PCA operates our paper mills and 67 corrugated product plants in 26 states across thecountry. Con erence Call In ormation:WHAT:Packaging Corporation o America 4th Quarter 2008 Earnings Con erence Call WHEN:Wednesday, January 21, 2009 10:00 a.m Eastern TimeNUMBER:(866) 847-7864 (U.S. Paul SteckoWEBCAST: http:// REBROADCAST DATES: January 21, 2009 1:00 p.m Eastern Time through ebruary 4, 2009 11:59 p.m Eastern Time REBROADCAST NUMBER:(888) 266-2081 (U.S. Statements that contain words such as " will", "should","anticipate", "belie e", "expect", "intend", "estimate", "hope" or similarexpressions, are orward-looking statements. These orward-looking statementsare based on the current expectations o PCA. Because orward-looking statementsin ol e inherent risks and uncertainties, the plans, actions and actual resultso PCA could di er materially.
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Among the actors that could cause plans,actions and results to di er materially rom PCA's current expectations includethe ollowing: the impact o general economic conditions; containerboard andcorrugated products general industry conditions, including competition, productdemand and product pricing; luctuations in wood iber and recycled iber costs; luctuations in purchased energy costs; the possibility o unplanned outages orinterruptions at our principal acilities; and legislati e or regulatoryrequirements, particularly concerning en ironmental matters, as well as thoseidenti ied under Item 1A. Risk actors in PCA's Annual Report on orm 10-K orthe year ended December 31, 2007 iled with the Securities and ExchangeCommission and a ailable at the SECs website at "". Packaging Corporation o AmericaConsolidated Earnings Results Unaudited Three Months Ended December 31, (in millions, except per share data)2008 2007 Net sales $546.0 $580.2 Cost o sales (432.1 ) (448.0) Gross pro it 113.9132.2 Selling and administrati e expenses(41.3) (42.7 ) Corporate o erhead (16.6) (13.7 ) Other expense, net (4.2 ) (0.8) Income be ore interest and taxes 51.8 75.0Interest expense, net(9.1 ) (5.7) Income be ore taxes42.7 69.3Pro ision or income taxes (12.5) (25.3 ) Net income$30.2$44.0Earnings per share: Basic $0.30$0.42Diluted $0.30$0.42Basic common shares outstanding101.6104.5 Diluted common shares outstanding102.3105.6 Supplemental inancial in ormation: Capital spending$34.7$44.6Cash balance 149.4228.1 Packaging Corporation o AmericaConsolidated Earnings Results Unaudited Year Ended December 31, (in millions, except per share data)2008 2007 Net sales $2,360.5 $2,316.0 Cost o sales (1,869.1 ) (1,791.4) Gross pro it 491.4524.6 Selling and administrati e expenses(173.3 ) (169.4) Corporate o erhead (61.0) (56.2 ) Other expense, net (15.3) (5.5) Income be ore interest and taxes 241.8293.5 Interest expense, net(31.7) (25.6 ) Income be ore taxes210.1267.9 Pro ision or income taxes (74.5) (97.8 ) Net income$135.6 $170.1 Earnings per share: Basic $1.32$1.63Diluted $1.31$1.61Basic common shares outstanding102.8104.5 Diluted common shares outstanding103.6105.5 Supplemental inancial in ormation: Capital spending$133.0 $113.4Packaging Corporation o AmericaBarbara SessionsIN ESTOR RELATIONS: (877) 454-2509PCAs Website: Business Wire 2009. (Updates a ter inauguration) Bonds By Matthew Bigg WASHINGTON, Jan 20 (Reuters) - Students who rode 12 hourson a bus to witness history said it was worth it to see BarackObama take the oath as U.S president despite the bitter cold. Most watched the e ent on giant screens placed around thepark in the center o Washington and some students said thatthey wished they been closer to the action a ter their journeythrough the night. "I shed tears like I did on election night," said E erettDixon, 21, who couldn't eel his eet or much o the morningbecause o the cold.
"I would ha e lo ed to ha e been able to get close enoughto actually see Obama but to be in the Mall was amazing," thearts major said. or A rican-Americans in general and Morehouse students inparticular, the moment was a watershed Slain ci il rights leader Martin Luther King Jr. graduated rom Morehouse, a college or black American men that stressesleadership and aims to gi e students a sense o moral and ci icresponsibility. Hundreds o Morehouse students made the trip, which meant asleepless night on a bus and hours standing in the cold waiting or the ceremony Arri ing at 3 a.m. one group o students spent two hourswalking the streets in reezing temperatures be ore they ounda way into the Mall which pro ided the best antage point orthose without tickets. BUSES OR CHANGE Riding buses to demand change has been a signi icantpolitical tactic in black American history. Rosa Parks helped ignite the ci il rights mo ement in 1955by re using to gi e up her seat to a white passenger on a busin Montgomery, Alabama as mandated by law.