RockTenn Reports First Quarter Fiscal 2014 Earnings Up 27% Over the Prior Year Quarter

RockTenn Reports First Quarter Fiscal 2014 Earnings Up 27% Over the Prior Year
Quarter

NORCROSS, Ga., Jan. 28, 2014 (GLOBE NEWSWIRE) -- RockTenn (NYSE:RKT) today
reported earnings for the quarter ended December 31, 2013 of $1.50 per diluted
share and adjusted earnings of $1.66 per diluted share. Adjusted earnings per
diluted share increased 23% over the prior year quarter.


                                                    Three Months Three Months
                                                    Ended       Ended
                                                    December 31, December 31,
                                                    2013         2012
                                                                
Earnings per diluted share                           $1.50        $1.18
                                                                
Restructuring and other costs and operating losses   0.16         0.17
and transition costs due to plant closures
                                                                
Adjusted earnings per diluted share                  $1.66        $1.35

First Quarter Results

  *Net sales of $2,363 million for the first quarter of fiscal 2014 increased
    $76 million compared to the first quarter of fiscal 2013.Segment income
    of $235 million increased $26 million or 13% over the prior year quarter.
  *RockTenn's restructuring and other costs and operating losses and
    transition costs due to plant closures for the first quarter of fiscal
    2014 were $0.16 per diluted share after-tax. These costs primarily
    consisted of $10 million of pre-tax facility closure charges and $7
    million of pre-tax acquisition and integration costs.The pre-tax facility
    closure charges primarily consisted of equipment impairments and carrying
    costs for facilities acquired in the Smurfit-Stone acquisition.

Chief Executive Officer's Statement

RockTenn Chief Executive Officer, Steve Voorhees, stated, "The success of our
team in executing our strategy drove our 23% increase in adjusted earnings per
share over the prior year quarter. We used our cash flow in the quarter to buy
back $53 million of RockTenn stock, acquire NPG for $60 million, pay dividends
of $26 million and reduce our leverage ratio from 1.95 to 1.84 times. We
expect to continue to improve our business performance and generate strong
free cash flow during the remainder of fiscal 2014."

Segment Results

In the first quarter of fiscal 2014, we announced a realignment of our
operating responsibilities and a related change to our segments for financial
reporting purposes. The changes primarily reflect the creation of a
Merchandising Displays segment which was removed from the Consumer Packaging
segment. We have reclassified prior results to the extent presented herein and
we filed a Current Report on Form 8-K with the SEC on December 17, 2013, to
present reclassified historical information in accordance with our new
reportable segment structure.

Mill and Converting Tons Shipped

Corrugated Packaging segment shipments of approximately 1,814,000 tons
decreased approximately 3.6% or approximately 67,000 tons compared to the
prior year quarter due to lower customer demand for containerboard and
corrugated containers. In the quarter, we took approximately 250,000 tons of
downtime including approximately 157,000 tons of economic downtime and
slowbacks. Consumer Packaging segment shipments of approximately 378,000 tons
increased 2.6% or approximately 10,000 tons compared to the prior year quarter
primarily due to higher converting shipments.

Corrugated Packaging Segment

Corrugated Packaging segment net sales increased $62 million to $1,652 million
and segment income increased $20 million to $158 million in the first quarter
of fiscal 2014 compared to the prior year quarter. The increased sales and
earnings are primarily related to higher selling prices which were partially
offset by lower volumes and higher commodity and other costs. Corrugated
Packaging segment EBITDA margin was 16.3% for the first quarter of fiscal 2014
up 90 basis points over the prior year quarter.

Consumer Packaging Segment

Consumer Packaging segment net sales increased $19 million and segment income
increased $3 million in the first quarter of fiscal 2014 compared to the prior
year quarter. Segment income was impacted primarily by higher selling prices
and converting volumes which were partially offset by higher commodity and
other costs. Consumer Packaging segment EBITDA margin was 16.9% for the first
quarter of fiscal 2014, essentially flat compared to the prior year quarter.

Merchandising Displays Segment

Merchandising Displays segment net sales increased $23 million over the prior
year first quarter to $185 million primarily due to higher volumes. Segment
income increased $8 million in the first quarter of fiscal 2014 compared to
the prior year quarter primarily due to the impact of higher
volumes.Merchandising Displays segment EBITDA margin was 11.9% for the first
quarter of fiscal 2014 up 290 basis points over the prior year quarter.

Recycling Segment

Recycling segment net sales decreased $27 million over the prior year first
quarter to $100 million primarily as the impact of lower volumes due primarily
to soft export markets for recovered fiber and several collection facility
closures which were partially offset by increased selling prices. Segment
income decreased $4 million in the first quarter of fiscal 2014 compared to
the prior year quarter primarily due to impact of lower volumes and market
conditions which were partially offset by the impact of cost structure
improvements.

Cash Provided From Operating, Financing and Investing Activities

Cash provided by operations was $305 million in the first quarter of fiscal
2014 up $27 million compared to the prior year quarter, after pension funding
in excess of expense of $35 million. We reduced net debt (as defined) by $80
million in the December quarter to $2.73 billion and at December 31, 2013, our
Leverage Ratio (as defined) was 1.84 times. Total debt was $2.75 billion at
December 31, 2013. We invested $101 million in capital expenditures,
repurchased $53 million of shares, returned $26 million in dividends to our
shareholders and acquired NPG Holding, Inc., a specialty display company, for
$60 million.

Conference Call

We will host a conference call to discuss our results of operations for the
first quarter of fiscal 2014 and other topics that may be raised during the
discussion at 9:00 a.m., Eastern Time, on January 29, 2014. The conference
call will be webcast live with an accompanying slide presentation, along with
a copy of this press release, at www.rocktenn.com.

Investors who wish to participate in the webcast via teleconference should
dial 888-790-4710 (inside the U.S.) or 773-756-0961 (outside the U.S.) at
least 15 minutes prior to the start of the call and enter the passcode
ROCKTENN.Replays of the call will be available through February 12, 2014 and
can be accessed at 866-351-2785 (U.S. callers) and 203-369-0055 (outside the
U.S.).

About RockTenn

RockTenn (NYSE:RKT) is one of North America's leading integrated manufacturers
of corrugated and consumer packaging. RockTenn's 26,000 employees are
committed to exceeding their customers' expectations – every time. The Company
operates locations in the United States, Canada, Mexico, Chile and Argentina.
For more information, visit www.rocktenn.com.

Cautionary Statements

Statements in this release that do not relate strictly to historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on our
current expectations, beliefs, plans or forecasts and use words such as will,
estimate, anticipate, project, intend, or expect, or refer to future time
periods, and include statements made in this report regarding, among other
things our belief that we expect to continue to improve our business
performance and generate strong free cash flow during the remainder of fiscal
2014. These statements are subject to certain risks and uncertainties
including with respect to our expectations regarding economic, competitive and
market conditions generally; expected volumes and price levels of purchases by
customers; fiber and energy costs; costs associated with facility closures;
competitive conditions in our businesses and possible adverse actions of our
customers, our competitors and suppliers. These expectations are based on
assumptions that management believes are reasonable; however, undue reliance
should not be placed on these forward-looking statements because these risks
and uncertainties could cause actual results to differ materially from those
contained in any forward-looking statements. There are many other factors and
uncertainties that impact these forward-looking statements that we cannot
predict accurately, including our ability to achieve benefits from the
Smurfit-Stone acquisition, including synergies, performance improvements and
successful implementation of capital projects. Further, our business is
subject to a number of general risks that would affect any such
forward-looking statements including, among others, decreases in demand for
our products; increases in energy, raw materials, shipping and capital
equipment costs; reduced supply of raw materials; fluctuations in selling
prices and volumes; intense competition; the potential loss of certain key
customers; changes in environmental and other governmental regulation; and
adverse changes in general market and industry conditions. These risks are
more particularly described in our filings with the Securities and Exchange
Commission, including under the caption "Business―Forward-Looking Information"
and "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended
September 30, 2013. The information contained in this release speaks as of the
date hereof and we do not undertake any obligation to update this information
as future events unfold.

ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                                                

                                                   FOR THE THREE MONTHS ENDED
                                                   December 31,  December 31,
                                                   2013          2012
                                                                
                                                                
NET SALES                                           $2,362.6    $2,287.1
                                                                
Cost of Goods Sold                                 1,914.8      1,877.6
                                                                
                                                                
Gross Profit                                        447.8        409.5
Selling, General and Administrative Expenses       234.8        223.0
Restructuring and Other Costs, net                  17.6         16.1
                                                                
                                                                
Operating Profit                                    195.4        170.4
Interest Expense                                    (24.0)       (29.1)
Loss on Extinguishment of Debt                     --          (0.2)
Interest Income and Other Income (Expense), net     (0.8)        --
Equity in Income of Unconsolidated Entities         1.7          0.6
                                                                
                                                                
INCOME BEFORE INCOME TAXES                          172.3        141.7
                                                                
Income Tax Expense                                  (61.7)       (54.8)
                                                                
                                                                
CONSOLIDATED NET INCOME                             110.6        86.9
                                                                
                                                                
Less: Net Income Attributable to Noncontrolling     (0.9)        (0.9)
Interests
                                                                
                                                                
NET INCOME ATTRIBUTABLE TO ROCK-TENNCOMPANY        $109.7      $86.0
SHAREHOLDERS
                                                                
                                                                 
Computation of diluted earnings per share under the two-class     
method (in millions, except per share data):
                                                                
Net income attributable to Rock-Tenn Company        $109.7      $86.0
shareholders
Less:Distributed and undistributed income          (0.1)        --
available to participating securities
Distributed and undistributed income available to   $109.6      $86.0
Rock-Tenn Company shareholders
                                                                
Diluted weighted average shares outstanding         73.3         72.7
                                                                
Diluted earnings per share                          $1.50       $1.18


ROCK-TENN COMPANY
SEGMENT INFORMATION
(UNAUDITED)
(IN MILLIONS)

                                               FOR THE THREE MONTHS ENDED
                                               December 31,  December 31,
                                               2013          2012
                                                            
                                                            
NET SALES:                                                   
                                                            
Corrugated Packaging                            $1,651.9    $1,589.8
Consumer Packaging                              472.1        452.8
Merchandising Displays                          184.6        161.9
Recycling                                       99.6         126.8
Intersegment Eliminations                       (45.6)       (44.2)
                                                            
                                                            
TOTAL NET SALES                                 $2,362.6    $2,287.1
                                                            
                                                            
SEGMENT INCOME:                                              
                                                            
Corrugated Packaging                            $157.7      $137.6
Consumer Packaging                             57.6         54.9
Merchandising Displays                          19.3         11.8
Recycling                                       0.1          4.3
                                                            
                                                            
TOTAL SEGMENT INCOME                            $234.7      $208.6
                                                            
                                                            
Restructuring and Other Costs, net              (17.6)       (16.1)
Non-Allocated Expenses                          (20.0)       (21.5)
Interest Expense                                (24.0)       (29.1)
Loss on Extinguishment of Debt                 --          (0.2)
Interest Income and Other Income (Expense), net (0.8)        --
                                                            
                                                            
INCOME BEFORE INCOME TAXES                      $172.3      $141.7


ROCK-TENN COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN MILLIONS)

                                                   FOR THE THREE MONTHS ENDED
                                                   December 31,  December 31,
                                                   2013          2012
                                                                
CASH FLOWS FROM OPERATING ACTIVITIES:                            
Consolidated net income                             $110.6      $86.9
                                                                
Adjustments to reconcile consolidated net income to              
net cash provided by operating activities:
Depreciation and amortization                       143.2        138.1
Deferred income tax expense                         51.5         50.2
Loss on extinguishment of debt                     --          0.2
Share-based compensation expense                    9.5          6.8
(Gain) loss on disposal of plant and equipment and  (2.0)        0.7
other, net
Equity in income of unconsolidated entities         (1.7)        (0.6)
Pension and other postretirement funding more than  (35.2)       (12.8)
expense
Impairment adjustments and other non-cash items     4.1          2.7
Changes in operating assets and liabilities, net of              
acquisitions:
Accounts receivable                                 171.0        74.7
Inventories                                         4.2          (49.2)
Other assets                                        (12.6)       11.0
Accounts payable                                    (76.6)       (31.8)
Income taxes                                        (7.6)        (8.3)
Accrued liabilities and other                       (53.9)       8.9
                                                                
NET CASH PROVIDED BY OPERATING ACTIVITIES           304.5        277.5
                                                                
INVESTING ACTIVITIES:                                            
                                                                
Capital expenditures                                (100.6)      (92.0)
Cash paid for purchase of businesses, net of cash   (60.0)       --
acquired
Return of capital from unconsolidated entities      0.2          0.4
Proceeds from sale of property, plant and           3.3          2.6
equipment
Proceeds from property, plant and equipment         2.7          --
insurance settlement
                                                                
NET CASH USED FOR INVESTING ACTIVITIES             (154.4)      (89.0)
                                                                
FINANCING ACTIVITIES:                                            
                                                                
Additions to revolving credit facilities            20.0         31.8
Repayments of revolving credit facilities           (21.9)       (14.5)
Additions to debt                                   46.6         150.1
Repayments of debt                                  (131.6)      (326.9)
Debt issuance costs                                 --          (1.3)
Issuances of common stock, net of related minimum   (5.9)        (4.8)
tax withholdings
Purchases of common stock                           (53.0)       --
Excess tax benefits from share-based compensation   10.2         4.4
Repayments to unconsolidated entity                 (0.2)        --
Cash dividends paid to shareholders                 (25.8)       (32.1)
Cash distributions to noncontrolling interests      (0.1)        (1.3)
                                                                
NET CASH USED FOR BY FINANCING ACTIVITIES           (161.7)      (194.6)
                                                                
Effect of exchange rate changes on cash and cash    (0.2)        (0.1)
equivalents
                                                                
DECREASE IN CASH AND CASH EQUIVALENTS               (11.8)       (6.2)
                                                                
Cash and cash equivalents at beginning of period    36.4         37.2
                                                                
                                                                
Cash and cash equivalents at end of period          $24.6       $31.0
                                                                
                                                                
SUPPLEMENTAL DISCLOSURE OF CASHFLOW INFORMATION:                
Cash paid during the period for:                                 
Income taxes, net of refunds                        $7.4        $8.4
Interest, net of amounts capitalized                6.4          9.3


ROCK-TENN COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN MILLIONS)

                                                   December 31, September 30,
                                                   2013         2013
ASSETS
CURRENT ASSETS:                                                 
Cash and cash equivalents                           $24.6      $36.4
Restricted cash                                     9.2         9.3
Accounts receivable (net of allowances of $22.8 and 981.2       1,134.9
$26.8)
Inventories                                         925.3       937.9
Other current assets                                326.5       297.9
                                                               
TOTAL CURRENT ASSETS                                2,266.8     2,416.4
                                                               
Property, plant and equipment at cost:                          
Land and buildings                                  1,195.5     1,203.1
Machinery and equipment                             6,565.1     6,467.8
Transportation equipment                            14.5        13.8
Leasehold improvements                              24.7        24.7
                                                   7,799.8     7,709.4
Less accumulated depreciation and amortization      (2,256.8)   (2,154.7)
Net property, plant and equipment                   5,543.0     5,554.7
Goodwill                                            1,887.2     1,862.1
Intangibles, net                                    691.2       699.4
Other assets                                        203.2       200.8
                                                               
TOTAL ASSETS                                        $10,591.4  $10,733.4
LIABILITIES AND EQUITY
CURRENT LIABILITES:                                             
Current portion of debt                             $3.2       $2.9
Accounts payable                                    738.3       802.1
Accrued compensation and benefits                   183.2       249.0
Other current liabilities                           203.5       189.4
                                                               
TOTAL CURRENT LIABILITIES                           1,128.2     1,243.4
                                                               
Long-term debt due after one year                   2,750.3     2,841.9
Pension liabilities                                 932.5       975.2
Postretirement medical liabilities                  115.9       118.3
Deferred income taxes                               1,132.3     1,063.1
Other long-term liabilities                         166.9       165.4
Redeemable noncontrolling interests                 14.0        13.3
                                                               
Total Rock-Tenn Company shareholders' equity        4,350.8     4,312.3
Noncontrolling interests                            0.5         0.5
Total Equity                                        4,351.3     4,312.8
                                                               
TOTAL LIABILITIES AND EQUITY                        $10,591.4  $10,733.4

                                                                 
Rock-Tenn Company Quarterly                                       
Statistics
                                                                 
Key Financial Statistics                                          
(In Millions, Unless Otherwise                                    
Specified)
                                                                 
                                 1^st     2^nd     3^rd     4^th     Fiscal
                                  Quarter  Quarter  Quarter  Quarter  Year
                                                                 
Net Income Attributable to                                        
Rock-Tenn Company Shareholders
2012                              $76.7  $31.9  $58.2  $82.3  $249.1
2013                              86.0    324.7   140.1   176.5   727.3
2014                              109.7                           
                                                                 
Diluted Earnings per Share                                        
2012                              $1.06  $0.44  $0.81  $1.14  $3.45
2013                              1.18    4.45    1.91    2.40    9.95
2014                              1.50                            
                                                                 
Depreciation & Amortization                                       
2012                              $132.7 $132.6 $131.4 $137.6 $534.3
2013                              138.1   139.2   132.4   142.5   552.2
2014                              143.2                           
                                                                 
Capital Expenditures                                              
2012                              $81.6  $120.6 $146.1 $104.1 $452.4
2013                              92.0    102.0   113.1   133.3   440.4
2014                              100.6                           
                                                                 
Mill System Operating Rates                                       
2012                              96.4%    90.6%    92.4%    97.7%    94.3%
2013                              97.6%    96.1%    98.2%    97.1%    97.2%
2014                              90.4%                            


Rock-Tenn Company Quarterly Statistics
                                                                        
Segment Operating Statistics
(Sales and Income In Millions, Shipments in Thousands of Tons Unless Otherwise Specified)
                                                                        
            1^st            2^nd            3^rd            4^th            Fiscal
             Quarter          Quarter          Quarter          Quarter          Year
Corrugated
Packaging                                                                
Segment Net
Sales
2012         $1,522.2 ^    $1,504.7 ^    $1,545.3      $1,597.2 ^    $6,169.4
2013         1,589.8   ^    1,608.2   ^    1,719.3        1,744.4        6,661.7
2014         1,651.9                  ^                                  
                                     ^                                  
Corrugated
Packaging                                                                
Intersegment
Net Sales
2012         $32.3    ^    $30.4    ^    $29.4         $30.2    ^    $122.3
2013         28.6      ^    28.9      ^    27.2           30.9      ^    115.6
2014         29.7      ^              ^                             ^    
                      ^              ^                             ^    
Corrugated
Packaging                                                                
Segment
Income
2012         $109.7   ^(1) $75.3    ^(2) $73.5    ^(3) $112.7   ^(4) $371.2
2013         137.6     ^    107.6     ^    196.1     ^    237.5     ^    678.8
2014         157.7     ^              ^              ^              ^    
                      ^              ^              ^              ^    
Return On                                                                
Sales
2012         7.2%       ^(1) 5.0%       ^(2) 4.8%       ^(3) 7.1%       ^(4) 6.0%
2013         8.7%       ^    6.7%            11.4%           13.6%           10.2%
2014         9.5%       ^              ^              ^              ^    
                      ^              ^              ^              ^    
Corrugated
Packaging
Segment                                                                  
Shipments
^(5)
2012         1,858.8         1,839.2         1,901.3         1,982.0         7,581.3
2013         1,880.7         1,869.5         1,935.2         1,934.3         7,619.7
2014         1,813.9                                                      
                                                                        
Corrugated
Container                                                                
Shipments -
BSF ^(6)
2012         19.0           19.1           19.5           19.7           77.3
2013         19.2           18.9           19.7           19.3           77.1
2014         18.6                                                        
                                                                        
Corrugated
Container
Per Shipping                                                             
Day - MMSF
^(6)
2012         317.0          298.1          309.1          312.9          309.1
2013         313.9          305.2          308.5          306.0          308.4
2014         304.3                                                       

^(1) Excludes $0.4 million of inventory step-up expense.
^(2) Excludes $6.7 million of operating losses at the recently closed Matane,
Quebec containerboard mill.
^(3) Excludes $0.2 million of inventory step-up expense.
^(4) Excludes $0.2 million of inventory step-up expense.
^(5) Corrugated Packaging Segment Shipments is a tons equivalent which
includes external and intersegment shipments from our Corrugated mills and of
Corrugated Container Shipments converted from BSF to tons.
^(6) MMSF - millions of square feet and BSF - billons of square feet and is
included in the Corrugated Packaging Segment Shipments on a converted basis.

                                                              
Rock-Tenn Company                                              
Quarterly Statistics
                                                              
Segment Operating                                              
Statistics
(Sales and Income In Millions, Shipments in Thousands of Tons Unless Otherwise
Specified)
                                                              
                      1^st        2^nd       3^rd       4^th      Fiscal Year
                       Quarter     Quarter    Quarter    Quarter
Consumer Packaging                                             
Segment Net Sales
2012                   $464.9    $484.1   $473.9   $496.4  $1,919.3
2013                   452.8      468.3     482.1     495.5    1,898.7
2014                   472.1                                   
                                                              
Consumer Packaging                                             
Intersegment Net Sales
2012                   $6.9      $6.1     $5.3     $7.6    $25.9
2013                   5.1        5.4       5.2       9.4      25.1
2014                   5.7                                     
                                                              
Consumer Packaging                                             
Segment Income
2012                   $62.0     $64.5    $69.7    $81.0   $277.2
2013                   54.9       50.5      59.1      66.8     231.3
2014                   57.6                                    
                                                              
Return on Sales                                                
2012                   13.3%       13.3%      14.7%      16.3%     14.4%
2013                   12.1%       10.8%      12.3%      13.5%     12.2%
2014                   12.2%                                    
                                                              
Consumer Packaging                                             
Segment Shipments ^(1)
2012                   370.3       377.6      384.0      382.2     1,514.1
2013                   368.5       380.1      396.2      403.0     1,547.8
2014                   378.1                                    
                                                              
Consumer Packaging Converting                                   
Shipments - BSF ^(2)
2012                   5.0        5.2       5.1       5.2      20.5
2013                   4.9        5.2       5.3       5.3      20.7
2014                   5.0                                     
                                                              
Consumer Packaging Converting Per                               
Shipping Day - MMSF ^ (2)
2012                   83.5       81.0      80.6      83.1     82.0
2013                   81.0       83.9      82.3      84.3     82.9
2014                   82.0                                    

^(1) Consumer Packaging Segment Shipments is a tons equivalent which includes
external and intersegment shipments from our Consumer mills and Consumer
Packaging Converting Shipments converted from BSF to tons.Includes gypsum
paperboard liner tons by Seven Hills Paperboard LLC, our unconsolidated joint
venture with Lafarge North America, Inc.
^(2) MMSF - millions of square feet and BSF - billons of square feet and is
included in the Consumer Packaging Segment Shipments on a converted basis.


Rock-Tenn Company Quarterly Statistics
                                                               
Segment Operating Statistics
(Sales and Income In Millions, Shipments in Thousands of Tons Unless Otherwise
Specified)
                                                               
                       1^st       2^nd       3^rd       4^th       Fiscal
                        Quarter    Quarter    Quarter    Quarter    Year
Merchandising Displays                                          
Segment Net Sales
2012                    $159.1   $168.0   $158.5   $170.4   $656.0
2013                    161.9     162.1     166.4     184.2     674.6
2014                    184.6                                   
                                                               
Merchandising Displays                                          
Intersegment Net Sales
2012                    $3.7     $3.8     $3.7     $3.4     $14.6
2013                    4.2       3.9       4.2       4.8       17.1
2014                    4.4                                     
                                                               
Merchandising Displays                                          
Segment Income
2012                    $18.3    $20.0    $14.1    $17.9    $70.3
2013                    11.8      12.7      17.2      22.7      64.4
2014                    19.3                                    
                                                               
Return on Sales                                                 
2012                    11.5%      11.9%      8.9%       10.5%      10.7%
2013                    7.3%       7.8%       10.3%      12.3%      9.5%
2014                    10.5%                                    
                                                               
Recycling Segment Net                                           
Sales
2012                    $171.0   $172.3   $170.0   $137.2   $650.5
2013                    126.8     130.7     123.6     113.0     494.1
2014                    99.6                                    
                                                               
Recycling Intersegment                                          
Net Sales
2012                    $6.6     $5.9     $6.1     $6.2     $24.8
2013                    6.3       6.2       6.5       6.9       25.9
2014                    5.8                                     
                                                               
Recycling Segment                                               
Income
2012                    $3.5     $4.2     $2.2     $(2.8)   $7.1
2013                    4.3       3.5       2.0       4.6       14.4
2014                    0.1                                     
                                                               
Return on Sales                                                 
2012                    2.0%       2.4%       1.3%       (2.0)%     1.1%
2013                    3.4%       2.7%       1.6%       4.1%       2.9%
2014                    0.1%                                     
                                                               
Fiber Reclaimed and                                             
Brokered
2012                    2,064.5    1,996.9    2,039.7    2,014.5    8,115.6
2013                    1,945.0    1,802.5    1,819.2    1,826.6    7,393.3
2014                    1,562.5                                  

Non-GAAP Financial Measures and Reconciliations

We have included financial measures that are not prepared in accordance with
GAAP.Any analysis of non-GAAP financial measures should be used only in
conjunction with results presented in accordance with GAAP.Below, we define
the non-GAAP financial measures, provide a reconciliation of each non-GAAP
financial measure to the most directly comparable financial measure calculated
in accordance with GAAP, and discuss the reasons that we believe this
information is useful to management and may be useful to investors.These
measures may differ from similarly captioned measures of other companies in
our industry.The following non-GAAP measures are not intended to be
substitutes for GAAP financial measures and should not be used as such.

Net Debt

We have defined the non-GAAP measure "net debt" to include the aggregate debt
obligations reflected in our consolidated balance sheet, less the hedge
adjustments resulting from fair value interest rate derivatives or swaps, if
any, and the balance of our cash and cash equivalents.

Our management uses net debt, along with other factors, to evaluate our
financial condition. We believe that net debt is an appropriate supplemental
measure of financial condition because it provides a more complete
understanding of our financial condition before the impact of our decisions
regarding the appropriate use of cash and liquid investments. Set forth below
is a reconciliation of net debt to the most directly comparable GAAP measures,
Current Portion of Debt and Long-term Debt Due After One Year for the current
quarter and the prior quarter.

(In Millions)                       December 31, September 30,
                                   2013         2013
                                               
Current Portion of Debt            $3.2         $2.9
Long-Term Debt Due After One Year  2,750.3      2,841.9
TotalDebt                         2,753.5      2,844.8
Less:Cash and Cash Equivalents    (24.6)       (36.4)
Net Debt                           $2,728.9     $2,808.4

Segment EBITDA Margins

Our management uses "Segment EBITDA Margins", along with other factors, to
evaluate our segment performance against our peers.Management believes that
investors also use this measure to evaluate our performance relative to our
peers.

Set forth below is a reconciliation of Segment EBITDA margins to the most
directly comparable GAAP measures, Segment Income and Segment Net Sales for
the quarter ending December 31, 2013:

(In Millions,
except                                                           
percentages)
                                                                
             Corrugated Consumer  Merchandising Recycling Corporate Consolidated
              Packaging  Packaging Displays                 / Other
                                                                
Segment Net   $1,651.9   $472.1    $184.6        $99.6      $(45.6)   $2,362.6
Sales
                                                                
Segment       $157.7     $57.6     $19.3         $0.1                $234.7
Income
Depreciation
and           111.7      22.1      2.7           2.8        3.9       143.2
Amortization
EBITDA       $269.4     $79.7     $22.0         $2.9                
                                                                
Segment
EBITDA        16.3%      16.9%     11.9%         2.9%                
Margins

Credit Agreement EBITDA and Total Funded Debt

"Credit Agreement EBITDA" is calculated in accordance with the definition
contained in our Credit Facility. Credit Agreement EBITDA is generally defined
as Consolidated Net Income plus: consolidated interest expense, income taxes
of the consolidated companies determined in accordance with GAAP, depreciation
and amortization expense of the consolidated companies determined in
accordance with GAAP, loss on extinguishment of debt and financing fees,
certain non-cash and cash charges incurred, including certain restructuring
and other costs, acquisition and integration costs, charges and expenses
associated with the write-up of inventory acquired and other items.

"Total Funded Debt" is calculated in accordance with the definition contained
in our Credit Facility.Total Funded Debt is generally defined as aggregate
debt obligations reflected in our balance sheet, less the hedge adjustments
resulting from terminated and existing fair value interest rate derivatives or
swaps, if any, less certain cash, plus additional outstanding letters of
credit not already reflected in debt and certain guarantees.

Our management uses Credit Agreement EBITDA and Total Funded Debt to evaluate
compliance with our debt covenants and borrowing capacity available under our
Credit Facility.Management believes that investors also use these measures to
evaluate our compliance with our debt covenants and available borrowing
capacity.Borrowing capacity is dependent upon, in addition to other measures,
the "Credit Agreement Debt/EBITDA ratio" or the "Leverage Ratio," which is
defined as Total Funded Debt divided by Credit Agreement EBITDA.As of the
December 31, 2013 calculation, our Leverage Ratio was 1.84 times.Our maximum
permitted Leverage Ratio under the Credit Facility at December 31, 2013 was
3.50 times.

Set forth below is a reconciliation of Credit Agreement EBITDA for the twelve
months ended December 31, 2013, to the most directly comparable GAAP measure,
Consolidated Net Income:

(In Millions)                  Twelve Months
                              Ended
                              December 31, 2013
                              
Consolidated Net Income       $756.2
Interest Expense, net         91.3
Income Taxes                  (14.9)
Depreciation and Amortization 557.3
Additional Permitted Charges  134.8
Credit Agreement EBITDA       $1,524.7

Set forth below is a reconciliation of Total Funded Debt to the most directly
comparable GAAP measures, Current portion of debt and Long-term debt due after
one year:

(In Millions, except ratio)                                       December 31,
                                                                 2013
                                                                 
Current Portion of Debt                                          $3.2
Long-Term Debt Due After One Year                                2,750.3
TotalDebt                                                       2,753.5
Plus:Letters of Credit, Guarantees and Other Adjustments        55.9
Total Funded Debt                                                $2,809.4
                                                                 
Credit Agreement EBITDA for the Twelve Months Ended December 31,  $1,524.7
2013
                                                                 
Leverage Ratio                                                   1.84

Adjusted Net Income and Adjusted Earnings per Diluted Share

We also use the non-GAAP measures "adjusted net income" and "adjusted earnings
per diluted share."Management believes these non-GAAP financial measures
provide our board of directors, investors, potential investors, securities
analysts and others with useful information to evaluate the performance of the
Company because it excludes restructuring and other costs, net, and other
specific items that management believes are not indicative of the ongoing
operating results of the business.The Company and our board of directors use
this information to evaluate the Company's performance relative to other
periods.We believe that the most directly comparable GAAP measures to
adjusted net income and adjusted earnings per diluted share are Net income
attributable to Rock-Tenn Company shareholders and Earnings per Diluted Share,
respectively.Set forth at the beginning of this press release is a
reconciliation of adjusted earnings per diluted share to Earnings per diluted
share. Set forth below is a reconciliation of adjusted net income to Net
income attributable to Rock-Tenn Company shareholders:


                                                    Three Months Three Months
                                                    Ended       Ended
                                                    December 31, December 31,
(In Millions)                                        2013         2012
                                                                
Net income attributable to Rock-Tenn Company         $109.7       $86.0
shareholders
                                                                
Restructuring and other costs and operating losses   12.2         12.0
and transition costs due to plant closures
Loss on extinguishment of debt                       —            0.1
                                                                
Adjusted net income                                  $121.9       $98.1

CONTACT: RockTenn
         John Stakel, SVP-Treasurer, 678-291-7901