<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>
THIRD QUARTER 2000:
Income (Loss) from Operations $ 41,584 $ 1,495 $ (5,536) $ 37,543
Add: Depreciation and amortization 32,041 3,979 1,898 37,918
Dividends from equity investments -- -- 696 696
Other non-cash charges (A) 2,993 516 910 4,419
--------- -------- -------- --------
EBITDA (B) $ 76,618 $ 5,990 $ (2,032) $ 80,576
========= ======== ======== ========
THIRD QUARTER 1999:
Income (Loss) from Operations $ 36,977 $ (1,009) $ (4,235) $ 31,733
Add: Depreciation and amortization 30,907 4,336 1,050 36,293
Dividends from equity investments -- -- 1,873 1,873
Other non-cash charges (A) (836) 98 1,436 698
--------- -------- -------- --------
EBITDA (B) $ 67,048 $ 3,425 $ 124 $ 70,597
========= ======== ======== ========
FIRST NINE MONTHS 2000:
Income (Loss) from Operations $ 118,923 $ 3,374 $(17,309) $104,988
Add: Depreciation and amortization 94,997 12,455 5,593 113,045
Dividends from equity investments -- -- 2,798 2,798
Other non-cash charges (A) 4,474 726 3,506 8,706
--------- -------- -------- --------
EBITDA (B) $ 218,394 $ 16,555 $ (5,412) $229,537
========= ======== ======== ========
FIRST NINE MONTHS 1999:
Income (Loss) from Operations $ 110,283 $(12,343) $(12,082) $ 85,858
Add: Depreciation and amortization 92,014 12,718 2,240 106,972
Dividends from equity investments -- -- 2,758 2,758
Other non-cash charges (A) 16 304 3,893 4,213
--------- -------- -------- --------
EBITDA (B) $ 202,313 $ 679 $ (3,191) $199,801
========= ======== ======== ========
</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. The Company believes that EBITDA provides useful
information regarding the Company's debt service ability, but should
not be considered in isolation.
30
