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- Earnings per share from continuing operations and before special items were $0.56 up from $0.41 in the first quarter of 2008 and $0.52 in the 2007 second quarter.
- Second-quarter 2008 net earnings totaled $0.54 per share, compared with net earnings of $0.31 per share in the prior quarter and $0.44 per share in the second quarter of 2007.
- Net sales for the quarter were $5.8 billion, versus $5.7 billion in the first quarter and $5.3 billion in the second quarter of 2007.
MEMPHIS, Tenn., July 31, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- International Paper
(NYSE: IP) today reported preliminary second-quarter 2008 net earnings of $227
million ($0.54 per share) compared with net earnings of $133 million ($0.31
per share) in the 2008 first quarter and $190 million ($0.44 per share) in the
second quarter of 2007. Amounts in all periods include special items.
Diluted Earnings Per Share Summary
Second First Second
Quarter Quarter Quarter
2008 2008 2007
Net Earnings $0.54 $0.31 $0.44
Discontinued Operations:
Loss on sale or impairment - 0.04 0.02
Earnings from Continuing Operations 0.54 0.35 0.46
Net Special Items Expense (Income) 0.02 0.06 0.06
Earnings from Continuing Operations
and Before Special Items $0.56 $0.41 $0.52
Earnings from continuing operations and before special items in the second
quarter of 2008 were $235 million ($0.56 per share), compared with $175
million ($0.41 per share) in the 2008 first quarter and $223 million ($0.52
per share) in the second quarter of 2007.
Quarterly net sales were $5.8 billion, up from $5.7 billion in the first
quarter and up from $5.3 billion in the second quarter of 2007.
Industry segment operating profits were $393 million for the 2008 second
quarter up from $332 million in the 2008 first quarter and down from $450
million in the second quarter of 2007. The quarter-to-quarter increase
reflects improved pricing and operating performance helping offset higher
input costs. Additionally, the company reported equity earnings, net of
taxes, of $32 million up from $17 million in the first quarter from its 50
percent investment in Ilim Holding S.A., a separate reportable industry
segment in Russia.
"We had a solid quarter because of strong operating performance, cost
management and good results in our businesses outside of the U.S.," said
Chairman and CEO John Faraci, "Overall, however, higher than expected input
costs continue to negatively impact our real earnings potential."
Commenting on the third quarter of 2008, Faraci said, "Despite the current
weakness in the U.S. economy, I am optimistic about our ability to manage
through this period and come out in a stronger, better position. We're ready
to complete the acquisition of Weyerhaeuser's Containerboard, Packaging and
Recycling business next week, which will give us additional opportunities to
reduce costs in our North American packaging business."
SEGMENT INFORMATION
During 2008, in order to facilitate performance comparisons with other
companies, the company changed its method of allocating corporate overhead
expenses to attribute additional expense to its business segments.
Accordingly, business segment operating profits for all periods have been
restated to reflect this change. Second-quarter 2008 segment operating profits
and business trends compared with the previous quarter are as follows:
Operating profits for Printing Papers were $226 million, up from
first-quarter operating profits of $185 million due to both improved pricing,
primarily in North America, and better operating performance that more than
offset higher input costs and a greater level of planned outages than the
first quarter. U.S. uncoated free sheet sales volume declined but pulp sales
were stronger. Eastern Europe and Brazil showed improved volumes and pricing.
Industrial Packaging operating profits were $87 million, down from $97
million in the prior quarter largely because of higher input costs, more
maintenance outages and lower profitability due to the Vicksburg boiler
accident. Containerboard inventory levels remain low. Both the U.S. and
European box volumes were under pressure due to weaker economic conditions.
Overall performance was strong and pricing remained solid.
Consumer Packaging operating profits were $13 million (including a $13
million charge relating to the reorganization of Shorewood's Canadian
operations) compared with $9 million in the 2008 first quarter (including a $5
million charge related to the Shorewood reorganization). Price and favorable
operating performance offset higher input costs and planned outages. Volumes
in the converting business improved seasonally.
The company's distribution business, xpedx, reported operating profits of
$26 million, up from $16 million in the prior quarter. High fuel and freight
costs were offset by improved pricing and margins. Printing paper and
packaging volumes remained weak while facility supplies experienced some
growth.
Forest Products operating profits were $41 million, compared with first
quarter operating profits of $25 million due to higher earnings from land
sales. While land sales are difficult to forecast within a quarter, the
company's objective continues to be to maximize net present value for
shareholders.
Equity earnings, net of taxes, in Ilim Holding S.A. of $32 million for the
quarter, up from $17 million reported in the 2008 first quarter, included a
$14 million after-tax foreign exchange gain and a $3 million option write-off
charge. Improved price realizations, higher sales volumes and favorable
manufacturing operations during the quarter more than offset the effects of
increased wood, chemical and energy costs. (Ilim's results are reported on a
one-quarter lag.)
Net corporate expenses were $21 million for the quarter, the same as $21
million in the 2008 first quarter and less than half of the $57 million
reported in the 2007 second quarter. Compared with the first quarter, higher
supply chain initiative costs were offset by an $11 million gain on the sale
of the former Natchez mill site. This gain, plus lower pension expenses, led
to the year-over-year quarterly decline in net corporate expenses.
EFFECTIVE TAX RATE
The effective tax rate from continuing operations and before special items
for the second quarter of 2008 was 32.5 percent, compared with 31.5 percent in
the first quarter of 2008 and 29 percent in the second quarter of 2007.
EFFECTS OF SPECIAL ITEMS
Special items in the second quarter of 2008 consisted of a $13 million
pre-tax charge ($9 million after taxes) for costs associated with the
reorganization of Shorewood operations in Canada and a $3 million pre-tax gain
($2 million after taxes) for an adjustment to the gain on the 2006
transformation plan forestland sales. The net after-tax effect of these
special items is a loss of $7 million, or $0.02 per share.
Special items in the first quarter of 2008 included a $40 million pre-tax
charge ($25 million after taxes) for adjustments of legal reserves, a pre-tax
charge of $5 million ($3 million after taxes) for costs associated with the
reorganization of Shorewood operations in Canada, a $3 million pre-tax gain
($2 million after taxes), for adjustments to previously recorded reserves
associated with the company's transformation plan, and a $1 million credit
before and after taxes for adjustments to estimated gains/losses of businesses
previously sold. The net after-tax effect of these special items is a loss of
$25 million, or $0.06 per share.
Special items in the 2007 second quarter consisted of a $26 million pre-
tax charge ($16 million after taxes) for organizational restructuring programs
associated with the company's transformation plan, including $17 million ($11
million after taxes) of accelerated depreciation expense for long-lived assets
being removed from service, and a pre-tax gain of $1 million (a loss of $7
million after taxes) for adjustments to estimated losses on sales of
businesses previously sold. The net after-tax effect of these special items is
a loss of $23 million, or $0.06 per share
DISCONTINUED OPERATIONS
Discontinued operations for the 2008 first quarter included a pre-tax
charge of $25 million ($16 million after taxes) related to the final
settlement of a Beverage Packaging post-closing sale adjustment and a $1
million after-tax charge for the operating results of certain Wood Products
facilities for the quarter.
Discontinued operations for the 2007 second quarter included pre-tax
charges of $11 million ($7 million after taxes) for adjustments related to the
previously sold wood products and beverage packaging businesses, and the
second quarter operating losses of these businesses.
EARNINGS WEBCAST
The company will hold a webcast to review earnings at 10 a.m. Eastern
Daylight Time U.S. / 9 a.m. Central Daylight U.S. Time today. All interested
parties are invited to listen to the webcast live via the company's Internet
site at http://www.internationalpaper.com by clicking on the Investors tab and
going to the Presentations page. A replay of the webcast will also be
available on the Web site beginning at noon today. Parties who wish to
participate in the webcast via teleconference may dial +1 (706) 679-8242 or,
within the U.S. only, (877) 316-2541, and ask to be connected to the
International Paper 2Q 2008 Earnings Call. The conference ID number is
52276147. Participants should call in no later than 9:45 a.m. EDT/8:45 a.m.
CDT. An audio-only replay will be available for four weeks following the call.
To access the replay, dial +1 (706) 645-9291 or, within the U.S. only, (800)
642-1687, and when prompted for the conference ID, enter "52276147."
International Paper (NYSE: IP) is a global paper and packaging company
with manufacturing operations in North America, Europe, Latin America, Russia,
Asia and North Africa. Its businesses include uncoated papers and industrial
and consumer packaging, complemented by xpedx, the company's North American
distribution company. Headquartered in Memphis, Tenn., the company employs
more than 50,000 people in more than 20 countries and serves customers
worldwide. 2007 net sales were approximately $22 billion. For more information
about International Paper, its products and stewardship efforts, visit
internationalpaper.com.
This press release contains forward-looking statements. These statements
reflect management's current views and are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied in these statements. Factors which could cause actual results to
differ relate to: (i) the company's ability to realize anticipated profit
improvement from its transformation plan, including our ability to realize the
expected benefits of our acquisition of the assets of Weyerhaeuser Company's
containerboard, packaging and recycling business in light of integration
difficulties and other challenges; (ii) increases in interest rates and our
ability to meet our debt service obligations; (iii) industry conditions,
including but not limited to changes in the cost or availability of raw
materials and energy, transportation costs, competition we face, the company's
product mix, demand and pricing for its products; (iv) global economic
conditions and political changes, including but not limited to changes in
currency exchange rates, credit availability, the company's credit ratings
issued by recognized credit rating organizations and pension and health care
costs; (v) unanticipated expenditures related to the cost of compliance with
environmental and other governmental regulations and to actual or potential
litigation; and (vi) whether we experience a material disruption at one of our
manufacturing facilities. We undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise. These and other factors that could cause or contribute to
actual results differing materially from such forward looking statements are
discussed in greater detail in the company's Securities and Exchange
Commission filings.
International Paper Company
Consolidated Statement of Operations
Preliminary and Unaudited
(In millions, except per share amounts)
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
2008 2007 2008 2008 2007
Net Sales $5,807 $5,291 $5,668 $11,475 $10,508
Costs and
Expenses
Cost of
products sold 4,305 3,881 4,261 8,566 7,732
Selling and
administrative
expenses 459 441 472 931 876
Depreciation,
amortization
and cost of
timber
harvested 305 269 286 591 531
Distribution
expenses 301 254 285 586 510
Taxes other than
payroll and
income taxes 44 47 44 88 89
Restructuring and
other charges 13(a) 26(c) 42(e) 55(g) 44(h)
Insurance
recoveries -(a) - - - -
Forestland sales (3)(b) - - (3)(b) -
Impairment of
goodwill -(a) - - - -
Net gains on sales
and impairments
of businesses - (1) (1) (1) (315)(i)
Reversal of
reserves no
longer required,
net - - - - -
Interest expense,
net 81 80 81 162 141
Earnings From
Continuing
Operations Before
Income Taxes,
Equity Earnings
and Minority
Interest 302(a,b) 294(c) 198(e) 500(b,g) 900(h,i)
Income tax
provision 97 89 59 156 232
Equity earnings,
net of taxes 30 - 16 46 -
Minority interest
expense, net
of taxes 7 5 5 12 11
Earnings From
Continuing
Operations 228(a,b) 200(c) 150(e) 378(b,g) 657(h,i)
Discontinued
operations,
net of taxes
and minority
interest (1) (10)(d) (17)(f) (18)(f) (33)(j)
Net Earnings $227(a,b) $190(c,d) $133(e,f) $360(b,f,g) $624(h-j)
Basic Earnings
Per Common Share
Earnings from
continuing
operations $0.54(a,b) $0.46(c) $0.36(e) $0.90(b,g) $1.50(h,i)
Discontinued
operations (0.00) (0.02)(d) (0.04)(f) (0.04)(f) (0.07)(j)
Net earnings $0.54(a,b) $0.44(c,d) $0.32(e,f) $0.86(b,f,g) $1.43(h-j)
Diluted Earnings
Per Common Share
Earnings from
continuing
operations $0.54(a,b) $0.46(c) $0.35(e) $0.89(b,g) $1.49(h,i)
Discontinued
operations (0.00) (0.02)(d) (0.04)(f) (0.04)(f) (0.07)(j)
Net earnings $0.54(a,b) $0.44(c,d) $0.31(e,f) $0.85(b,f,g) $1.42(h-j)
Average Shares
of Common Stock
Outstanding -
Diluted 422.6 431.2 423.3 423.9 440.4
Cash Dividends
Per Common Share $0.25 $0.25 $0.25 $0.50 $0.50
The accompanying notes are an integral part of these financial statements.
(a) Includes a pre-tax charge of $13 million ($9 million after taxes) for
costs associated with the reorganization of the Company's Shorewood
operations in Canada.
(b) Includes a pre-tax gain of $3 million ($2 million after taxes) for an
adjustment to the gain on the 2006 Transformation Plan forestland
sales.
(c) Includes $17 million ($11 million after taxes) of accelerated
depreciation charges for long-lived assets being removed from service,
and $9 million ($5 million after taxes) of other charges associated
with the Company's Transformation Plan.
(d) Includes a pre-tax charge of $6 million ($4 million after taxes) for
adjustments relating to the sale of the wood products business, a
pre-tax charge of $5 million ($3 million after taxes) for adjustments
relating to the sale of the beverage packaging business, and the
operating results of these businesses.
(e) Includes a $40 million pre-tax charge ($25 million after taxes) for
adjustments to legal reserves, a pre-tax charge of $5 million
($3 million after taxes) for costs associated with the reorganization
of the Company's Shorewood operations in Canada, and a pre-tax gain of
$3 million ($2 million after taxes) for adjustments to previously
recorded reserves associated with the Company's Transformation Plan.
(f) Includes a pre-tax charge of $25 million ($16 million after taxes) for
the settlement of a post-closing adjustment on the sale of the
beverage packaging business and the operating results of certain wood
products facilities during the quarter.
(g) Includes a $40 million pre-tax charge ($25 million after taxes) for
adjustments to legal reserves, a pre-tax charge of $18 million ($12
million after taxes) for costs associated with the reorganization of
the Company's Shorewood operations in Canada, and a pre-tax gain of
$3 million ($2 million after taxes) for adjustments to previously
recorded reserves associated with the Company's Transformation Plan.
(h) Includes $29 million ($18 million after taxes) of accelerated
depreciation charges, and $15 million ($9 million after taxes) for
severance and other charges associated with the Company's
Transformation Plan.
(i) Includes a pre-tax gain of $113 million ($101 million after taxes) on
the sale of the Arizona Chemical business, a pre-tax gain of $205
million ($159 million after taxes) related to the asset exchange for
the Luiz Antonio mill in Brazil, a $6 million pre-tax loss ($4 million
after taxes) for adjustments to the loss on the sale of UK and Ireland
box plants, a $6 million pre-tax credit ($4 million after taxes) for
adjustments to the loss on the sale of the coated and supercalendered
papers business, and a $3 million pre-tax loss ($3 million after
taxes) for other small items.
(j) Includes a pre-tax gain of $15 million ($5 million after taxes)
relating to the sale of the wood products business, a pre-tax loss of
$20 million ($42 million after taxes) for adjustments to the loss on
the sale of the beverage packaging business, a pre-tax gain of
$6 million ($4 million after taxes) for adjustments to the loss on the
sale of the kraft papers business, a $10 million pre-tax credit
($6 million after taxes) for additional refunds received from the
Canadian government of duties paid by the Company's Weldwood of Canada
Limited business, and the year-to-date operating results of the
beverage packaging and wood products businesses.
International Paper Company
Reconciliation of Earnings Before
Special Items to Net Earnings
(In millions except for per share amounts)
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
2008 2007 2008 2008 2007
Earnings Before Special Items $235 $223 $175 $410 $426
Restructuring and other charges (9) (16) (26) (35) (27)
Net gains (losses) on sales and
impairments of businesses - (7) 1 1 257
Forestland sales 2 - - 2 -
Interest Income - - - - 1
Earnings Per Common Share from
Continuing Operations 228 200 150 378 657
Discontinued operations (1) (10) (17) (18) (33)
Net Earnings as Reported $227 $190 $133 $360 $624
Diluted Earnings per Three Months Three Months Six Months
Common Share Ended Ended Ended
June 30, March 31, June 30,
2008 2007 2008 2008 2007
Earnings Per Share Before
Special Items $0.56 $0.52 $0.41 $0.97 $0.97
Restructuring and other
charges (0.02) (0.04) (0.06) (0.08) (0.06)
Net gains (losses) on sales
and impairments of
businesses - (0.02) - - 0.58
Earnings Per Common Share
from Continuing Operations 0.54 0.46 0.35 0.89 1.49
Discontinued operations - (0.02) (0.04) (0.04) (0.07)
Diluted Earnings per Common
Share $0.54 $0.44 $0.31 $0.85 $1.42
Notes:
(1) The Company calculates Earnings Before Special Items by excluding the
after-tax effect of items considered by management to be unusual from
the earnings reported under U.S. generally accepted accounting
principles ("GAAP"). Management uses this measure to focus on on-going
operations, and believes that it is useful to investors because it
enables them to perform meaningful comparisons of past and present
operating results. International Paper believes that using this
information along with net earnings provides for a more complete
analysis of the results of operations by quarter. Net earnings is the
most directly comparable GAAP measure.
(2) Diluted earnings per common share reflect the inclusion of
contingently convertible securities in the computation.
(3) Since diluted earnings per share are computed independently for each
period, six-month per share amounts may not equal the sum of the
respective quarters.
International Paper Company
Sales and Earnings by Industry Segment
Preliminary and Unaudited
(In Millions)
Sales by Industry Segment
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
2008 2007 2008 2008 2007
Printing Papers $1,790 $1,610 $1,715 $3,505 $3,150
Industrial Packaging 1,470 1,315 1,445 2,915 2,550
Consumer Packaging 795 745 770 1,565 1,460
Distribution 1,970 1,720 1,985 3,955 3,395
Forest Products 55 90 25 80 175
Other Businesses (4) - - - - 135
Corporate and Inter-segment
Sales (273) (189) (272) (545) (357)
Net Sales $5,807 $5,291 $5,668 $11,475 $10,508
Operating Profit by Industry Segment
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
2008 2007(2) 2008 2008 2007(2)
Printing Papers $226 $188 $185 $411 $355
Industrial Packaging 87 108 97 184 181
Consumer Packaging 13(3) 30 9(3) 22(3) 70
Distribution 26 30 16 42 50
Forest Products 41 94 25 66 191
Other Businesses (4) - - - - 6
Operating Profit (1) 393 450 332 725 853
Interest expense, net (81) (80) (81) (162) (141)
Minority interest/equity
earnings adjustment (5) 8 6 4 12 11
Corporate items, net (21) (57) (21) (42) (94)
Restructuring and other
charges - (26) (37) (37) (44)
Sale of forestlands 3 - - 3 -
Net gains on sales and
impairments of
businesses - 1 1 1 315
Earnings From Continuing
Operations Before
Income Taxes, Equity
Earnings, and
Minority Interest $302 $294 $198 $500 $900
Equity Earnings in Ilim
Holdings S.A., Net of
Taxes (1) $32 $- $17 $48 $-
(1) In addition to the operating profits shown above, International Paper
recorded $17 million and $32 million of equity earnings, net of taxes,
for the three months ended March 31, 2008 and June 30, 2008,
respectively, related to its equity investment in Ilim Holdings S.A.,
a separate reportable industry segment.
(2) Prior-year information has been revised to reflect a change in the
allocation of corporate overhead to the Company's industry segments.
(3) Includes charges of $5 million and $13 million for the first and
second quarters of 2008, respectively, related to the reorganization
of the Company's Shorewood operations in Canada.
(4) Includes Arizona Chemical and certain smaller businesses.
(5) Operating profits for industry segments include each segment's
percentage share of the profits of subsidiaries included in that
segment that are less than wholly owned. The pre-tax minority interest
and equity earnings for these subsidiaries are included here to
present consolidated earnings before income taxes, equity earnings,
and minority interest.
International Paper Company
Sales Volume by Product (1) (2)
Preliminary and Unaudited
International Paper Consolidated
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
2008 2007 2008 2008 2007
Printing Papers (In
thousands of short tons)
U.S. Uncoated Papers 868 949 910 1,778 1,931
European & Russian
Uncoated Papers 373 354 373 746 730
Brazilian Uncoated Papers 211 198 210 421 342
Asian Uncoated Papers 7 7 8 15 12
Uncoated Papers 1,459 1,508 1,501 2,960 3,015
Market Pulp (3) 416 337 354 770 672
Packaging (In thousands
of short tons)
Container of the Americas 896 905 882 1,778 1,787
European Container (Boxes) 288 298 295 583 605
Other Industrial and
Consumer Packaging 198 165 179 377 296
Industrial and Consumer
Packaging 1,382 1,368 1,356 2,738 2,688
Containerboard 493 457 506 999 849
Coated Paperboard 595 599 606 1,201 1,190
Saturated and Bleached
Kraft Papers 61 63 65 126 116
(1) Sales volumes include third party and inter-segment sales and exclude
sales of equity investees.
(2) Sales volumes for divested businesses are included through the date of
sale, except for discontinued operations.
(3) Includes internal sales to mills.
International Paper Company
Consolidated Balance Sheet
Preliminary and Unaudited
(In Millions)
June 30, December 31,
2008 2007
Assets
Current Assets
Cash and Temporary Investments $3,979 $905
Accounts and Notes Receivable, Net 3,284 3,152
Inventories 2,219 2,071
Assets of Businesses Held for Sale - 24
Deferred Income Tax Assets 184 213
Other 353 370
Total Current Assets 10,019 6,735
Plants, Properties and Equipment, Net 10,442 10,141
Forestlands 824 770
Investments 1,357 1,276
Goodwill 3,722 3,650
Deferred Charges and Other Assets 1,609 1,587
Total Assets $27,973 $24,159
Liabilities and Common Shareholders' Equity
Current Liabilities
Notes Payable and Current Maturities of
Long-Term Debt $757 $267
Liabilities of Businesses Held for Sale - 4
Accounts Payable and Accrued Liabilities 3,581 3,571
Total Current Liabilities 4,338 3,842
Long-Term Debt 8,915 6,353
Deferred Income Taxes 3,166 2,919
Other Liabilities 1,806 2,145
Minority Interest 245 228
Common Shareholders' Equity
Invested Capital 4,986 4,297
Retained Earnings 4,517 4,375
Total Common Shareholders' Equity 9,503 8,672
Total Liabilities and Common Shareholders'
Equity $27,973 $24,159
International Paper Company
Consolidated Statement of Cash Flows
Preliminary and Unaudited
(In Millions)
Six Months Ended
June 30,
2008 2007
Operating Activities
Net earnings $360 $624
Discontinued operations, net of taxes and
minority interest 18 33
Earnings from continuing operations 378 657
Depreciation, amortization and cost of
timber harvested 591 531
Deferred income tax (benefit) expense, net (113) 95
Restructuring and other charges 55 44
Payments related to restructuring and legal
reserves (42) (38)
Net gains on sales and impairments of
businesses (1) (315)
Equity earnings, net (46) -
Periodic pension expense, net 57 105
Other, net 45 186
Changes in current assets and liabilities
Accounts and notes receivable (27) (156)
Inventories (90) (118)
Accounts payable and accrued liabilities 110 (233)
Other 93 (70)
Cash provided by operations - continuing
operations 1,010 688
Cash used for operations - discontinued
operations - (53)
Cash Provided by Operations 1,010 635
Investment Activities
Invested in capital projects (482) (477)
Proceeds from divestitures 14 1,670
Equity investment in Ilim (21) -
Other (159) (103)
Cash (used for) provided by investment
activities - continuing operations (648) 1,090
Cash used for investment activities -
discontinued operations - (12)
Cash (Used for) Provided by Investment
Activities (648) 1,078
Financing Activities
Repurchases of common stock (47) (1,073)
Issuance of common stock 1 71
Issuance of debt 3,135 2
Reduction of debt (125) (467)
Change in book overdrafts (53) 1
Dividends paid (218) (223)
Other (20) -
Cash Provided by (Used for) Financing
Activities 2,673 (1,689)
Effect of Exchange Rate Changes on Cash 39 33
Change in Cash and Temporary Investments 3,074 57
Cash and Temporary Investments
Beginning of the period 905 1,624
End of the period $3,979 $1,681
SOURCE International Paper
http://www.internationalpaper.com
