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SMURFIT-STONE REPORTS 4th QUARTER RESULTS

Smurfit-Stone Container Corporation - January 27, 2004
Smurfit-Stone Container Corporation (Nasdaq: SSCC) today reported a net loss available to common stockholders (“net loss”) of $92 million, or $.37 per diluted share, for the fourth quarter of 2003, compared to a net loss of $15 million, or $.06 per diluted share, for the fourth quarter of 2002. Sales for the fourth quarter were $1.9 billion, roughly flat with sales in the fourth quarter of 2002.

For the full year 2003, the company reported a net loss of $208 million, or $.85 per diluted share, compared to net income available to common stockholders of $54 million, or $.22 per diluted share, in 2002. Sales for the full year were $7.7 billion, compared to $7.5 billion in 2002.

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