NOTE 19 – QUARTERLY FINANCIAL DATA (UNAUDITED)

As previously disclosed in its Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2013, the Company identified errors related to several prior periods. The impact of the errors in the prior years was not material to the Company in any of those years; however, the aggregate amount of the prior period errors of $9.6 million would have been material to the Company’s current year consolidated statement of operations. Consequently, the Company has corrected these errors for all prior periods presented by restating the consolidated financial statements and other financial information included herein.

The quarterly results of operations for 2013 and 2012 are shown below (Dollars in millions, except per share amounts):


2013	January 31		April 30		July 31		October 31
Net sales	$	1,008.6	$	1,088.9	$	1,129.7	$	1,126.2
Gross profit	$	186.7	$	202.6	$	217.3	$	226.0
Net income⁽¹⁾	$	24.9	$	42.3	$	48.8	$	33.0
Net income attributable to Greif, Inc.⁽¹⁾	$	23.6	$	40.2	$	46.7	$	36.8
Earnings per share
Basic:
Class A Common Stock	$	0.41	$	0.69	$	0.80	$	0.63
Class B Common Stock	$	0.60	$	1.03	$	1.20	$	0.94
Diluted:
Class A Common Stock	$	0.41	$	0.69	$	0.80	$	0.63
Class B Common Stock	$	0.60	$	1.03	$	1.20	$	0.94
Earnings per share were calculated using the following number of shares:
Basic:
Class A Common Stock		25,316,395		25,390,486		25,435,379		25,454,762
Class B Common Stock		22,119,966		22,119,966		22,119,966		22,119,966
Diluted:
Class A Common Stock		25,382,077		25,433,480		25,464,862		25,473,100
Class B Common Stock		22,119,966		22,119,966		22,119,966		22,119,966
Market price (Class A Common Stock):
High	$	47.93	$	54.28	$	56.38	$	58.27
Low	$	39.80	$	45.49	$	47.35	$	47.76
Close	$	46.98	$	48.17	$	55.32	$	53.49
Market price (Class B Common Stock):
High	$	51.73	$	57.44	$	58.54	$	60.00
Low	$	43.45	$	48.24	$	51.01	$	52.02
Close	$	50.34	$	51.79	$	57.17	$	56.85

⁽¹⁾

We recorded the following significant transactions during the fourth quarter of 2013: (i) restructuring charges of $3.4 million, (ii) gain on sale of timberland of $17.5 million and (iii) non-cash asset impairment charges of $28.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.


2012	January 31		April 30		July 31		October 31
Net sales	$	992.8	$	1,098.2	$	1,102.9	$	1,075.6
Gross profit	$	177.3	$	205.5	$	202.2	$	194.6
Net income⁽¹⁾	$	21.8	$	38.2	$	39.0	$	28.9
Net income attributable to Greif, Inc.⁽¹⁾	$	20.7	$	38.4	$	37.5	$	25.8
Earnings per share
Basic:
Class A Common Stock	$	0.36	$	0.66	$	0.64	$	0.44
Class B Common Stock	$	0.53	$	0.99	$	0.96	$	0.66
Diluted:
Class A Common Stock	$	0.36	$	0.66	$	0.64	$	0.44
Class B Common Stock	$	0.53	$	0.99	$	0.96	$	0.66
Earnings per share were calculated using the following number of shares:
Basic:
Class A Common Stock		25,052,868		25,149,691		25,177,924		25,270,259
Class B Common Stock		22,120,966		22,120,666		22,119,966		22,119,966
Diluted:
Class A Common Stock		25,193,827		25,288,352		25,271,088		25,351,713
Class B Common Stock		22,120,966		22,120,666		22,119,966		22,119,966
Market price (Class A Common Stock):
High	$	49.99	$	56.88	$	54.90	$	47.38
Low	$	41.74	$	48.02	$	38.78	$	39.98
Close	$	48.45	$	53.64	$	43.26	$	41.96
Market price (Class B Common Stock):
High	$	50.39	$	57.61	$	55.74	$	52.70
Low	$	42.43	$	49.50	$	42.15	$	45.20
Close	$	49.50	$	54.89	$	50.00	$	45.30

⁽¹⁾	We recorded the following significant transactions during the fourth quarter of 2012: (i) restructuring charges of $10.5 million and (ii) acquisition-related charges of $3.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.

Shares of the Company’s Class A Common Stock and Class B Common Stock are listed on the New York Stock Exchange where the symbols are GEF and GEF.B, respectively.

As of December 16, 2013, there were 438 stockholders of record of the Class A Common Stock and 108 stockholders of record of the Class B Common Stock.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Greif, Inc. and subsidiary companies:

We have audited the accompanying consolidated balance sheets of Greif, Inc. and subsidiary companies as of October 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended October 31, 2013. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Greif, Inc. and subsidiary companies at October 31, 2013 and 2012, and the consolidated results of their operations and their cash flows for each of the three years in the period ended October 31, 2013, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Greif, Inc. and subsidiary companies’ internal control over financial reporting as of October 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated December 23, 2013 expressed an adverse opinion thereon.