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RockTenn Reports Fourth Quarter Fiscal 2012 Results

Adjusted Net Income and Adjusted Earnings per Diluted Share

We also use the non-GAAP measures “adjusted net income” and “adjusted earnings per diluted share”. Management believes these non-GAAP financial measures provide our board of directors, investors, potential investors, securities analysts and others with useful information to evaluate the performance of the Company because it excludes restructuring and other costs, net, and other specific items that management believes are not indicative of the ongoing operating results of the business. The Company and our board of directors use this information to evaluate the Company’s performance relative to other periods. We believe that the most directly comparable GAAP measures to adjusted net income and adjusted earnings per diluted share are Net income attributable to Rock-Tenn Company shareholders and Earnings per Diluted Share, respectively. Set forth at the beginning of this press release is a reconciliation of adjusted earnings per diluted share to Earnings per diluted share. Set forth below is a reconciliation of adjusted net income to Net income attributable to Rock-Tenn Company shareholders:
                                 
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
(In Millions)     2012       2011               2012       2011
 
Net income attributable to Rock-Tenn Company shareholders $   82.3 $   83.9 $   249.1 $   141.1
 

Restructuring and other costs and operating losses and transition costs due to plant closures

14.0

25.0

57.8

66.5
Loss on extinguishment of debt 4.0 16.3 25.1
Non-cash loss on Canadian intercompany note 11.0 8.6
Acquisition inventory step-up 0.1 2.6 0.5 37.7
                                       
Adjusted net income     $   100.4       $   122.5               $   323.7       $   279.0

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