FEDERAL WAY, WA - Weyerhaeuser Co. reported a net loss of $545 million for 2009 on net sales from continuing operations of $5.5 billion. This compares with a net loss of $1.2 billion on net sales from continuing operations of $8.1 billion for 2008.
Weyerhaeuser also reported a net loss of $175 million for the fourth quarter 2009 on net sales from continuing operations of $1.5 billion. Last year, Weyerhaeuser reported a fourth quarter net loss of $1.2 billion on net sales from continuing operations of $1.8 billion.
"The weak housing market continues to present challenges and affect our financial performance," said Dan Fulton, president and CEO. "2009 has been another tough year and our financial results are disappointing. Despite difficult market conditions, we made significant progress this past year to position ourselves to rebuild revenues and earnings.
"We cut costs, reduced production to meet demand, focused on cash generation, and deferred harvest to preserve the long-term values of our timberlands. With an eye to the future, we made changes across all business lines to improve long-term competitiveness, implemented plans to grow with strategic customers and announced our decision to convert to a REIT. As we enter 2010, markets continue to be challenging, but I'm confident we're positioned to deliver significantly improved operating performance."
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