-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, edhMdureUdhkLDlQYudrLxoYgpqldBOU7Hu6QM8IiUx/cjeP2ae6uqBpx4jqaaUg k4vYFcTY3fJ3vCGwgTJaOQ== 0000950172-94-000009.txt : 19940201 0000950172-94-000009.hdr.sgml : 19940201 ACCESSION NUMBER: 0000950172-94-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940118 ITEM INFORMATION: 5 FILED AS OF DATE: 19940131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHAMPION INTERNATIONAL CORP CENTRAL INDEX KEY: 0000019150 STANDARD INDUSTRIAL CLASSIFICATION: 2621 IRS NUMBER: 131427390 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-03053 FILM NUMBER: 94503879 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 January 18, 1994 ---------------------------------------------------------------------- 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 4 ITEM 5: OTHER EVENTS The Company reported a loss of 56 cents per share for the fourth quarter of 1993, compared to losses of 38 cents in the fourth quarter of 1992 and 65 cents in the third quarter of 1993. Excluding non-recurring items in each quarter, the Company incurred a 35 cent loss in the fourth quarter of 1993, compared to losses of 56 cents in the fourth quarter of 1992 and 40 cents in the third quarter of 1993. For the year, the loss per share of $1.98 compared to a loss of $5.05 in 1992. Excluding non- recurring items in each period, the Company incurred a loss of $1.44 per share in 1993, compared to a loss of $1.33 in 1992. The non-recurring items for 1993 included an eight cent charge as a result of the adoption in the fourth quarter, retroactive to January 1, 1993, of the new Financial Accounting Standards Board accounting standard for postemployment benefits. Despite significant improvements in the Company's operating performance and higher earnings in its wood products business, results for the year and the quarter ended December 31, 1993 were affected by continued weak prices for pulp and certain of its paper grades. The Company's paper segment reported a loss from operations for the year of $134 million compared with a loss of $7 million in 1992. The fourth quarter loss of $24 million compared with losses of $16 million a year ago and $22 million in the third quarter of 1993. The Company's wood products segment reported income from operations of $248 million for the year, up from $125 million in 1992. Fourth quarter income from operations of $57 million improved from $32 million in both the prior and year-ago quarters. The improved earnings were due primarily to significantly higher prices for lumber, plywood and timber. The Company's Consolidated Statement of Income for the Three Months and the Twelve Months Ended December 31, 1993 and December 31, 1992 and Consolidated Balance Page 2 of 4 Sheet as of December 31, 1993 and December 31, 1992 are attached hereto as Exhibits 99.1 and 99.2, respectively. EXHIBITS 99.1 Champion International Corporation and Subsidiaries Consolidated Statement of Income for the Three Months Ended December 31, 1993 and 1992 and the Twelve Months Ended December 31, 1993 and December 31, 1992 99.2 Champion International Corporation and Subsidiaries Consolidated Balance Sheet as of December 31, 1993 and December 31, 1992 Page 3 of 4 SIGNATURES 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: January 31, 1994 Page 4 of 4 EX-99 2 EXHIBIT 99.1 EXHIBIT 99.1 CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS, EXCEPT PER SHARE)
Three Months Ended Twelve Months Ended December 31, December 31, 1993 1992 1993 1992 (Unaudited) Net Sales Paper $ 992,663 $ 963,649 $ 3,817,579 $ 3,834,585 Wood Products 307,564 273,790 1,251,254 1,091,886 1,300,227 1,237,439 5,068,833 4,926,471 Income From Operations: Paper (24,143) (16,494) (133,774) (7,490) Wood Products 57,015 32,391 247,989 125,071 General Corporate Expense (13,676) (13,054) (47,823) (44,210) 19,196 2,843 66,392 73,371 Interest and debt expense 62,186 50,324 224,658 206,295 Other (income) expense - net (Note 1) (10,142) (9,333) 7,410 (142,516) Income (Loss) Before Income Taxes, Extraordinary Item and Cumulative Effect of Accounting Changes (32,848) (38,148) (165,676) 9,592 Income Taxes (Benefit) (Note 2) (2,284) (9,226) (31,222) (4,328) Income (Loss) Before Extraordinary Item and Cumulative Effect of Accounting Changes (30,564) (28,922) (134,454) 13,920 Extraordinary Item - Loss on Early Retirement of Debt, Net of Taxes (14,266) ---- (14,266) ---- Cumulative Effect of Accounting Changes, Net of Taxes (Note 3) ---- ---- (7,523) (454,314) Net Income (Loss) $ (44,830) $ (28,922) $ (156,243) $ (440,394) Earnings (Loss) Per Common Share: Income (Loss) Before Extraordinary Item and Cumulative Effect of Accounting Changes: Recurring $ (.35) $ (.56) $ (1.44) $ (1.33) Non-Recurring (.06) .18 (.31) 1.18 (.41) (.38) (1.75) (.15) Extraordinary Item - Loss on Early Retirement of Debt (.15) --- (.15) --- Cumulative Effect of Accounting Changes ---- --- (.08) (4.90) Net Income (Loss) $ (.56) $ (.38) $ (1.98) $ (5.05) ___________ Note 1: Other (income) expense - net for the three month and twelve month periods ended December 31, 1993 includes non-recurring pre-tax income of $10 million. The three month period ended December 31, 1992 includes non- recurring pre-tax income of $12 millon. The twelve month period ended December 31, 1992 includes $148 million in non-recurring pre-tax income, primarily from the sale of timberlands. Note 2: Income Taxes (Benefit) for the three month and twelve month periods ended December 31, 1993 includes a provision of $11 million and $34 million, respectively, to reflect one-time adjustments to the Company's deferred tax liability. Note 3: Cumulative Effect of Accounting Changes for the twelve month period ended December 31, 1993 reflects the after-tax effect of adopting, retroactive to January 1, 1993, a new accounting standard for postemployment benefits. The twelve month period ended December 31, 1992, reflects the after-tax effect of adopting a new accounting standard for postretirement benefits other than pensions and a new accounting standard for income taxes.
EX-99 3 EXHIBIT 99.2 EXHIBIT 99.2 CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (IN THOUSANDS OF DOLLARS) December 31, December 31, 1993 1992 ASSETS: Cash and temporary cash investments $ 62,850 $ 91,610 Receivables - net 494,426 469,846 Inventories 469,269 479,511 Prepaid expenses 22,818 24,622 Deferred income taxes 65,064 76,911 Total Current Assets 1,114,427 1,142,500 Timber and timberlands - net 1,838,550 2,011,567 Property, plant, and equipment - net 5,802,036 5,762,860 Other assets and deferred charges 387,756 464,505 Total Assets $ 9,142,769 $ 9,381,432 LIABILITIES AND SHAREHOLDERS' EQUITY: Current installments of long-term debt $ 88,052 $ 21,147 Accounts and notes payable and accrued liabilities 679,411 757,092 Income taxes 4,841 8,132 Total Current Liabilities 772,304 786,371 Long-term debt 3,316,165 3,290,875 Other liabilities 672,788 637,275 Deferred income taxes 1,077,234 1,159,244 Minority interest in subsidiaries 54,160 48,864 Preference stock, $92.50 cumulative series 300,000 300,000 Shareholders' Equity 2,950,118 3,158,803 Total Liabilities and Shareholders' Equity $ 9,142,769 $ 9,381,432 -----END PRIVACY-ENHANCED MESSAGE-----