16 0.13 0. paper machines. The business experienced
140,000 tons lack-of-order downtime in second-quarter 2005, versus 43,000 in
first-quarter 2005, and none in second-quarter 2004. The net after-tax effect of these special items was an expense
of $0.
Special items in the 2004 second quarter included a charge of $107 million
before taxes and minority interest ($63 million after taxes and minority
interest) for restructuring and other costs, a charge of $36 million before
taxes and minority interest ($32 million after taxes and minority interest)
for estimated losses on sales and impairments of businesses held for sale and
a $5 million credit ($3 million after taxes and minority interest) for the net
reversal of restructuring and realignment reserves no longer required . An audio-only replay will be available
for 30 days, beginning approximately an hour after the end of the call.27 (f) - 0.

(g) Includes a pre-tax charge of $60 million ( $40 million after taxes) for
estimated losses on businesses previously sold; a $66 million charge
before taxes and minority interest ($36 million after taxes and
minority interest) for goodwill impairment charges and losses on early
debt extinguishment; a pre -tax charge of $31 million ($19 million
after taxes) for organizational restructuring programs; and a $35
million pre-tax credit ($21 million after taxes) for insurance
recoveries related to the hardboard siding and roofing litigation.01 -
Income tax adjustment (0.

International Paper
Sales and Operating Profit by Industry Segment
Preliminary and Unaudited
(In Millions)

Sales by Industry Segment

Three Months Six Months
Ended Ended
June 30, June 30,
2005 2004 (1) 2005 2004 (1)

Printing Papers $ 1,895 $ 1,855 $ 3,880 $ 3,755
Industrial Packaging (2) 1,240 1,125 2,535 2,205
Consumer Packaging (2) 650 645 1,280 1,255
Distribution 1,570 1,485 3,100 2,950
Forest Products 605 625 1,215 1,225
Carter Holt Harvey 600 525 1,140 1,040
Other Businesses (3) 230 290 505 585
Corporate and Inter-segment
Sales (276) (321) (591) (648)

$ 6,514 $ 6,229 $ 13,064 $ 12,367

Operating Profit by Industry Segment

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 (1) 2005 2004 (1)

Printing Papers $149 (4) $141 $332 (4) $225
Industrial Packaging (2) 85 70 190 116
Consumer Packaging (2) 41 41 (6) 64 72 (6)
Distribution 18 21 36 38
Forest Products 191 (4) 222 398 (4) 426
Carter Holt Harvey 10 7 (6) 15 18 (6)
Other Businesses (3) 7 14 17 24

Operating Profit 501 516 1,052 919
Interest expense , net (166) (5) (184) (345) (5) (380)
Minority interest (7) 13 9 (6) 19 22 (6)
Corporate items, net (133) (102) (288 ) (212)
Restructuring and other
charges -- (107) (66) (137)
Insurance recoveries 35 -- 35 --
Net gains (losses)
on sales and impairments
of businesses held for sale 19 (27) (60) (18)
Reversal of reserves no
longer required -- 5 -- 12

Earnings from continuing
operations before income
taxes and minority interest $269 $110 $347 $206

(1) Prior-year industry information has been restated to conform to 2005
management structure.

pads allied

newscom. Our raw material costs remain at high levels
and continue to impact our profit margins. However, plywood pricing
was flat and volumes dropped slightly from first quarter., from Savannah, Ga.
The company will hold a webcast to review earnings and discuss its
recently announced transformation plan at 10 a. Parties who wish to
participate in the webcast via teleconference may dial (480) 629-9562 or,
within the U. dollar to the Euro, and the war on terrorism.

International Paper
Summary of Consolidated Earnings
Preliminary and Unaudited
(In millions except for net sales and per share amounts)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004

Net Sales
(In billions) $6.16 0.32

Diluted Earnings (Loss) per
Common Share $ 0.

(3) Includes Arizona Chemical and businesses identified in our divestiture
program.forestweb. For more
information , email info@forestweb.com.

printer pulp

- Earnings per share from continuing operations and before special items
dropped slightly to $0. Excluding these amounts, earnings from continuing
operations totaled $62 million ($0.34

Second-quarter 2005 net sales fell slightly to $6.01 - 0. paper machines, and
$14 million before taxes in the Forest Resources segment for second
quarter costs associated with relocating the Forest Products
headquarters to Memphis, TN from Savannah, GA. ft. Founded in 1999, Forestweb serves
the following forest product sectors -- pulp, paper, packaging, recycling,
forestry, logs, chips, timber, lumber and panels.

avery printer

In June, International Paper announced a decision to explore strategic
options for its 50. only, (800 ) 406-
7325, and when prompted for the access code, enter "3344453. We
undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise. The pre-tax minority
interest for these subsidiaries is added here to present consolidated
earnings before income taxes and minority interest.
(2) Sales volumes for divested businesses are included through the date of
sale, except for discontinued operations.

conversion worldbid

- Net earnings for the quarter were $77 million, unchanged from the first
quarter and up from $62 million (from continuing operations) in the 2004
second quarter.6 billion and second-quarter 2004 net sales of $6.40 per share) in the 2004
second quarter, which included $131 million ($0. This $66 million charge includes a goodwill impairment
write off in the United States of $42 million ($21 million after minority
interest) associated with an acquisition by Carter Holt Harvey, and a $24
million charge ($15 million after taxes) for losses on early extinguishment of
high-cost debt.32 (f)

Diluted
Earnings Per
Common
Share $0.

(e) Includes a $5 million increase, net of minority interest, in the
income tax provision reflecting an adjustment of deferred tax balances
and a reduction of the valuation reserves for capital loss carryovers.04 - 0.01
Net gains (losses) on sales
and impairments of
businesses held for sale 0.32 0.A.
Individuals and companies interested in registering for the Forestweb
Price Index service can register at http:/ /www.

paper labels

16 per share), unchanged from $77 million ($0.31 $0. As a result, we took more lack-of-
order downtime, including the indefinite shutdowns of uncoated printing papers
machines in Jay , Maine, Pensacola, Fla. ft. Currently these indices are available only on Forestweb's
iiAnalyst and through Bloomberg. provides innovative services that manage
and deliver business and industry -specific intelligence.

avery labels

(Logo: http://www.15 0.2 billion."
Commenting on the third quarter of 2005, Faraci said, "Demand looks mixed
and overall pricing appears flat. As we announced last week, we are
implementing a transformation plan that will focus the company on two global
platform businesses, uncoated papers and packaging.
Commercial print unit volume and pricing fell below expectations , but these
impacts were generally offset by productivity gains and faster-than-expected
growth in packaging and redistribution segments. In Wood Products, the
lumber segment experienced strong growth in both pricing and sales volumes,
rebounding from a slow start early in the quarter. paper machines, and $14 million
recorded in the Forest Products business segment for costs associated with
relocating its business headquarters to Memphis, Tenn.S.16 (a,b,c) $0.

(h) Includes a $94 million charge principally for deferred taxes related
to earnings repatriation during the second quarter under the American
Jobs Creation Act of 2004, and a $19 million reduction in the income
tax provision reflecting the favorable settlement of a tax matter.

(3) Since the basic and diluted earnings per share are computed
independently for each period, six-month per share amounts may not
equal the sum of the respective quarters.

pads paper

- Quarterly net sales were $6.2 billion. A replay of the webcast will also be
available on the Web site beginning at noon today. only, (800) 762-8779.

(b) Includes interest income of $11 million before taxes ($7 million after
taxes) from the collection of a note receivable from the 2001 sale of
the Flexible Packaging business.S. Uncoated Papers and
Bristols 1,022 1,150 2,156 2,345
Uncoated Papers and Bristols 1,487 1,603 3,092 3,273
Coated Papers 504 541 1,010 1,067
Market Pulp (3) 382 346 747 739

Packaging (In thousands of short
tons)
Container of the Americas 777 648 1,542 1,258
European Container (Boxes) 273 260 532 511
Other Industrial and
Consumer Packaging 268 263 524 518
Industrial and Consumer
Packaging 1,318 1,171 2,598 2,287
Containerboard 438 532 908 1,073
Bleached Packaging Board 351 371 722 750
Kraft 151 150 301 298

Forest Products (In millions)
Panels (sq.
3/4" - basis) 207 143 378 282

(1) Sales volumes include third party and inter-segment sales .
(3) Includes internal sales to mills.forestweb.

worldbid envelopes

International Paper Reports Second-Quarter 2005 Earnings; Lower Volumes Higher Input Costs Offset Pricing Gains

27 per share) of earnings from
discontinued operations. At the same time, we are even more focused on our
ongoing efforts to improve productivity , reduce costs and serve our
customers," Faraci said., to Memphis, Tenn.
Net corporate expenses of $133 million in the 2005 second quarter dropped
from first quarter 2005's $155 million reflecting lower corporate overhead
costs.23 (e,i)

Discontinued
Operation,
net of taxes
and minority
interest - 0.40 (d,e,f) $0.31 $ 0.03 (0 .

excess thermal

16 per share) in the first
quarter of 2005 and down from $193 million ($0.18
Earnings from Continuing
Operations and Before Special Items $0.
"We anticipated some modest improvement in the second quarter following
our strongest first quarter in years," said Chairman and Chief Executive
Officer John Faraci.
Additionally, a $94 million increase in the income tax provision was recorded
principally for deferred taxes related to earnings repatriated during the
quarter under the American Jobs Creation Act of 2004.internationalpaper.13 (d,e) $0.01) (0.32 $ 0. generally accepted accounting principles ("GAAP").

presidio compatible

STAMFORD, Conn.16
Add Back - Net Special Items
Expense 0.6
billion in the first quarter of 2005, due to lower volumes., bringing our total
capacity closure through second quarter 2005 to 430,000 tons annually .
Operating profits at Carter Holt Harvey, International Paper's 50.m."

International Paper (http://www. Headquartered in
the United States, International Paper has operations in over 40 countries and
sells its products in more than 120 nations.55 (e,f,i)

Average Shares
of Common
Stock
Outstanding -
Assuming
Dilution 485.

(c) Includes a $94 million increase in the income tax provision,
principally for deferred taxes related to earnings repatriated during
the quarter under the American Jobs Creation Act of 2004.19) (0.
Management uses this measure to focus on on-going operations, and
believes that it is useful to investors because it enables them to
perform meaningful comparisons of past and present operating results. Each index represents a statistical measure of a weighted
average for each grade and summarizes the relative changes in price levels
over time . Forestweb's product
offerings include the iiSolution Suite (iiHub, iiPublisher, iiAnalyst,
iiDirect , iiFeed), and the following business publications, The Reel Time
Report and Pacific Rim Wood Market Report.

excess marketplace

33 per share in the 2004 second quarter.13 per share) in the second quarter 2004.com/cgi-bin /prnh/20020701/IPLOGO )
Earnings from continuing operations and before special items in the second
quarter of 2005 were $150 million ($0.
Operating profits of $501 million for the 2005 second quarter were lower
compared with first-quarter 2005 operating profits of $551 million due to
lower volumes in packaging and printing papers, higher input costs, and $31
million of organizational restructuring charges in the Printing Papers and
Forest Products segments., and Bastrop, La. In addition, Interest expense, net, included pretax interest income
of $11 million ($7 million after taxes) collected on this note. The net after-tax
effect of all of these special items was an expense of $0.
Special items in the 2005 first quarter included a charge of $79 million
($52 million after taxes) for estimated losses on businesses held for sale,
reflecting charges to reduce the net assets of the Industrial Papers and Fine
Papers businesses to their estimated realizable value, and a charge of $66
million before taxes and minority interest ($36 million after taxes and
minority interest). The net after -tax effect of all of these special
items was an expense of $0. (EDT) today.9 488.08) (0.23
Discontinued Operation - 0.

excess blank

, International Paper
(NYSE: IP) today reported second-quarter 2005 net earnings of $77 million
($0.

SEGMENT INFORMATION
Second-quarter 2005 segment operating profits and business trends compared
with the first quarter of 2005 are as follows:
Second-quarter operating profits for Printing Papers were $149 million
compared with first-quarter operating profits of $183 million.
The company's distribution business, xpedx, reported operating profits of
$18 million for the second quarter, unchanged from the first quarter.15 per share. In
addition, a $5 million net increase in the tax provision, after minority
interest, was recorded in the quarter reflecting a charge for an adjustment of
deferred tax balances and a credit from the reduction of valuation reserves
for capital loss carryovers. All interested
parties are invited to listen to the webcast live via the company's Internet
site at http://www.5 $6.32 (b,g,h) $0.04
Reversal of reserves no
longer required - - 0.01)
Earnings Per Common Share
From Continuing Operations 0.S.

allied compatible

Consumer Packaging operating profits increased to $41 million in the
second quarter, compared with $23 million in the previous quarter, as a result
of better converting volume, higher average price realizations, better
operating performance and benefits from cost reduction initiatives.

EFFECTIVE TAX RATE
The effective tax rate excluding special items for the second quarter of
2005 was 31 percent, compared with a tax rate of 24 percent in the 2005 first
quarter, and 31 percent in the second quarter of 2004.internationalpaper.

(f) Includes the net income of Weldwood of Canada Limited and the Carter
Holt Harvey Tissue business prior to their sales in the fourth and
second quarters of 2004, respectively, and a $267 million gain ($90
million after taxes and minority interest) on the sale of the Carter
Holt Harvey Tissue business.13) (0.55

Notes:
(1) The company calculates Earnings Before Special Items by excluding the
after-tax effect of the adoption of new accounting standards and items
considered by management to be unusual from the net earnings (loss)
reported under U. of $9 million before taxes, of which $4 million is in the
Consumer Packaging segment, $3 million is in the Carter Holt Harvey
segment and $2 million is in Minority interest.

(7) Operating profits for industry segments include each segment's
percentage share of the profits of subsidiaries included in that
segment that are less than wholly owned.

labels presidio

31 per share), compared with $165
million ($0.16
Less - Income from Discontinued
Operations - (0.5 billion versus $6.S.20 per share.4

Earnings From
Continuing
Operations Before
Interest , Income
Taxes, and
Minority
Interest 435 (a) 294 (d) 692 (g) 586 (i)

Interest
expense, net 166 (b) 184 345 (b) 380

Earnings From
Continuing
Operations Before
Income Taxes
and Minority
Interest 269 (a,b) 110 (d) 347 (b,g) 206 (i)

Income tax
provision
(benefit) 180 (c) 15 (e) 198 (h) 46 (e)

Minority
interest
expense,
net of taxes 12 33 (5) 47

Earnings From
Continuing
Operations 77 (a,b,c) 62 (d,e) 154 (b,g,h) 113 (e,i)

Discontinued
Operation ,
net of taxes
and minority
interest - 131 (f) - 153 (f)

Net Earnings $77 (a,b,c) $193 (d,e,f) $154 (b,g,h) $266 (e,f ,i)

Diluted Earnings Per
Share:

Earnings From
Continuing
Operations $0.11) (0.

worldbid marketplaces

34 per share) in the first-quarter of 2005 and $159 million ($0.

Diluted Earnings Per Share Summary

Second Second First
Quarter Quarter Quarter
2005 2004 2005

Net Earnings (Loss) $0.20 0. These
factors, combined with the higher input costs we've been experiencing for
wood, chemicals and energy, impacted our margins. The decline in
earnings was largely caused by lower volumes in the printing papers business,
including 135 ,000 tons lack-of-order downtime, and also reflected a $17
million special charge for severance and other charges relating to the
indefinite shutdown of three U. The
organizational restructuring charges included $17 million recorded in the
Printing Papers business segment for severance and other charges associated
with the indefinite shutdown of three U. These and
other factors that could cause or contribute to actual results differing
materially from such forward looking statements are discussed in greater
detail in the company's Securities and Exchange Commission filings.

(d) Includes a $107 million charge before taxes and minority interest ($63
million after taxes and minority interest) for organizational
restructuring programs and losses on early debt extinguishment; a
charge of $36 million before taxes and minority interest ($32 million
after taxes and minority interest) for estimated gains/losses of
businesses held for sale; and a credit of $5 million before taxes and
minority interest ($3 million after taxes and minority interest) for
the net reversal of restructuring reserves no longer required .

(i) Includes a $137 million charge before taxes and minority interest ($82
million after taxes and minority interest) for organizational
restructuring programs and losses on early debt extinguishment; a
charge of $27 million before taxes and minority interest ($26 million
after taxes and minority interest) for estimated gains/losses of
businesses sold or held for sale; and a credit of $12 million before
taxes and minority interest ($7 million after taxes and minority
interest) for the net reversal of restructuring and realignment
reserves no longer required.04) (0.27 - 0.

hundreds printer

34 in the first quarter of
2005 and $0.16 $0. Sales in the
second quarter of 2004 were $6.S.

This press release contains forward-looking statements.16 (a,b,c) $0.8

(a) Includes a pretax charge of $31 million ($19 million after taxes) for
organizational restructuring programs; a $35 million credit before
taxes ($21 million after taxes) for insurance recoveries related to
the hardboard siding and roofing litigation; and a $19 million pre-tax
credit ($12 million after taxes) for net adjustments of losses on
businesses previously sold, including $25 million ($15 million after
taxes) from the collection of a note receivable from the 2001 sale of
the Flexible Packaging business.

(4) Includes 2005 second quarter special charges of $17 million before
taxes in the Printing Papers segment for severance and other charges
related to the indefinite shutdown of three U. ft. Designed
to meet the needs of corporate executives who rely on numerical intelligence
for investment strategy, market projections, sales analysis, executive
presentations, iiAnalyst eliminates the time spent on data management and lets
the user concentrate on business critical tasks, such as review, analysis, and
forecasting.

conversion excess

18 per share. To
access the replay, dial (303) 590-3030 or, within the U.2 13.17)
Insurance Recoveries 0.

(2) Beginning with the 2005 first quarter , Industrial Packaging and
Consumer Packaging are reported as separate industry segments.

(5) Includes interest income of $11 million before taxes from the
collection of a note receivable from the 2001 sale of the Flexible
Packaging business.S.

showrooms hundreds

27)
Earnings from Continuing
Operations 0. Good
pulp operations and increased land sales helped offset price reductions in
pulp and wood products and continued low demand in the Australian housing
market.

(6) Includes a 2004 second quarter estimated loss on the sale of Food Pack
S. LOS ANGELES, Forestweb is offering its proprietary
price indices for pulp, paper, and packaging to qualified companies and
individuals.com.

inventories marketplace

The plan includes debt
repayment , returning value to shareowners and selective investments that will
enable us to earn cost of capital and provide solid returns to shareowners
even in today's markets. In addition, Forest
Products ' results included a $14 million special charge related to the
relocation of its headquarters from Savannah, Ga.com by clicking on the Investors tab and
going to the Presentations page.33 $ 0.05)
Interest income 0. Prior-
period segment information has been restated to reflect this
presentation.
(4) Includes 100 percent of volumes sold.

blank b2g

"However, while pricing was up slightly from the first
quarter, sales volumes in our printing papers and industrial packaging
businesses were lower than we expected.com) is the world's
largest paper and forest products company. Businesses include paper,
packaging, and forest products.

International Paper
Sales Volumes by Product (1 ) (2)
Preliminary and Unaudited

International Paper Consolidated (excluding Carter Holt Harvey)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004

Printing Papers (In thousands of
short tons)
Brazil Uncoated Papers 107 114 219 228
Europe + Russia Uncoated
Papers and Bristols 358 339 717 700
U.com

About Forestweb: Forestweb Inc.

labels showrooms

Amounts included special items in all periods.40 $0.5
percent owned subsidiary in New Zealand, were $10 million in the second
quarter, compared with first-quarter operating profits of $5 million. The company manages its forests under the
principles of the Sustainable Forestry Initiative(R) program , a system that
ensures the continual planting, growing and harvesting of trees while
protecting wildlife, plants, soil, air and water quality.45

Restructuring and other
charges (0.19) (0.16 $ 0.

Price Indices for Pulp Paper Packaging Available From Forestweb

Developed for Forestweb's iiAnalyst clients, the five indices available
are: North American Pulp, North American Packaging, North American
Printing/Writing, North American Communication Papers, and North American
Publishing Papers.

compatible avery

31 per share versus $0.33 $0.S.5 percent share of the New Zealand-based company. Such statements
are subject to risks and uncertainties that could cause actual results to
differ materially, including but not limited to the ability of the company to
accomplish its transformation plan and to realize anticipated cost savings,
the demand and pricing for the company's products and changes in overall
demand, the effects of competition from foreign and domestic producers, the
level of housing starts, changes in the cost or availability of raw materials,
changes in energy costs, unanticipated expenditures related to the cost of
compliance with environmental and other governmental regulations, performance
of the company's manufacturing operations, results of legal proceedings,
changes related to international economic conditions, specifically in Brazil,
Russia and China, changes in currency exchange rates, particularly the
relative value of the U.2 488.65 $ 0.
International Paper believes that using this information along with
net earnings (loss) provides for a more complete analysis of the
results of operations by quarter. As required by the pronouncement, all
prior periods presented have been restated.

International Paper Company
Consolidated Balance Sheet
Preliminary and Unaudited
(In Millions)

June 30, December 31,
2005 2004
Assets
Current Assets
Cash and temporary investments $1,251 $2,596
Accounts and notes receivable, net 3,195 2 ,994
Inventories 2,830 2,718
Assets of businesses held for sale 61 229
Deferred income tax assets 422 470
Other current assets 272 312
Total Current Assets 8,031 9,319

Plants, Properties and Equipment, net 13,150 13,432
Forestlands 3,927 3,936
Investments 644 679
Goodwill 5,012 4,994
Deferred Charges and Other Assets 1,782 1 ,857
Total Assets $32,546 $34,217

Liabilities and Common Shareholders' Equity
Current Liabilities
Notes payable and current maturities of
long-term debt $571 $506
Liabilities of businesses held for sale 50 82
Accounts payable and accrued liabilities 3,980 4,284
Total Current Liabilities 4,601 4,872

Long-Term Debt 12,812 14,132
Deferred Income Taxes 1,769 1,697
Other Liabilities 3,771 3,714
Minority Interest 1,497 1,548

Common Shareholders' Equity
Invested capital 5,626 5,692
Retained earnings 2,470 2,562
Total Common Shareholders' Equity 8,096 8,254

Total Liabilities and Common Shareholders'
Equity $32,546 $34,217

The service tracks and
manages hundreds of current and historical data series -- capacity, price,
trade, industry indicators -- aggregating them on the client desktop.

showrooms presidio

33
per share) in the second quarter of 2004.

EFFECTS OF SPECIAL ITEMS
Special items in the second quarter included a pretax charge of $31
million ($19 million after taxes) for organizational restructuring charges, a
pretax credit of $35 million ($21 million after taxes) for insurance
recoveries related to the hardboard siding and roofing litigation, and a $19
million pretax credit ($12 million after taxes) for net adjustments of losses
on businesses previously sold, including a $25 million credit from the
collection of a note receivable from the 2001 sale of the Flexible Packaging
business.S.

International Paper
Reconciliation of Earnings Before
Special Items to Net Earnings (Loss)
Preliminary and Unaudited
(In millions except for per share amounts)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Earnings Before Special
Items $ 150 $ 159 $ 315 $ 219

Restructuring and other
charges (19) (63) (55) (82)
Insurance Recoveries 21 21 -
Reversal of reserves no
longer required - 3 - 7
Net gains (losses) on sales
and impairments
of businesses held for
sale 12 (32) (40) (26)
Interest income 7 - 7 -
Income tax adjustment (94) (5) (94) (5)
Earnings From Continuing
Operations 77 62 154 113
Discontinued Operation - 131 - 153

Net Earnings (Loss) as
Reported $ 77 $ 193 $ 154 $ 266

Three Months Ended Six Months Ended
June 30, June 30,
Diluted Earnings Per Common 2005 2004 2005 2004
Share:
Earnings Per Share Before
Special Items $ 0.13 0.40 $ 0.

(2) Diluted earnings per common share reflects a recent accounting
pronouncement requiring the inclusion of contingently convertible
securities in the computation. 3/8" -- basis) 367 402 768 790
Lumber (board feet) 663 633 1,276 1,206
Carter Holt Harvey (4)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004

Printing Papers (In thousands of
short tons)
Market Pulp (3) 130 130 271 277

Packaging (In thousands of short tons)
Containerboard 115 115 223 234
Bleached Packaging Board 28 18 51 38
Industrial and Consumer
Packaging 44 42 84 81

Forest Products (In millions)
Panels (sq.
Industry Intelligence Analyst (iiAnalyst) is a fully-managed, central
repository of forest product industry -specific data. The company is
headquartered in Los Angeles and can be found at http://www.

b2b paper

5 billion compared with first-quarter net
sales of $6.
Industrial Packaging operating profits for the second quarter were $85
million compared with $105 million in first quarter, largely because of weak
pricing, lower sales volumes and higher input costs.
Second-quarter Forest Products operating profits dropped slightly to $191
million from first-quarter earnings of $207 million. The lower tax rate in
the 2005 first quarter reflected the favorable resolution of a tax matter that
reduced the tax provision by $19 million.1 $12.32 (b,g,h) $0.0 487.06) (0. Net earnings (loss) is the most
directly comparable GAAP measure. 3/8" - basis) 75 70 135 133
Lumber (board feet) 145 134 251 252
MDF and Particleboard (sq.