Exhibit 99.1
Rock-Tenn Company Reports Third Quarter Fiscal 2005 Results
NORCROSS, Ga.--(BUSINESS WIRE)--August 5, 2005--Rock-Tenn Company
(NYSE:RKT) today reported financial results for the quarter ended June 30, 2005,
its third quarter of fiscal 2005. The Company's results included 25 days of
sales and income from the Gulf States paperboard and packaging businesses
("GSPP") that were acquired on June 6, 2005.
-- Net sales for the third quarter of fiscal 2005 were $424.7
million compared to net sales in the third quarter of fiscal
2004 of $397.3 million.
-- The Company reported income from continuing operations of
$12.0 million, or $0.33 per diluted share, for the quarter
compared to a loss of $4.1 million, or $0.12 per diluted
share, in the prior year quarter.
-- The GSPP assets contributed $40.1 million in net sales and
$7.1 million to pre-tax operating income during the quarter.
-- Operating income for the third quarter of fiscal 2005 included
pre-tax restructuring and other costs of $0.8 million, or
$0.01 per diluted share after-tax, and an additional $1.5
million pre-tax charge, or $0.03 per diluted share after-tax,
due to the interim award determination in the Seven Hills
arbitration proceeding.
-- Net income for the quarter included $5.6 million after-tax, or
$0.16 per diluted share, for a change in tax provision
resulting primarily from the resolution of historical federal
and state reserves.
Segment Results
Packaging Products Segment
Packaging Products segment sales were $239.2 million in the third
quarter of fiscal 2005 compared to $231.5 million in the third quarter
of fiscal 2004, primarily due to additional sales related to the GSPP
acquisition offset by a decrease in net sales at other Rock-Tenn
facilities. Packaging Products segment operating income was $10.6
million and $11.7 million in the third quarters of fiscal 2005 and
2004, respectively. Increased operating income due to the GSPP
acquisition was offset by lower volumes and higher operating costs at
the other Rock-Tenn folding carton plants.
Merchandising Displays and Corrugated Packaging Segment
Merchandising Displays and Corrugated Packaging segment sales
increased 10.1% from the prior year quarter to $83.5 million in the
third quarter of fiscal 2005. The sales increase was primarily due to
sales from the Athens corrugator, which Rock-Tenn acquired in August
2004. Operating income for the segment was $6.4 million in the third
quarter of fiscal 2005, a 5% increase from the year ago quarter.
Higher income from merchandising displays was somewhat offset by lower
operating income from sales of corrugated packaging.
Paperboard Segment
Paperboard segment sales increased to $154.9 million in the third
quarter of fiscal 2005 from $138.6 million in the third quarter of
fiscal 2004 primarily as a result of the acquisition of the Demopolis
mill. Operating income in the segment increased to $7.6 million in the
third quarter of fiscal 2005 compared to $2.6 million in the prior
year quarter. Recycled paperboard tons shipped in the third quarter of
fiscal 2005 were 256,386 tons compared to 292,745 tons in the year ago
quarter. The decline in recycled paperboard tons shipped was due to
the closure of the Otsego mill in July 2004 and reduced tons shipped
from clay-coated mills. The Company's recycled mills operated at 93%
of capacity during the quarter compared to 98% in the prior year
quarter. Sales price per ton from the recycled mills increased while
fiber, energy, freight and chemical costs combined increased $7 per
ton over the prior year quarter. The Demopolis mill operated at full
capacity during the 25-day period Rock-Tenn owned the mill and shipped
26,713 tons of paperboard and 6,933 tons of softwood market pulp.
Chairman and Chief Executive Officer's Statement
Rock-Tenn Company Chairman and Chief Executive Officer James A.
Rubright stated, "Our strong improvement in operating results over
year to date results reflects the contribution to earnings of the Gulf
States plants that we acquired on June 6, 2005. All of the Gulf States
plants operated very well and we achieved on the closing date the $13
million of annualized synergies we projected when we announced the
acquisition in April. Operating results of our merchandising displays
and paperboard segments improved over the prior year quarter, but the
improvements were offset by the lower results of Rock-Tenn's folding
carton plants."
"The September quarter typically sees seasonal volume gains in our
folding carton and display businesses where we expect results to
exceed the June quarter. We continue to expect earnings accretion from
the GSPP acquisition where the acquired assets are performing well."
Selling, General & Administrative Expenses
Selling, general and administrative (SG&A) expenses were $50.6
million in the third quarter of fiscal 2005, up 4.2% over the prior
year quarter. As a result of the GSPP acquisition and synergies
Rock-Tenn has realized, SG&A as a percent of net sales in the third
quarter of fiscal 2005 was 11.9%, decreasing from 12.2% of net sales
in the prior year quarter.
Financing
Rock-Tenn's net debt was $909.1 million on June 30, 2005 compared
to $396.3 million on March 31, 2005. After accounting for the $553.9
million used to finance the GSPP acquisition, Rock-Tenn's net debt
decreased $41.1 million during the quarter. Also during the quarter,
Rock-Tenn entered interest rate swap agreements to effectively fix the
interest rate on $350 million of floating rate bank debt used to
finance the GSPP acquisition to a fixed interest rate of 5.75%. The
Company now has a 75%/25% fixed to floating rate debt ratio.
During the quarter, Rock-Tenn Company funded the purchase price
for the GSPP acquisition and made a voluntary contribution of $7.3
million to its pension plans.
Cash Provided By Operating Activities
Net cash provided by operating activities in the third quarter of
fiscal 2005 was $62.1 million compared to cash provided by operating
activities from continuing operations of $21.0 million in the prior
year quarter. The increase in operating cash flow was primarily
attributable to the GSPP acquisition and a reduction in working
capital.
Conference Call
The Company will host a conference call to discuss its results of
operations for the third quarter of fiscal 2005 and other topics that
may be raised during the discussion at 11:00 a.m., Eastern Time, on
Friday, August 5, 2005. The conference call will be webcast and can be
accessed, along with a copy of this press release and any other
statistical information related to the conference call, at
www.rocktenn.com.
About Rock-Tenn Company
Rock-Tenn Company provides a wide range of marketing and packaging
solutions to consumer products companies at low costs, with combined
pro forma net sales of $2.1 billion and operating locations in the
United States, Canada, Mexico and Chile. The Company is one of North
America's leading manufacturers of packaging products, merchandising
displays and bleached and recycled paperboard.
Cautionary Statements
Statements herein regarding, among others, expectations regarding
seasonal volume gains, earnings accretion and asset performance
constitute forward-looking statements within the meaning of the
federal securities laws. Such statements are subject to certain risks
and uncertainties that could cause actual results to differ materially
from those contained in any forward-looking statement. With respect to
these statements, the Company has made assumptions regarding, among
other things, expected economic, competitive and market conditions
generally; expected volumes and price levels of purchases by
customers; competitive conditions in our businesses and possible
adverse actions of our customers, our competitors and suppliers.
Management believes its assumptions are reasonable; however, undue
reliance should not be placed on such estimates, which are based on
current expectations. There are many factors that impact these
forward-looking statements that we cannot predict accurately. Further,
our business is subject to a number of general risks that would affect
any such forward-looking statements including, among others, decreases
in demand for the Company's products; increases in energy, raw
materials, shipping and capital equipment costs; reduced supply of raw
materials; fluctuations in selling prices and volumes; intense
competition; the potential loss of certain customers; and adverse
changes in general market and industry conditions. Such risks are more
particularly described in the Company's filings with the Securities
and Exchange Commission, including under the caption "Business --
Forward-Looking Information and Risk Factors" in the Company's Annual
Report on Form 10-K for the most recently ended fiscal year.
Management believes its estimates are reasonable; however, undue
reliance should not be placed on such estimates, which are based on
current expectations. The information contained herein speaks as of
the date hereof and the Company does not undertake any obligation to
update such information as future events unfold.
ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
- ----------------------------------------------------------------------
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
- ----------------------------------------------------------------------
NET SALES $ 424,679 $ 397,281 $1,204,834 $1,163,391
Cost of Goods Sold 351,927 331,403 1,017,079 967,453
- ----------------------------------------------------------------------
Gross Profit 72,752 65,878 187,755 195,938
Selling, General and
Administrative Expenses 50,605 48,583 145,572 147,980
Restructuring and Other
Costs 777 21,317 3,977 27,065
- ----------------------------------------------------------------------
Operating Profit (Loss) 21,370 (4,022) 38,206 20,893
Interest Expense (9,045) (5,907) (22,264) (17,682)
Interest and Other Income
(Loss) 299 (478) 399 (274)
Income (Loss) from
Unconsolidated Joint
Venture (1,391) 288 (1,048) 155
Minority Interest in
Income of Consolidated
Subsidiaries (1,475) (1,036) (3,043) (2,512)
- ----------------------------------------------------------------------
INCOME (LOSS) FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES 9,758 (11,155) 12,250 580
Benefit for Income Taxes (2,224) (7,079) (454) (2,519)
- ----------------------------------------------------------------------
INCOME (LOSS) FROM
CONTINUING OPERATIONS 11,982 (4,076) 12,704 3,099
Income from Discontinued
Operations, Net of Taxes --- 350 --- 7,964
NET INCOME (LOSS) $ 11,982 $ (3,726)$ 12,704 $ 11,063
- ----------------------------------------------------------------------
Weighted Average Common
Shares Outstanding-Diluted 35,919 34,966 35,911 35,408
- ----------------------------------------------------------------------
Diluted Earnings (Loss)
Per Share:
Income (Loss) from
Continuing
Operations $ 0.33 $ (0.12)$ 0.35 $ 0.09
Income from
Discontinued
Operations 0.00 0.01 0.00 0.22
---------- ---------- ---------- ----------
Diluted Earnings (Loss)
Per Share $ 0.33 $ (0.11)$ 0.35 $ 0.31
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ROCK-TENN COMPANY
INDUSTRY SEGMENT INFORMATION
(UNAUDITED)
(IN THOUSANDS, EXCEPT TONNAGE DATA)
- ----------------------------------------------------------------------
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
- ----------------------------------------------------------------------
NET SALES:
Packaging Products
Segment $ 239,211 $ 231,526 $ 679,767 $ 672,173
Merchandising Displays
and Corrugated Packaging
Segment 83,521 75,841 249,121 226,799
Paperboard Segment 154,929 138,560 415,463 402,964
Intersegment Eliminations (52,982) (48,646) (139,517) (138,545)
- ----------------------------------------------------------------------
TOTAL $ 424,679 $ 397,281 $1,204,834 $1,163,391
- ----------------------------------------------------------------------
INCOME FROM CONTINUING
OPERATIONS BEFORE TAXES:
Packaging Products
Segment $ 10,648 $ 11,714 $ 21,644 $ 28,959
Merchandising Displays
and Corrugated Packaging
Segment 6,398 6,096 13,921 19,535
Paperboard Segment 7,597 2,639 15,601 8,130
- ----------------------------------------------------------------------
Segment Income $ 24,643 $ 20,449 $ 51,166 $ 56,624
Restructuring and Other
Costs (777) (21,317) (3,977) (27,065)
Non-Allocated Expense (3,887) (2,866) (10,031) (8,511)
Interest Expense (9,045) (5,907) (22,264) (17,682)
Interest and Other Income
(Loss) 299 (478) 399 (274)
Minority Interest in
Income of Consolidated
Subsidiary (1,475) (1,036) (3,043) (2,512)
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INCOME (LOSS) FROM
CONTINUING OPERATIONS
BEFORE TAXES $ 9,758 $ (11,155)$ 12,250 $ 580
- ----------------------------------------------------------------------
Recycled Paperboard
Shipped (in tons) 256,386 292,745 764,577 859,020
SBS Board Shipped (in
tons) 26,713 --- 26,713 ---
Pulp Shipped (in tons) 6,933 --- 6,933 ---
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ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
- ----------------------------------------------------------------------
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
- ----------------------------------------------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Income (loss) from continuing
operations $ 11,982 $ (4,076)$ 12,704 $ 3,099
Items in income not affecting
cash:
Depreciation and amortization 20,493 18,387 57,523 55,546
Deferred income taxes 2,410 1,068 1,961 (3,320)
Income tax benefit of
employee stock options --- 213 127 401
Loss on bond repurchase --- 872 --- 872
Deferred compensation expense 499 449 1,247 1,011
(Gain) loss on disposal of
property, plant and
equipment and other, net (1,782) 49 (1,701) (2,121)
Minority interest in income
of consolidated subsidiaries 1,475 1,036 3,043 2,512
(Income) loss from
unconsolidated joint venture 1,391 (288) 1,048 (155)
Pension funding (more) less
than expense (3,126) (15,866) 4,514 (7,269)
Impairment loss and
other non-cash items --- 19,180 (74) 25,799
(Gain) loss on currency
transactions (95) (230) 246 (471)
Net changes in operating
assets and liabilities 28,862 213 18,087 (20,169)
- ----------------------------------------------------------------------
CASH PROVIDED BY OPERATING
ACTIVITIES FROM CONTINUING
OPERATIONS 62,109 21,007 98,725 55,735
Cash provided by (used for)
operating activities from
discontinued operations --- (78) --- 373
-------- -------- -------- --------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 62,109 20,929 98,725 56,108
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INVESTING ACTIVITIES:
Capital expenditures (11,742) (18,269) (34,194) (48,613)
Purchases of marketable
securities (20,000) (112,890) (195,250) (248,410)
Maturities and sales of
marketable securities 51,230 119,390 223,480 227,280
Cash paid for purchase of
businesses, net of cash
received (553,893) (193) (553,968) (1,287)
Cash contributed to joint
venture (32) (44) (49) (147)
Proceeds from sale of
property, plant and
equipment 2,804 249 5,312 5,427
- ----------------------------------------------------------------------
CASH USED FOR INVESTING
ACTIVITIES FROM
CONTINUING OPERATIONS (531,633) (11,757) (554,669) (65,750)
Cash provided by (used for)
investing activities from
discontinued Operations --- (5) --- 61,916
-------- -------- -------- --------
NET CASH USED FOR INVESTING
ACTIVITIES (531,633) (11,762) (554,669) (3,834)
- ----------------------------------------------------------------------
FINANCING ACTIVITIES:
Net additions (repayments) to
revolving credit facilities 170,000 --- 170,000 (3,500)
Additions to debt 310,500 --- 310,500 ---
Repayments of debt (106) (23,249) (9,817) (32,495)
Proceeds from monetizing swap
contracts --- (95) --- 4,074
Payment on termination of
swaps (4,245) --- (4,245) ---
Debt issuance costs (3,810) (27) (3,874) (27)
Issuance of common stock 903 2,914 3,662 5,699
Purchases of common stock (244) --- (244) ---
Cash dividends paid to
shareholders (3,238) (2,997) (9,688) (8,966)
Distribution to minority
interest (1,400) (1,225) (1,925) (1,575)
- ----------------------------------------------------------------------
CASH PROVIDED BY (USED FOR)
FINANCING ACTIVITIES 468,360 (24,679) 454,369 (36,790)
- ----------------------------------------------------------------------
Effect of exchange rate
changes on cash (46) (15) 209 402
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (1,210) (15,527) (1,366) 15,886
Cash and cash equivalents:
Beginning of period 28,505 45,586 28,661 14,173
- ----------------------------------------------------------------------
End of period $ 27,295 $ 30,059 $ 27,295 $ 30,059
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SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:
Cash paid during the period
for:
Income taxes, net of
refunds $ (615)$ 1,694 $ 4,090 $ 12,248
Interest, net of amounts
capitalized 66 181 14,914 17,456
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ROCK-TENN COMPANY
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(IN THOUSANDS)
- ----------------------------------------------------------------------
JUNE 30, MARCH 31, SEPT. 30,
2005 2005 2004
- ----------------------------------------------------------------------
ASSETS:
Cash and cash equivalents $ 27,295 $ 28,505 $ 28,661
Investment in marketable
securities --- 31,230 28,230
Receivables - net 201,344 161,299 177,378
Inventories - at LIFO cost 208,732 128,896 127,359
Other current assets 32,903 26,520 22,286
Current assets held for sale 160 427 1,526
- ----------------------------------------------------------------------
TOTAL CURRENT ASSETS 470,434 376,877 385,440
- ----------------------------------------------------------------------
Land, building and equipment - net 893,983 543,441 552,803
Intangible and other assets 445,696 343,114 345,570
- ----------------------------------------------------------------------
TOTAL ASSETS $1,810,113 $1,263,432 $1,283,813
- ----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current portion of debt $ 135,308 $ 74,716 $ 83,906
Hedge adjustments resulting
from terminated interest rate
derivatives or swaps 192 767 2,148
Hedge adjustments resulting
from existing interest rate
derivatives or swaps (99) (393) (294)
-------- -------- --------
Total current portion of debt 135,401 75,090 85,760
Other current liabilities 216,605 165,137 183,756
- ----------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 352,006 240,227 269,516
- ----------------------------------------------------------------------
Long-term maturities of debt 801,104 381,300 381,694
Hedge adjustments resulting
from terminated interest
rate derivatives or swaps 12,693 17,935 19,087
Hedge adjustments resulting
from existing interest
rate derivatives or swaps --- (8,544) (2,480)
-------- -------- --------
Total long-term debt 813,797 390,691 398,301
Deferred income taxes 89,227 85,163 84,947
Other long-term items 104,533 104,952 93,448
Shareholders' equity 450,550 442,399 437,601
- ----------------------------------------------------------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,810,113 $1,263,432 $1,283,813
- ----------------------------------------------------------------------
Rock-Tenn Company Quarterly Statistics
Paperboard Group Operating Statistics
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Fiscal Year
------------------------------------------------
Average Price Per Ton(a)
- ----------------------
All Tons
2003 419 406 423 421 417
2004 422 424 439 455 435
2005 467 472 491 --- ---
Tons Shipped
- ------------
Coated and Specialty(a)
2003 217,318 241,905 239,293 234,606 933,122
2004 230,710 248,743 248,078 224,881 952,412
2005 210,566 209,706 211,628 --- ---
Corrugated Medium
2003 40,815 41,459 40,413 45,023 167,710
2004 43,880 42,942 44,667 46,103 177,592
2005 42,691 45,228 44,758 --- ---
Bleached Paperboard
2005 --- --- 26,713
Market Pulp
2005 --- --- 6,933
Total
2003 258,133 283,364 279,706 279,629 1,100,832
2004 274,590 291,685 292,745 270,984 1,130,004
2005 253,257 254,934 290,032 --- ---
(a) Average Price Per Ton and Tons Shipped include tons shipped by
Seven Hills Paperboard LLC, our joint venture with LaFarge North
America, Inc.
Rock-Tenn Company Quarterly Statistics
Segment Sales and Operating Income
(In Thousands)
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Fiscal Year
---------------------------------------------------
Packaging Segment
Sales
2003 $173,677 $196,277 $210,180 $221,268 $801,402
2004 208,875 231,772 231,526 235,912 908,085
2005 221,764 218,792 239,211 --- ---
Packaging Income
2003 $4,924 $9,951 $10,792 $12,893 $ 38,560
2004 7,037 10,208 11,714 9,038 37,997
2005 5,274 5,722 10,648 --- ---
Return On Sales
2003 2.8% 5.1% 5.1% 5.8% 4.8%
2004 3.4% 4.4% 5.1% 3.8% 4.2%
2005 2.4% 2.6% 4.5% --- ---
Merchandising Displays
and Corrugated Packaging
Segment Sales
2003 $75,067 $66,130 $71,738 $78,303 $291,238
2004 73,518 77,440 75,841 91,475 318,274
2005 79,510 86,090 83,521 --- ---
Merchandising Displays
and Corrugated
Packaging Income
2003 $7,221 $5,266 $6,858 $9,224 $ 28,569
2004 5,932 7,507 6,096 9,540 29,075
2005 2,688 4,835 6,398 --- ---
Return on Sales
2003 9.6% 8.0% 9.6% 11.8% 9.8%
2004 8.1% 9.7% 8.0% 10.4% 9.1%
2005 3.4% 5.6% 7.7% --- ---
Paperboard Segment
Sales
2003 $121,797 $128,863 $128,855 $130,426 $509,941
2004 128,262 136,142 138,560 136,918 539,882
2005 128,703 131,831 154,929 --- ---
Paperboard Income
2003 $5,308 $6,408 $6,017 $4,031 $ 21,764
2004 3,130 2,361 2,639 7,621 15,751
2005 4,354 3,650 7,597 --- ---
Return on Sales
2003 4.4% 5.0% 4.7% 3.1% 4.3%
2004 2.4% 1.7% 1.9% 5.6% 2.9%
2005 3.4% 2.8% 4.9% --- ---
Rock-Tenn Company Quarterly Statistics
Key Financial Statistics
(In Thousands except EPS Data)
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Fiscal Year
-------------------------------------------
Income (Loss)
From Continuing
Operations
2003 $ 4,945 $ 7,131 $ 7,853 $ 9,612 $ 29,541
2004 4,166 3,009 (4,076) 6,552 9,651
2005 482 240 11,982 --- ---
Diluted EPS From
Continuing Operations
2003 $ 0.14 $ 0.21 $ 0.23 $ 0.27 $ 0.85
2004 0.12 0.09 (0.12) 0.18 0.27
2005 0.01 0.01 0.33 --- ---
Net Income (Loss)
2003 $ 5,070 $ 7,330 $ 7,212 $ 9,964 $ 29,576
2004 11,879 2,910 (3,726) 6,585 17,648
2005 482 240 11,982 --- ---
Diluted EPS
2003 $ 0.15 $ 0.21 $ 0.21 $ 0.28 $ 0.85
2004 0.34 0.08 (0.11) 0.18 0.50
2005 0.01 0.01 0.33 --- ---
Depreciation & Amortization
2003 $ 17,953 $ 17,502 $ 17,791 $ 19,437 $ 72,683
2004 18,602 18,557 18,387 18,643 74,189
2005 18,451 18,579 20,493 --- ---
Capital Expenditures
2003 $ 16,393 $ 15,002 $ 12,114 $ 13,893 $ 57,402
2004 15,421 14,923 18,269 12,210 60,823
2005 10,174 12,278 11,742 --- ---
Non-GAAP Measures
Net Debt
We have defined the non-GAAP measure Net Debt to include the
aggregate debt obligations reflected in our balance sheet, less the
hedge adjustments resulting from terminated and existing interest rate
derivatives or swaps, the balance of our cash and cash equivalents and
certain other investments that we consider to be readily available to
satisfy such debt obligations.
Rock-Tenn management uses Net Debt, along with other factors, to
evaluate our financial condition. We believe that Net Debt is an
appropriate supplemental measure of financial condition because it
provides a more complete understanding of our financial condition
before the impact of our decisions regarding the appropriate use of
cash and liquid investments. Set forth below is a reconciliation of
Net Debt to the most directly comparable GAAP measures, Total Current
Portion of Debt and Total Long-term Debt, Less Current Portion:
Debt Reconciliation
- -----------------------------------------
June 30, March 31, Sept. 30,
2005 2005 2004
-----------------------------
Total Current Portion of Debt $135,401 $75,090 $85,760
Total Long-term Debt, Less Current
Portion 813,797 390,691 398,301
-----------------------------
949,198 465,781 484,061
Less: Hedge Adjustments Resulting
From Terminated Interest Rate
Derivatives or Swaps (12,885) (18,702) (21,235)
Less: Hedge Adjustments Resulting
From Existing Interest Rate
Derivatives or Swaps 99 8,937 2,774
-----------------------------
936,412 456,016 465,600
Less: Cash and Cash Equivalents (27,295) (28,505) (28,661)
Less: Investment in Marketable
Securities --- (31,230) (28,230)
-----------------------------
Net Debt $909,117 $396,281 $408,709
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CONTACT: Rock-Tenn Company, Norcross
David Rees, 678-291-7552