Willamette Reports First Quarter Earnings

Continues to Outperform Sector



Apr 12, 2001, 01:00 ET from Willamette Industries

    PORTLAND, Ore., April 12 /PRNewswire/ -- Willamette Industries (NYSE:   WLL)
 today reported financial results for the first quarter ended March 31, 2001.
     Net earnings for the 2001 first quarter were $66.6 million, or $0.61 per
 diluted share, versus net earnings of $85.3 million, or $0.76 per diluted
 share, in the first quarter of 2000.  Sales for the 2001 first quarter were
 $1.13 billion, as compared to $1.17 billion for the same period last year.
 First quarter net earnings include a $0.03 per share gain from the sale of
 non-strategic timberland offset by a $0.04 per share charge associated with
 the defense of the unsolicited hostile takeover initiated by Weyerhaeuser
 during the fourth quarter of 2000.
     Duane McDougall, President and Chief Executive Officer, said, "Willamette
 produced solid earnings for the quarter despite weakened conditions in the
 general economy and higher energy costs across all lines of business.  Our
 strong performance relative to our peers, many of which already pre-announced
 first quarter losses, is the result of our low cost, integrated business
 strategy, balanced business mix, and the exceptional dedication and efforts of
 our employees.
     "Earnings were driven by continued strength in our brown paper segment,
 which continues to perform well despite light seasonal volumes and high energy
 costs," McDougall continued.  "White paper earnings were down slightly from
 the fourth quarter due to significant deterioration in pricing for hardwood
 market pulp.  Our building materials business remains profitable and our
 plants continue to run efficiently, despite very difficult market conditions
 across all grades."
     Commenting on the Company's outlook, McDougall said:  "In the face of
 economic and market pressures, high energy costs, and a hostile takeover
 attempt, we continue to believe we will remain the performance leader in the
 forest products industry.  We are confident that the continued pursuit of our
 long-term strategic plan will yield significant growth opportunities for
 shareholders, customers and our other constituencies."
     Commenting on Weyerhaeuser's hostile takeover attempt, McDougall
 concluded, "Our continued out-performance demonstrates why we believe we are
 the industry's leading franchise and why we are adamantly opposed to
 Weyerhaeuser's inadequate offer.  Weyerhaeuser's proposal values Willamette at
 a 1 percent discount to its 52-week high and a 6 percent discount to its all
 time high, unlike other deals in which the target received a premium to these
 benchmarks.  Additionally, the alternative directors Weyerhaeuser has
 nominated for election to the Willamette Board are entirely lacking in public
 company board experience, and all of them have been paid $25,000 by
 Weyerhaeuser just to stand for election.  Given these facts, we ask our
 shareholders: Will the Weyerhaeuser nominees act in a reasoned way on behalf
 of all Willamette shareholders, or will they simply attempt to deliver
 Willamette to Weyerhaeuser at a price your Board has determined is
 inadequate?"
 
     Conference Call Information:
 
      WHAT:          Willamette Industries Earnings Conference Call
 
      WHEN:          Thursday, April 12, 2001
                     11:00 a.m. Eastern time
 
      NUMBER:        800-482-2239
                     Dial in by 10:45 a.m. Eastern time
                     Conference name/reservation number: 995289
 
      WEBCAST:       www.StreetFusion.com "Live Webcast Center"
 
      REBROADCAST    April 12 3:30 p.m. Eastern time through
      DATES:         April 19 5:00 p.m. Eastern time
 
      REBROADCAST    800-625-5288 or 303-804-1855
      NUMBER:        Reservation number 995289
 
     Willamette Industries is an integrated forest products company with
 105 plants, located in the U.S., France, Ireland and Mexico.  The company owns
 1.7 million acres of forestland in the U.S. and manages it sustainably to
 produce building materials, composite wood panels, fine paper, office paper
 products, corrugated packaging and grocery bags.
 
     Forward-looking statements in this release are made pursuant to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Any such forward looking statement made by Willamette with respect to the
 Weyerhaeuser tender offer is not entitled to the benefit of the safe harbor
 protections of the Private Securities Litigation Reform Act of 1995.  Such
 forward-looking statements are subject to risks and uncertainties and actual
 results could differ materially from those projected.  Such risks and
 uncertainties include, but are not limited to, the effect of general economic
 conditions; the level of new housing starts and remodeling activity; the
 availability and terms of financing for construction; competitive factors,
 including pricing pressures; the cost and availability of wood fiber; the
 effect of natural disasters on the Company's timberlands; construction delays;
 risk of nonperformance by third parties; and the impact of environmental
 regulations and other costs associated with complying with such regulations.
 Please refer to Willamette Industries' Securities and Exchange Commission
 filings for further information.
 
 
                          WILLAMETTE INDUSTRIES, INC.
                              FINANCIAL HIGHLIGHTS
 
                                                          2001           2000
     Quarter Ended March 31
 
     Basic Earnings Per Share                            $0.61          $0.77
 
     Diluted Earnings Per Share                           0.61           0.76
 
     Sales                                       1,131,664,000  1,167,126,000
 
     Earnings Before Taxes                          98,011,000    130,235,000
 
     Net Earnings                                   66,647,000     85,304,000
 
     Average Shares Outstanding:
         Basic                                     109,520,000    111,279,000
 
         Diluted                                   110,138,000    111,784,000
 
 
     April 12, 2001
 
 
     WILLAMETTE INDUSTRIES, INC.                                April 12, 2001
     Quarterly Statistical Data
     First Quarter 2001
                                                           First Quarter
                                                       2001              2000
     PRODUCT SHIPMENTS
       Lumber 1" - MBF                              242,149           213,804
       Plywood - 3/8" MSF                           298,291           400,981
       Oriented Strand Board  - 3/8" MSF             78,527            72,960
       Domestic Particleboard - 3/4" MSF            157,690           159,148
       International Particleboard - 3/4"
        MSF                                          44,771            39,103
       Domestic MDF - 3/4" MSF                       81,916            80,649
       International MDF - 3/4" MSF                  64,090            67,901
       Domestic Corrugated - MSF                  6,181,580         6,491,714
       International Corrugated - MSF               371,269            93,871
       Grocery Bags - Tons                           24,286            27,261
       Business Forms - Tons                         90,443            92,209
       Cut-sheets - Tons                            203,445           181,971
       Brown Mills - Tons                           453,210           457,999
       Market Pulp - Tons                            65,033            37,062
       White Mills - Tons                           363,492           381,568
 
     SEGMENT INFORMATION ($ in thousands)
       Sales:
         Building Materials Group                  $325,095          $391,658
         Brown Paper                                436,629           418,580
         White Paper                                369,940           356,888
       Operating Earnings:
         Building Materials Group                    18,492            45,278
         Brown Paper                                 78,906            67,256
         White Paper                                 40,763            58,280
         Corporate                                  (12,495)          (11,360)
         Non-Recurring and Other Income
          (Expense) - Net (A)                        (1,144)             (486)
 
     SUPPLEMENTAL FINANCIAL ($ in thousands)
       Cost of Sales                                939,036           942,963
       Selling & Administrative Expense              66,962            64,709
       Interest Expense - Net                        26,511            28,733
       Capitalized Interest                           2,851             1,669
       Income Taxes                                  31,364            44,931
       Tax Rate                                       32.0%             34.5%
       Depreciation & Amortization                   69,451            64,814
       Cost of Fee Timber Harvested                  12,349             9,819
       Deferred Taxes                                19,506            20,255
       Plant, Property & Equipment                  112,128            71,224
       Timber, Roads & Reforestation                  4,471             6,013
 
     AVERAGE SHARES OUTSTANDING (in thousands)
       Basic                                        109,520           111,279
       Diluted                                      110,138           111,784
 
     (A)  Non-recurring and other income (expense) -- net for the first quarter
          of 2001 includes a $5.3 million gain on the sale of non-strategic
          timberlands and a charge of $6.0 million for hostile takeover defense
          costs.
 
 
                            Willamette Industries, Inc.
                            Consolidated Balance Sheets
                      (000s omitted, except per share amounts)
 
                                                  3/31/01         12/31/00
     Assets
       Current Assets:
         Cash                                       $30,221          $24,284
         Accounts receivable - net                  461,291          459,591
         Inventories                                453,083          473,788
         Prepaid expenses                            34,838           35,154
           Total current assets                     979,433          992,817
       Other assets                                  92,636           92,975
       Timber, timberlands and related
        facilities - net                            994,396        1,014,285
       Property, plant and equipment - net        3,064,050        3,017,593
 
                                                 $5,130,515       $5,117,670
     Liabilities and Stockholders' Equity
       Current Liabilities:
         Notes payable - current                   $110,879         $127,499
         Accounts payable and accrued
          expenses                                  411,062          450,040
         Federal and state income taxes              28,492           19,184
           Total current liabilities                550,433          596,723
       Long-term debt                             1,542,661        1,542,926
          Deferred income taxes and other
           liabilities                              609,199          596,978
       Stockholders' Equity:
         Common stock, $.50 par value;
          authorized 150,000
           shares; issued and outstanding
            109,590 and 109,417 shares               54,795           54,709
         Capital surplus                            235,236          229,598
         Retained earnings                        2,138,191        2,096,736
           Total stockholders' equity             2,428,222        2,381,043
 
                                                 $5,130,515       $5,117,670
 
 
                        Consolidated Statements of Earnings
                      (000s omitted, except per share amounts)
 
                                                       Three Months Ended
                                                     3/31/01        3/31/00
 
     Net sales                                     $1,131,664     $1,167,126
     Cost of sales                                    939,036        942,963
      Gross profit                                    192,628        224,163
     Selling and administrative expense                66,962         64,709
     Non-recurring and other income
      (expense) - net (A)                             (1,144)          (486)
      Operating earnings                              124,522        158,968
     Interest expense                                  26,511         28,733
      Earnings before income taxes                     98,011        130,235
     Income taxes                                      31,364         44,931
      Net earnings                                    $66,647        $85,304
     Basic earnings per share                           $0.61          $0.77
     Diluted earnings per share                         $0.61          $0.76
     Average shares outstanding - basic               109,520        111,279
     Average shares outstanding - diluted             110,138        111,784
 
     Note:
     (A) Non-recurring and other income (expense) -- net for the first quarter
         of 2001 includes a $5.3 million gain on the sale of non-strategic
         timberlands and a charge of $6.0 million for hostile takeover defense
         costs.
 
 
                            Willamette Industries, Inc.
                               Summary of Cash Flows
                                   (000s omitted)
 
 
                                                         Three Months Ended
                                                     3/31/01           3/31/00
 
     Operating Activities:
       Net earnings                                  $66,647           $85,304
       Depreciation, amortization and cost
        of fee timber harvested                       81,800            74,633
       Deferred income taxes                          19,506            20,255
       Change in working capital items               (17,257)          (36,680)
                                                     150,696           143,512
 
     Investing Activities:
       Proceeds from sale of assets                   10,740                --
       Expenditures for property purchases          (112,128)          (71,224)
       Expenditures for timber,
        timberlands,
           roads, and reforestation                   (4,471)           (6,013)
       Other                                          (2,541)           19,991
                                                    (108,400)          (57,246)
 
     Financing Activities:
       Net change in operating lines of
        credit                                       (16,000)            5,858
       Debt borrowing                                  1,951                --
       Proceeds from sale of common stock              5,718             1,129
       Repurchased common stock                           --           (31,593)
       Cash dividends                                (25,192)          (23,372)
       Payment on debt                                (2,836)          (40,846)
                                                     (36,359)          (88,824)
     Change in cash                                   $5,937           $(2,558)
 
 
                            Willamette Industries, Inc.
                       1st Quarter 2001 vs 4th Quarter 2000
                              Selling Price Variances
 
                                                      AVERAGE PRICE VARIANCE
                                                   PER UNIT INCREASE/(DECREASE)
                                                    Q1 2001          March 2001
                                                  vs. Q4 2000       vs. Q1 2001
 
     Bleached pulp - ton                            $(83.00)          $(27.00)
 
     Forms - ton                                      $9.00             $6.00
 
     Cut sheets - ton                                $(3.00)           $(4.00)
 
     Corrugated containers - ton                     $(1.00)           $(4.00)
 
     Paper bags - ton                                $13.00             $4.00
 
     Lumber - mbf                                   $(16.00)            $8.00
 
     Plywood - 3/8" msf                              $(5.00)            $5.00
 
     Oriented strand board - 3/8" msf               $(14.00)           $(2.00)
 
     Domestic particleboard - 3/4" msf              $(16.00)           $(4.00)
 
     Domestic MDF - 3/4" msf                          $2.00             $8.00
 
 

SOURCE Willamette Industries
    PORTLAND, Ore., April 12 /PRNewswire/ -- Willamette Industries (NYSE:   WLL)
 today reported financial results for the first quarter ended March 31, 2001.
     Net earnings for the 2001 first quarter were $66.6 million, or $0.61 per
 diluted share, versus net earnings of $85.3 million, or $0.76 per diluted
 share, in the first quarter of 2000.  Sales for the 2001 first quarter were
 $1.13 billion, as compared to $1.17 billion for the same period last year.
 First quarter net earnings include a $0.03 per share gain from the sale of
 non-strategic timberland offset by a $0.04 per share charge associated with
 the defense of the unsolicited hostile takeover initiated by Weyerhaeuser
 during the fourth quarter of 2000.
     Duane McDougall, President and Chief Executive Officer, said, "Willamette
 produced solid earnings for the quarter despite weakened conditions in the
 general economy and higher energy costs across all lines of business.  Our
 strong performance relative to our peers, many of which already pre-announced
 first quarter losses, is the result of our low cost, integrated business
 strategy, balanced business mix, and the exceptional dedication and efforts of
 our employees.
     "Earnings were driven by continued strength in our brown paper segment,
 which continues to perform well despite light seasonal volumes and high energy
 costs," McDougall continued.  "White paper earnings were down slightly from
 the fourth quarter due to significant deterioration in pricing for hardwood
 market pulp.  Our building materials business remains profitable and our
 plants continue to run efficiently, despite very difficult market conditions
 across all grades."
     Commenting on the Company's outlook, McDougall said:  "In the face of
 economic and market pressures, high energy costs, and a hostile takeover
 attempt, we continue to believe we will remain the performance leader in the
 forest products industry.  We are confident that the continued pursuit of our
 long-term strategic plan will yield significant growth opportunities for
 shareholders, customers and our other constituencies."
     Commenting on Weyerhaeuser's hostile takeover attempt, McDougall
 concluded, "Our continued out-performance demonstrates why we believe we are
 the industry's leading franchise and why we are adamantly opposed to
 Weyerhaeuser's inadequate offer.  Weyerhaeuser's proposal values Willamette at
 a 1 percent discount to its 52-week high and a 6 percent discount to its all
 time high, unlike other deals in which the target received a premium to these
 benchmarks.  Additionally, the alternative directors Weyerhaeuser has
 nominated for election to the Willamette Board are entirely lacking in public
 company board experience, and all of them have been paid $25,000 by
 Weyerhaeuser just to stand for election.  Given these facts, we ask our
 shareholders: Will the Weyerhaeuser nominees act in a reasoned way on behalf
 of all Willamette shareholders, or will they simply attempt to deliver
 Willamette to Weyerhaeuser at a price your Board has determined is
 inadequate?"
 
     Conference Call Information:
 
      WHAT:          Willamette Industries Earnings Conference Call
 
      WHEN:          Thursday, April 12, 2001
                     11:00 a.m. Eastern time
 
      NUMBER:        800-482-2239
                     Dial in by 10:45 a.m. Eastern time
                     Conference name/reservation number: 995289
 
      WEBCAST:       www.StreetFusion.com "Live Webcast Center"
 
      REBROADCAST    April 12 3:30 p.m. Eastern time through
      DATES:         April 19 5:00 p.m. Eastern time
 
      REBROADCAST    800-625-5288 or 303-804-1855
      NUMBER:        Reservation number 995289
 
     Willamette Industries is an integrated forest products company with
 105 plants, located in the U.S., France, Ireland and Mexico.  The company owns
 1.7 million acres of forestland in the U.S. and manages it sustainably to
 produce building materials, composite wood panels, fine paper, office paper
 products, corrugated packaging and grocery bags.
 
     Forward-looking statements in this release are made pursuant to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Any such forward looking statement made by Willamette with respect to the
 Weyerhaeuser tender offer is not entitled to the benefit of the safe harbor
 protections of the Private Securities Litigation Reform Act of 1995.  Such
 forward-looking statements are subject to risks and uncertainties and actual
 results could differ materially from those projected.  Such risks and
 uncertainties include, but are not limited to, the effect of general economic
 conditions; the level of new housing starts and remodeling activity; the
 availability and terms of financing for construction; competitive factors,
 including pricing pressures; the cost and availability of wood fiber; the
 effect of natural disasters on the Company's timberlands; construction delays;
 risk of nonperformance by third parties; and the impact of environmental
 regulations and other costs associated with complying with such regulations.
 Please refer to Willamette Industries' Securities and Exchange Commission
 filings for further information.
 
 
                          WILLAMETTE INDUSTRIES, INC.
                              FINANCIAL HIGHLIGHTS
 
                                                          2001           2000
     Quarter Ended March 31
 
     Basic Earnings Per Share                            $0.61          $0.77
 
     Diluted Earnings Per Share                           0.61           0.76
 
     Sales                                       1,131,664,000  1,167,126,000
 
     Earnings Before Taxes                          98,011,000    130,235,000
 
     Net Earnings                                   66,647,000     85,304,000
 
     Average Shares Outstanding:
         Basic                                     109,520,000    111,279,000
 
         Diluted                                   110,138,000    111,784,000
 
 
     April 12, 2001
 
 
     WILLAMETTE INDUSTRIES, INC.                                April 12, 2001
     Quarterly Statistical Data
     First Quarter 2001
                                                           First Quarter
                                                       2001              2000
     PRODUCT SHIPMENTS
       Lumber 1" - MBF                              242,149           213,804
       Plywood - 3/8" MSF                           298,291           400,981
       Oriented Strand Board  - 3/8" MSF             78,527            72,960
       Domestic Particleboard - 3/4" MSF            157,690           159,148
       International Particleboard - 3/4"
        MSF                                          44,771            39,103
       Domestic MDF - 3/4" MSF                       81,916            80,649
       International MDF - 3/4" MSF                  64,090            67,901
       Domestic Corrugated - MSF                  6,181,580         6,491,714
       International Corrugated - MSF               371,269            93,871
       Grocery Bags - Tons                           24,286            27,261
       Business Forms - Tons                         90,443            92,209
       Cut-sheets - Tons                            203,445           181,971
       Brown Mills - Tons                           453,210           457,999
       Market Pulp - Tons                            65,033            37,062
       White Mills - Tons                           363,492           381,568
 
     SEGMENT INFORMATION ($ in thousands)
       Sales:
         Building Materials Group                  $325,095          $391,658
         Brown Paper                                436,629           418,580
         White Paper                                369,940           356,888
       Operating Earnings:
         Building Materials Group                    18,492            45,278
         Brown Paper                                 78,906            67,256
         White Paper                                 40,763            58,280
         Corporate                                  (12,495)          (11,360)
         Non-Recurring and Other Income
          (Expense) - Net (A)                        (1,144)             (486)
 
     SUPPLEMENTAL FINANCIAL ($ in thousands)
       Cost of Sales                                939,036           942,963
       Selling & Administrative Expense              66,962            64,709
       Interest Expense - Net                        26,511            28,733
       Capitalized Interest                           2,851             1,669
       Income Taxes                                  31,364            44,931
       Tax Rate                                       32.0%             34.5%
       Depreciation & Amortization                   69,451            64,814
       Cost of Fee Timber Harvested                  12,349             9,819
       Deferred Taxes                                19,506            20,255
       Plant, Property & Equipment                  112,128            71,224
       Timber, Roads & Reforestation                  4,471             6,013
 
     AVERAGE SHARES OUTSTANDING (in thousands)
       Basic                                        109,520           111,279
       Diluted                                      110,138           111,784
 
     (A)  Non-recurring and other income (expense) -- net for the first quarter
          of 2001 includes a $5.3 million gain on the sale of non-strategic
          timberlands and a charge of $6.0 million for hostile takeover defense
          costs.
 
 
                            Willamette Industries, Inc.
                            Consolidated Balance Sheets
                      (000s omitted, except per share amounts)
 
                                                  3/31/01         12/31/00
     Assets
       Current Assets:
         Cash                                       $30,221          $24,284
         Accounts receivable - net                  461,291          459,591
         Inventories                                453,083          473,788
         Prepaid expenses                            34,838           35,154
           Total current assets                     979,433          992,817
       Other assets                                  92,636           92,975
       Timber, timberlands and related
        facilities - net                            994,396        1,014,285
       Property, plant and equipment - net        3,064,050        3,017,593
 
                                                 $5,130,515       $5,117,670
     Liabilities and Stockholders' Equity
       Current Liabilities:
         Notes payable - current                   $110,879         $127,499
         Accounts payable and accrued
          expenses                                  411,062          450,040
         Federal and state income taxes              28,492           19,184
           Total current liabilities                550,433          596,723
       Long-term debt                             1,542,661        1,542,926
          Deferred income taxes and other
           liabilities                              609,199          596,978
       Stockholders' Equity:
         Common stock, $.50 par value;
          authorized 150,000
           shares; issued and outstanding
            109,590 and 109,417 shares               54,795           54,709
         Capital surplus                            235,236          229,598
         Retained earnings                        2,138,191        2,096,736
           Total stockholders' equity             2,428,222        2,381,043
 
                                                 $5,130,515       $5,117,670
 
 
                        Consolidated Statements of Earnings
                      (000s omitted, except per share amounts)
 
                                                       Three Months Ended
                                                     3/31/01        3/31/00
 
     Net sales                                     $1,131,664     $1,167,126
     Cost of sales                                    939,036        942,963
      Gross profit                                    192,628        224,163
     Selling and administrative expense                66,962         64,709
     Non-recurring and other income
      (expense) - net (A)                             (1,144)          (486)
      Operating earnings                              124,522        158,968
     Interest expense                                  26,511         28,733
      Earnings before income taxes                     98,011        130,235
     Income taxes                                      31,364         44,931
      Net earnings                                    $66,647        $85,304
     Basic earnings per share                           $0.61          $0.77
     Diluted earnings per share                         $0.61          $0.76
     Average shares outstanding - basic               109,520        111,279
     Average shares outstanding - diluted             110,138        111,784
 
     Note:
     (A) Non-recurring and other income (expense) -- net for the first quarter
         of 2001 includes a $5.3 million gain on the sale of non-strategic
         timberlands and a charge of $6.0 million for hostile takeover defense
         costs.
 
 
                            Willamette Industries, Inc.
                               Summary of Cash Flows
                                   (000s omitted)
 
 
                                                         Three Months Ended
                                                     3/31/01           3/31/00
 
     Operating Activities:
       Net earnings                                  $66,647           $85,304
       Depreciation, amortization and cost
        of fee timber harvested                       81,800            74,633
       Deferred income taxes                          19,506            20,255
       Change in working capital items               (17,257)          (36,680)
                                                     150,696           143,512
 
     Investing Activities:
       Proceeds from sale of assets                   10,740                --
       Expenditures for property purchases          (112,128)          (71,224)
       Expenditures for timber,
        timberlands,
           roads, and reforestation                   (4,471)           (6,013)
       Other                                          (2,541)           19,991
                                                    (108,400)          (57,246)
 
     Financing Activities:
       Net change in operating lines of
        credit                                       (16,000)            5,858
       Debt borrowing                                  1,951                --
       Proceeds from sale of common stock              5,718             1,129
       Repurchased common stock                           --           (31,593)
       Cash dividends                                (25,192)          (23,372)
       Payment on debt                                (2,836)          (40,846)
                                                     (36,359)          (88,824)
     Change in cash                                   $5,937           $(2,558)
 
 
                            Willamette Industries, Inc.
                       1st Quarter 2001 vs 4th Quarter 2000
                              Selling Price Variances
 
                                                      AVERAGE PRICE VARIANCE
                                                   PER UNIT INCREASE/(DECREASE)
                                                    Q1 2001          March 2001
                                                  vs. Q4 2000       vs. Q1 2001
 
     Bleached pulp - ton                            $(83.00)          $(27.00)
 
     Forms - ton                                      $9.00             $6.00
 
     Cut sheets - ton                                $(3.00)           $(4.00)
 
     Corrugated containers - ton                     $(1.00)           $(4.00)
 
     Paper bags - ton                                $13.00             $4.00
 
     Lumber - mbf                                   $(16.00)            $8.00
 
     Plywood - 3/8" msf                              $(5.00)            $5.00
 
     Oriented strand board - 3/8" msf               $(14.00)           $(2.00)
 
     Domestic particleboard - 3/4" msf              $(16.00)           $(4.00)
 
     Domestic MDF - 3/4" msf                          $2.00             $8.00
 
 SOURCE  Willamette Industries

RELATED LINKS

http://www.wii.com