Special items for third quarter 2011 after-tax were $15 million, or $0.13 per diluted share, including: (i) a charge of $6 million, or $0.05 per diluted share, related to the previously announced merger with International Paper; (ii) a charge of $5 million, or $0.05 per share, related to Box Plant Transformation II; and (iii) a charge of $3 million, or $0.02 per diluted share, related to the cleanup resulting from the operational upset at the Bogalusa paper mill.
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 57 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's homepage is www.templeinland.com.This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements are sometimes identified by the use of terms and phrases such as “believe”, “should”, “would”, “expect”, “project”, “estimate”, “anticipate”, “intend”, “plan”, “will”, “can”, “may”, or similar expressions elsewhere in this document. These statements reflect management’s current views with respect to future events and are subject to a number of important factors, risks, uncertainties and assumptions that could cause our actual results to differ materially from the results discussed in the forward-looking statements. Factors, risks, uncertainties and assumptions that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; future events related to our Merger Agreement with International Paper Company (IP), under which IP will acquire all outstanding shares of our common stock; fluctuations in costs and expenses including the costs of raw materials, purchased energy, and freight; changes in interest rates; demand for new housing; accuracy of accounting assumptions related to impaired assets, pension and postretirement costs, contingency reserves and income taxes; competitive actions by other companies; changes in laws or regulations; our ability to execute certain strategic and business improvement initiatives; changes in actual or forecasted cash flows; future sales volumes; significant increases in the costs of certain commodities; timely implementation of price increases; successful execution of cost saving strategies; changes in tax laws; integration risks associated with recent acquisitions; changes in weighted average shares for diluted EPS; increases in transportation costs; and other factors, many of which are beyond our control detailed from time to time in Temple-Inland’s and IP’s cautionary statements contained in its filings with the SEC, such as Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this report to reflect the occurrence of events after the date of this report.