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Business Description
Packaging Corporation of America (PCA) consists of mills and corrugated products operations. The mill operations consist of two kraft linerboard mills located in Counce, Tennessee, and Valdosta, Georgia, and two medium mills located in Filer City, Michigan, and Tomahawk, Wisconsin. The Company leases the cutting rights to approximately 115,000 acres of timberland as of December 31, 2003. PCA's corrugated manufacturing operations consist of 66 corrugated products plants, with 40 operating as combining operations or corrugated plants and 26 as sheet plants; a technical and development center; five graphic design centers; a rotogravure printing operation, and a complement of packaging supplies and distribution centers. Corrugated plants combine linerboard and medium (primarily from PCA's mills) into sheets that are converted into corrugated shipping containers, point-of-sale graphics packaging, point-of-purchase displays and other specialized packaging.

Financial Information
For the nine months ended 9/30/04, revenues rose 7% to $1.40 billion. Net income totaled $32.5 million vs. a loss of $14.5 million. Revenues reflect increased sales of containerboard and corrugated products. Net income also reflects significant decrease in interest expense, net and other expense, net.