Packaging Corporation of America http://www.alacrastore.com/company-snapshot/Packaging_Corporation_of_America-2102645 Thursday, July 24, 2008 4:06:58 PM 2102645 Packaging Corporation of America en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/ccbn/T1889120ccbn/T1889120norm...Thank you for joining Packaging Corporation of America's second quarter #### conference call. Your host for today will be Paul Stecko, Chairman and CEO. (OPERATOR INSTRUCTIONS). Mr. Stecko, you may begin. ... 7/22/2008 11:14:00 AMPackaging Corporation of America106.0000FinalQ2 2008 Packaging Corporation of America Earnings Conference Call TranscriptPKG10:00am ETTranscriptT1889120Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/71972cs/71972norm Relative Value in Industrial Packaging Markets: June #### We review the latest industrial packaging data with an emphasis on the recently implemented $## per ton price hike, as well as the supply outlook. Additionally, we focus on...719722098YesD0Article116313426111378639911769207381001corphy1642High Yield54Euro Markets Issuers7/22/2008 2:12:00 AM150Box shipments in June declined 3.5% on an average week basis, comparing negatively to flat shipment data in May but favorably to April's decline of roughly 7.6%.71972Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71700cs/71700norm #H## North America Packaging Sector Relative Value Outlook: Pack it Up or Pack it In? We provide a #H## relative value outlook for credits in our North America Packaging coverage universe which includes industrial, consumer and non-paper...717004631YesD0Article116313426111378639911001207176959164838corphy1621Sector Outlooks42High Yield7/16/2008 10:24:12 AM150In advance of 2Q08 earnings and with an eye towards credit trends in 2H08, we provide a relative value update for companies in our North America Packaging Universe.71700Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71617cs/71617norm Basic Industry Short Interest: #H June #### In the two-week period ending June ##th, short interest in the basic industry coverage universe increased #.#% to ###.# million shares.  Short interest for the chemicals sector declined...716171882YesD053551631013421113810011127051168Article67863113717064194015011639911511571118114714519764520419896616661141648248148corphy145851642High Yield54Euro Markets Issuers34Companies with Convertibles59Short Interest33Capital Structure7/15/2008 12:11:38 AM150In the two-week period ending June 25th, short interest in the basic industry coverage universe increased 0.8% to 294.9 million shares.71617Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/BW-0001-26346121newstex/BW-0001-26346121xml Jun. ##, #### (Business Wire) -- Packaging Corporation of America (NYSE: PKG), will hold a conference call on Tuesday, July ##, #### at ##:## a.m. (Eastern Time) to discuss second quarter #### results. Second quarter #### earnings...04000000040160000401601804013000040130046/30/2008 6:05:57 PM1800000018004000Business WireBW-0001-26346121PACKAGING CORP OF AMERICAPAUL T STECKOPKGNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71068cs/71068norm Basic Industry Short Interest: #H June #### Short interest for the chemicals sector jumped ##.#% to approximately ###.# million shares, with ## of the ## chemical names posting increases.  In the metals & mining sector, short interest increased...710681655YesD0Article53567516112100141705134299111376151150940116338147148645157119824816481666114145966corphy1581614542High Yield54Euro Markets Issuers59Short Interest6/30/2008 12:12:15 AM150In the two-week period ending June 10th, short interest for the basic industry coverage universe increased 6.3% to 292.4 million shares.71068Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70820cs/70820norm Relative Value in Industrial Packaging Markets: May #### We review the latest industrial packaging data with an emphasis on the recently announced July $## per ton price hike, as well as unexpected supply disruptions. Additionally,...708201820YesD0Article863381342corphy165842High Yield6/19/2008 11:10:55 PM150Box shipments on an average week basis were roughly flat in May, after declining 7.6% in April and increasing 2.6% in March.70820Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70539cs/70539norm Basic Industry Short Interest: #H May #### Short sellers in the metals & mining sector held on to their positions in anticipation of softness in the market. The decline in short interest in the chemicals sector was led by Chemtura...705391610YesD0Article112696611371342672481666150In the two-week period ending May 27th, short interest in the basic industry coverage universe declined 3.9% to 275 million.645corphy1141658554Euro Markets Issuers42High Yield59Short Interest6/12/2008 7:11:00 AM70539Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70081cs/70081norm Packaging Corporation #Q## Tearsheet In the event of a prolonged recession, we would expect PKG's spreads to weather the downturn better given its strong balance sheet and industry leading cost structure.  Potentially offsetting the...70081445YesC21Tearsheet1342tearsheets/premium166/4/2008 5:10:09 PM15070081Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69852cs/69852norm Georgia-Pacific #Q##: Can Financial Flexibility Parry Operational Adversity? We discuss Georgia-Pacific's #Q## earnings with an emphasis on supply-demand fundamentals and cost pressures in tissue markets and relative value. In our...698522189YesD0Article207113738116386313421648corphy1668Earnings Reports - Industrials/Consumer42High Yield5/28/2008 10:12:26 PM150Georgia-Pacific reported first-quarter adjusted EBITDA of $571 million, down from $610 million in the year-ago quarter and slightly below our expectations.69852Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69706cs/69706norm Basic Industry Short Interest: #H May #### Total short interest as of May ##th for the North American basic industry companies included in this report increased #% over the two-week span, as the three sector groupings posted increases...697061995YesD0Article134251615031067705100153511211371168416863116394099115111111811571166620414564519814711424896638581416534Companies with Convertibles33Capital Structure59Short Interest42High Yield5/26/2008 11:13:00 PM148corp150Total short interest as of May 12th for the North American basic industry companies included in this report increased 9% over the two-week span, as the three sector groupings posted increases in short interest.69706Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69561cs/69561norm Relative Value in Industrial Packaging Markets: April #### We review the latest industrial packaging data with an emphasis on challenges to implementing the stalled March $## per ton price hike, weaker-than-expected shipment data and...695611790YesD0Article134241113786320738corphy581642High Yield54Euro Markets Issuers5/21/2008 1:11:03 AM150Box shipments on an average week basis declined 7.6% in April, comparing negatively to a 2.7% gain in the month prior and the 2.4% YTD decline. While the decline was worse-than-expected, the YTD decline remains in line with our forecast.69561Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/35634cs/35634norm SSCC: Riders on the Storm Smurfit-Stone Container Corporation reported weaker than expected fourth-quarter earnings largely due to higher costs related to Hurricanes Katrina and Rita. We examine current credit metrics, natural gas sensitivity,...356342363YesD0Article134211631137863corphy2251642High Yield5/16/2008 10:11:40 AM150Smurfit-Stone Container Corporation (B2/CCC+▼) reported a 4Q05 net loss of $89 million and adjusted EBITDA of $85 million, well below Wall Street analysts' expectations.35634Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/59682cs/59682norm Basic Industry: September Short Interest Report Total short interest as of September ## for the North American basic industry companies included in this report increased #.#% from the prior month (August ##).  Chemical short interest...113761706411511163991116886311115711181166620220464514519819724896638148114147corp585161434Companies with Convertibles33Capital Structure59Short Interest42High Yield5/15/2008 12:17:28 PM150Total short interest as of September 11 for the North American basic industry companies included in this report increased 7.9% from the prior month (August 10).2314YesD0Article134251631094015070511267535161259682100159682Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/35321cs/35321norm #### Paper & Forest Products Outlook, Part # Part # of our #### Paper and Forest Products outlook examines investment opportunities related to some of the broader trends discussed in Parts # and #. First, we analyze investment grade...6717YesD0Article8631342100141113711681169204202164838corpcorp/reportshy12251621Sector Outlooks150In Part 3 of our 2006 Paper and Forest Products outlook, we look at the company-specific implications of the broader trends discussed in Parts 1 and 2.353215/15/2008 12:17:27 PM35321Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/58782cs/58782norm Basic Industry: August Short Interest Report Total short interest as of August ## for the North American basic industry companies decreased #% from the prior month, as subprime concerns weighed on equity values which likely prompted...587822837YesD0Article5166731013425351001111112705150611371706411168116394099115138204157120219814564519714716482481666966114148corphy581651442High Yield33Capital Structure34Companies with Convertibles59Short Interest5/14/2008 11:12:19 AM150Subprime-induced equity weakness appears to have prompted some profit taking among basic industry short investors, and after peaking in June, aggregate short interest sits flat to the rolling 12-month average.58782Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69116cs/69116norm Basic Industry Short Interest: #H April #### Total short interest as of April ## for the North American basic industry companies included in this report increased #% over the last # weeks as bearish sentiment moderately climbed in a...1648145645966114corphy1225581614542High Yield59Short Interest54Euro Markets Issuers5/12/2008 12:12:11 AM150Total short interest as of April 25 for the North American basic industry companies included in this report increased 1% over the last 2 weeks as bearish sentiment moderately climbed in a period which saw the S&P 500 rise 2.8%.691161893YesD0Article675351342516100138112705113799141694015015111631482481471571166619869116Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68891cs/68891norm MeadWestvaco #Q##: Event Risk Overshadows Strong Balance Sheet We examine MWV's #Q## earnings in the context of rising input cost inflation and continued event risk related to potential timberland monetization. We consider the potential...688911794YesD0Article13424111378633810012071648corp581668Earnings Reports - Industrials/Consumer5/6/2008 10:11:00 PM150MeadWestvaco reported 1Q08 estimated adjusted EBITDA of roughly $154 million, up slightly from $151 million in the year-ago quarter but narrowly missing analysts' EPS expectations.68891Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68609cs/68609norm Spotlight on GP's Loan and Koch Industries' Acquisitive Appetite One in an ongoing series taking a closer look at singe-name issuers in the loan markets that our customer base has expressed interest in. We launch coverage on Georgia-Pacific...686095314YesD9Spotlight41100111631137863207381342corphy581696Loan Market42High Yield73Spotlight Reports5/5/2008 11:11:52 AM500We initiate coverage on Georgia-Pacific and focus on relative value in the capital structure, event risk and operating fundamentals. We also consider what impact GP's de facto financial sponsor, Koch Industries, could have on the credit.68609Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68249cs/68249norm Packaging Corp. #Q##: Cost Inflation and Recessionary Concerns Dominate We discuss PKG's earnings miss in the context of input cost inflation and increasing recessionary fears. We pay special attention to relative value, operating...682491902YesD0Article1342116338863411137corphy581642High Yield4/23/2008 10:11:19 PM150Packaging Corp. reported 1Q08 adjusted EBITDA of $98 million, up slightly from $96 million in the year-ago quarter but missed analyst forecasts.68249Credit & Investment ResearchCreditSights