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1998 Annual Report

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                        ITEM 6. SELECTED FINANCIAL DATA
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(In millions, except per share and statistical data)              1998 (a)(b)       1997         1996         1995         1994
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Summary of Operations(c)
Net sales ........................................................  $ 3,469      $ 2,936      $ 3,087      $ 3,682      $ 2,950
Income (loss) from operations ....................................      (64)         175          332          601          310
Income (loss) from continuing operations before
  extraordinary item and cumulative effect of
  accounting change ..............................................     (194)         (20)          79          230           22
Discontinued operations, net of income tax provision .............       10           21           38           17          (10)
Net income (loss) ................................................     (200)           1          112          243          (43)
Basic earnings per share of common stock
  Income (loss) from continuing operations before
    extraordinary item and cumulative effect of
    accounting change ............................................    (1.56)        (.18)         .71         2.07          .22
  Net income (loss) ..............................................    (1.61)         .01         1.01         2.19         (.43)
  Weighted average shares outstanding ............................      124          111          111          111          101
Diluted earnings per share of common stock
  Income (loss) from continuing operations before extraordinary
    item and cumulative effect of accounting change ..............    (1.56)        (.18)         .70         2.06          .22
  Net income (loss) ..............................................    (1.61)         .01         1.00         2.17         (.43)
  Weighted average shares outstanding ............................      124          111          112          112          101
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Other Financial Data
Net cash provided by operating activities ........................  $   129      $    88      $   380      $   393      $   135
Net cash used for investing activities ...........................      (59)        (175)        (133)        (160)        (148)
Net cash provided by (used for) financing activities .............       73           87         (262)        (268)          31
Depreciation, depletion and amortization .........................      168          127          125          122          116
Capital investments and acquisitions .............................      287          191          129          170          152
Working capital ..................................................      635           71           34           51           15
Property, plant, equipment and timberland, net ...................    5,772        1,788        1,720        1,709        1,681
Total assets .....................................................   11,631        2,771        2,688        2,783        2,759
Long-term debt, less current maturities ..........................    6,428        2,025        1,934        2,111        2,392
Stockholders' equity (deficit) ...................................    1,634         (374)        (375)        (487)        (730)
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Statistical Data (tons in thousands)
Containerboard, SBS and kraft paper production (tons) ............    2,727        2,214        2,250        2,176        2,198
Coated boxboard production (tons) ................................      582          585          538          545          537
Corrugated shipments (billion sq. ft.) ...........................     36.5         31.7         30.0         29.4         30.8
Folding carton shipments (tons) ..................................      536          488          474          476          493
Industrial bag shipments (tons) ..................................       59
Fiber reclaimed and brokered (tons) ..............................    5,155        4,832        4,464        4,293        4,134
Number of employees ..............................................   38,000       15,800       15,800       16,200       16,600
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(a)  On November 18, 1998, Stone merged with a wholly-owned subsidiary of the
     Company. Results for 1998 include Stone after November 18, 1998. The
     Company issued approximately 104 million shares of common stock in the
     Merger, resulting in a total purchase price (including the fair value of
     stock options and related fees) of approximately $2,245 million.
(b)  The Company recorded pre-tax charges of $310 million ($187 million after
     tax) in the fourth quarter of 1998, including $257 million of restructuring
     charges in connection with the Merger, $30 million for settlement of its
     Cladwood'r' litigation and $23 million of Merger related costs.
(c)  The operating results for all prior periods have been restated to present
     the operating results of SNC as a discontinued operation.
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