2 ^ 5 Arial5! Arial5" Arial5# Arial5$ Arial5%  Arial5&  Arial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` @  a @  b@ @  c@ @  d@ @  e @  f @  g @  h @  i @  j @  k @  l @  m @  n @  o @@  p @  q @  r @  s@ @  t@ @  u@ @  v@ @  w @  x @  y @  z@ @  { @  | @  } @  ~ @   @  @  @  @  @  @  @  @ @  @  @  @  @  @ @  @  @  @  @  @  @  @  @ @  @  @ @  @ @  @ @  @ @   q@' q@' q@'q0* h7'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES ('CONSOLIDATED STATEMENTS OF INCOME '(UNAUDITED) 7'(Dollars in thousands, except per share amounts) ^Three months ended^Three months ended^January 31,^January 31, 'Net sales  ஼@ P@ 'Cost of products sold `˛@ @ ' Gross profit @ @2 'Selling, general and administrative expenses d@ L@'Restructuring charge "-' Operating profitjKTW'Interest expense, netzkXl 'Gain on sale of timberland!'Other income (expense), netDx' Income (loss) before income tax expense (benefit) and equity in earnings of affiliates and minority interestsL"'Income tax expense (benefit)0 ='Equity in earnings of affiliates and minority interestsJ S' Income (loss) before cumulative effect of change in accounting principle9'Cumulative effect of change in accounting principle%"-' Net incomeP!+'Basic and diluted earnings per share::' Class A Common Stock (before cumulative effect)9' Class A Common Stock (after cumulative effect): ' Class B Common Stock (before cumulative effect)  E9!' Class B Common Stock (after cumulative effect)!!EA#'See accompanying Notes to Consolidated Financial Statements6%'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES!&'CONSOLIDATED BALANCE SHEETS''(Dollars in thousands) ('ASSETS)^January 31,)^ October 31, **+^(unaudited),'Current assets$-' Cash and cash equivalents-̖ @-h @n.' Trade accounts receivable ? less allowance of $10,057 in 2003 and $9,857 in 2002 and $9,857 in 2002.@.@/' Inventories/@/@#0' Net assets held for sale0g0l1' Deferred tax assets11%2' Prepaid expenses and other2@2@4@B@4@5'Long-term assets36' Goodwill ? less accumulated amortization6^@6@ @B7' Other intangible assets ? less accumulated amortization7 @7 @#8' Investment in affiliates8@@8O@!9' Other long-term assets9@9@;@@;@&<'Properties, plants and equipment-=' Timber properties ? less depletion=/@=@>' Land>@>@?' Buildings?@?9@"@' Machinery and equipment@P@@@'A' Capital projects in progressA @At @C9@C`@D'Accumulated depreciationD"(409,008)D"(392,826)Fp@F ]@Hm@H@AI'See accompanying Notes to Consolidated Financial Statements7K'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES "L'CONSOLIDATED BALANCE SHEETS M'(Dollars in thousands) +N'LIABILITIES AND SHAREHOLDERS? EQUITY O^ January 31, O^ October 31, PP Q' Q^ (Unaudited) R'Current liabilities S' Accounts payable S@S@1T' Accrued payroll and employee benefits T @TN@"U' Restructuring reserves UU!V' Short-term borrowings Vη @VJ @-W' Current portion of long-term debt WpWp%X' Other current liabilities X@XҌ@Z@Z|@['Long-term liabilities \' Long-term debt \@\͙@$]' Deferred tax liabilities ]@]@f@,^' Postretirement benefit liability ^@^@'_' Other long-term liabilities _y@_@ a' a@a@@b'Minority interest b b d'Shareholders? equity +e' Common stock, without par value e^e]#f' Treasury stock, at cost ffg' Retained earnings g @g@Ƨ@1h' Accumulated other comprehensive loss: /i' - foreign currency translationii,j' - interest rate derivativesj6j,k' - minimum pension liabilityk k  m' m`U@m@om@o@Bq'See accompanying Notes to Consolidated Financial Statements 7s'GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES ,t'CONSOLIDATED STATEMENTS OF CASH FLOWS u'(UNAUDITED) v'(Dollars in thousands) w' -x'For the three months ended January 31, xx,z'Cash flows from operating activities: {' Net income {P!{]|' Adjustments to reconcile net income to net cash provided by operating activities: 9}' Depreciation, depletion and amortization } @}b @c~' Equity in earnings of affiliates and minority interests, net of dividends received ~~&' Deferred income taxes 8F' Gain on disposals of properties, plants and equipment F4D' Cumulative effect of change in accounting principle T"-' Other, net ^:' Changes in current assets and liabilities  e?' Net cash (used in) provided by operating activities  @,'Cash flows from investing activities: 9' Purchases of properties, plants and equipment ȭE' Proceeds on disposals of properties, plants and equipment ` h,1' Net cash used in investing activities 0,'Cash flows from financing activities: 6' Proceeds from (payments on) long-term debt Z| /' Proceeds from short-term borrowings ' Dividends paid  *' Acquisitions of treasury stock 8%' Exercise of stock options "-?' Net cash provided by (used in) financing activities NK ('Effects of exchange rates on cash 0'Net decrease in cash and cash equivalents dh7'Cash and cash equivalents at beginning of period h @0 @1'Cash and cash equivalents at end of period ̖ @ @B'See accompanying Notes to Consolidated Financial Statements  6Sheet1 6Sheet2 6Sheet3d_ Arial  O4!*d"""dFM3FM3 PropertyWK3WK3 Property  1 801 1801 1CMHdr1