EXHIBIT 99.3
[GEORGIA-PACIFIC GROUP LOGO]
SALES BY OPERATING SEGMENT
DECEMBER 2000
FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER FULL YEAR
ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ($ IN MILLIONS) ACTUAL 1999 ACTUAL 1999
- ------ ------ ------ ------ ------ ------ ------ ------ ------ -------
$2,132 $2,036 $2,220 $2,411 $1,965 $2,412 BUILDING PRODUCTS $1,642 $2,060 $ 7,959 $ 8,919
658 552 680 601 667 643 CONTAINERBOARD AND PACKAGING 640 650 2,645 2,446
2,252 553 2,226 584 2,309 2,224 BLEACHED PULP AND PAPER 2,212 2,140 8,999 5,501
483 370 469 372 498 352 CONSUMER PRODUCTS 1,020 456 2,470 1,550
1 1 - - 1 1 ALL OTHER 1 - 3 2
- ------ ------ ------ ------ ------ ------ ------ ------ ------- -------
$5,526 $3,512 $5,595 $3,968 $5,440 $5,632 TOTAL OPERATIONS $5,515 $5,306 $22,076 $18,418
====== ====== ====== ====== ====== ====== ====== ====== ======= =======
[GEORGIA-PACIFIC GROUP LOGO]
OPERATING PROFITS BY SEGMENT
DECEMBER 2000
($ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER
ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999
------ ---- ------ ---- ----- ---- ------ ----
$ 205 $ 266 $ 180 $ 399 $ 41 $ 337 BUILDING PRODUCTS $(49) $ 200
131 35 141 76 141 83 CONTAINERBOARD AND PACKAGING 99 130
115 (31) 141 (8) 158 82 BLEACHED PULP AND PAPER 54 102
52 44 48 34 69 35 CONSUMER PRODUCTS 64 57
(56) (53) (53) (59) (69) (51) ALL OTHER (60) (88)
- - - - - - OTHER LOSS (204)/1/ -
------- -------- -------- -------- ------- -------- ----------------------------------------- ------- --------
447 261 457 442 340 486 TOTAL OPERATIONS (96) 401
------- -------- -------- -------- ------- -------- ----------------------------------------- ------- --------
(135) (93) (135) (89) (128) (116) INTEREST (197) (128)
------- -------- -------- -------- ------- -------- ------- --------
312 168 322 353 212 370 INCOME (LOSS) BEFORE INCOME TAXES (293) 273
(118) (69) (116) (141) (82) (140) (PROVISION) BENEFIT FOR INCOME TAXES 106 (98)
- -------- -------- -------- -------- ------- -------- ----------------------------------------- ------- --------
$ 194 $ 99 $ 206 $ 212 $ 130 $ 230 NET INCOME (LOSS) $(187) $ 175
======== ======== ======== ======== ======= ======== ----------------------------------------- ======= ========
BASIC EARNINGS (LOSS) PER COMMON SHARE:
$ 1.13 $ 0.57 $ 1.21 $ 1.23 $ 0.76 $ 1.34 NET INCOME (LOSS) $(0.98) $ 1.02
$ 1.13 $ 0.57 $ 1.21 $ 1.23 $ 0.76 $ 1.34 NET INCOME (LOSS), EXCLUDING OTHER LOSS $(0.30) $ 1.02
171,773 172,597 170,576 171,769 170,574 171,418 WEIGHTED AVERAGE SHARES (THOUSAND) 190,419 171,430
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
$ 1.11 $ 0.56 $ 1.20 $ 1.20 $ 0.76 $ 1.31 NET INCOME (LOSS) $(0.98) $ 1.00
$ 1.11 $ 0.56 $ 1.20 $ 1.20 $ 0.76 $ 1.31 NET INCOME (LOSS), EXCLUDING OTHER LOSS $(0.30) $ 1.00
174,752 175,392 172,368 176,447 171,082 175,942 WEIGHTED AVERAGE SHARES (THOUSAND) 190,419 175,028
FULL YEAR
ACTUAL 1999
------ ----
BUILDING PRODUCTS $ 377 $ 1,202
CONTAINERBOARD AND PACKAGING 512 324
BLEACHED PULP AND PAPER 468 145
CONSUMER PRODUCTS 233 170
ALL OTHER (238) (251)
OTHER LOSS (204)/1/ -
----------------------------------------- -------- -------
TOTAL OPERATIONS 1,148 1,590
----------------------------------------- -------- -------
INTEREST (595) (426)
-------- -------
INCOME (LOSS) BEFORE INCOME TAXES 553 1,164
(PROVISION) BENEFIT FOR INCOME TAXES (210) (448)
----------------------------------------- -------- --------
NET INCOME (LOSS) $ 343 $ 716
----------------------------------------- ======== ========
BASIC EARNINGS (LOSS) PER COMMON SHARE:
NET INCOME (LOSS) $ 1.95 $ 4.17
NET INCOME (LOSS), EXCLUDING OTHER LOSS $ 2.68 $ 4.17
WEIGHTED AVERAGE SHARES (THOUSAND) 175,835 171,808
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
NET INCOME (LOSS) $ 1.94 $ 4.07
NET INCOME (LOSS), EXCLUDING OTHER LOSS $ 2.67 $ 4.07
WEIGHTED AVERAGE SHARES (THOUSAND) 176,900 175,924
/1/Other loss includes a pretax loss of ($204) million (after-tax ($129) million
or ($0.68) diluted loss per share for the 4th quarter and ($0.73) diluted
loss per share for the full year) from the write down of the GP Tissue LLC
assets.
[GEORGIA-PACIFIC GROUP LOGO]
EARNINGS BEFORE UNUSUAL ITEMS AND
IMPACT OF FORT JAMES
FOURTH QUARTER 2000
-------------------------------
INCOME DILUTED
(LOSS) EARNINGS
BEFORE NET (LOSS)
($ IN MILLIONS, EXCEPT PER SHARE AMOUNTS) INCOME INCOME PER
TAXES (LOSS) SHARE
-------- ------- -------
LOSS AS REPORTED $(293) $(187) $(0.98)
WRITE-DOWN OF GEORGIA-PACIFIC TISSUE ASSETS 204 129
OTHER UNUSUAL ITEMS, INCLUDING KALAMAZOO
MILL SHUTDOWN COSTS 88 55
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LOSS BEFORE UNUSUAL ITEMS (1) (3) (0.02)
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FORT JAMES RESULTS OF OPERATIONS 34 22
INTEREST ON ACQUISITION-RELATED DEBT (71) (45)
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NET IMPACT OF FORT JAMES (37) (23) (0.12)
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EARNINGS BEFORE UNUSUAL ITEMS AND
IMPACT OF FORT JAMES $ 36 $ 20 $ 0.10
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[GEORGIA-PACIFIC GROUP LOGO]
FINANCIAL DATA HIGHLIGHTS
DECEMBER 2000
($ IN MILLIONS)
FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER FULL YEAR
ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
CASH FLOW HIGHLIGHTS
DEPRECIATION AND
AMORTIZATION $ 219 $ 197 $ 216 $ 195 $ 211 $ 204 $ 264 $ 219 $ 910 $ 815
COST OF TIMBER HARVESTED 84 94 83 97 94 104 83 93 344 388
PROPERTY, PLANT &
EQUIPMENT INVESTMENTS (181) (107) (225) (142) (208) (161) (292) (311) (906) (721)
TIMBER PURCHASES (91) (80) (87) (89) (95) (105) (91) (98) (364) (372)
ACQUISITIONS (1) (38) (1) (780) - (79) (6,140) (761) (6,142) (1,658)
SHARE REPURCHASES (50) (83) (12) (123) - (40) - (11) (62) (257)
CASH DIVIDENDS PAID (21) (21) (22) (22) (21) (22) (21) (21) (85) (86)
BALANCE SHEET HIGHLIGHTS
PROPERTY, PLANT &
EQUIPMENT, NET 7,022 6,160 7,029 6,361 7,042 6,326 11,784 7,060 11,784 7,060
TOTAL ASSETS 15,600 11,600 15,700 14,200 15,600 14,300 29,300 15,400 29,300 15,400
SHORT-TERM DEBT -
EXCLUDING SENIOR
DEFERRABLE NOTES 2,133 1,200 2,144 2,288 1,814 1,858 8,752 2,071 8,752 2,071
LONG-TERM DEBT - EXCLUDING
SENIOR DEFERRABLE NOTES 3,986 3,382 3,947 3,937 3,942 3,514 6,455 3,983 6,455 3,983
SENIOR DEFERRABLE NOTES 863 - 863 - 863 863 863 863 863 863
[GEORGIA-PACIFIC GROUP LOGO]
2000 AVERAGE QUARTERLY PRICING
FOURTH QUARTER
QTR AVG PRICE
QTR1 QTR2 QTR3 QTR4
---- ---- ---- ----
PLYWOOD $/MSF
2000 ACTUAL 233 227 202 198
1999 ACTUAL 254 268 275 231
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SOUTH. SOFTWD LUMBER $/MBF
TREATED LUMBER
2000 ACTUAL 476 485 472 452
1999 ACTUAL 468 529 537 488
SOFTWOOD LUMBER
2000 ACTUAL 325 300 277 246
1999 ACTUAL 347 352 353 328
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PARTICLEBOARD $/MSF
2000 ACTUAL 291 292 289 271
1999 ACTUAL 263 268 282 292
- --------------------------------------------------------------------------------------------------
OSB $/MSF
2000 ACTUAL 207 201 139 128
1999 ACTUAL 169 229 241 186
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GYPSUM-WALLBOARD $/MSF
2000 ACTUAL 152 138 116 96
1999 ACTUAL 129 139 147 156
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PULP $/TON
HARDWOOD BALES
2000 ACTUAL 440 475 508 510
1999 ACTUAL 300 331 370 406
SOFTWOOD BALES
2000 ACTUAL 452 490 524 513
1999 ACTUAL 325 345 377 418
FLUFF PULP - BRUNSWICK
2000 ACTUAL 517 566 589 579
1999 ACTUAL 379 397 439 475
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CONTAINERBOARD $/TON
LINERBOARD
2000 ACTUAL 383 430 430 424
1999 ACTUAL 297 342 363 381
MEDIUM
2000 ACTUAL 348 399 395 381
1999 ACTUAL 226 272 321 342
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PACKAGING $/TON
PACKAGING BOX PLANTS 694 735 737 736
1999 ACTUAL 604 640 658 689
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TOTAL TISSUE $/TON
2000 ACTUAL 1,395 1,465 1,499 1,531
1999 ACTUAL 1,402 1,410 1,357 1,303
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COMMUNICATION PAPERS $/TON
TOTAL PAPER
2000 ACTUAL 732 755 727 745
1999 ACTUAL 632 652 680 732
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[GEORGIA-PACIFIC GROUP LOGO]
SHIPMENTS
DECEMBER 2000
QUARTERLY SHIPMENTS ANNUAL CAPACITY
-------------------------------------------------------- -------------------
QTR 1 QTR 2 QTR 3 QTR 4 YTD As of Jan. 1, 2000
----- ----- ----- ----- ----- -------------------
PLYWOOD MSF
TOTAL PLYWOOD
DECEMBER 2000 1,371,790 1,375,446 1,360,288 1,276,785 5,384,309 5,506,000
1999 ACTUAL 1,395,355 1,388,255 1,296,497 1,233,897 5,314,004
- ----------------------------------------------------------------------------------------------------------------------------
SOUTH. SOFTWD LUMBER MBF
TREATED LUMBER
DECEMBER 2000 198,050 266,642 186,873 117,104 768,669 600,000
1999 ACTUAL 110,797 237,250 143,964 103,196 595,207
SOFTWOOD LUMBER
DECEMBER 2000 521,683 472,080 481,835 407,440 1,883,038 2,127,000
1999 ACTUAL 460,375 529,932 451,635 451,970 1,893,912
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PARTICLEBOARD MSF
DECEMBER 2000 300,281 307,255 269,399 234,419 1,111,354 1,233,000
1999 ACTUAL 295,655 306,890 297,273 295,923 1,195,741
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OSB MSF
DECEMBER 2000 440,734 508,968 484,603 452,581 1,886,886 1,830,000
1999 ACTUAL 450,251 497,295 495,019 430,483 1,873,048
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GYPSUM-WALLBOARD MSF
DECEMBER 2000 1,181,635 1,232,645 1,180,500 1,126,288 4,721,068 6,766,000
1999 ACTUAL 1,535,846 1,547,772 1,546,046 1,474,000 6,103,664
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PULP TONS (short tons)
HARDWOOD BALES
DECEMBER 2000 119,467 105,419 135,980 104,096 464,962 855,000
1999 ACTUAL 94,307 125,884 132,514 113,431 466,136
SOFTWOOD BALES
DECEMBER 2000 104,060 126,431 114,989 127,716 473,196 550,000
1999 ACTUAL 92,691 116,568 115,572 114,154 438,985
FLUFF PULP - BRUNSWICK
DECEMBER 2000 169,568 163,517 185,773 175,880 694,738 600,000
1999 ACTUAL 162,775 179,156 165,536 180,280 687,747
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CONTAINERBOARD TONS
LINERBOARD
DECEMBER 2000 663,915 647,378 636,445 629,741 2,577,479 2,752,000
1999 ACTUAL 676,228 700,356 685,898 698,267 2,760,749
MEDIUM
DECEMBER 2000 228,454 233,791 210,025 222,625 894,895 1,041,000
1999 ACTUAL 252,023 250,814 248,117 266,819 1,017,773
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PACKAGING BOX PLANTS
DECEMBER 2000 583,221 588,599 576,028 543,277 2,291,125 2,883,000
1999 ACTUAL 586,135 604,495 609,071 579,192 2,378,893
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TOTAL TISSUE TONS
DECEMBER 2000 254,558 228,910 244,880 497,582 1,225,930 1,042,000
1999 ACTUAL 180,142 178,179 172,680 247,893 778,894
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COMMUNICATION PAPERS TONS
TOTAL PAPER
DECEMBER 2000 557,227 517,856 571,446 528,489 2,175,018 2,294,000
1999 ACTUAL 545,015 520,793 589,377 508,456 2,163,641
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[THE TIMBER COMPANY LOGO] [GEORGIA-PACIFIC GROUP LOGO]
RESULTS BY SEGMENT
DECEMBER 2000
FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER FULL YEAR
ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
($ IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
$ 75 $ 96 $ 68 $ 96 $ 64 $ 95 OPERATING INCOME $ 96 $ 84 $ 303 $ 371
- - - 84 /1/ - - OTHER INCOME - 271 /2/ - 355 /3/
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
75 96 68 180 64 95 TIMBER SEGMENT 96 355 303 726
(10) (18) (11) (17) (12) (17) INTEREST (11) (17) (44) (69)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
65 78 57 163 52 78 INCOME BEFORE INCOME TAXES 85 338 259 657
(25) (31) (23) (64) (20) (29) PROVISION FOR INCOME TAXES (29) (133) (97) (257)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
$ 40 $ 47 $ 34 $ 99 $ 32 $ 49 NET INCOME $ 56 $ 205 $ 162 $ 400
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
BASIC EARNINGS PER COMMON SHARE:
$0.49 $0.54 $0.42 $1.17 $0.40 $0.59 NET INCOME $0.70 $2.48 $2.01 $4.75
82,280 86,432 80,510 84,623 79,927 82,805 WEIGHTED AVERAGE SHARES (THOUSANDS) 80,103 82,644 80,705 84,139
DILUTED EARNINGS PER COMMON SHARE:
$0.49 $0.54 $0.42 $1.16 $0.40 $0.59 NET INCOME $0.69 $2.47 $2.00 $4.73
82,471 86,554 80,871 85,309 80,985 83,437 WEIGHTED AVERAGE SHARES (THOUSANDS) 80,704 83,068 81,116 84,606
$ 40 $ 47 $ 34 $ 49 $ 32 $ 49 NET INCOME Excluding Other Income $ 56 $ 40 $ 162 $ 185
$0.49 $0.54 $0.42 $0.58 $0.40 $0.59 BASIC Excluding Other Income PER SHARE $0.70 $0.48 $2.01 $2.20
$0.49 $0.54 $0.42 $0.57 $0.40 $0.59 DILUTED Excluding Other Income PER SHARE $0.69 $0.48 $2.00 $2.19
/1/Other income includes a pretax gain of $84 million (after-tax $50 million or
$0.59 diluted earnings per share) from the sale of the Maine and New
Brunswick timberlands.
/2/Other income includes a pretax gain of $271 million (after-tax $165 million
or $1.99 diluted earnings per share) from the sale of the California
timberlands.
/3/Other income includes a pretax gain of $355 million (after-tax $215 million
or $2.54 diluted earnings per share) from the sale of the Maine, New
Brunswick and California timberlands.
[LOGO] THE TIMBER COMPANY [GP LOGO]
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FINANCIAL DATA HIGHLIGHTS
DECEMBER 2000
($ IN MILLIONS)
FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER YEAR-TO-DATE
ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999 ACTUAL 1999
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
CASH FLOW HIGHLIGHTS
DEPRECIATION $ 1 $ 1 $ 2 $ 2 $ 1 $ 2 $ 1 $ 1 $ 5 $ 6
DEPLETION 6 10 5 9 5 10 6 7 22 36
(GAIN) ON SALE AND EXCHANGE OF ASSETS (10) (4) (12) (7) (15) (17) (41) (23) (78) (51)
TIMBER AND TIMBERLANDS INVESTMENTS (13) (8) (24) (17) (10) (23) (12) (30) (59) (78)
SHARE REPURCHASES (21) (31) (57) (62) - (31) - (7) (78) (131)
CASH DIVIDENDS PAID (21) (22) (20) (21) (20) (20) (20) (21) (81) (84)
BALANCE SHEET HIGHLIGHTS
TOTAL ASSETS 1,500 1,200 1,500 1,200 1,600 1,200 1,600 1,500 1,600 1,500
DEBT 967 989 1,027 963 978 967 640 970 640 970
[LOGO] THE TIMBER COMPANY [GP LOGO]
TIMBER SALES DATA
2000 Selected Sales Data
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ACTUAL
- ------------------------------------------------------------------------------------------------------------------------------------
QTR1 00 QTR1 99 QTR2 00 QTR2 99 QTR3 00 QTR3 99 QTR4 00 QTR4 99 FY 2000 FY 1999
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
VOLUME (in thousand tons) /1/
Softwood sawtimber 1,488 2,235 1,503 1,991 1,349 1,923 1,349 1,370 5,689 7,519
Hardwood sawtimber 81 141 108 120 183 195 112 151 484 607
Softwood pulpwood 941 1,163 963 1,122 1,081 1,158 1,121 1,004 4,106 4,447
Hardwood pulpwood 328 528 363 477 491 705 363 610 1,545 2,320
------ ------ ------ ------ ------ ------ ------ ------ ------- -------
TOTAL VOLUME 2,838 4,067 2,937 3,710 3,104 3,981 2,945 3,135 11,824 14,893
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SELLING PRICES (per ton) /1, 2/
Softwood sawtimber $50 $47 $48 $50 $44 $50 $43 $52 $46 $49
Hardwood sawtimber 43 28 41 34 36 34 39 33 39 32
Softwood pulpwood 11 11 10 11 9 10 9 10 10 11
Hardwood pulpwood 5 6 5 4 4 5 4 5 4 5
Weighted average price $32 $31 $30 $32 $25 $29 $25 $28 $28 $30
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/1/ Volumes and selling prices are for harvested timber and timber deeds sold to
unaffiliated parties and excludes amounts related to uncut portions of
timber deeds sold to Georgia-Pacific Group.
/2/ Per-ton selling prices are net of cut and haul costs for certain sales made
on a delivered basis.