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T-I Reports Net Income of $3M
November 1, 2008 Official Board MarketsTemple-Inland Inc., Austin, Texas, reports third quarter 2008 net income of $3 million, compared to third quarter 2007 net income of $36 million and second quarter 2008 net income of $8 million.
Corrugated packaging segment operating income declined in third quarter 2008 compared with third quarter 2007 as higher box prices were more than offset by lower box shipments, higher energy, freight, and chemical costs, and 38,000 tons of downtime and expenses associated with Hurricanes Gustav and Ike. The earnings impact from the hurricanes was approximately $13 million in third quarter 2008. Operating income declined in third quarter 2008 compared with second quarter 2008 as higher box prices were more than offset by lower box shipments and hurricane related expenses noted above.
“Third quarter results reflect the negative effect on our operations of Hurricanes Gustav and Ike and the impact of a weakening economy on the demand for our products, especially in the month of September,” Chairman and CEO Doyle Simons says. “In corrugated packaging, we successfully implemented a box price increase during the third quarter and will realize a full quarter’s benefit of the box price increase in the fourth quarter. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization. We expect to see the benefit from these efforts in fourth quarter 2008 and into 2009.”
