-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, StuPuSvJOouovMijV2Ov3pbuza0Xvs7PEWnfBYr4SRTrBbY5AAGr5+5cSDcscnUr P+NbKKozTnNbh2Z7gIIhVw== 0000950130-95-002036.txt : 19951011 0000950130-95-002036.hdr.sgml : 19951011 ACCESSION NUMBER: 0000950130-95-002036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951009 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951010 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHAMPION INTERNATIONAL CORP CENTRAL INDEX KEY: 0000019150 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 131427390 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03053 FILM NUMBER: 95579321 BUSINESS ADDRESS: STREET 1: ONE CHAMPION PLAZA CITY: STAMFORD STATE: CT ZIP: 06921 BUSINESS PHONE: 2033587000 FORMER COMPANY: FORMER CONFORMED NAME: UNITED STATES PLYWOOD CHAMPION PAPERS IN DATE OF NAME CHANGE: 19720821 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 9, 1995 --------------- Date of Report (Date of earliest event reported) CHAMPION INTERNATIONAL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) NEW YORK ---------------------------------------------- (State or other jurisdiction of incorporation) 1-3053 13-1427390 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) One Champion Plaza, Stamford, Connecticut 06921 ------------------------------------------------------ (Address of principal executive offices) (Zip Code) (203) 358-7000 ---------------------------------------------------- (Registrant's telephone number, including area code) Page 1 of 3 pages Item 5. Other Events. On October 9, 1995, Champion International Corporation (the "Company") issued a press release announcing certain unaudited financial results of the Company for the three months and the nine months ended September 30, 1995. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. The following Exhibit is filed as part of this Report: Exhibit Number Description - -------------- ----------- 99 The Company's Consolidated Statement of Income for the three months and the nine months ended September 30, 1995 and September 30, 1994 and Consolidated Balance Sheet as of September 30, 1995 and December 31, 1994. Page 2 of 3 Pages SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Champion International Corporation By: /s/ Lawrence A. Fox --------------------------- LAWRENCE A. FOX VICE PRESIDENT AND SECRETARY Dated: October 9, 1995 Page 3 of 3 pages EX-99 2 CONSOL. STATEMENT OF INCOME CONSOL. BALANCE SHEET EXHIBIT 99 CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Unaudited) (in thousands, except per share)
Three Months Ended Nine Months Ended September 30, September 30, ------------------ ----------------- 1995 1994 1995 1994 ---- ---- ---- ---- Net Sales: Paper $1,603,439 $1,091,635 $4,491,293 $3,033,364 Wood Products 237,225 293,105 739,827 819,454 ---------- ---------- ---------- ---------- Total Net Sales $1,840,664 $1,384,740 $5,231,120 $3,852,818 ========== ========== ========== ========== Income From Operations: Paper $ 423,075 $ 35,945 $ 997,300 $ (42,444) Wood Products 34,397 60,827 110,808 181,496 General Corporate Expense (20,146) (15,749) (63,128) (37,048) ---------- ---------- ---------- ---------- 437,326 81,023 1,044,980 102,004 Interest and debt expense 57,711 60,173 172,239 175,601 Other (income) expense - net (Note 1) (4,035) (11,004) (35,288) (19,392) ---------- ---------- ---------- ---------- Income (Loss) Before Income Taxes 383,650 31,854 908,029 (54,205) Income Taxes (Benefit) 148,067 8,737 353,688 (15,238) ---------- ---------- ---------- ---------- Net Income (Loss) $ 235,583 $ 23,117 $ 554,341 $ (38,967) ========== ========== ========== ========== Earnings (Loss) Per Common Share: (Note 2) Primary $2.47 $.18 $5.74 $ (.64) ========== ========== ========== ========== Fully Diluted $2.44 $.18 $5.43 $ (.64) ========== ========== ========== ==========
Note 1: Other (income) expense - net for the nine months ended September 30, 1995 includes non-recurring gains of $89 million from the sales of certain operations in Canada and non-recurring charges of $68 million primarily for the writedown of certain U.S. paper and wood products assets. Note 2: Earnings per share was calculated for each three month and nine month period on a stand-alone basis. On June 22, 1995 the company purchased all 7,894,737 shares of Common Stock that were issued on that date upon conversion of the $92.50 Convertible Preference Stock, and on June 30, 1995 the company purchased an additional 2,000,000 shares of Common Stock. In addition, on June 27, 1995 the company called all $149,893,000 of its 6 1/2% Convertible Subordinated Debentures due April 15, 2011 for redemption on August 8, 1995. Virtually all of the Debentures were converted into an aggregate of 4,309,070 shares of common stock during the third quarter. As a result of all of these transactions, the sum of the earnings per share for the first, second and third quarters of 1995 does not equal the earnings per share for the first nine months of 1995. If the conversion of the 6 1/2% Convertible Subordinated Debentures had occurred on the first day of each 1995 period presented, primary earnings per share for the three months and nine months ended September 30, 1995 would have been $2.44 and $5.57, respectively. CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in thousands of dollars)
September 30, December 31, 1995 1994 (unaudited) ------------- ------------ ASSETS: Cash and temporary cash investments $ 343,108 $ 90,948 Receivables - net 697,387 562,085 Inventories 419,544 441,430 Prepaid expenses 32,236 23,286 Deferred income taxes 62,125 61,032 ---------- ---------- Total Current Assets 1,554,400 1,178,781 Timber and timberlands - net 1,955,612 1,846,823 Property, plant, and equipment - net 5,497,957 5,602,614 Other assets and deferred charges 375,611 335,410 ---------- ---------- Total Assets $9,383,580 $8,963,628 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Current installments of long-term debt $ 252,802 $ 308,922 Short-term bank borrowings 110,996 90,184 Accounts payable and accrued liabilities 677,727 592,033 Income taxes 120,617 43,273 ---------- ---------- Total Current Liabilities 1,162,142 1,034,412 Long-term debt 2,776,559 2,889,252 Other liabilities 683,270 670,761 Deferred income taxes 1,165,406 1,039,927 Minority interest in subsidiaries 100,774 68,531 Preference stock, $92.50 cumulative series --- 300,000 Shareholders' Equity 3,495,429 2,960,745 ---------- ---------- Total Liabilities and Shareholders' Equity $9,383,580 $8,963,628 ========== ==========
-----END PRIVACY-ENHANCED MESSAGE-----