2P 5 Arial5! Arial5" Arial5# Arial5$ Arial5%  Arial !!""            !!!"!#!$!% & ' ( ) * + , - . / 0 1 2 3 4%5%6%7%8% 9% :  ; < =% > ? @ A%B%C%  @  @  @ @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ !@ "@ #@ $@ & @ ( @ ) @ * @,@-@.@ 0@@ 1@ @ 2@ 3@ 4@ 5@ 6@ 7@ 8@ 9@ :@ @ ;@ <@ =@ >@ @@ A@ @ B@ C@ D@ E@ F@ H@ I@ K@ L@ M@ N@ O @ Q @ R @ S @ U@ V@ W@ Y@@ Z@ [@ @ \@ ]@ ^@ _@ `@ a@ b@ c@ d@ @ e@ f@ g@ h@ j@ k@ @ l@ @ m@ @ n@ o@ p@ q@ r@ s@ t@ v@ x@ z@ |@ @ }@ @ ~@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ q@' q@' q@'q0**'GREIF, INC. AND SUBSIDIARY COMPANIES+'CONSOLIDATED STATEMENTS OF OPERATIONS'(UNAUDITED)6'(Dollars in thousands, except per share amounts)^Three months^Three months^ Six months^ Six months^ ended April 30,^ ended April 30,^ ended April 30,^ ended April 30, 'Net sales `@  @  @ p@ 'Costs of products sold @ @@ <@ @ ' Gross profit @ Ӟ@  @ @@2'Selling, general and administrative expenses@q@@@'Restructuring chargesR @"-X @"- ' Operating profituQ @'Interest expense, netpVg @ @ 'Gain on sale of timberland@ (XB'Other income, nett2B' Income (loss) before income tax expense (benefit) U' and equity in earnings of affiliates and minority interests<r<["'Income tax expense (benefit) ='Equity in earnings of affiliates and minority interestsX2X' Income (loss) before cumulative effect of change in accounting principle6~S9'Cumulative effect of change in accounting principle"-"-%"-!' Net income (loss)6*S2 'Basic and diluted earnings (loss) per share:5!'Class A Common Stock (before cumulative effect)!!!!4"'Class A Common Stock (after cumulative effect)""""5#'Class B Common Stock (before cumulative effect)###'#'4$'Class B Common Stock (after cumulative effect)$$$$'A&'See accompanying Notes to Consolidated Financial Statements*('GREIF, INC. AND SUBSIDIARY COMPANIES!)'CONSOLIDATED BALANCE SHEETS*'(Dollars in thousands),^ April 30,,^ October 31,--.^ (Unaudited) 0^ASSETS1'Current assets)2' Cash and cash equivalents2 @2h @^3' Trade accounts receivable?less allowance of $10,263 in 2003 and $9,857 in 20023เ@3r@4' Inventories4@4@(5' Net assets held for sale5r;5l#6' Deferred tax assets6j6*7' Prepaid expenses and other7@76@ 8' 9W@9@:'Long-term assets6;' Goodwill?less accumulated amortization;@;@ @E<' Other intangible assets?less accumulated amortization< @< @(=' Investment in affiliates=@=O@&>' Other long-term assets>Ƕ@>@@' @`@@@&A'Properties, plants and equipment0B' Timber properties?less depletionBU@B@C' LandC@C@D' BuildingsD@D9@'E' Machinery and equipmentE@@E@,F' Capital projects in progressF @Ft @H' Hp@H`@(I' Accumulated depreciationI $I@ϿK' K8@K ]@ L' M@+@M@N' AO'See accompanying Notes to Consolidated Financial Statements*Q'GREIF, INC. AND SUBSIDIARY COMPANIES!R'CONSOLIDATED BALANCE SHEETSS'(Dollars in thousands)U^ April 30,U^ October 31,VVW^ (Unaudited)*Y^LIABILITIES AND SHAREHOLDERS? EQUITYZ' ['Current liabilities \' Accounts payable\@\@t@6]' Accrued payrolls and employee benefits]r@]N@&^' Restructuring reserves^I^%_' Short-term borrowings_$ @_J @1`' Current portion of long-term debt`p`p)a' Other current liabilitiesa@a@ b' cM@c|@d'Long-term liabilitiese' Long-term debteޙ@e͙@&f' Deferred tax liabilityf@@@f@f@0g' Postretirement benefit liabilitygE@g@+h' Other long-term liabilitiesh@h@j' jt@j@@k'Minority interestk k m'Shareholders? equity/n' Common stock, without par valuen^n]'o' Treasury stock, at costoo!p' Retained earningsp@p@Ƨ@5q' Accumulated other comprehensive loss:8r' - foreign currency translationrF r5s' - interest rate derivativessR s5t' - minimum pension liabilityt t v' vp[@v@ x' x@+@x@Bz'See accompanying Notes to Consolidated Financial Statements +|'GREIF, INC. AND SUBSIDIARY COMPANIES ,}'CONSOLIDATED STATEMENTS OF CASH FLOWS ~'(UNAUDITED) '(Dollars in thousands) ^For the six months^For the six months^ ended April 30,^ ended April 30,+'Cash flows from operating activities:' !' Net income (loss)*Sh' Adjustments to reconcile net income (loss) to net cash provided by operating activities:B' Depreciation, depletion and amortization@ѽ@l' Equity in earnings of affiliates and minority interests, net of dividends receivedB/' Deferred income taxes3NO' Gain on disposals of properties, plants and equipment|M' Cumulative effect of change in accounting principleT"-$' Other, netLC' Changes in current assets and liabilitiesB@9' Net cash provided by operating activities @ @+'Cash flows from investing activities:=' Purchases of properties, plants and equipment V I' Proceeds on disposals of properties, plants and equipment!J @5' Net cash used in investing activitiesđ +'Cash flows from financing activities:*' Payments on long-term debtȿ3' Proceeds from short-term borrowings=#' Dividends paidL*.' Acquisitions of treasury stock)' Exercise of stock options"-6 5' Net cash used in financing activitiesy''Effects of exchange rates on cashx:'Net (decrease) increase in cash and cash equivalentsX @6'Cash and cash equivalents at beginning of periodh @0 @0'Cash and cash equivalents at end of period @j@' B'See accompanying Notes to Consolidated Financial Statements  6Sheet1 6Sheet2 6Sheet3d_ Arial  O4!*d"""dFM3FM3 PropertyWK3WK3 Property  7  67 7 67 7CMHdr7