FEDERAL WAY, Wash., July 7, 2009 — The board of directors of Weyerhaeuser Company (NYSE: WY) on July 6 declared a dividend of 5 cents per share on the common stock of the corporation payable Aug. 31, 2009 to shareholders of record at the close of business July 31, 2009.
"Although our guidance for the recently completed quarter remains unchanged, the economic outlook for our businesses continues to be challenged and uncertain," said Dan Fulton, president and chief executive officer. "We are taking many actions, including deferring timber harvest, shutting and curtailing facilities, and reducing costs wherever possible to preserve our long-term value and improve our performance during this uncertain period.
"In light of these conditions, this dividend decision enhances our current liquidity and provides for more financial flexibility, including a possible REIT conversion should the board make that decision in the future."
Weyerhaeuser will release second quarter 2009 results on July 31 before the market opens. The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 31 to discuss the results.
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com.
For more information, please contact: