Packaging Corporation of America ( PKG)

Q4 and Full Year 2010 Earnings Conference Call

January 25, 2010 10:00 AM ET

Executives

Mark Kowlzan – CEO

Rick West – SVP and CFO

Paul Stecko – Executive Chairman

Tom Hassfurther – EVP, Corrugated Products

Analysts

Chip Dillon – Credit Suisse

Mark Weintraub – Buckingham Research

George Staphos – Merrill Lynch

Richard Skidmore – Goldman Sachs

Mark Connelly – CLSA

Andrew Feinman – Iridian Asset Management

Eric Steve – Goldentree

Jonathan Hirschtritt – Sheffield Asset Management

Presentation

Operator

Thank you for joining Packaging Corporation of America’s fourth quarter and full year 2010 earnings conference call. Your host today will be Mark Kowlzan, Chief Executive Officer of PCA. Upon conclusion of the narrative, there will be a Q&A session.

I will now turn the conference call over to Mr. Kowlzan. Please go ahead when you’re ready.

Mark Kowlzan

Good morning and welcome to Packaging Corporation of America’s fourth quarter earnings release conference call. I’m Mark Kowlzan, CEO of PCA and with me on the call today are Paul Stecko, Executive Chairman of PCA, Tom Hassfurther, who runs the Corrugated Business; and Rick West, PCA’s Chief Financial Officer. Thanks for participating in this morning’s call and after the presentation, we will be glad to take any questions.

Yesterday, we reported fourth quarter 2010 net income of $55 million or $0.54 per share which included a $5 million or $0.05 per share addition to income from cellulosic biofuel tax credits generated in 2009 and after tax non-cash charges totaling $3 million or $0.03 per share from asset disposals related to the Counce, Tennessee and Valdosta Georgia mills major energy projects and paper machine assets earlier to April 2005 at the Tomahawk mill.

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