Monday, corrugated packaging maker Smurfit-Stone Container Corp. (SSCCQ.PK), announced that it expects to report a fourth quarter net loss of $2.84 billion or $11.04 per share on sales of $1.53 billion.
The company said that it would incur non-cash charges of $2.76 billion or $10.73 per share for the fourth quarter of 2008, related to the impairment of goodwill and other intangible assets.
The Chicago, Illinois-based company said that the charges resulted from considerable decline in value of its equity securities and debt instruments and downward pressure placed on earnings by the weakening U.S. economy. The goodwill consisted primarily of amounts recorded in connection with the company's merger with Stone Container Corp. in November 1998.
The company does not expect to incur any cash expenditures related to these impairment charges.
In addition to the impairment charges, the 2008 results include restructuring charges of $40 million, a loss of $12 million related to certain ineffective interest rate swap contracts and non-cash foreign currency gains of $17 million.
For the fourth quarter of 2007, the company reported a net profit of $41 million, or $0.16 per share, on total sales of $1.84 billion. The 2007 results included restructuring income of $29 million, non-cash foreign currency losses of $5 million and a $5 million income tax benefit due to a reduction in the Canadian statutory income tax rates.
SSCCQ.PK closed Monday's regular trading session at $0.0230, down $0.0010 or 4.17%.
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