Weyerhaeuser (WY) 8-K Weyerhaeuser Reports 2nd Quarter Loss

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION  (unaudited)
CONSOLIDATED EARNINGS
(in millions)		Q2					Year-to-date							Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Net sales and revenues:
Forest Products	$	1,192		$	1,820		$	2,295		$	3,491		$	1,103
Real Estate		199			354			371			725			172
Total net sales and revenues		1,391			2,174			2,666			4,216			1,275
Costs and expenses:
Forest Products:
Costs of products sold		1,050			1,518			2,028			2,917			978
Alternative fuel mixture credits		(107	)		-			(107	)		-			-
Depreciation, depletion and amortization		125			146			247			291			122
Selling expenses		33			57			76			116			43
General and administrative expenses		83			125			179			273			96
Research and development expenses		15			18			28			35			13
Charges for restructuring and closures		46			44			128			77			82
Impairment of goodwill and other assets		20			51			38			82			18
Other operating costs (income), net		(77	)		(40	)		(71	)		(1	)		6
		1,188			1,919			2,546			3,790			1,358
Real Estate:
Costs and operating expenses		164			313			315			636			151
Depreciation and amortization		4			5			8			9			4
Selling expenses		20			37			42			73			22
General and administrative expenses		17			27			45			56			28
Other operating costs (income), net		7			(3	)		7			(3	)		-
Impairment of long-lived assets and other related charges		53			280			95			317			42
		265			659			512			1,088			247
Total costs and expenses		1,453			2,578			3,058			4,878			1,605
Operating loss		(62	)		(404	)		(392	)		(662	)		(330	)
Forest Products:
Interest expense incurred		(107	)		(126	)		(215	)		(258	)		(108	)
Less: interest capitalized		2			21			4			45			2
Interest income and other		13			16			27			29			14
Gain on Uruguay restructuring		-			101			-			101			-
Equity in income (loss) of affiliates		-			3			3			(2	)		3
Real Estate:
Interest expense incurred		(7	)		(14	)		(14	)		(26	)		(7	)
Less: interest capitalized		7			14			14			26			7
Interest income and other		1			(2	)		2			(1	)		1
Equity in income of unconsolidated entities		11			1			13			1			2
Impairment of investments and other related charges		(6	)		(84	)		(32	)		(107	)		(26	)
Loss from continuing operations before income taxes		(148	)		(474	)		(590	)		(854	)		(442	)
Income taxes		32			214			208			353			176
Loss from continuing operations		(116	)		(260	)		(382	)		(501	)		(266	)
Discontinued operations, net of taxes (1)		-			111			-			198			-
Net loss		(116	)		(149	)		(382	)		(303	)		(266	)
Less: net loss attributable to noncontrolling interests		10			53			12			59			2
Net loss attributable to Weyerhaeuser common shareholders	$	(106	)	$	(96	)	$	(370	)	$	(244	)	$	(264	)
Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations	$	(0.50	)	$	(0.98	)	$	(1.75	)	$	(2.10	)	$	(1.25	)
Discontinued operations		-			0.53			-			0.94			-
Net loss per share	$	(0.50	)	$	(0.45	)	$	(1.75	)	$	(1.16	)	$	(1.25	)
Dividends paid per share	$	0.25		$	0.60		$	0.50		$	1.20		$	0.25
Weighted average shares outstanding (in thousands):
Basic		211,356			211,262			211,328			211,228			211,298
Diluted		211,356			211,262			211,328			211,228			211,298
Common shares outstanding at end of period (in thousands)		211,357			211,279			211,357			211,279			211,355

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1)    Discontinued operations for 2008 include the net operating results of our Containerboard, Packaging and Recycling business and Australian operations.
Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments. Discontinued operations include an allocation of net pension and postretirement income or expense.
Summary results of discontinued operations:		Q2			Year-to-date					Q1
		Q2 2009		Q2 2008		Q2 2009		Q2 2008		Q1 2009
Net sales	$	-	$	1,436	$	-	$	2,787	$	-
Net earnings from operations (after-tax)	$	-	$	111	$	-	$	198	$	-
Net earnings from discontinued operations	$	-	$	111	$	-	$	198	$	-

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET SALES AND REVENUES:
(in millions)		Q2					Year-to-date							Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Timberlands:
Logs:
West	$	87		$	154		$	169		$	269		$	82
South		43			16			76			31			33
Canada		-			2			2			15			2
Total Logs		130			172			247			315			117
Pay as cut timber sales		7			7			14			12			7
Timberlands sales and exchanges (1)		40			19			44			37			4
Higher and better use land sales (1)		4			1			5			8			1
Minerals, oil and gas		14			12			28			24			14
Products from international operations (2)		10			10			17			13			7
Other products		3			3			10			12			7
		208			224			365			421			157
Wood Products:
Softwood lumber		229			403			451			764			222
Engineered solid section		62			121			117			226			55
Engineered I-Joists		43			86			76			159			33
Oriented strand board		58			110			113			215			55
Plywood		22			59			46			116			24
Hardwood lumber		56			80			107			160			51
Other products produced		39			51			82			100			43
Other products purchased for resale		85			161			144			297			59
		594			1,071			1,136			2,037			542
Cellulose Fibers:
Pulp		255			355			536			700			281
Liquid packaging board		77			74			143			141			66
Other products		17			31			34			64			17
		349			460			713			905			364
Real Estate:
Single family housing		180			346			342			683			162
Land development		18			6			27			30			9
Other		1			2			2			12			1
		199			354			371			725			172
Corporate and Other		41			126			81			243			40
Containerboard, Packaging and Recycling		-			1,375			-			2,672			-
Less: sales of discontinued operations		-			(1,436	)		-			(2,787	)		-
	$	1,391		$	2,174		$	2,666		$	4,216		$	1,275
(1) Higher and better use timberland and other non-strategic timberland are sold through Forest Products subsidiaries.
(2) Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)		Q2					Year-to-date							Q1
(in millions)	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Net cash from operations	$	126		$	190		$	(310	)	$	(92	)	$	(436	)
Cash paid for property and equipment (1)		(32	)		(107	)		(85	)		(205	)		(53	)
Cash paid for timberlands reforestation (1)		(7	)		(11	)		(22	)		(27	)		(15	)
Revolving credit facilities, notes and commercial paper borrowings, net		-			257			-			830			-
Payments on debt		(18	)		(103	)		(19	)		(107	)		(1	)
Proceeds from the sale of assets and operations		29			70			37			99			8
Cash paid for dividends		(53	)		(126	)		(106	)		(253	)		(53	)
Loan to pension trust		-			-			(85	)		-			(85	)
Repurchases of common stock		-			-			(2	)		-			(2	)
(1) Capital spending is for Forest Products only and excludes Real Estate.

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS:
(in millions)	Q2						Year-to-date						Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Timberlands	$	66		$	103		$	106		$	215		$	40
Wood Products		(162	)		(164	)		(428	)		(441	)		(266	)
Cellulose Fibers		100			42			131			98			31
Real Estate		(50	)		(337	)		(146	)		(411	)		(96	)
Corporate and Other		13			111			(30	)		70			(43	)
Containerboard, Packaging and Recycling		-			105			-			194			-
	$	(33	)	$	(140	)	$	(367	)	$	(275	)	$	(334	)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

(includes costs incurred within the company's discontinued operations)

(in millions)
Timberlands includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(5	)	$	-		$	(5	)	$	-		$	-
Wood Products includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	-		$	(9	)	$	(63	)	$	(41	)	$	(63	)
Goodwill impairments		-			-			(3	)		(3	)		(3	)
Other asset impairments		(16	)		(25	)		(21	)		(46	)		(5	)
Reserve for litigation		-			-			(19	)		(18	)		(19	)
Gain on sale of property		1			-			1			-			-
	$	(15	)	$	(34	)	$	(105	)	$	(108	)	$	(90	)
Cellulose Fibers includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	-		$	(1	)	$	(1	)	$	(1	)	$	(1	)
Alternative fuel mixture credits		107			-			107			-			-
	$	107		$	(1	)	$	106		$	(1	)	$	(1	)
Real Estate includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(2	)	$	-		$	(6	)	$	-		$	(4	)
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		(50	)		(311	)		(116	)		(366	)		(66	)
Impairment of assets and other related charges- attributable to noncontrolling interest		(9	)		(53	)		(11	)		(58	)		(2	)
Sale of partnership interest		9			-			9			-			-
Net gain (loss) on land and lot sales		7			-			13			(2	)		6
	$	(45	)	$	(364	)	$	(111	)	$	(426	)	$	(66	)
Corporate and Other includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(41	)	$	(35	)	$	(59	)	$	(35	)	$	(18	)
Other asset impairments		(4	)		(23	)		(14	)		(28	)		(10	)
Litigation and insurance settlements		20			-			20			-			-
Environmental reserve adjustment		-			-			-			(17	)		-
Gain on Uruguay restructure		-			101			-			101			-
Gain on sale of closed facilities		18			-			18			-			-
Share-based compensation		(2	)		(2	)		(5	)		(17	)		(3	)
Net foreign exchange gains (losses)		21			4			16			(7	)		(5	)
Pension and postretirement credits (1)		37			23			61			55			24
	$	49		$	68		$	37		$	52		$	(12	)
(1) Excludes pension and postretirement charges included in restructuring and closures

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

THIRD PARTY SALES VOLUMES:
(in millions)		Q2			Year-to-date					Q1
	June 30,		June 29,		June 30,		June 29,		March 31,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Logs - cubic meters:
West		1,283		1,954		2,373		3,431		1,090
South		1,062		421		1,831		814		769
Canada		3		76		67		415		64
International		73		98		150		128		77
Wood Products (millions):
Softwood lumber - board feet		896		1,252		1,786		2,509		890
Engineered solid section - cubic feet		4		6		7		12		3
Engineered I-Joists - lineal feet		36		70		62		126		26
Oriented strand board - square feet (3/8")		374		637		721		1,308		347
Plywood  - square feet (3/8")		71		160		138		314		67
Hardwood lumber - board feet		69		88		127		175		58
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		395		447		804		889		409
Liquid packaging board  - tons		77		78		141		149		64
Real Estate:
Single-family homes sold		790		748		1,245		1,674		455
Single-family homes closed		464		869		893		1,713		429
Single-family homes sold but not closed at end of period		910		1,185		910		1,185		607

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

TOTAL PRODUCTION VOLUMES:
(in millions)		Q2			Year-to-date					Q1
	June 30,		June 29,		June 30,		June 29,		March 31,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Fee depletion  - cubic meters:
West		1,910		2,921		3,588		5,599		1,678
South		2,495		3,239		4,875		6,484		2,380
Wood Products (millions):
Softwood lumber - board feet		792		1,180		1,653		2,367		861
Engineered solid section - cubic feet		3		6		5		12		2
Engineered I-Joists - lineal feet		24		61		44		119		20
Oriented strand board - square feet (3/8")		369		670		704		1,367		335
Plywood - square feet (3/8")		37		95		65		169		28
Hardwood lumber - board feet		48		67		103		138		55
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		368		417		783		872		415
Liquid packaging board  - tons		77		77		142		141		65

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WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	June 30,		March 31,		Dec. 31,
Assets	2009		2009		2008
Forest Products
Current assets:
Cash and cash equivalents	$	1,745	$	1,653	$	2,288
Short-term investments		60		92		138
Receivables, less allowances		402		384		429
Receivables for taxes		336		273		73
Receivable from pension trust		285		285		200
Inventories		530		664		702
Prepaid expenses		92		98		101
Deferred tax assets		151		150		159
Total current assets		3,601		3,599		4,090
Property and equipment, net		3,747		3,783		3,869
Construction in progress		108		95		104
Timber and timberlands at cost, less depletion charged to disposals		4,173		4,201		4,205
Investments in and advances to equity affiliates		200		205		202
Goodwill		40		40		43
Deferred pension and other assets		600		564		651
Restricted assets held by special purpose entities		916		914		916
		13,385		13,401		14,080
Real Estate
Cash and cash equivalents		1		3		6
Receivables, less allowances		46		51		74
Real estate in process of development and for sale		631		695		751
Land being processed for development		1,146		1,156		1,121
Investments in unconsolidated entities		16		21		30
Deferred tax assets		419		439		438
Other assets		180		183		195
Consolidated assets not owned		18		32		56
		2,457		2,580		2,671
Total assets	$	15,842	$	15,981	$	16,751
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	1
Current maturities of long-term debt		388		406		407
Accounts payable		314		285		381
Accrued liabilities		816		781		985
Total current liabilities		1,519		1,473		1,774
Long-term debt		5,153		5,153		5,153
Deferred income taxes		1,677		1,723		1,805
Deferred pension, other postretirement benefits and other liabilities		1,699		1,667		1,566
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		766		763		764
		10,814		10,779		11,062
Real Estate
Long-term debt		456		456		456
Other liabilities		294		317		353
Consolidated liabilities not owned		1		35		33
		751		808		842
Total liabilities		11,565		11,587		11,904
Equity
Equity		4,277		4,394		4,847
Total liabilities and equity	$	15,842	$	15,981	$	16,751

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