Oct 25, 2007. /Lesprom Network/. Smurfit-Stone Container Corporation reported adjusted net income of $28 million, or $0.11 per diluted share, for the third quarter 2007. These results compare to adjusted net income of $15 million, or $0.06 per share, in the second quarter 2007 and $31 million, or $0.12 per share, in the prior year quarter. Adjusted net income reflects adjustments to net income (loss) available to common stockholders, as detailed below. The third quarter 2007 net loss available to common shareholders was $96 million, or $0.38 per share. These results included the previously announced loss on the sale of the Brewton, Alabama mill of $97 million, or $0.38 per share, which reflected the allocation of $146 million of goodwill. Net proceeds from this transaction drove debt reduction of $328 million in the quarter. Commenting on third quarter results, Patrick J. Moore, chairman and CEO, said, "Smurfit-Stone's operating performance has consistently improved this year with third quarter adjusted net income nearly doubling from the second quarter. Prices increased across all of our major product lines for the second straight quarter. As planned, we made additional progress with our strategic initiatives program. The divestiture of our Brewton mill in the third quarter represented a major milestone in our restructuring efforts and helped drive further debt reduction." While the company expects significant price improvement in the fourth quarter, earnings will likely decrease sequentially due to seasonal and timing factors. Results will be impacted by significant additional mill maintenance downtime and associated costs, higher energy usage and wood fiber costs, and the impact from the Brewton mill sale. Commenting on the company's outlook, Mr. Moore said, "Despite slightly lower anticipated fourth quarter earnings, we remain on track to achieve our longer term objectives. Our strategic initiatives program is on schedule to reduce costs $525 million by the end of 2008. These efforts, along with our $400 million incremental capital program, should drive continued margin and efficiency improvements at Smurfit-Stone." Smurfit-Stone Container Corporation is the industry's leading integrated manufacturer of paperboard and paper-based packaging products and service, and is one of the world's largest paper recyclers. The company is a leading provider of custom, proprietary and standard automated packaging machines, offering customers turn-key installation, automation, line integration and packaging solutions. The company generated revenue of $7.2 billion in 2006, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.