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Temple-Inland Reports First Quarter 2011 Results

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  Published in House and Home on Wednesday, April 20th 2011 at 5:45 GMT by Market Wire
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AUSTIN, Texas--([ BUSINESS WIRE ])--Temple-Inland Inc. (NYSE:TIN) today reported first quarter 2011 net income of $16 million, or $0.15 per diluted share, compared with fourth quarter 2010 net income of $27 million, or $0.24 per diluted share, and a first quarter 2010 net loss of $4 million, or $0.04 per share.

"Our employees executed well in the quarter and delivered strong operating results, despite challenging weather conditions and rising input costs."

First quarter 2011 net income excluding special items was $24 million, or $0.22 per diluted share, compared with fourth quarter 2010 net income excluding special items of $35 million, or $0.31 per diluted share, and first quarter 2010 net loss excluding special items of $1 million, or $0.01 per share.

Doyle R. Simons, chairman and chief executive officer of Temple-Inland Inc., said, aOur employees executed well in the quarter and delivered strong operating results, despite challenging weather conditions and rising input costs.

aIn Corrugated Packaging, first quarter operating income was $98 million, and our return on investment was 18.3%. Our mills performed well in the quarter. We continue to be pleased with our progress on Box Plant Transformation II.

aIn Building Products, our operating results improved compared with fourth quarter 2010 and first quarter 2010 despite continued weakness in housing markets. We generated $4 million of EBITDA in the quarter.

aLooking forward, in Corrugated Packaging, we are positioned to continue to generate returns well in excess of our cost of capital for the balance of the year. In Building Products, we remain committed to generating cash and returning to profitability as housing markets recover.a

Corrugated Packaging

Corrugated Packaging operating results for first quarter 2011 were $98 million. Earnings declined modestly in first quarter 2011 compared with fourth quarter 2010 as higher input costs and challenging weather conditions more than offset higher box volumes and lower converting costs. Operating results more than doubled in first quarter 2011 compared with first quarter 2010 as higher box prices more than offset higher input costs.

Building Products

Building Products operating results improved in first quarter 2011 compared with fourth quarter 2010 due to higher lumber prices and seasonally higher volumes for all products. Operating results improved in first quarter 2011 compared with first quarter 2010 as higher volumes and lower unit costs more than offset lower lumber prices.

Other

Special items for first quarter 2011 were an after-tax charge of $8 million, or $0.07 per diluted share, primarily related to Box Plant Transformation II.

Temple-Inland will host a conference call on April 20, 2011, at 9:30 am ET to discuss results of first quarter 2011. To access the conference call, listeners calling from the United States and Canada should dial 1-866-394-6665 at least 15 minutes prior to the start of the call. The passcode for the conference call is: 58219860. Those wishing to access the call from outside the United States and Canada should dial 1-706-634-1667 and use the same passcode as set forth above. Replays of the call will be available for two weeks following completion of the live call and can be accessed at 1-800-642-1687 in the United States and Canada and at 1-706-645-9291 outside the United States and Canada. The passcode for the replay is: 58219860.

Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's address on the World Wide Web is [ www.templeinland.com ].

This release contains aforward-looking statementsa within the meaning of the federal securities laws. These statements reflect managementa™s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including the costs of raw materials, purchased energy, and freight; changes in interest rates; demand for new housing; accuracy of accounting assumptions related to impaired assets, pension and postretirement costs, contingency reserves and income taxes; competitive actions by other companies; changes in laws or regulations; our ability to execute certain strategic and business improvement initiatives; the accuracy of certain judgments and estimates concerning the integration of acquired operations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publically revise any forward-looking statements contained in this report to reflect the occurrence of events after the date of this report.

This release includes non-GAAP financial measures. The required reconciliations to GAAP financial measures are included in this release.

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