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Document Preview Packaging Corporation of America Reports First Quarter 2004 Results |
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Title: |
Packaging Corporation of America Reports First Quarter 2004 Results |
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Date: |
2004 |
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$32 |
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#235138 |
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PACKAGING CORPORATION OF AMERICA REPORTS FIRST QUARTER 2004 RESULTS
Lake Forest, IL. April 19, 2004 Packaging Corporation of America (NYSE: PKG) today reported a first quarter 2004 net loss of $7 million, or $0.06 per share, compared to first quarter 2003 net income of $7 million, or $0.07 per share. Net sales for the first quarter were $431 million compared to $423 million in the first quarter of 2003.
The reduction in earnings, compared to last years first quarter, was driven primarily by lower pricing, which reduced earnings by seventeen cents per share, and higher fiber and energy costs, which reduced earnings by three cents per share. These earnings reduction items were partially offset by increased containerboard and corrugated products sales volumes and lower interest expense.
PCAs corrugated products shipments per workday were up 6.1% compared to last years first quarter, which represents a record first quarter volume for the company. Containerboard production in the first quarter was 547,000 tons, and PCA ended the quarter with its containerboard inventories down 23,000 tons compared to first quarter 2003 levels, and down 15,000 tons compared to year-end 2003 levels. Industry containerboard inventories dropped to 2,354,400 tons, which is the lowest level since December 1994.
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