Dec 08, 2005. /Lesprom Network/. Greif, Inc. announced results for its fourth quarter and fiscal year ended October 31, 2005. Net sales rose 10% (8% excluding the impact of foreign currency translation) to a record $2.4 billion in fiscal 2005 from $2.2 billion in fiscal 2004. Net income before special items was $96 million in fiscal 2005 compared to $83 million in fiscal 2004. Diluted earnings per share before special items were $3.27 versus $2.88 per class A share and $5.01 versus $4.39 per class B share in fiscal 2005 and 2004, respectively. For the fourth quarter of 2005, net sales increased 1% to $620 million from $613 million in the fourth quarter of 2004, and included stable to improving sales volumes across the company's product portfolio. Net income before special items for the fourth quarter was $30 million compared to $38 million for the same period of 2004. Diluted earnings per share before special items were $1.02 versus $1.30 per class A share and $1.57 versus $2.00 per class B share in the fourth quarter of 2005 and 2004, respectively. Michael J. Gasser, chairman and chief executive officer, commented, "We are pleased with the record net sales and net income for fiscal 2005. The Greif Business System has enabled us to reduce the negative impact of soft market conditions, higher energy, transportation and raw material costs and to identify additional opportunities to improve performance on a sustainable basis. A portion of our strong fiscal 2005 cash flows, combined with the proceeds from the third quarter timberland monetization, were allocated to support our growth strategy in emerging markets, particularly China and Russia, to fund small tuck-in acquisitions in order to further strengthen our core industrial packaging position, and to consolidate certain underperforming facilities." Greif is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multiwall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. Greif is strategically positioned in more than 40 countries to serve multinational as well as regional customers.