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Weyerhaeuser Co WY
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Good morning. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Weyerhaeuser Q1 2013 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

I would now like to turn the call over to host, Kathryn McAuley, Vice President of Investor Relations. Ms. McAuley, you may begin.

Kathryn F. McAuley - VP, IR: Thank you, Brent. Good morning. Thank you for joining us on Weyerhaeuser's first quarter 2013 earnings conference call. This call is being webcast at www.weyerhaeuser.com. The earnings release, analyst package and web slides for this call can be found at our website or by contacting April Meier at 253-924-2937. Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during this conference call.

On the call we will discuss non-GAAP financial measures. Our GAAP reconciliation can be found on Chart 19.

Joining me this morning are Dan Fulton, President and Chief Executive Officer, and Patty Bedient, Executive Vice President and Chief Financial Officer.

Before we review the first quarter earning material, Patty Bedient would like to make a few comments. Patty?

Patricia M. Bedient - EVP and CFO: Thanks, Kathy and good morning everybody. As we began our financial reporting for 2013, I want to call your attention to some additional information that has been included in our earning release presentation material. This information is intended to provide you with some further insight into our reported results. I'll briefly describe some of the changes we've made to our earnings release, slide package and then Kathy will follow with here normal comments on the first quarter performance.

We now present condensed income statement for both Weyerhaeuser Company and each of our business segments to assist you in comparing our quarter-over-quarter results. For Timberlands, we've provided additional detail on revenues from export log sales and the countries to which we sell those logs. This information is to help you understand the scale and diversity of our markets for our Western Timberland.

We've also included a quarterly detail of our non-strategic Timberland disposition. To better explain the earnings of our Wood Products segment, we are reporting the quarter EBITDA for each of our major business line; lumber-oriented strand board, engineered wood products and distribution. In Cellulose Fibers we've provided the total quarter maintenance expense dollars in addition to our scheduled annual maintenance outage days.

For Real Estate, we've included quarterly earnings from land and lot sales as well as information on the number of lots we controlled at quarter-end in each of our major geographies, similar to the information we report annually in our 10-K. We hope these changes will help you in your understanding of Weyerhaeuser and we look forward to your comments and suggestions and thank you for those that have been provided in the past.

Read our Earnings Call Transcript disclaimer.
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