Weyerhaeuser (WY) 8-K Weyerhaeuser Reports Second Quarter Results

Exhibit 99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONSOLIDATED EARNINGS

    (in millions, except per-share figures)

	Q2						Year-to-date						Q1
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009			March 31, 2010
Net sales and revenues:
Forest Products	$	1,548		$	1,192		$	2,816		$	2,295		$	1,268
Real Estate		257			199			408			371			151
Total net sales and revenues		1,805			1,391			3,224			2,666			1,419
Costs and expenses:
Forest Products:
Costs of products sold		1,175			1,050			2,183			2,028			1,008
Alternative fuel mixture credits		—			(107	)		—			(107	)		—
Depreciation, depletion and amortization		115			125			231			247			116
Selling expenses		36			33			70			76			34
General and administrative expenses		80			83			162			179			82
Research and development expenses		8			15			16			28			8
Charges for restructuring and closures		2			46			2			128			—
Impairment of goodwill and other assets		—			20			1			38			1
Other operating income, net		(8	)		(77	)		(79	)		(71	)		(71	)
		1,408			1,188			2,586			2,546			1,178
Real Estate:
Costs and operating expenses		189			164			310			315			121
Depreciation and amortization		5			4	��		8			8			3
Selling expenses		19			20			34			42			15
General and administrative expenses		17			17			33			45			16
Other operating costs, net		2			7			3			7			1
Impairment of long-lived assets and other related charges		1			53			2			95			1
		233			265			390			512			157
Total costs and expenses		1,641			1,453			2,976			3,058			1,335
Operating income (loss)		164			(62	)		248			(392	)		84
Interest expense and other:
Forest Products:
Interest expense incurred		(105	)		(107	)		(211	)		(215	)		(106	)
Less: interest capitalized		—			2			1			4			1
Loss on early extinguishment of debt		(49	)		—			(49	)		—			—
Interest income and other		12			13			21			27			9
Equity in income (loss) of equity affiliates		(3	)		—			(9	)		3			(6	)
Real Estate:
Interest expense incurred		(6	)		(7	)		(12	)		(14	)		(6	)
Less: interest capitalized		5			7			10			14			5
Interest income and other		—			1			3			2			3
Equity in income of equity affiliates		3			11			39			13			36
Impairments of investments and other related charges		—			(6	)		—			(32	)		—
Earnings (loss) before income taxes		21			(148	)		41			(590	)		20
Income tax benefit (provision) (1)		(7	)		32			(45	)		208			(38	)
Net earnings (loss)		14			(116	)		(4	)		(382	)		(18	)
Less: (income) loss attributable to noncontrolling interests		—			10			(2	)		12			(2	)
Net earnings (loss) attributable to Weyerhaeuser common shareholders	$	14		$	(106	)	$	(6	)	$	(370	)	$	(20	)
Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	0.07		$	(0.50	)	$	(0.03	)	$	(1.75	)	$	(0.10	)
Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	0.07		$	(0.50	)	$	(0.03	)	$	(1.75	)	$	(0.10	)
Dividends paid per share	$	0.05		$	0.25		$	0.10		$	0.50		$	0.05
Weighted average shares outstanding (in thousands):
Basic		211,600			211,356			211,521			211,328			211,440
Diluted		212,103			211,356			211,521			211,328			211,440
Common shares outstanding at end of period (in thousands)		211,609			211,357			211,609			211,357			211,557

⁽¹⁾ First quarter 2010 includes $31 million in tax charges related to the elimination of the ability to claim a tax deduction for prescription drug benefits provided to retirees and reimbursed under the Medicare Part D subsidy beginning in 2013 and state tax rate changes.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET SALES AND REVENUES

        (in millions)

	Q2				Year-to-date				Q1
	June 30, 2010		June 30, 2009		June 30, 2010		June 30, 2009		March 31, 2010
Timberlands:
Logs:
West	$	125	$	87	$	207	$	169	$	82
South		37		43		64		76		27
Canada		—		—		9		2		9
Total logs		162		130		280		247		118
Pay as cut timber sales		9		7		17		14		8
Timberlands exchanges and non-strategic dispositions(1)		13		40		48		44		35
Higher and better use land sales(1)		7		4		12		5		5
Minerals, oil and gas		16		14		31		28		15
Products from international operations(2)		17		10		32		17		15
Other products		1		3		7		10		6
		225		208		427		365		202
Wood Products:
Structural lumber		308		216		549		428		241
Engineered solid section		79		62		145		117		66
Engineered I-Joists		49		43		97		76		48
Oriented strand board		116		58		182		113		66
Softwood plywood		23		14		39		28		16
Hardwood lumber		64		56		118		107		54
Other products produced		38		39		73		82		35
Other products purchased for resale		112		106		190		185		78
		789		594		1,393		1,136		604
Cellulose Fibers:
Pulp		354		255		675		536		321
Liquid packaging board		90		77		161		143		71
Other products		24		17		42		34		18
		468		349		878		713		410
Real Estate:
Single family housing		233		180		376		342		143
Land		23		18		30		27		7
Other		1		1		2		2		1
		257		199		408		371		151
Corporate and Other		66		41		118		81		52
	$	1,805	$	1,391	$	3,224	$	2,666	$	1,419

⁽¹⁾ Higher and better use timberlands and non-strategic dispositions 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 (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS

        (in millions)

	Q2						Year-to-date						Q1
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009			March 31, 2010
Timberlands	$	70		$	66		$	151		$	106		$	81
Wood Products		(3	)		(162	)		(22	)		(428	)		(19	)
Cellulose Fibers		74			100			93			131			19
Real Estate		27			(50	)		58			(146	)		31
Corporate and Other		8			13			20			(30	)		12
	$	176		$	(33	)	$	300		$	(367	)	$	124

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

        (in millions)

							Year-to-date
	Q2 2010			Q2 2009			Q2 2010		Q2 2009			Q1 2010
Wood Products includes:
Charges for restructuring and closures	$	—		$	—		$	—	$	(63	)	$	—
Goodwill impairments		—			—			—		(3	)		—
Other asset impairments		—			(16	)		—		(21	)		—
Reserve for litigation		—			—			—		(19	)		—
Gain on sale of operations		—			—			4		—			4
Gain on sale of property		8			1			48		1			40
							Year-to-date
	Q2 2010			Q2 2009			Q2 2010		Q2 2009			Q1 2010
Cellulose Fibers includes:
Charges for restructuring and closures	$	—		$	—		$	—	$	(1	)	$	—
Alternative fuel mixture credits		—			107			—		107			—
							Year-to-date
	Q2 2010			Q2 2009			Q2 2010		Q2 2009			Q1 2010
Real Estate includes:
Charges for restructuring and closures	$	—		$	(2	)	$	—	$	(6	)	$	—
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		—			(50	)		—		(116	)		—
Impairment of assets and other related charges - attributable to noncontrolling interests		—			(9	)		—		(11	)		—
Sale of partnership interests		—			9			33		9			33
Net gain on land and lot sales		13			7			16		13			3
							Year-to-date
	Q2 2010			Q2 2009			Q2 2010		Q2 2009			Q1 2010
Corporate and Other includes:
Charges for restructuring and closures	$	—		$	(41	)	$	—	$	(59	)	$	—
Asset impairments		—			(4	)		—		(14	)		—
Net foreign exchange gains (losses)		(8	)		21			2		16			10
Pension and postretirement credits(1)		22			37			38		61			16

⁽¹⁾ Excludes pension and postretirement included in charges for restructuring and closures.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

THIRD PARTY SALES VOLUMES

	Q2		Year-to-date		Q1
	June 30, 2010	June 30, 2009	June 30, 2010	June 30, 2009	March 31, 2010
Timberlands (thousands):
Logs - cubic meters:
West	1,276	1,283	2,251	2,373	975
South	827	1,062	1,461	1,831	634
Canada	15	3	274	67	259
International	68	73	146	150	78
Wood Products (millions):
Structural lumber - board feet	884	885	1,645	1,766	761
Engineered solid section - cubic feet	4	4	8	7	4
Engineered I-Joists - lineal feet	41	36	85	62	44
Oriented strand board - square feet (3/8”)	437	374	771	721	334
Softwood plywood - square feet (3/8”)	75	55	135	106	60
Hardwood lumber - board feet	76	69	143	127	67
Cellulose Fibers (thousands):
Pulp - air-dry metric tons	413	395	835	804	422
Liquid packaging board - tons	83	77	150	141	67
Real Estate:
Single-family homes sold	491	790	1,111	1,245	620
Single-family homes closed	625	464	1,018	893	393
Single-family homes sold but not closed at end of period (backlog)	743	910	743	910	877
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
TOTAL PRODUCTION VOLUMES
	Q2		Year-to-date		Q1
	June 30, 2010	June 30, 2009	June 30, 2010	June 30, 2009	March 31, 2010
Timberlands (thousands):
Fee depletion - cubic meters:
West	1,404	1,910	2,835	3,588	1,431
South	1,881	2,495	4,021	4,875	2,140
International	89	142	181	249	92
Wood Products (millions):
Structural lumber - board feet	846	792	1,647	1,653	801
Engineered solid section - cubic feet	4	3	8	5	4
Engineered I-Joists - lineal feet	41	24	82	44	41
Oriented strand board - square feet (3/8”)	468	369	846	704	378
Softwood plywood - square feet (3/8”)	64	37	112	65	48
Hardwood lumber - board feet	61	48	120	103	59
Cellulose Fibers (thousands):
Pulp - air-dry metric tons	414	368	851	783	437
Liquid packaging board - tons	81	77	150	142	69

PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEETS

        (in millions)

	June 30, 2010		March 31, 2010		Dec. 31, 2009
Assets
Forest Products
Current assets:
Cash and cash equivalents	$	1,839	$	2,143	$	1,862
Short-term investments		3		1		49
Receivables, less allowances		481		462		370
Receivables for taxes		51		34		602
Receivable from pension trust		—		96		146
Inventories		472		515		447
Prepaid expenses		91		93		82
Deferred tax assets		136		136		109
Total current assets		3,073		3,480		3,667
Property and equipment, net		3,423		3,539		3,611
Construction in progress		77		69		52
Timber and timberlands at cost, less depletion charged to disposals		4,022		4,016		4,010
Investments in and advances to equity affiliates		192		192		197
Goodwill		40		40		40
Deferred pension and other assets		948		904		756
Restricted assets held by special purpose entities		915		914		915
		12,690		13,154		13,248
Real Estate
Cash and cash equivalents		7		17		7
Receivables, less allowances		42		34		32
Inventory		1,552		1,553		1,515
Investments in and advances to equity affiliates		18		18		17
Deferred tax assets		270		271		299
Other assets		123		122		126
Consolidated assets not owned		6		6		6
		2,018		2,021		2,002
Total assets	$	14,708	$	15,175	$	15,250
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	4
Current maturities of long-term debt		3		3		3
Accounts payable		322		329		317
Accrued liabilities		663		603		631
Total current liabilities		989		936		955
Long-term debt		4,734		5,281		5,281
Deferred income taxes		1,642		1,578		1,538
Deferred pension, other postretirement benefits and other liabilities		1,854		1,942		2,000
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		770		767		768
		9,989		10,504		10,542
Real Estate
Long-term debt		390		390		402
Other liabilities		218		224		252
		608		614		654
Total liabilities		10,597		11,118		11,196
Equity
Weyerhaeuser shareholders’ interest		4,100		4,046		4,044
Noncontrolling interest		11		11		10
Total equity		4,111		4,057		4,054
Total liabilities and equity	$	14,708	$	15,175	$	15,250

PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

STATEMENT OF CASH FLOWS

SELECTED INFORMATION

        (in millions)

	Q2						Year-to-date						Q1
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009			March 31, 2010
Net cash from operations	$	243		$	126		$	433		$	(310	)	$	190
Cash paid for property and equipment(1)		(32	)		(32	)		(77	)		(85	)		(45	)
Cash paid for timberlands reforestation(1)		(7	)		(7	)		(20	)		(22	)		(13	)
Acquisition of timberlands		(11	)		—			(20	)		(7	)		(9	)
Payments on debt		(597	)		(18	)		(614	)		(19	)		(17	)
Proceeds from the sale of assets and operations		15			29			130			37			115
Cash paid for dividends		(10	)		(53	)		(21	)		(106	)		(11	)
Repayments from (loan to) pension trust		96			—			146			(85	)		50
(1)      Capital spending is for Forest Products only and excludes Real Estate. Forest Products Working Capital by Business Segment
	June 30, 2010			June 30, 2009									March 31, 2010
Timberlands	$	39		$	36								$	24
Wood Products		308			279									360
Cellulose Fibers		268			284									244
Corporate and Other (1)		1,469			1,539									1,916
	$	2,084		$	2,138								$	2,544
(1)      Corporate and Other segment holds payroll and other liabilities related to the segments and income taxes receivable related to Real Estate. Forest Products Capital Expenditures by Business Segment
	Q2						Year-to-date						Q1
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009			March 31, 2010
Timberlands	$	15		$	21		$	35		$	49		$	20
Wood Products		5			4			7			29			2
Cellulose Fibers		19			10			58			18			39
Corporate and Other		—			4			1			11			1
	$	39		$	39		$	101		$	107		$	62

PRELIMINARY RESULTS - SUBJECT TO AUDIT

6

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)	APPENDIX
STATEMENT OF OPERATIONS BY BUSINESS SEGMENT
(Dollar amounts in millions)

	Q2.2010
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	225		$	789		$	468		$	66		$	—		$	1,548		$	257		$	1,805
Intersegment sales		123			20			—			5			(148	)		—			—			—
Net sales and revenues		348			809			468			71			(148	)		1,548			257			1,805
Costs and expenses:
Costs of products sold		238			698			339			48			(148	)		1,175			189			1,364
Depreciation, depletion and amortization		22			45			36			12			—			115			5			120
Selling expenses		2			30			3			1			—			36			19			55
General and administrative expenses		21			42			17			—			—			80			17			97
Research and development expenses		5			2			2			(1	)		—			8			—			8
Charges for restructuring and closures		—			1			—			1			—			2			—			2
Impairment of goodwill and other assets		—			—			—			—			—			—			1			1
Other operating costs (income), net		(9	)		(5	)		(5	)		11			—			(8	)		2			(6	)
Total costs and expenses		279			813			392			72			(148	)		1,408			233			1,641
Operating income (loss)		69			(4	)		76			(1	)		—			140			24			164
Interest income and other		1			1			—			10			—			12			—			12
Equity in income (loss) of equity affiliates		—			—			(2	)		(1	)		—			(3	)		3			—
Income attributable to noncontrolling interests		—			—			—			—			—			—			—			—
Net contribution to earnings	$	70		$	(3	)	$	74		$	8		$	—		$	149		$	27			176
Interest expense, net of capitalized interest																							(106	)
Loss on early extinguishment of debt																							(49	)
Earnings before income taxes																							21
Income tax provision																							(7	)
Net earnings attributable to Weyerhaeuser common shareholders																						$	14
	Q2.2009
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	208		$	594		$	349		$	41		$	—		$	1,192		$	199		$	1,391
Intersegment sales		115			14			—			3			(132	)		—			—			—
Net sales and revenues		323			608			349			44			(132	)		1,192			199			1,391
Costs and expenses:
Costs of products sold		212			630			307			33			(132	)		1,050			164			1,214
Alternative fuel mixture credits		—			—			(107	)		—			—			(107	)		—			(107	)
Depreciation, depletion and amortization		26			51			35			13			—			125			4			129
Selling expenses		2			26			4			1			—			33			20			53
General and administrative expenses		14			39			13			17			—			83			17			100
Research and development expenses		2			6			1			6			—			15			—			15
Charges for restructuring and closures		5			—			—			41			—			46			—			46
Impairment of goodwill and other assets		—			16			—			4			—			20			—			20
Real Estate impairments and other related charges		—			—			—			—			—			—			53			53
Other operating costs (income), net		(4	)		3			(1	)		(75	)		—			(77	)		7			(70	)
Total costs and expenses		257			771			252			40			(132	)		1,188			265			1,453
Operating income (loss)		66			(163	)		97			4			—			4			(66	)		(62	)
Interest income and other		—			1			1			11			—			13			1			14
Equity in income (loss) of equity affiliates		—			—			2			(2	)		—			—			11			11
Investment impairments and other related charges		—			—			—			—			—			—			(6	)		(6	)
Loss attributable to noncontrolling interests		—			—			—			—			—			—			10			10
Net contribution to earnings	$	66		$	(162	)	$	100		$	13		$	—		$	17		$	(50	)		(33	)
Interest expense, net of capitalized interest																							(105	)
Loss before income taxes																							(138	)
Income tax benefit																							32
Net loss attributable to Weyerhaeuser common shareholders																						$	(106	)
	Q1.2010
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	202		$	604		$	410		$	52		$	—		$	1,268		$	151		$	1,419
Intersegment sales		171			16			—			4			(191	)		—			—			—
Net sales and revenues		373			620			410			56			(191	)		1,268			151			1,419
Costs and expenses:
Costs of products sold		254			572			331			42			(191	)		1,008			121			1,129
Depreciation, depletion and amortization		23			45			36			12			—			116			3			119
Selling expenses		2			28			3			1			—			34			15			49
General and administrative expenses		18			39			17			8			—			82			16			98
Research and development expenses		4			1			2			1			—			8			—			8
Charges for restructuring and closures		1			—			—			(1	)		—			—			—			—
Impairment of goodwill and other assets		—			1			—			—			—			1			1			2
Other operating costs (income), net		(10	)		(46	)		(2	)		(13	)		—			(71	)		1			(70	)
Total costs and expenses		292			640			387			50			(191	)		1,178			157			1,335
Operating income (loss)		81			(20	)		23			6			—			90			(6	)		84
Interest income and other		—			1			—			8			—			9			3			12
Equity in income (loss) of equity affiliates		—			—			(4	)		(2	)		—			(6	)		36			30
Income attributable to noncontrolling interests		—			—			—			—			—			—			(2	)		(2	)
Net contribution to earnings	$	81		$	(19	)	$	19		$	12		$	—		$	93		$	31			124
Interest expense, net of capitalized interest																							(106	)
Earnings before income taxes																							18
Income tax provision																							(38	)
Net loss attributable to Weyerhaeuser common shareholders																						$	(20	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

	Q2.2010 Year-to-date
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	427		$	1,393		$	878		$	118		$	—		$	2,816		$	408		$	3,224
Intersegment sales		294			36			—			9			(339	)		—			—			—
Net sales and revenues		721			1,429			878			127			(339	)		2,816			408			3,224
Costs and expenses:
Costs of products sold		492			1,270			670			90			(339	)		2,183			310			2,493
Depreciation, depletion and amortization		45			90			72			24			—			231			8			239
Selling expenses		4			58			6			2			—			70			34			104
General and administrative expenses		39			81			34			8			—			162			33			195
Research and development expenses		9			3			4			—			—			16			—			16
Charges for restructuring and closures		1			1			—			—			—			2			—			2
Impairment of goodwill and other assets		—			1			—			—			—			1			2			3
Other operating costs (income), net		(19	)		(51	)		(7	)		(2	)		—			(79	)		3			(76	)
Total costs and expenses		571			1,453			779			122			(339	)		2,586			390			2,976
Operating income (loss)		150			(24	)		99			5			—			230			18			248
Interest income and other		1			2			—			18			—			21			3			24
Equity in income (loss) of equity affiliates		—			—			(6	)		(3	)		—			(9	)		39			30
Income attributable to noncontrolling interests		—			—			—			—			—			—			(2	)		(2	)
Net contribution to earnings	$	151		$	(22	)	$	93		$	20		$	—		$	242		$	58			300
Interest expense, net of capitalized interest																							(212	)
Loss on early extinguishment of debt																							(49	)
Earnings before income taxes																							39
Income tax provision																							(45	)
Net loss attributable to Weyerhaeuser common shareholders																						$	(6	)
	Q2.2009 Year-to-date
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	365		$	1,136		$	713		$	81		$	—		$	2,295		$	371		$	2,666
Intersegment sales		286			33			—			5			(324	)		—			—			—
Net sales and revenues		651			1,169			713			86			(324	)		2,295			371			2,666
Costs and expenses:
Costs of products sold		478			1,226			589			59			(324	)		2,028			315			2,343
Alternative fuel mixture credits		—			—			(107	)		—			—			(107	)		—			(107	)
Depreciation, depletion and amortization		49			101			70			27			—			247			8			255
Selling expenses		4			62			8			2			—			76			42			118
General and administrative expenses		32			92			29			26			—			179			45			224
Research and development expenses		4			9			3			12			—			28			—			28
Charges for restructuring and closures		5			63			1			59			—			128			—			128
Impairment of goodwill and other assets		—			24			—			14			—			38			—			38
Real Estate impairments and other related charges		—			—			—			—			—			—			95			95
Other operating costs (income), net		(26	)		21			(4	)		(62	)		—			(71	)		7			(64	)
Total costs and expenses		546			1,598			589			137			(324	)		2,546			512			3,058
Operating income (loss)		105			(429	)		124			(51	)		—			(251	)		(141	)		(392	)
Interest income and other		1			1			1			24			—			27			2			29
Equity in income (loss) of equity affiliates		—			—			6			(3	)		—			3			13			16
Investment impairments and other related charges		—			—			—			—			—			—			(32	)		(32	)
Loss attributable to noncontrolling interests		—			—			—			—			—			—			12			12
Net contribution to earnings	$	106		$	(428	)	$	131		$	(30	)	$	—		$	(221	)	$	(146	)		(367	)
Interest expense, net of capitalized interest																							(211	)
Loss before income taxes																							(578	)
Income tax benefit																							208
Net loss attributable to Weyerhaeuser common shareholders																						$	(370	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2