 | 21 | 23 | 20 | 25 | 20 | 88 | 83 | ||||||||||||||||||||||||||||||
Other products | 34 | 34 | 46 | 40 | 44 | 47 | 47 | 46 | 171 | 167 | ||||||||||||||||||||||||||||||
1,127 | 1,163 | 1,237 | 1,223 | �� | 1,245 | 1,169 | 1,303 | 1,152 | 4,912 | 4,707 | ||||||||||||||||||||||||||||||
Real Estate and Related Assets | 690 | 655 | 746 | 648 | 749 | 596 | 1,150 | 1,016 | 3,335 | 2,915 | ||||||||||||||||||||||||||||||
Corporate and Other | 116 | 149 | 117 | 151 | 123 | 146 | 128 | 154 | 484 | 600 | ||||||||||||||||||||||||||||||
Less: sales of discontinued operations | (120 | ) | (293 | ) | (138 | ) | (264 | ) | (70 | ) | (137 | ) | (26 | ) | (143 | ) | (354 | ) | (837 | ) | ||||||||||||||||||||
$ | 5,256 | $ | 5,232 | $ | 5,657 | $ | 5,665 | $ | 5,328 | $ | 5,432 | $ | 5,655 | $ | 5,717 | $ | 21,896 | $ | 22,046 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||||||||||||||
Contribution (charge) to pre-tax earnings: | March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | ||||||||||||||||||||||||||||||
(in millions) | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||||||||
Timberlands(1) (2)(4) | $ | 198 | $ | 200 | $ | 224 | $ | 210 | $ | 178 | $ | 191 | $ | 167 | $ | 183 | $ | 767 | $ | 784 | ||||||||||||||||||||
Wood Products(1) (2) (5) | 117 | 131 | 131 | 204 | 11 | 124 | 110 | 26 | 369 | 485 | ||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers(1) (2) (6) | (763 | ) | 19 | 23 | 16 | 115 | (2 | ) | 120 | (477 | ) | (505 | ) | (444 | ) | |||||||||||||||||||||||||
Containerboard, Packaging and Recycling(1) (2) (7) | 22 | 48 | 74 | 99 | 96 | 36 | 71 | (188 | ) | 263 | (5 | ) | ||||||||||||||||||||||||||||
Real Estate and Related Assets(2)(8) | 172 | 183 | 123 | 156 | 135 | 145 | 293 | 250 | 723 | 734 | ||||||||||||||||||||||||||||||
Corporate and Other(1) (2) (3) (9) | (102 | ) | (17 | ) | (40 | ) | 99 | (78 | ) | 101 | (3 | ) | (17 | ) | (223 | ) | 166 | |||||||||||||||||||||||
$ | (356 | ) | $ | 564 | $ | 535 | $ | 784 | $ | 457 | $ | 595 | $ | 758 | $ | (223 | ) | $ | 1,394 | $ | 1,720 | |||||||||||||||||||
PRELIMINARY RESULTS SUBJECT TO AUDIT
3
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)
(1) Closure charges by segment: | ||||||||||||||||||||||||||||||||||||||||
Year-to-date | ||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Timberlands | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 3 | $ | 1 | $ | 6 | ||||||||||||||||||||
Wood Products | — | 1 | 1 | 1 | 10 | 6 | 48 | 91 | 59 | 99 | ||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers | (1 | ) | — | 11 | — | 4 | 22 | (2 | ) | 427 | 12 | 449 | ||||||||||||||||||||||||||||
Containerboard, Packaging and Recycling | 2 | 4 | 5 | 2 | 3 | 1 | 4 | 130 | 14 | 137 | ||||||||||||||||||||||||||||||
Corporate and Other | — | — | — | — | 26 | — | — | 5 | 26 | 5 | ||||||||||||||||||||||||||||||
$ | 1 | $ | 8 | $ | 17 | $ | 3 | $ | 43 | $ | 29 | $ | 51 | $ | 656 | $ | 112 | $ | 696 | |||||||||||||||||||||
The above closure charges for the third quarter of 2006 includes a $26 million charge in the Corporate and Other segment for the impairment of corporate assets related to the Prince Albert pulp and paper facility.
The first quarter and full year 2005 include $3 million of costs incurred within the company’s discontinued operations.
(2) Share-based compensation charges (income) recognized by segment:
Year-to-date | ||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Timberlands | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||
Wood Products | 2 | — | — | — | — | — | 1 | — | 3 | — | ||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers | 1 | — | — | — | 1 | — | 1 | — | 3 | — | ||||||||||||||||||||||||||||||
Containerboard, Packaging and Recycling | 2 | — | (1 | ) | — | 1 | — | — | — | 2 | — | |||||||||||||||||||||||||||||
Real Estate and Related Assets | — | — | 2 | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Corporate and Other | 15 | 2 | (5 | ) | (6 | ) | 1 | 3 | 7 | 12 | 18 | 11 | ||||||||||||||||||||||||||||
$ | 21 | $ | 2 | $ | (4 | ) | $ | (6 | ) | $ | 3 | $ | 3 | $ | 9 | $ | 12 | $ | 29 | $ | 11 | |||||||||||||||||||
(3) Net foreign exchange gains (losses) included in Corporate and Other:
Year-to-date | ||||||||||||||||||||||||||||||||||||||||
Q1 2006 | Q1 2005 | Q2 2006 | Q2 2005 | Q3 2006 | Q3 2005 | Q4 2006 | Q4 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
$ | (26 | ) | $ | 13 | $ | 20 | $ | (12 | ) | $ | 17 | $ | 38 | $ | 14 | $ | (20 | ) | $ | 25 | $ | 19 | ||||||||||||||||||
(4) | Additional Timberlands notes: |
(a) | Hurricane related losses were $5 million in third quarter 2005 and $6 million in fourth quarter 2005. |
(5) | Additional Wood Products notes: |
(a) | Refer to footnote 1 to Consolidated Earnings on page 1 regarding countervailing duty and anti-dumping costs included in Wood Products. | ||
(b) | The fourth quarter of 2006 includes $344 million of income from the refund of countervailing and anti-dumping duties. | ||
(c) | The third quarter of 2006 includes $23 million of income related to a reduction of the reserves for hardboard siding claims. | ||
The second quarter of 2005 includes an $18 million charge related to alder litigation. The third quarter of 2005 includes $9 million of income related to the reduction of reserves for alder litigation and an insurance settlement related to product liability claims. | |||
(d) | The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composites operations. | ||
(e) | The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments. | ||
(f) | The second quarter of 2005 includes a $6 million gain related to a tenure reallocation agreement with the British Columbia government. |
(6) | Additional Cellulose Fiber and White Papers notes: |
(a) | The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business. |
(7) | Additional Containerboard, Packaging and Recycling notes: |
(a) | The second and third quarters of 2006 include charges of $18 million and $3 million, respectively, related to the restructuring of the Containerboard, Packaging and Recycling business model. | ||
(b) | The first and fourth quarters of 2005 include charges of $12 million and $38 million, respectively, associated with the settlement of linerboard antitrust lawsuits. | ||
(c) | The third quarter of 2005 had a charge of $1 million related to hurricane damage. |
(8) | Additional Real Estate and Related Assets notes: |
(a) | The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery and income of $9 million related to recognition of deferred income in connection with partnership restructurings. | ||
(b) | The first, second, third and fourth quarters of 2006 include net gains (losses) on land and lot sales of $33 million, ($1) million, $0, and $110 million, respectively, or $142 million year-to-date. | ||
The fourth quarter of 2006 includes a $28 million gain on the sale of an apartment building. | |||
The first, second, third and fourth quarters of 2005 include net gains (losses) on land and lot sales of $57 million, $21 million, ($1) and $2 million, respectively, or $79 million year-to-date. | |||
(c) | The second, third, and fourth quarters of 2006 include charges for the impairment of assets of $3 million, $14 million, and $19 million, respectively, or $36 million year-to-date. | ||
The fourth quarter of 2005 includes a $33 million charge for the impairment of unimproved land. |
(9) | Additional Corporate and Other notes: |
(a) | The fourth quarter of 2006 includes a $45 million pretax gain on the sale of the company’s Irish composites operations. | ||
The second quarter of 2005 includes a $64 million pretax gain on the sale of the company’s operations in coastal British Columbia and $57 million of income related to the recognition of a deferred gain from previous timberlands sales. The third quarter of 2005 includes a $115 million gain on the sale of an investment in a joint venture. The fourth quarter of 2005 includes a $57 million gain on the sale of the company’s French composites operations. | |||
(b) | The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations. | ||
(c) | The third quarter of 2006 includes a $2 million charge and the fourth quarter of 2005 includes a $15 million charge related to the impairments of investments in equity affiliates. | ||
(d) | The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company. |
PRELIMINARY RESULTS SUBJECT TO AUDIT
4
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
STATISTICAL INFORMATION (unaudited)
Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||||||||||||||
March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | |||||||||||||||||||||||||||||||
Third party sales volumes: | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||||||||
Timberlands (thousands): | ||||||||||||||||||||||||||||||||||||||||
Logs — cunits | 935 | 864 | 808 | 863 | 850 | 886 | 843 | 939 | 3,436 | 3,552 | ||||||||||||||||||||||||||||||
Wood Products (millions): | ||||||||||||||||||||||||||||||||||||||||
Softwood lumber — board feet | 1,921 | 2,057 | 2,113 | 2,355 | 1,974 | 2,179 | 1,863 | 2,059 | 7,871 | 8,650 | ||||||||||||||||||||||||||||||
Plywood — square feet (3/8") | 389 | 537 | 458 | 600 | 437 | 558 | 379 | 485 | 1,663 | 2,180 | ||||||||||||||||||||||||||||||
Veneer — square feet (3/8") | 61 | 60 | 63 | 59 | 48 | 51 | 43 | 61 | 215 | 231 | ||||||||||||||||||||||||||||||
Composite panels — square feet (3/4") | 302 | 299 | 324 | 317 | 139 | 308 | 37 | 305 | 802 | 1,229 | ||||||||||||||||||||||||||||||
Oriented strand board — square feet (3/8") | 1,000 | 908 | 1,069 | 1,041 | 989 | 1,008 | 1,038 | 991 | 4,096 | 3,948 | ||||||||||||||||||||||||||||||
Hardwood lumber — board feet | 103 | 102 | 110 | 114 | 100 | 105 | 99 | 106 | 412 | 427 | ||||||||||||||||||||||||||||||
Engineered I-Joists — lineal feet | 114 | 108 | 137 | 138 | 110 | 125 | 95 | 113 | 456 | 484 | ||||||||||||||||||||||||||||||
Engineered Solid Section — cubic feet | 9 | 9 | 11 | 10 | 9 | 10 | 7 | 9 | 36 | 38 | ||||||||||||||||||||||||||||||
Logs — cunits (in thousands) | 55 | 187 | 46 | 177 | 26 | 41 | 42 | 46 | 169 | 451 | ||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers (thousands): | ||||||||||||||||||||||||||||||||||||||||
Pulp — air-dry metric tons | 651 | 629 | 647 | 587 | 625 | 653 | 698 | 633 | 2,621 | 2,502 | ||||||||||||||||||||||||||||||
Paper — tons | 753 | 736 | 662 | 742 | 641 | 757 | 693 | 761 | 2,749 | 2,996 | ||||||||||||||||||||||||||||||
Coated groundwood — tons | 52 | 58 | 59 | 62 | 59 | 56 | 64 | 56 | 234 | 232 | ||||||||||||||||||||||||||||||
Liquid packaging board — tons | 56 | 60 | 71 | 65 | 72 | 64 | 76 | 69 | 275 | 258 | ||||||||||||||||||||||||||||||
Paper converting — tons | 511 | 475 | 474 | 494 | 462 | 494 | 485 | 501 | 1,932 | 1,964 | ||||||||||||||||||||||||||||||
Containerboard, Packaging and Recycling (thousands): | ||||||||||||||||||||||||||||||||||||||||
Containerboard — tons | 211 | 295 | 189 | 259 | 202 | 238 | 254 | 254 | 856 | 1,046 | ||||||||||||||||||||||||||||||
Packaging — MSF | 18,342 | 17,354 | 19,168 | 18,600 | 18,425 | 18,560 | 18,932 | 19,117 | 74,867 | 73,631 | ||||||||||||||||||||||||||||||
Recycling — tons | 733 | 692 | 719 | 695 | 678 | 665 | 745 | 676 | 2,875 | 2,728 | ||||||||||||||||||||||||||||||
Kraft bags and sacks — tons | 20 | 23 | 20 | 22 | 22 | 22 | 27 | 22 | 89 | 89 | ||||||||||||||||||||||||||||||
Real Estate and Related Assets: | ||||||||||||||||||||||||||||||||||||||||
Single-family homes sold | 1,472 | 1,378 | 1,325 | 1,525 | 906 | 1,608 | 838 | 1,174 | 4,541 | 5,685 | ||||||||||||||||||||||||||||||
Single-family homes closed | 1,161 | 1,189 | 1,483 | 1,279 | 1,439 | 1,257 | 1,753 | 1,922 | 5,836 | 5,647 | ||||||||||||||||||||||||||||||
Single-family homes sold but not closed at end of period | 3,105 | 2,561 | 2,947 | 2,807 | 2,414 | 3,158 | 1,499 | 2,410 | 1,499 | 2,410 |
Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||||||||||||||
March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | |||||||||||||||||||||||||||||||
Total production volumes: | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||||||||
Timberlands (thousands): | ||||||||||||||||||||||||||||||||||||||||
Fee Depletion — cunits | 2,132 | 2,248 | 2,083 | 2,231 | 2,040 | 2,098 | 2,195 | 2,153 | 8,450 | 8,730 | ||||||||||||||||||||||||||||||
Wood Products (millions): | ||||||||||||||||||||||||||||||||||||||||
Softwood lumber — board feet | 1,663 | 1,821 | 1,650 | 1,869 | 1,559 | 1,651 | 1,483 | 1,645 | 6,355 | 6,986 | ||||||||||||||||||||||||||||||
Plywood — square feet (3/8") | 241 | 303 | 245 | 302 | 237 | 296 | 177 | 254 | 900 | 1,155 | ||||||||||||||||||||||||||||||
Veneer — square feet (3/8") (1) | 455 | 517 | 455 | 529 | 494 | 486 | 335 | 447 | 1,739 | 1,979 | ||||||||||||||||||||||||||||||
Composite panels — square feet (3/4") | 278 | 267 | 288 | 282 | 100 | 268 | 0 | 263 | 666 | 1,080 | ||||||||||||||||||||||||||||||
Oriented strand board — square feet (3/8") | 1,073 | 1,007 | 1,062 | 1,019 | 1,009 | 1,017 | 1,022 | 1,035 | 4,166 | 4,078 | ||||||||||||||||||||||||||||||
Hardwood lumber — board feet | 82 | 92 | 83 | 96 | 82 | 91 | 77 | 85 | 324 | 364 | ||||||||||||||||||||||||||||||
Engineered I-Joists — lineal feet | 121 | 133 | 136 | 132 | 130 | 108 | 86 | 110 | 473 | 483 | ||||||||||||||||||||||||||||||
Engineered Solid Section — cubic feet | 11 | 11 | 12 | 10 | 10 | 10 | 8 | 10 | 41 | 41 | ||||||||||||||||||||||||||||||
Cellulose Fiber and White Papers (thousands): | ||||||||||||||||||||||||||||||||||||||||
Pulp — air-dry metric tons | 676 | 621 | 588 | 614 | 660 | 663 | 664 | 604 | 2,588 | 2,502 | ||||||||||||||||||||||||||||||
Paper — tons (2) | 724 | 763 | 672 | 752 | 675 | 765 | 725 | 780 | 2,796 | 3,060 | ||||||||||||||||||||||||||||||
Coated groundwood — tons | 56 | 55 | 56 | 59 | 59 | 60 | 59 | 60 | 230 | 234 | ||||||||||||||||||||||||||||||
Liquid packaging board — tons | 61 | 60 | 75 | 64 | 73 | 69 | 73 | 71 | 282 | 264 | ||||||||||||||||||||||||||||||
Paper converting — tons | 498 | 475 | 461 | 487 | 485 | 483 | 487 | 505 | 1,931 | 1,950 | ||||||||||||||||||||||||||||||
Containerboard, Packaging and Recycling (thousands): | ||||||||||||||||||||||||||||||||||||||||
Containerboard — tons (3) | 1,575 | 1,503 | 1,533 | 1,581 | 1,544 | 1,597 | 1,608 | 1,587 | 6,260 | 6,268 | ||||||||||||||||||||||||||||||
Packaging — MSF | 19,550 | 18,628 | 20,290 | 19,915 | 19,341 | 19,416 | 20,670 | 20,130 | 79,851 | 78,089 | ||||||||||||||||||||||||||||||
Recycling — tons (4) | 1,716 | 1,624 | 1,684 | 1,673 | 1,641 | 1,716 | 1,788 | 1,730 | 6,829 | 6,743 | ||||||||||||||||||||||||||||||
Kraft bags and sacks — tons | 19 | 23 | 20 | 22 | 18 | 21 | 25 | 22 | 82 | 88 |
(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 and kraft bags and sacks by company facilities. | |
(4) | Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes. |
PRELIMINARY RESULTS SUBJECT TO AUDIT
5
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
(in millions)
March 26, | June 25, | Sept 24, | Dec 31, | Dec 25, | ||||||||||||||||
2006 | 2006 | 2006 | 2006 | 2005 | ||||||||||||||||
Assets | ||||||||||||||||||||
Weyerhaeuser | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and short-term investments | $ | 105 | $ | 113 | $ | 114 | $ | 223 | $ | 818 | ||||||||||
Receivables, less allowances | 1,807 | 1,920 | 1,816 | 1,569 | 1,707 | |||||||||||||||
Inventories | 2,036 | 1,899 | 1,983 | 1,929 | 1,885 | |||||||||||||||
Prepaid expenses | 433 | 427 | 440 | 437 | 414 | |||||||||||||||
Assets of discontinued operations | 53 | 51 | 36 | — | 52 | |||||||||||||||
Total current assets | 4,434 | 4,410 | 4,389 | 4,158 | 4,876 | |||||||||||||||
Property and equipment | 10,124 | 10,107 | 9,926 | 10,009 | 10,345 | |||||||||||||||
Construction in progress | 640 | 607 | 640 | 407 | 527 | |||||||||||||||
Timber and timberlands at cost, less fee stumpage charged to disposals | 3,702 | 3,696 | 3,665 | 3,682 | 3,705 | |||||||||||||||
Investments in and advances to equity affiliates | 475 | 479 | 490 | 499 | 486 | |||||||||||||||
Goodwill | 2,235 | 2,243 | 2,254 | 2,203 | 2,982 | |||||||||||||||
Deferred pension and other assets | 1,284 | 1,303 | 1,265 | 1,400 | 1,314 | |||||||||||||||
Restricted assets held by special purpose entities | 914 | 916 | 914 | 917 | 916 | |||||||||||||||
Non current assets of discontinued operations | 169 | 168 | 52 | 171 | ||||||||||||||||
23,977 | 23,929 | 23,595 | 23,275 | 25,322 | ||||||||||||||||
Real Estate and Related Assets | ||||||||||||||||||||
Cash and short-term investments | 39 | 36 | 13 | 20 | 286 | |||||||||||||||
Receivables, less allowances | 143 | 141 | 145 | 144 | 42 | |||||||||||||||
Real estate in process of development and for sale | 1,341 | 1,590 | 1,636 | 1,449 | 1,055 | |||||||||||||||
Land being processed for development | 1,298 | 1,282 | 1,355 | 1,365 | 1,037 | |||||||||||||||
Investments in unconsolidated entities, less reserves | 60 | 66 | 74 | 72 | 61 | |||||||||||||||
Other assets | 353 | 420 | 422 | 423 | 296 | |||||||||||||||
Assets not owned, consolidated under FIN 46R | 170 | 154 | 132 | 151 | 130 | |||||||||||||||
3,404 | 3,689 | 3,777 | 3,624 | 2,907 | ||||||||||||||||
Total assets | $ | 27,381 | $ | 27,618 | $ | 27,372 | $ | 26,899 | $ | 28,229 | ||||||||||
Liabilities and Shareholders’ Interest | ||||||||||||||||||||
Weyerhaeuser | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable and commercial paper | $ | 1 | $ | 2 | $ | 222 | $ | 72 | $ | 3 | ||||||||||
Current maturities of long-term debt | 693 | 551 | 492 | 494 | 381 | |||||||||||||||
Accounts payable | 1,181 | 1,210 | 1,142 | 1,048 | 1,227 | |||||||||||||||
Accrued liabilities | 1,252 | 1,326 | 1,098 | 1,515 | 1,622 | |||||||||||||||
Liabilities of business held for sale | 19 | 15 | 14 | — | 22 | |||||||||||||||
Total current liabilities | 3,146 | 3,104 | 2,968 | 3,129 | 3,255 | |||||||||||||||
Long-term debt | 6,938 | 7,075 | 7,082 | 7,069 | 7,404 | |||||||||||||||
Deferred income taxes | 3,998 | 3,909 | 3,848 | 3,691 | 4,032 | |||||||||||||||
Deferred pension, other postretirement benefits and other liabilities | 1,651 | 1,674 | 1,628 | 1,891 | 1,591 | |||||||||||||||
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities | 763 | 765 | 762 | 765 | 764 | |||||||||||||||
Non current liabilities of discontinued operations | 3 | 4 | 4 | 3 | ||||||||||||||||
16,499 | 16,531 | 16,292 | 16,545 | 17,049 | ||||||||||||||||
Real Estate and Related Assets | ||||||||||||||||||||
Notes payable and commercial paper | 63 | 125 | 385 | — | 3 | |||||||||||||||
Long-term debt | 878 | 628 | 601 | 606 | 851 | |||||||||||||||
Other liabilities | 568 | 707 | 766 | 606 | 417 | |||||||||||||||
Liabilites not owned, consolidated under FIN 46R | 144 | 127 | 107 | 115 | 109 | |||||||||||||||
1,653 | 1,587 | 1,859 | 1,327 | 1,380 | ||||||||||||||||
Total liabilities | 18,152 | 18,118 | 18,151 | 17,872 | 18,429 | |||||||||||||||
Shareholders’ interest | 9,229 | 9,500 | 9,221 | 9,027 | 9,800 | |||||||||||||||
Total liabilities and shareholders’ interest | $ | 27,381 | $ | 27,618 | $ | 27,372 | $ | 26,899 | $ | 28,229 | ||||||||||
PRELIMINARY RESULTS SUBJECT TO AUDIT
6
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
SELECTED INFORMATION (unaudited)
(in millions)
Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||||||||||||||
March 26, | March 27, | June 25, | June 26, | Sept. 24, | Sept. 25, | Dec. 31, | Dec. 25, | Dec. 31, | Dec. 25, | |||||||||||||||||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||||
(Weyerhaeuser only, excludes Real Estate & Related Assets) | ||||||||||||||||||||||||||||||||||||||||
Net cash from operations | $ | (209 | ) | $ | (203 | ) | $ | 565 | $ | 723 | $ | 102 | $ | 452 | $ | 771 | $ | 648 | $ | 1,229 | $ | 1,620 | ||||||||||||||||||
Cash paid for property and equipment | $ | (182 | ) | $ | (117 | ) | $ | (184 | ) | $ | (196 | ) | $ | (173 | ) | $ | (220 | ) | $ | (273 | ) | $ | (310 | ) | $ | (812 | ) | $ | (843 | ) | ||||||||||
Cash paid for timberlands reforestation | $ | (12 | ) | $ | (12 | ) | $ | (9 | ) | $ | (6 | ) | $ | (6 | ) | $ | (6 | ) | $ | (10 | ) | $ | (8 | ) | $ | (37 | ) | $ | (32 | ) | ||||||||||
Cash received from issuances of debt | $ | — | $ | — | $ | — | $ | 1 | $ | 3 | $ | — | $ | 1 | $ | 172 | $ | 4 | $ | 173 | ||||||||||||||||||||
Revolving credit facilities, notes and commercial paper borrowings, net | $ | (68 | ) | $ | 19 | $ | 19 | $ | 23 | $ | 195 | $ | (40 | ) | $ | (95 | ) | $ | 73 | $ | 51 | $ | 75 | |||||||||||||||||
Payments on debt | $ | (158 | ) | $ | (404 | ) | $ | (10 | ) | $ | (206 | ) | $ | (58 | ) | $ | (986 | ) | $ | (5 | ) | $ | (582 | ) | $ | (231 | ) | $ | (2,178 | ) | ||||||||||
Proceeds from the sale of operations | $ | — | $ | — | $ | — | $ | 1,107 | $ | 187 | $ | — | $ | 86 | $ | 102 | $ | 273 | $ | 1,209 | ||||||||||||||||||||
Repurchases of common stock | $ | — | $ | — | $ | — | $ | — | $ | (332 | ) | $ | — | $ | (340 | ) | $ | (11 | ) | $ | (672 | ) | $ | (11 | ) |
PRELIMINARY RESULTS SUBJECT TO AUDIT
7