Georgia-Pacific Corp. recently reported first quarter 2004 net income of $147 million (57 cents diluted earnings per share), compared with a net loss of $30 million (12 cents diluted loss per share) for the first quarter 2003. First quarter 2004 net income was $163 million (63 cents diluted earnings per share) before previously reported pretax charges of $26 million ($16 million after tax, or 6 cents diluted loss per share) for losses on early extinguishment of debt. In addition, earnings in the first quarter 2004 included $36 million ($23 million after tax, or 9 cents diluted loss per share) of stock-based compensation expense primarily due to appreciation of Georgia-Pacific's common stock price. Also, with the announcements of the sale of its non-integrated pulp operations and building products distribution business, the company ceased depreciation of the related assets, resulting in lower depreciation expense for the first quarter 2004 of $9 million ($6 million after tax, or 2 cents diluted earnings per share).
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