If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
1. For Immediate Release
Contact: John Haudrich (investors), 314-656-5375
Brian Peura (investors), 314-656-5696
Tom Lange (media), 314-656-5369
Mylene Labrie (Canada), 514-864-5103
www.smurfit-stone.com
SMURFIT-STONE REPORTS STRONG SEQUENTIAL EARNINGS
IMPROVEMENT IN THIRD QUARTER 2007
• Adjusted net income nearly doubles from second quarter 2007
• $18 million quarterly incremental benefits from strategic initiatives
• $328 million debt reduction driven by sale of the Brewton mill
CREVE COEUR, Mo., and CHICAGO, October 24, 2007 – Smurfit-Stone Container
Corporation (Nasdaq: SSCC) today reported adjusted net income of $28 million, or $0.11 per
diluted share, for the third quarter 2007. These results compare to adjusted net income of $15
million, or $0.06 per share, in the second quarter 2007 and $31 million, or $0.12 per share, in
the prior year quarter.
Adjusted net income reflects adjustments to net income (loss) available to common
stockholders, as detailed below. The third quarter 2007 net loss available to common
shareholders was $96 million, or $0.38 per share. These results included the previously
announced loss on the sale of the Brewton, AL mill of $97 million, or $0.38 per share, which
reflected the allocation of $146 million of goodwill. Net proceeds from this transaction drove
debt reduction of $328 million in the quarter.
3Q 2007 2Q 2007 3Q 2006
Net income (loss) available to common stockholders per diluted share $ (0.38) $ (0.02) $ 0.08
Loss on sale of assets 0.38
Non-cash foreign currency translation losses - Canadian Dollar 0.09 0.08
Restructuring charges 0.03 0.01 0.03
Other, net (0.01) (0.01) 0.01
Adjusted net income available to common stockholders per diluted share $ 0.11 $ 0.06 $ 0.12
Sales for the third quarter were $1.89 billion, up 2.2 percent from the third quarter 2006.
Continued earnings improvement
Commenting on third quarter results, Patrick J. Moore, chairman and CEO, said, “Smurfit-
Stone’s operating performance has consistently improved this year with third quarter adjusted
net income nearly doubling from the second quarter. Prices increased across all of our major
product lines for the second straight quarter. As planned, we made additional progress with
our strategic initiatives program. The divestiture of our Brewton mill in the third quarter
represented a major milestone in our restructuring efforts and helped drive further debt
reduction.”
2. — Page 2 —
Solid execution contributed to improved operating performance
Third quarter operating highlights:
• Segment operating profits improved $20 million sequentially to $182 million
• 100 percent containerboard mill operating rates
• Average domestic linerboard price improved 1.6% sequentially
• $97 million in capital investments primarily focused on cost reduction initiatives
• $18 million incremental initiative benefits from the second quarter; 450 headcount reduction
Commenting on third quarter operations, Steven J. Klinger, president and COO, said, “Sound
execution drove improved sequential operating results. Our mills ran full and we achieved our
highest containerboard production since the start of our strategic program, despite several mill
closures over the past two years. At the same time, we achieved record low third quarter
containerboard inventory levels. Higher average containerboard prices reflected the early
stages of our current price initiative. Box prices increased nearly 1 percent both year-over-year
and sequentially. Container shipments were down 8 percent from the prior year, 5.3 percent
due to continued efforts to rationalize box plants and improve margins by exiting unprofitable
accounts. Benefits from our capital investment program, lower headcount, and box plant/mill
closures in the second quarter resulted in higher initiative savings.”
Positive long-term earnings outlook
While the company expects significant price improvement in the fourth quarter, earnings will
likely decrease sequentially due to seasonal and timing factors. Results will be impacted by
significant additional mill maintenance downtime and associated costs, higher energy usage
and wood fiber costs, and the impact from the Brewton mill sale. Commenting on the
company’s outlook, Moore said, “Despite slightly lower anticipated fourth quarter earnings, we
remain on track to achieve our longer term objectives. Our strategic initiatives program is on
schedule to reduce costs $525 million by the end of 2008. These efforts, along with our $400
million incremental capital program, should drive continued margin and efficiency
improvements at Smurfit-Stone.”
Smurfit-Stone management will discuss the company’s third quarter financial performance at
8:00am CT (9:00am ET) on Thursday, October 25, 2007, via a live webcast and
teleconference. Participants can join the presentation by linking to the webcast through the
investor page of the company’s website at www.smurfit-stone.com or by calling 415-537-1802
(no passcode) at least ten minutes prior to the commencement of the presentation. The
presentation will be archived on the company’s website for subsequent viewing.
###
Smurfit-Stone Container Corporation is the industry's leading integrated manufacturer of paperboard and paper-
based packaging products and service, and is one of the world’s largest paper recyclers. Smurfit-Stone is reshaping
the world of packaging to drive profitable growth for our business and our customers' businesses by delivering the
strongest price-value equation in the marketplace. The company is a leading provider of custom, proprietary and
standard automated packaging machines, offering customers turn-key installation, automation, line integration and
packaging solutions. Smurfit-Stone is a member of the World Business Council for Sustainable Development and
the Chicago Climate Exchange. The company generated revenue of $7.2 billion in 2006, has led the industry in
safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety
principles of the American Forest & Paper Association.
This press release contains statements relating to future results, which are forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those
projected as a result of certain risks and uncertainties, including but not limited to changes in general economic
conditions, continued pricing pressures in key product lines, seasonality and higher recycled fiber and energy costs,
as well as other risks and uncertainties described in the company’s annual report on form 10-K for the year ended
December 31, 2006, as updated from time to time in the company’s Securities and Exchange Commission filings. In
3. — Page 3 —
this press release, certain non-U.S. GAAP financial information is presented. A reconciliation of that information to
U.S. GAAP financial measures and additional disclosure regarding our use of non-GAAP financial measures are
included in the attached schedules.
4. SMURFIT-STONE CONTAINER CORPORATION
CONSOLIDATED BALANCE SHEETS
(In millions)
September 30, December 31,
2007 2006
Assets (Unaudited) (Restated)
(Note 1)
Current assets
Cash and cash equivalents……………………………………………… $ 11 $ 9
Receivables, net………………………………………………………… 192 166
Retained interest in receivables sold (Note 2)………………………… 244 179
Inventories………………………………………………………………… 530 538
Prepaid expenses and other current assets…………………………… 42 34
Total current assets………………………………………………… 1,019 926
Net property, plant and equipment………………………………………… 3,436 3,731
Timberland, less timber depletion…………………………………………… 42 43
Goodwill………………………………………………………………………… 2,727 2,873
Other assets…………………………………………………………………… 181 204
$ 7,405 $ 7,777
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt…………………………………… $ 12 $ 84
Accounts payable………………………………………………………… 584 542
Accrued compensation and payroll taxes……………………………… 182 211
Interest payable…………………………………………………………… 60 79
Income taxes payable…………………………………………………… 10 2
Current deferred taxes…………………………………………………… 2 2
Other current liabilities…………………………………………………… 143 147
Total current liabilities……………………………………………… 993 1,067
Long-term debt, less current maturities…………………………………… 3,394 3,550
Other long-term liabilities…………………………………………………… 941 1,010
Deferred income taxes……………………………………………………… 326 371
Stockholders' equity
Preferred stock…………………………………………………………… 96 93
Common stock…………………………………………………………… 3 3
4,061 4,040
Additional paid-in capital…………………………………………………
(2,099) (1,945)
Retained earnings (deficit)………………………………………………
(310) (412)
Accumulated other comprehensive income (loss)……………………
Total stockholders' equity…………………………………………… 1,751 1,779
$ 7,405 $ 7,777
5. SMURFIT-STONE CONTAINER CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September, 30
2007 2006 2007 2006
(Restated) (Restated)
(Note 1) (Note 1)
Net sales……………………………………………………………………………………… $ 1,885 $ 1,844 $ 5,579 $ 5,338
Costs and expenses
Cost of goods sold…………………………………………………………………….... 1,596 1,541 4,815 4,644
Selling and administrative expenses…………………………………………………… 158 165 486 508
Restructuring charges…………………………………………………………………… 11 13 45 35
(Gain) loss on disposal of assets……………………………………………………… 64 64 (24)
Income from operations……………………………………………………………… 56 125 169 175
Other income (expense)
Interest expense, net……………………………………………………………………… (73) (78) (220) (266)
Loss on early extinguishment of debt…………………………………………………… (1) (29) (28)
Other, net (Note 3)………………………………………………………………………… (31) (3) (59) (26)
Income (loss) from continuing operations before income taxes………………… (49) 44 (139) (145)
(Provision for) benefit from income taxes…………………………………………………… (44) (18) (8) 50
Income (loss) from continuing operations………………………………………… (93) 26 (147) (95)
Discontinued operations
Income from discontinued operations, net of income taxes of
$9 for the nine months ended September 30, 2006......................................... 14
Loss on sale of discontinued operations, net of income tax benefit (provision)
of $1 and ($174) for the three and nine months ended September 30, 2006… (2) (3)
Net income (loss)…………………………………………………………………… (93) 24 (147) (84)
Preferred stock dividends and accretion…………………………………………………… (3) (3) (9) (9)
Net income (loss) available to common stockholders…………………………… $ (96) $ 21 $ (156) $ (93)
Basic and diluted earnings per common share
Income (loss) from continuing operations………………………….………………… $ (0.38) $ 0.09 $ (0.61) $ (0.41)
Discontinued operations………………………….………………………………......... 0.06
Loss on sale of discontinued operations………………………….…………………… (0.01) (0.01)
Net income (loss) available to common stockholders………………………….. $ (0.38) $ 0.08 $ (0.61) $ (0.36)
Weighted average shares outstanding……………………………………………………… 256 255 256 255
6. SMURFIT-STONE CONTAINER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 30,
2007 2006
(Restated)
(Note 1)
Cash flows from operating activities
Net loss…………………………………………………………………………………………………… $ (147) $ (84)
Adjustments to reconcile net loss to net cash provided by operating activities
Gain on disposition of discontinued operations……………………………………………… (171)
Loss on early extinguishment of debt………………………………………………………… 29 28
Depreciation, depletion and amortization…………………………………………………… 272 288
Amortization of deferred debt issuance costs………………………………………………… 6 7
Deferred income taxes………………………………………………………………………… (3) 100
Pension and postretirement benefits………………………………………………………… (58) (2)
(Gain) loss on disposal of assets……………………………………………………………… 64 (24)
Non-cash restructuring charges……………………………………………………………… 8 16
Non-cash stock-based compensation………………………………………………………… 16 18
Non-cash foreign currency losses…………………………………………………………… 47 12
Change in current assets and liabilities, net of effects from acquisitions and
dispositions
Receivables and retained interest in receivables sold………………………………… (83)
Inventories………………………………………………………………………………… 2 27
Prepaid expenses and other current assets…………………………………………… 2 10
Accounts payable and accrued liabilities………………………………………………… (4) (97)
Interest payable…………………………………………………………………………… (19) (25)
Other, net………………………………………………………………………………………… 2 17
Net cash provided by operating activities……………………………………………………………… 134 120
Cash flows from investing activities
Expenditures for property, plant and equipment……………………………………………………… (268) (198)
Proceeds from property disposals and sale of businesses………………………………………… 399 956
Net cash provided by investing activities……………………………………………………………… 131 758
Cash flows from financing activities
Proceeds from long-term debt………………………………………………………………………… 675
Net repayments of long-term debt……………………………………………………………………… (904) (848)
Debt repurchase premiums……………………………………………………………………………… (23) (24)
Preferred dividends paid………………………………………………………………………………… (6) (6)
Proceeds from exercise of stock options……………………………………………………………… 2 2
Deferred debt issuance costs…………………………………………………………………………… (7)
Net cash used for financing activities………………………………………………………………… (263) (876)
Increase in cash and cash equivalents………………………………………………………………… 2 2
Cash and cash equivalents
Beginning of period……………………………………………………………………………………… 9 5
End of period………………………………………………………………………………………………$ 11 $ 7
7. Note 1. Restatement of Prior Period Financial Statements
As disclosed in the second quarter of 2007, the Company determined that net benefits from income
taxes previously recognized on non-cash foreign currency translation losses from 2000 to 2006
should not have been recognized under Statement of Financial Accounting Standards No. 109,
“Accounting for Income Taxes.” As reflected in the financial statements included in this release, the
Company has restated its prior years’ financial statements for the correction of this error. Because
the errors were not material to any prior years’ financial statements, the revisions to prior periods will
be presented in future filings, including Form 10-Q for the quarter ended September 30, 2007 and
Form 10-K for the years ended December 31, 2003 through 2006.
As previously disclosed, effective January 1, 2007, the Company adopted the Financial Accounting
Standards Board Staff Position No. AUG AIR-1 “Accounting for Planned Major Maintenance
Activities.” The new standard does not impact the Company’s annual 2006 financial statements;
however, the impact of the required retrospective adoption on the Company’s previously reported
2006 net loss available to common stockholders for the nine months ended September 30, 2006 is
income of $5 million.
For the three and nine months ended September 30, 2006, the above described adjustments had the
following impact on net income (loss) available to common stockholders:
Major
As Previously Income Tax Maintenance
Reported Adjustments Adjustment As Restated
(In millions)
Three months ended September 30, 2006……$ 15 $ - $ 6$ 21
Nine months ended September 30, 2006…… (93) (5) 5 (93)
Note 2. Retained Interest in Receivables Sold
At September 30, 2007 and December 31, 2006, $697 million and $590 million, respectively, of
receivables had been sold under two accounts receivable programs, of which the company retained a
subordinated interest. The off-balance sheet Stone Receivables Corporation debt and funding
received from the Canadian accounts receivable program totaled $460 million and $448 million,
respectively, as of those dates. See our Annual Report on Form 10-K for the year ended December
31, 2006 for further description of these programs.
Note 3. Other, Net
For 2007, non-cash foreign currency translation losses were $22 million for the third quarter and $47
million year-to-date. For 2006, non-cash foreign currency translation losses were an insignificant
amount for the third quarter and $12 million year-to-date.
8. SMURFIT-STONE CONTAINER CORPORATION
SELECTED FINANCIAL HIGHLIGHTS
(In millions, except per share data)
(Unaudited)
2007 2006 - Restated
1st Qtr 2nd Qtr 3rd Qtr Year-to-date 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Net sales…………………………………………… $ 1,824 $ 1,870 $ 1,885 $ 5,579 $ 1,729 $ 1,765 $ 1,844 $ 1,819 $ 7,157
Containerboard and corrugated containers
segment operating profit (Note 1,2)…………. $ 102 $ 162 $ 182 $ 446 $ 29 $ 140 $ 198 $ 155 $ 522
Interest expense, net ………………………….. (74) (73) (73) (220) (92) (96) (78) (75) (341)
Corporate expenses……………………………. (44) (46) (44) (134) (46) (47) (41) (43) (177)
Other expenses, net……………………………… (70) (47) (114) (231) (6) (71) (35) (2) (114)
Pre-tax income (loss) from continuing
operations……………………………………… $ (86) $ (4) $ (49) $ (139) $ (115) $ (74) $ 44 $ 35 $ (110)
Net income (loss) available to common
stockholders……………………………………. $ (55) $ (5) $ (96) $ (156) $ (64) $ (50) $ 21 $ 22 $ (71)
Net income (loss) available to common
stockholders per diluted share………………… $ (0.21) $ (0.02) $ (0.38) $ (0.61) $ (0.25) $ (0.20) $ 0.08 $ 0.09 $ (0.28)
Adjusted net income (loss) per diluted share. $ (0.09) $ 0.06 $ 0.11 $ 0.08 $ (0.29) $ (0.04) $ 0.12 $ 0.06 $ (0.15)
Adjusted EBITDA……………………………….. $ 135 $ 206 $ 217 $ 558 $ 82 $ 193 $ 231 $ 201 $ 707
Depreciation, Depletion and Amortization……… $ 88 $ 93 $ 91 $ 272 $ 100 $ 99 $ 89 $ 89 $ 377
Capital expenditures ………………………………$ 96 $ 75 $ 97 $ 268 $ 56 $ 83 $ 59 $ 76 $ 274
Pension contributions………………………………$ 31 $ 36 $ 48 $ 115 $ 18 $ 45 $ 47 $ 37 $ 147
Total reported debt ……………………………… $ 3,739 $ 3,734 $ 3,406 $ 3,406 $ 4,719 $ 3,815 $ 3,723 $ 3,634 $ 3,634
Note 1: Effective April 1, 2007, results for the Reclamation operation have been combined with the Containerboard & Corrugated Container Segment. All periods presented have been restated
to conform to the current presentation.
Note 2: Effective January 1, 2007, the Company adopted the new pronouncement for accounting for planned major maintenance activities, which requires retrospective application to all financial
statements presented. The following is the impact by quarter for 2006:
2006
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Restatement for Major Maintenance Activities:
Pretax income (loss)……………………………………………………............................................. $ (1) $ - $ 10 $ (9) $ -
Net income (loss)…………………………………………………….............................................. $ (1) $ - $ 6 $ (5) $ -
9. SMURFIT-STONE CONTAINER CORPORATION
STATISTICAL INFORMATION
2007 2006
1st Qtr 2nd Qtr 3rd Qtr Year-to-date 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Containerboard System
North American Mill Operating Rates (Containerboard Only)…… 97.1% 98.1% 100.0% 99.0% 96.9% 100.0% 100.0% 100.0% 99.8%
North American Containerboard Production - M Tons…………… 1,813 1,851 1,893 5,557 1,771 1,860 1,888 1,883 7,402
Year over Year Avg. Domestic Linerboard Price Change………… 12.8% 3.1% -0.2% 4.3% -0.5% 9.9% 25.8% 24.5% 14.8%
Sequential Avg. Domestic Linerboard Price Change……………… -0.3% 0.6% 1.6% N/A 10.1% 10.1% 5.0% -2.2% N/A
Pulp Production - M Tons…………………………………………… 145 134 149 428 145 136 151 132 564
SBS/Bleached Board Production - M Tons………………………… 78 82 76 236 72 77 81 83 313
Kraft Paper Production - M Tons…………………………………… 46 47 39 132 54 47 51 47 199
Corrugated Containers
North American Shipments - BSF ….……………………………… 19.0 18.9 18.5 56.4 20.2 20.2 19.8 19.3 79.5
Per Day North American Shipments -MMSF………………….. 296.7 299.3 293.7 296.6 315.1 320.9 319.4 321.4 319.1
Year over Year Avg. Corrugated Price Change…………………… 6.9% 3.3% 0.6% 3.5% -2.5% 3.5% 9.7% 10.4% 5.2%
Sequential Avg. Corrugated Price Change………………………… 0.1% 0.7% 0.3% N/A 3.3% 4.3% 3.0% -0.5% N/A
Fiber Reclaimed and Brokered - M tons………………………………… 1,721 1,679 1,688 5,088 1,666 1,630 1,644 1,674 6,614
10. SMURFIT-STONE CONTAINER CORPORATION
EBITDA, As Defined Below
(In millions)
(Unaudited)
2007 2006 - Restated
1st Qtr 2nd Qtr 3rd Qtr Year-to-date 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Loss from continuing operations………………………………………… $ (52) $ (2) $ (93) $ (147) $ (71) $ (50) $ 26 $ 25 $ (70)
Benefit from income taxes………………………………………… (34) (2) 44 8 (44) (24) 18 10 (40)
Income from discontinued operations before income taxes …… - - - - 16 7 - - 23
Interest expense, net...…………….……………………………… 74 73 73 220 92 96 78 75 341
Depreciation, depletion and amortization………………………… 88 93 91 272 100 99 89 89 377
EBITDA 76 162 115 353 93 128 211 199 631
Receivables discount expense…………………………………… 7 9 7 23 5 8 7 7 27
Restructuring charges…………….………………………………… 24 10 11 45 9 13 13 8 43
Non-cash foreign currency (gain)/loss...………………………… 5 20 22 47 (2) 14 - (13) (1)
Loss on early extinguishment of debt………...…………………… 23 5 1 29 - 28 - - 28
(Gain) loss on sale of assets…………….………………………… - - 64 64 (23) (1) - - (24)
Pension curtailment…………….………………………………. - - (3) (3) - - - - -
Other (Note 1)……...……………………………………………… - - - - - 3 - - 3
Adjusted EBITDA ……………..………………………………………… $ 135 $ 206 $ 217 $ 558 $ 82 $ 193 $ 231 $ 201 $ 707
Note 1: Income from discontinued operations before income taxes for the three and six months ended June 30, 2006 includes $3 million of expenses related to the sale of
the Consumer Packaging segment.
quot;EBITDAquot; is defined as net loss before benefit from income taxes, interest expense, net and depreciation, depletion and amortization. quot;Adjusted EBITDAquot; is defined as EBITDA
adjusted as indicated above. EBITDA and Adjusted EBITDA are non-GAAP financial measures. See disclosure below regarding the use of non-GAAP financial measures.
11. SMURFIT-STONE CONTAINER CORPORATION
ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
(In Millions, Except Per Share Data)
(Unaudited)
2007 2006 - Restated
1st Qtr 2nd Qtr 3rd Qtr Year-to-date 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Net income (loss) available to common stockholders (GAAP) …………………………………… $ (55) $ (5) $ (96) $ (156) $ (64) $ (50) $ 21 $ 22 $ (71)
14 3 - 17 - 17 - - 17
Loss on early extinguishment of debt, net of income taxes..……………………..….…..…………
5 20 22 47 (2) 14 - (13) (1)
Non-cash foreign currency (gains)/losses………….……………………………………………….
- - 97 97 (14) 2 2 - (10)
(Gain) loss on sale of assets, net of income tax/ loss on sale of discontinued operations………
Restructuring charges, net of income taxes...……………………………………………………… 14 1 7 22 5 8 8 5 26
Pension curtailment, net of income taxes...………………………………………………………… - - (2) (2) - - - - -
Resolution of a prior year income tax matter...……………………………………………………… - (4) - (4) - - - - -
Adjusted net income (loss) available to common stockholders (Note 1)....................................... $ (22) $ 15 $ 28 $ 21 $ (75) $ (9) $ 31 $ 14 $ (39)
2007 2006 - Restated
1st Qtr 2nd Qtr 3rd Qtr Year-to-date 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
$ (0.21) $ (0.02) $ (0.38) $ (0.61) $ (0.25) $ (0.20) $ 0.08 $ 0.09 $ (0.28)
Net income (loss) per diluted share available to common stockholders (GAAP) …………
0.05 0.01 - 0.07 - 0.07 - - 0.07
Loss on early extinguishment of debt..……………………..….…..…………………………….
0.02 0.08 0.09 0.18 (0.01) 0.06 - (0.05) -
Non-cash foreign currency (gains)/losses………….……………………………………………
- - 0.38 0.38 (0.05) - 0.01 - (0.04)
(Gain) loss on sale of assets/ loss on sale of discontinued operations………………………
Restructuring charges...…………………………………………………………………………… 0.05 0.01 0.03 0.09 0.02 0.03 0.03 0.02 0.10
Pension curtailment...……………………………………………………………………………… - - (0.01) (0.01) - - - - -
Resolution of a prior year income tax matter...…………………………………………………. - (0.02) - (0.02) - - - - -
Adjusted net income (loss) per diluted share available to common stockholders (Note 1)........... $ (0.09) $ 0.06 $ 0.11 $ 0.08 $ (0.29) $ (0.04) $ 0.12 $ 0.06 $ (0.15)
Note 1: Exclusive of loss on early extinguishment of debt, non-cash foreign currency (gain) loss, (gain) loss on sale of assets/loss on sale of discontinued operations, restructuring charges, pension
curtailment and resolution of a prior year income tax matter. Adjusted net income (loss) available to common stockholders and adjusted net income (loss) per diluted share available to common
stockholders are non-GAAP financial measures. See disclosure below regarding the use of non-GAAP financial measures.
12. SMURFIT-STONE CONTAINER CORPORATION
NON-GAAP FINANCIAL MEASURES
We measure our performance primarily through our operating profit. In addition to our audited consolidated financial
statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management uses certain
non-GAAP financial measures, including “EBITDA,” “adjusted EBITDA” and “adjusted net income (loss) per diluted share
available to common stockholders” to measure our operating performance. We provide a definition of the components of these
measurements and reconciliation to the most directly comparable GAAP financial measure.
These non-GAAP measures are considered by our Board of Directors and management as a basis for measuring and
evaluating our overall operating performance. They are presented to enhance an understanding of our operating results and
are not intended to represent cash flow or results of operations. The use of these non-GAAP measures provides an
indication of our ability to service debt and we consider them appropriate measures to use because of our highly leveraged
position. We believe these non-GAAP measures are useful in evaluating our operating performance compared to other
companies in our industry, and are beneficial to investors, potential investors and other key stakeholders, including analysts
and creditors who use these measures in their evaluations of our performance.
EBITDA has certain material limitations associated with its use as compared to net income. These limitations are primarily
due to the exclusion of certain amounts that are material to our consolidated results of operations, such as interest expense,
income tax expense and depreciation and amortization. In addition, EBITDA may differ from the EBITDA calculations of
other companies in our industry, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA should not be considered a measure of discretionary cash available to us to invest in
our business and should be read in conjunction with our consolidated financial statements prepared in accordance with
GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and adjusted
EBITDA only as supplemental measures of our operating results. The presentation of this additional information is not meant
to be considered in isolation or as a substitute for financial statements prepared in accordance with GAAP. The EBITDA
presentation includes a reconciliation to net income which we believe is clear and useful to our stakeholders. A further
reconciliation to adjusted EBITDA excludes certain unusual or non-recurring items, and presents a more accurate picture of
our operating performance.
We use adjusted EBITDA to provide meaningful supplemental information regarding our operating performance and
profitability by excluding from EBITDA certain unusual or nonrecurring items that we believe are not indicative of our ongoing
operating results as follows:
• Loss on Early Extinguishment of Debt – which represents unamortized deferred debt issuance cost or call premiums
charged to expense in connection with our financing activities.
• Non-Cash Foreign Currency Gain or Loss – which is recorded in connection with fluctuations in the Canadian dollar.
The functional currency for our Canadian operations is the U.S. dollar. Fluctuations in Canadian dollar-denominated
monetary assets and liabilities result in non-cash gains or losses.
• Gain or Loss on Sale of Assets – which occur on an infrequent basis.
• Receivables Discount Expense – which is recorded in connection with our accounts receivable securitization
program and is considered a financing activity similar to interest expense that is added back in our presentation of
adjusted EBITDA in a manner consistent with our interest expense.
• Restructuring Charges – which consist primarily of facility closures and other headcount reductions. A significant
amount of these restructuring charges are non-cash charges related to the write-down of property, plant and
equipment to estimated net realizable value. We exclude these restructuring charges to more clearly reflect our
ongoing operating performance.
• Pension Curtailment – which occur on an infrequent basis.
We also use the non-GAAP measure “adjusted net income (loss) per diluted share available to common stockholders.”
Management believes this non-GAAP financial measure provides investors, potential investors, security analysts and others
with useful information to evaluate the performance of the business because it excludes gains and losses and charges that
management believes are not indicative of the ongoing operating results of the business. In addition, this non-GAAP
financial measure is used by management to evaluate our operating performance for the same reasons as detailed above in
the description of the related components excluded from EBITDA to arrive at adjusted EBITDA.