Weyerhaeuser Reports 3rd Quarter Results

FEDERAL WAY, Wash., Oct 30, 2009 (BUSINESS WIRE) -- Weyerhaeuser Company (NYSE: WY) today reported break-even results for third quarter 2009 on net sales from continuing operations of $1.4 billion.

This compares with net earnings of $280 million, or $1.33 per share, on net sales from continuing operations of $2.1 billion for the same period last year.

SIGNIFICANT THIRD QUARTER 2009 AFTER-TAX ITEMS After-Tax Gain Gain (Charge) (Charge) per share ($ millions) (dollars) Gain on sale of 140,000 acres of non-strategic timberlands $98 $0.46 Alternative fuel mixture credits $74 $0.35 Corporate and Wood Products asset impairments and restructuring ($62) ($0.29) charges Real Estate asset impairments and restructuring charges ($33) ($0.16) Income tax adjustments ($21) ($0.10) Excluding these items, the company reported a net loss of $56 million, or $0.26 per share, in the third quarter of 2009.

SIGNIFICANT THIRD QUARTER 2008 AFTER-TAX ITEMS After-Tax Gain Gain (Charge) (Charge) per share ($ millions) (dollars) Sale of Containerboard, Packaging & Recycling operations $303 $1.44 Sale of Australian operations $158 $0.75 Real estate-related charges ($144) ($0.69) Wood Products asset impairments ($24) ($0.11) Restructuring activities ($10) ($0.05) Excluding these items, the company reported a net loss of $3 million, or $0.01 per share, in the third quarter of 2008.

"With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance," said Dan Fulton, president and chief executive officer. "Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers." SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS Millions (except per share data) 3Q 2009 3Q 2008 Change Net earnings $ -- $280 ($280) Earnings per share $ -- $1.33 ($1.33) Net sales from continuing operations $1,407 $2,107 ($700) SEGMENT RESULTS FOR THIRD QUARTER Contributions (Charges) to Pre-Tax Earnings Millions 3Q 2009 3Q 2008 Change Timberlands $219 $107 $112 Wood Products ($97) ($146) $49 Cellulose Fibers $166 $78 $88 Real Estate ($64) ($316) $252 TIMBERLANDS 3Q 2009 2Q 2009 Change Contribution to pre-tax earnings (millions) $219 $66 $153 3Q 2009 Performance -- Excluding a pre-tax gain of $163 million from the sale of 140,000 acres of non-strategic timberlands in northwestern Oregon, the segment's third quarter results decreased $10 million.

Third quarter earnings from operations were lower primarily due to additional harvest deferrals and lower sales of non-strategic timberlands other than the transaction mentioned above. These reductions were partially offset by a sale of mineral royalties for approximately $6 million. Losses related to international operations were $4 million, compared to $7 million in second quarter.

4Q 2009 Outlook -- Weyerhaeuser expects earnings to be lower than third quarter primarily due to additional harvest deferrals and seasonally higher silviculture costs. No significant non-strategic land sales are anticipated in the fourth quarter.

WOOD PRODUCTS 3Q 2009 2Q 2009 Change Charge to pre-tax earnings (millions) ($97) ($162) $65 3Q 2009 Performance -- Excluding the pre-tax items noted below, the segment's third quarter loss decreased $55 million.

-- Third quarter 2009 included charges of $5 million for closures, restructuring and asset impairments.

-- Second quarter 2009 included charges of $15 million primarily for closures, restructuring and asset impairments.

Performance improved due to higher lumber and oriented strand board sales prices, continued cost control measures and lower log costs. Volumes were down in all product lines except engineered wood products.

4Q 2009 Outlook -- Weyerhaeuser expects a higher operating loss with seasonally lower volumes and reduced prices.

CELLULOSE FIBERS 3Q 2009 2Q 2009 Change Contribution to pre-tax earnings (millions) $166 $100 $66 3Q 2009 Performance -- Third quarter 2009 included a pre-tax gain of $122 million related to alternative fuel mixture credits, compared to $107 million in the second quarter. Excluding the credit, the segment's earnings improved $51 million in the third quarter.

Fewer annual maintenance outages and completion of the boiler repair at Columbus, Mississippi early in the third quarter resulted in lower maintenance costs and improved productivity. Higher average price realizations and volumes for pulp along with lower raw material costs contributed to the improvement.

4Q 2009 Outlook -- Excluding the effect of alternative fuel mixture credits, Weyerhaeuser expects earnings from operations for fourth quarter to be comparable to third quarter. Improved pulp price realizations are expected to be offset by increased annual maintenance and fiber costs.

REAL ESTATE 3Q 2009 2Q 2009 Change Charge to pre-tax earnings (millions) ($64) ($50) ($14) 3Q 2009 Performance -- Excluding the pre-tax items noted below, the segment's third quarter loss decreased $5 million.

-- Asset impairments, restructuring and investment-related charges were $55 million in the third quarter compared to $52 million in the second quarter.

-- Second quarter included a gain of $9 million from the sale of partnership interests and $7 million from the sale of land and lots.

Homebuilding operations closed 506 single-family homes, a 9 percent increase from the second quarter. However, the average price of homes closed was down 6 percent from the previous quarter, primarily due to mix. The number of homes in the backlog increased 10 percent over the last quarter to 997 units.

4Q 2009 Outlook -- Weyerhaeuser expects slightly improved results from homebuilding operations in the fourth quarter due to seasonally increased volumes.

CORPORATE AND OTHER Third quarter results for the Corporate and Other segment include the following pre-tax items: -- Corporate restructuring charges include a $60 million noncash pension charge triggered by the amount of distributions paid during 2009 to former salaried employees.

-- The company recognized charges of $35 million related to other corporate restructuring activities, primarily for the impairment of corporate-region assets.

ABOUT WEYERHAEUSER Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m.

Eastern) on Oct. 30 to discuss third quarter results.

To access the conference call from within North America, dial 1-877-941-8632 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-480-629-9821. Replays will be available for one week at 1-800-406-7325 (access code -- 4167921) from within North America and at 1-303-590-3030 (access code -- 4167921) from outside North America.

The call is being webcast through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com by clicking on the "Q3 2009 Earnings Conference Call" link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected site, StreetEvents (http://www.streetevents.com).

FORWARD-LOOKING STATEMENTS This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as "expects," "may," "will," "believes," "should," "approximately," "anticipates," "estimates," and "plans." In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company's expectations during the fourth quarter of 2009, including fee timber harvest levels and operating costs in the Timberlands segment, sales of non-strategic timberlands, demand and pricing for our products in the Wood Products segment, increased expenses for annual planned maintenance and raw material costs in the Cellulose Fiber segment, average pulp price realizations, home sale closings and prices, cost control measures, and earnings and performance of our business segments.

Major risks, uncertainties and assumptions that affect the company's businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to: -- the effect of general economic conditions, including the level of interest rates, availability of financing for home mortgages, strength of the U.S.

dollar, employment rates and housing starts; -- market demand for the company's products, which is related to the strength of the various U.S. business segments and economic conditions; -- raw material prices; -- energy prices; -- transportation costs; -- the successful execution of internal performance plans, including restructurings and cost reduction initiatives; -- changes in the Company's business support functions and support costs; -- performance of the company's manufacturing operations, including maintenance requirements and operating efficiencies; -- changes in legislation or tax rules; -- the level of competition from domestic and foreign producers; -- the effect of forestry, land use, environmental and other governmental regulations; -- legal proceedings; -- the effect of weather; -- the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; -- changes in accounting principles; -- performance of pension fund investments and related derivatives; -- the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; and -- other factors described under "Risk Factors" in the Company's annual report on Form 10-K.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, China and Korea. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) CONSOLIDATED EARNINGS (in millions, except per-share figures) Q3 Year-to-date Q2 Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30, 2009 2008 2009 2008 2009 Net sales and revenues: Forest Products $ 1,211 $ 1,778 $ 3,506 $ 5,269 $ 1,192 Real Estate 196 329 567 1,054 199 Total net sales and revenues 1,407 2,107 4,073 6,323 1,391 Costs and expenses: Forest Products: Costs of products sold 973 1,413 3,001 4,330 1,050 Alternative fuel mixture credits (122 ) - (229 ) - (107 ) Depreciation, depletion and amortization 123 147 370 438 125 Selling expenses 33 57 109 173 33 General and administrative expenses 79 109 258 382 83 Research and development expenses 10 14 38 49 15 Charges for restructuring and closures 67 10 195 87 46 Impairment of goodwill and other assets 36 65 74 147 20 Other operating income, net (1) (184 ) (7 ) (255 ) (8 ) (77 ) 1,015 1,808 3,561 5,598 1,188 Real Estate: Costs and operating expenses 172 365 487 1,001 164 Depreciation and amortization 3 5 11 14 4 Selling expenses 19 32 61 105 20 General and administrative expenses 16 26 61 82 17 Other operating costs (income), net 13 (3 ) 20 (4 ) 7 Impairment of long-lived assets and other related charges 46 230 141 547 53 269 655 781 1,745 265 Total costs and expenses 1,284 2,463 4,342 7,343 1,453 Operating income (loss) 123 (356 ) (269 ) (1,020 ) (62 ) Forest Products: Interest expense incurred (107 ) (126 ) (322 ) (384 ) (107 ) Less: interest capitalized 1 11 5 56 2 Interest income and other 15 29 42 58 13 Gain on Uruguay restructuring - - - 101 - Equity in income (loss) of affiliates (4 ) 10 (1 ) 8 - Real Estate: Interest expense incurred (8 ) (10 ) (22 ) (36 ) (7 ) Less: interest capitalized 6 10 20 36 7 Interest income and other 3 1 5 2 1 Equity in income of unconsolidated entities 1 15 14 16 11 Impairments of investments and other related charges - (10 ) (32 ) (117 ) (6 ) Earnings (loss) from continuing operations before income taxes 30 (426 ) (560 ) (1,280 ) (148 ) Income tax benefit (provision) (2) (35 ) 221 173 574 32 Earnings (loss) from continuing operations (5 ) (205 ) (387 ) (706 ) (116 ) Discontinued operations, net of taxes (3) - 480 - 678 - Net earnings (loss) (5 ) 275 (387 ) (28 ) (116 ) Less: net loss attributable to noncontrolling interests 5 5 17 64 10 Net earnings (loss) attributable to Weyerhaeuser common shareholders $ - $ 280 $ (370 ) $ 36 $ (106 ) Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders: Continuing operations $ - $ (0.94 ) $ (1.75 ) $ (3.04 ) $ (0.50 ) Discontinued operations - 2.27 - 3.21 - Net earnings (loss) per share $ - $ 1.33 $ (1.75 ) $ 0.17 $ (0.50 ) Dividends paid per share $ 0.05 $ 0.60 $ 0.55 $ 1.80 $ 0.25 Weighted average shares outstanding (in thousands): Basic 211,357 211,284 211,337 211,247 211,356 Diluted 211,357 211,284 211,337 211,247 211,356 Common shares outstanding at end of period (in thousands) 211,357 211,289 211,357 211,289 211,357 WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) FOOTNOTES TO CONSOLIDATED EARNINGS (in millions) (1) Other operating income, net for third quarter and year-to-date 2009 include $163 million gain on sale of 140,000 acres of non-strategic timberlands. (2) (a) Third quarter and year-to-date 2009 include $21 million in net tax charges related to the true-up of previous tax liabilities, state tax law and rate changes and interest on unrecognized tax benefits. (b) Year-to-date 2008 includes $14 million for tax benefits related to the release of FIN 48 tax liabilities. (3) 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: Q3 Year-to-date Q2 Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Net sales $ - $ 514 $ - $ 3,301 $ - Net earnings from operations (after-tax) $ - $ 16 $ - $ 214 $ - Net gain on divestitures and sales (after-tax) $ - $ 464 $ - $ 464 $ - Net earnings from discontinued operations $ - $ 480 $ - $ 678 $ - WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) NET SALES AND REVENUES: (in millions) Q3 Year-to-date Q2 Sept. 30, Sept.

28, Sept. 30, Sept. 28, June 30, 2009 2008 2009 2008 2009 Timberlands: Logs: West $ 84 $ 149 $ 253 $ 418 $ 87 South 39 29 115 60 43 Canada 5 2 7 16 - Total Logs 128 180 375 494 130 Pay as cut timber sales 10 9 24 21 7 Timberlands sales and exchanges (1) 15 29 59 66 40 Higher and better use land sales (1) 5 1 10 9 4 Minerals, oil and gas 21 18 49 42 14 Products from international operations (2) 13 14 30 27 10 Other products 1 3 11 16 3 193 254 558 675 208 Wood Products: Softwood lumber 226 393 677 1,157 229 Engineered solid section 67 114 184 340 62 Engineered I-Joists 47 79 123 238 43 Oriented strand board 63 113 176 328 58 Plywood 25 48 71 164 22 Hardwood lumber 54 72 161 232 56 Other products produced 37 63 119 163 39 Other products purchased for resale 69 124 213 421 85 588 1,006 1,724 3,043 594 Cellulose Fibers: Pulp 297 346 833 1,046 255 Liquid packaging board 73 73 216 214 77 Other products 20 28 54 92 17 390 447 1,103 1,352 349 Real Estate: Single family housing 185 303 527 986 180 Land development 10 24 37 54 18 Other 1 2 3 14 1 196 329 567 1,054 199 Corporate and Other 40 88 121 331 41 Containerboard, Packaging and Recycling - 497 - 3,169 - Less: sales of discontinued operations - (514 ) - (3,301 ) - $ 1,407 $ 2,107 $ 4,073 $ 6,323 $ 1,391 (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) Q3 Year-to-date Q2 (in millions) Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30, 2009 2008 2009 2008 2009 Net cash from operations $ 34 $ (47 ) $ (276 ) $ (139 ) $ 126 Cash paid for property and equipment (1) (38 ) (77 ) (123 ) (282 ) (32 ) Cash paid for timberlands reforestation (1) (7 ) (9 ) (29 ) (36 ) (7 ) Revolving credit facilities, notes and commercial paper borrowings, - (1,211 ) - (381 ) - net Payments on debt (403 ) (92 ) (422 ) (199 ) (18 ) Proceeds from the sale of assets and operations 313 6,359 350 6,458 29 Cash paid for dividends (10 ) (127 ) (116 ) (380 ) (53 ) Loan to pension trust - - (85 ) - - Repurchases of common stock - - (2 ) - - (1) Capital spending is for Forest Products only and excludes Real Estate. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) NET CONTRIBUTION TO PRE-TAX EARNINGS: (in millions) Q3 Year-to-date Q2 Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30, 2009 2008 2009 2008 2009 Timberlands $ 219 $ 107 $ 325 $ 322 $ 66 Wood Products (97 ) (146 ) (525 ) (587 ) (162 ) Cellulose Fibers 166 78 297 176 100 Real Estate (64 ) (316 ) (210 ) (727 ) (50 ) Corporate and Other (81 ) 1,369 (111 ) 1,439 13 Containerboard, Packaging and Recycling - 10 - 204 - $ 143 $ 1,102 $ (224 ) $ 827 $ (33 ) FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS (includes costs incurred within the company's discontinued operations) (in millions) Timberlands includes: Year-to-date Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Charges for restructuring and closures $ (2 ) $ - $ (7 ) $ - $ (5 ) Gain on sale of 140,000 acres of non-strategic timberlands 163 - 163 - - Sale of mineral royalties 6 - 6 - - $ 167 $ - $ 162 $ - $ (5 ) Wood Products includes: Year-to-date Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Charges for restructuring and closures $ (1 ) $ - $ (64 ) $ (41 ) $ - Goodwill impairments - (6 ) (3 ) (9 ) - Other asset impairments (4 ) (31 ) (25 ) (77 ) (16 ) Reserve for litigation - - (19 ) (18 ) - Gain on sale of property - - 1 - 1 $ (5 ) $ (37 ) $ (110 ) $ (145 ) $ (15 ) Cellulose Fibers includes: Year-to-date Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Charges for restructuring and closures $ - $ - $ (1 ) $ (1 ) $ - Alternative fuel mixture credits 122 - 229 - 107 $ 122 $ - $ 228 $ (1 ) $ 107 Real Estate includes: Year-to-date Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Charges for restructuring and closures $ (13 ) $ - $ (19 ) $ - $ (2 ) Impairment of assets and other related charges - attributable to (42 ) (236 ) (158 ) (602 ) (50 ) Weyerhaeuser shareholders Impairment of assets and other related charges - attributable to (4 ) (4 ) (15 ) (62 ) (9 ) noncontrolling interest Commercial partnership income - 12 - 12 - Sale of partnership interest - - 9 - 9 Net gain (loss) on land and lot sales - (87 ) 13 (89 ) 7 $ (59 ) $ (315 ) $ (170 ) $ (741 ) $ (45 ) Corporate and Other includes: Year-to-date Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009 Charges for restructuring and closures $ (64 ) $ (10 ) $ (123 ) $ (45 ) $ (41 ) Asset impairments (31 ) (27 ) (45 ) (55 ) (4 ) Litigation and insurance settlements - - 20 - 20 Environmental reserve adjustment - - - (17 ) - Gain on Uruguay restructuring - - - 101 - Gain on sale of Containerboard, Packaging and Recycling business - 1,173 - 1,173 - Gain on sale of Australian operations - 217 - 217 - Gain on sale of closed facilities - - 18 - 18 2008 amendments to US postretirement benefit plans - - - 52 - Share-based compensation (4 ) (5 ) (9 ) (22 ) (2 ) Net foreign exchange gains (losses) 17 (11 ) 33 (18 ) 21 Pension and postretirement credits (1) 31 62 92 117 37 $ (51 ) $ 1,399 $ (14 ) $ 1,503 $ 49 (1) Excludes pension and postretirement included in charges for restructuring and closures above. WEYERHAEUSER COMPANY STATISTICAL INFORMATION (unaudited) THIRD PARTY SALES VOLUMES: (in millions) Q3 Year-to-date Q2 Sept.

30, Sept. 28, Sept. 30, Sept. 28, June 30,

2009

2008 2009 2008 2009 Timberlands (thousands):

Logs - cubic meters:

West 1,156

1,970 3,529 5,401 1,283

South 981

672 2,812 1,486 1,062

Canada 144

83 211 432 3

International 84

53 234 181 73

Wood Products (millions):

Softwood lumber - board feet 803

1,197 2,589 3,706 896

Engineered solid section - cubic feet 3

6 10 18 4

Engineered I-Joists - lineal feet 43

63 105 189 36

Oriented strand board - square feet (3/8") 363

595 1,084 1,903 374

Plywood - square feet (3/8") 84

135 222 449 71

Hardwood lumber - board feet 66

83 193 258 69

Cellulose Fibers (thousands):

Pulp - air-dry metric tons 450

422 1,254 1,311 395

Liquid packaging board - tons 74

77 215 226 77

Real Estate:

Single-family homes sold 593

531 1,838 2,193 790

Single-family homes closed 506

720 1,399 2,433 464

Single-family homes sold but not closed at end of period 997

984 997 984 910

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

TOTAL PRODUCTION VOLUMES:

(in millions) Q3 Year-to-date Q2

Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,

2009 2008 2009 2008 2009 Timberlands (thousands):

Fee depletion - cubic meters:

West 1,603 2,813 5,191 8,412 1,910

South 2,258 3,021 7,133 9,505 2,495

Wood Products (millions):

Softwood lumber - board feet 777 1,107 2,430 3,474 792

Engineered solid section - cubic feet 3 6 8 18 3

Engineered I-Joists - lineal feet 36 60 80 179 24

Oriented strand board - square feet (3/8") 390 585 1,094 1,952 369

Plywood - square feet (3/8") 48 89 113 258 37

Hardwood lumber - board feet 54 64 157 202 48

Cellulose Fibers (thousands):

Pulp - air-dry metric tons 429 452 1,212 1,324 368

Liquid packaging board - tons 71 75 213 216 77

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

Sept. 30, June 30, Dec. 31, Assets

2009 2009 2008

Forest Products

Current assets:

Cash and cash equivalents

$ 1,624 $ 1,745 $ 2,288

Short-term investments

47 60 138

Receivables, less allowances

403 402 429

Receivables for taxes

299 336 73

Receivable from pension trust

285 285 200

Inventories

498 530 702

Prepaid expenses

87 92 101

Deferred tax assets

150 151 159

Total current assets

3,393 3,601 4,090

Property and equipment, net

3,686 3,747 3,869

Construction in progress

108 108 104

Timber and timberlands at cost, less depletion charged to disposals 4,014 4,173 4,205

Investments in and advances to equity affiliates

199 200 202

Goodwill

40 40 43

Deferred pension and other assets

658 600 651

Restricted assets held by special purpose entities

914 916 916

13,012 13,385 14,080 Real Estate

Cash and cash equivalents

4 1 6

Receivables, less allowances

31 46 74

Real estate in process of development and for sale

828 851 990

Land being processed for development

916 926 882

Investments in unconsolidated entities

16 16 30

Deferred tax assets

396 419 438

Other assets

156 180 195

Consolidated assets not owned

6 18 40

2,353 2,457 2,655

Total assets

$ 15,365 $ 15,842 $ 16,735

Liabilities

Forest Products

Current liabilities:

Notes payable and commercial paper

$ 3 $ 1 $ 1

Current maturities of long-term debt

41 388 407

Accounts payable

325 314 381

Accrued liabilities

708 816 985

Total current liabilities

1,077 1,519 1,774

Long-term debt

5,150 5,153 5,153

Deferred income taxes

1,663 1,677 1,805

Deferred pension, other postretirement benefits and other liabilities 1,649 1,699 1,566

Liabilities (nonrecourse to Weyerhaeuser) held by special purpose 765 766 764

entities

10,304 10,814 11,062 Real Estate

Long-term debt

404 456 456

Other liabilities

292 294 353

Consolidated liabilities not owned

- 1 17

696 751 826

Total liabilities

11,000 11,565 11,888

Equity

Equity 4,365 4,277 4,847

Total liabilities and equity $ 15,365 $ 15,842 $ 16,735

SOURCE: Weyerhaeuser Company CONTACT: Weyerhaeuser Company Media Bruce Amundson, 253-924-3047 or Analysts Kathryn McAuley, 253-924-2058 Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Washington INDUSTRY KEYWORD: Natural Resources

Forest Products

Construction & Property

Commercial Building & Real Estate

Residential Building & Real Estate SUBJECT CODE: Earnings

Conference Call

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