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<PAGE> 1
EXHIBIT 99
RIVERWOOD HOLDING, INC.
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO EBITDA
(IN THOUSANDS OF DOLLARS)
(UNAUDITED)
<TABLE>
<CAPTION>
Coated Container-
Board board Corporate Total
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
SECOND QUARTER 2000:
Income (Loss) from Operations $ 47,237 $ 1,551 $ (5,439) $ 43,349
Add: Depreciation and amortization 32,124 3,614 1,889 37,627
Dividends from equity investments -- -- 1,512 1,512
Other non-cash charges(A) 713 118 1,606 2,437
---------- ---------- ---------- ----------
EBITDA (B) $ 80,074 $ 5,283 $ (432) $ 84,925
========== ========== ========== ==========
SECOND QUARTER 1999:
Income (Loss) from Operations $ 43,537 $ (3,886) $ (4,397) $ 35,254
Add: Depreciation and amortization 30,910 3,467 1,051 35,428
Dividends from equity investments -- -- 885 885
Other non-cash charges(A) 1,025 103 820 1,948
---------- ---------- ---------- ----------
EBITDA (B) $ 75,472 $ (316) $ (1,641) $ 73,515
========== ========== ========== ==========
FIRST SIX MONTHS 2000:
Income (Loss) from Operations $ 77,339 $ 1,879 $ (11,773) $ 67,445
Add: Depreciation and amortization 62,956 8,476 3,695 75,127
Dividends from equity investments -- -- 2,102 2,102
Other non-cash charges(A) 1,481 210 2,596 4,287
---------- ---------- ---------- ----------
EBITDA (B) $ 141,776 $ 10,565 $ (3,380) $ 148,961
========== ========== ========== ==========
FIRST SIX MONTHS 1999:
Income (Loss) from Operations $ 73,306 $ (11,334) $ (7,847) $ 54,125
Add: Depreciation and amortization 61,107 8,382 1,190 70,679
Dividends from equity investments -- -- 885 885
Other non-cash charges(A) 852 206 2,457 3,515
---------- ---------- ---------- ----------
EBITDA (B) $ 135,265 $ (2,746) $ (3,315) $ 129,204
========== ========== ========== ==========
</TABLE>
Notes:
(A) Other non-cash charges include non-cash charges for LIFO accounting,
pension, postretirement and postemployment benefits, and amortization
of premiums on hedging contracts deducted in determining net income.
(B) EBITDA is defined as consolidated net income (exclusive of non-cash
charges resulting from purchase accounting during the periods
subsequent to the Merger) before consolidated interest expense,
consolidated income taxes, consolidated depreciation and amortization,
and other non-cash charges deducted in determining consolidated net
income, extraordinary items and the cumulative effect of accounting
changes and earnings of, but including dividends from, non-controlled
affiliates. EBITDA excludes equity earnings from non-controlled
affiliates but includes dividends actually received from non-controlled
affiliates. The Company believes that EBITDA provides useful
information regarding the Company's debt service ability, but should
not be considered in isolation.
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