Jefferson Smurfit Corp. first-quarter operating results

Business Wire, April 18, 1995

ST. LOUIS--(BUSINESS WIRE)--April 18, 1995--Jefferson Smurfit Corp. reported improved sales and profits for the first quarter of 1995. For the three months ended March 31, 1995, net sales increased 38 percent from $727.7 million to $1,001.1 million and income from operations increased 169 percent from $46.8 million to $126.0 million.

During the first quarter, the company concluded a refinancing of its accounts receivable securitization program. As a result of the refinancing and utilization of excess cash, net long-term debt repayments were $45.0 million. In conjunction with the debt reduction, the company recorded an extraordinary loss from the early extinguisment of debt of $.4 million.

Income before extraordinary item for the three months ended March 31, 1995 was $39.3 million ($.35 per share) compared to a loss of $11.8 million ($.15 per share) for the same period last year. Net income was $38.9 million ($.35 per share) for the three months ended March 31, 1995 compared to a net loss of $11.8 million ($.15 per share) during the comparable period last year.

Jefferson Smurfit, with headquarters in St. Louis, is one of the nation's most broadly based paper, paperboard and packaging companies. It is also America's no. 1 collector, marketer, recycler, and exporter of waste paper. JSC operates 151 mills and converting facilities in the United States, Canada, Mexico and Puerto Rico, and employs nearly 17,000 people. JSC's common stock is traded on the Nasdaq Stock Market under the symbol "JJSC". -0-