-----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, NX7rHeONFyWc34c8Dyzb5fztUsMco34XZQZnsOAnXP2l8HWz6yPZxPFE37P5+tws ViCxc+L+kYspCetBKKWLpA== 0000889812-94-000111.txt : 19941116 0000889812-94-000111.hdr.sgml : 19941116 ACCESSION NUMBER: 0000889812-94-000111 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL PAPER CO /NEW/ CENTRAL INDEX KEY: 0000051434 STANDARD INDUSTRIAL CLASSIFICATION: 2631 IRS NUMBER: 130872805 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03157 FILM NUMBER: 94558985 BUSINESS ADDRESS: STREET 1: TWO MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9143971500 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL PAPER & POWER CORP DATE OF NAME CHANGE: 19710527 10-Q 1 QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 -------------------------------------- For Quarter Ended September 30, 1994 Commission File Number 1-3157 INTERNATIONAL PAPER COMPANY (Exact name of registrant as specified in its charter) New York 13 0872805 (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) Two Manhattanville Road, Purchase, NY 10577 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 914-397-1500 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date. Common stock outstanding on October 31, 1994: 125,060,432 shares. INTERNATIONAL PAPER COMPANY INDEX Page No. -------- PART I. Financial Information Item 1. Financial Statements Consolidated Statement of Earnings - Three Months and Nine Months Ended September 30, 1994 and 1993 4 Consolidated Balance Sheet - September 30, 1994 and December 31, 1993 5-6 Consolidated Statement of Cash Flows - Nine Months Ended September 30, 1994 and 1993 7 Notes to Consolidated Financial Statements 8-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10-11 Item 3. Other Financial Information 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Changes in Securities * Item 3. Defaults upon Senior Securities * Item 4. Submission of Matters to a Vote of Security Holders * 2 INTERNATIONAL PAPER COMPANY INDEX (cont'd) Page No. -------- Item 5. Other Information * Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15 * Omitted since no answer is called for, answer is in the negative or inapplicable. 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INTERNATIONAL PAPER COMPANY Consolidated Statement Of Earnings (Unaudited) (In millions, except per-share amounts)
Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------- 1994 1993 1994 1993 ------ ------ ------- ------- Net Sales $3,792 $3,405 $10,839 $10,273 ------ ------ ------- ------- Costs and Expenses Cost of products sold 2,815 2,543 8,092 7,705 Depreciation and amortization 231 223 684 671 Distribution expenses 176 157 505 476 Selling and administrative expenses 272 247 774 731 Taxes other than payroll and income taxes 39 37 117 117 ------ ------ ------- ------- Total Costs and Expenses 3,533 3,207 10,172 9,700 ------ ------ ------- ------- Earnings Before Interest and Income Taxes 259 198 667 573 Interest expense, net 92 79 255 231 ------ ------ ------- ------- Earnings Before Income Taxes 167 119 412 342 Provision for income taxes (includes $25 in 1993 related to the change in tax law) 58 71 144 153 ------ ------ ------- ------- Net Earnings $ 109 $ 48 $ 268 $ 189 ====== ====== ======= ======= Earnings per Common Share $ .87 $ .39 $ 2.15 $ 1.53 ====== ====== ======= ======= Average Shares of Common Stock Outstanding 124.8 123.4 124.6 123.1 ====== ====== ======= ======= Cash Dividends per Common Share $ .42 $ .42 $ 1.26 $ 1.26 ====== ====== ======= =======
The accompanying notes are an integral part of these financial statements. 4 INTERNATIONAL PAPER COMPANY Consolidated Balance Sheet (Unaudited) (In millions)
September 30, December 31, 1994 1993 ------------- ------------ Assets Current Assets Cash and temporary investments $ 196 $ 242 Accounts and notes receivable, net 2,194 1,856 Inventories 2,051 2,024 Other current assets 288 279 ------- ------- Total Current Assets 4,729 4,401 Plants, Properties and Equipment, Net 9,044 8,872 Forestlands 804 786 Investments 991 631 Goodwill 776 754 Deferred Charges and Other Assets 1,353 1,187 ------- ------- Total Assets $17,697 $16,631 ======= =======
The accompanying notes are an integral part of these financial statements. 5 INTERNATIONAL PAPER COMPANY Consolidated Balance Sheet (Unaudited) (In millions)
September 30, December 31, 1994 1993 ------------- ------------ Liabilities and Common Shareholders' Equity Current Liabilities Notes payable and current maturities of long-term debt $ 1,911 $ 2,089 Accounts payable and accrued liabilities 1,988 1,920 ------- ------- Total Current Liabilities 3,899 4,009 Long-Term Debt 4,507 3,601 Deferred Income Taxes 1,657 1,614 Minority Interest and Other Liabilities 1,195 1,182 Common Shareholders' Equity Common stock, $1 par value, issued 1994 - 127.4 shares, 1993 - 127.3 shares 127 127 Paid-in capital 1,769 1,704 Retained earnings 4,663 4,553 ------- ------- 6,559 6,384 Less: Common stock held in treasury, at cost; 1994 - 2.4 shares, 1993 - 3.4 shares 120 159 ------- ------- Total Common Shareholders' Equity 6,439 6,225 ------- ------- Total Liabilities and Common Shareholders' Equity $17,697 $16,631 ======= =======
The accompanying notes are an integral part of these financial statements. 6 INTERNATIONAL PAPER COMPANY Consolidated Statement of Cash Flows (Unaudited) (In millions)
Nine Months Ended September 30, ----------------- 1994 1993 ------- ----- Operating Activities Net earnings $ 268 $ 189 Noncash items Depreciation and amortization 684 671 Deferred income taxes 8 36 Other, net (20) (36) Changes in current assets and liabilities Accounts and notes receivable (325) (61) Inventories 6 (61) Other current assets (18) 4 Accounts payable and accrued liabilities 112 (222) ------- ----- Cash Provided by Operations 715 520 ------- ----- Investment Activities Invested in capital projects (746) (577) Mergers and acquisitions Plants, properties and equipment, net (4) Other assets and liabilities, net (4) (11) Investments in affiliated companies (299) (9) Other (45) (12) ------- ----- Cash Used for Investment Activities (1,094) (613) ------- ----- Financing Activities Issuance of common stock 62 49 Issuance of debt 1,741 617 Reduction of debt (1,077) (406) Change in bank overdrafts (41) (22) Dividends paid (158) (156) Other (199) 74 ------- ----- Cash Provided by Financing Activities 328 156 ------- ----- Effect of Exchange Rate Changes on Cash 5 (1) ------- ----- Change in Cash and Temporary Investments (46) 62 Cash and Temporary Investments Beginning of the period 242 225 ------- ----- End of the period $ 196 $ 287 ======= =====
The accompanying notes are an integral part of these financial statements. 7 INTERNATIONAL PAPER COMPANY Notes to Consolidated Financial Statements (Unaudited) 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of Management, include all adjustments (consisting only of normal recurring accruals) which are necessary for the fair presentation of results for the interim periods. It is suggested that these consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto incorporated by reference in the Company's Form 10-K for the year ended December 31, 1993, which has previously been filed with the Commission. 2. In March 1994, the Company acquired approximately one-half of Brierley Investments Limited's holdings in Carter Holt Harvey Limited, a major New Zealand forest products and paper company with substantial assets in Chile. The purchase increased the Company's ownership of Carter Holt Harvey Limited to 24 percent. In April 1993, the Company acquired certain assets of the Los Angeles - based Ingram Paper Company (Ingram). Ingram is a distributor of industrial and fine printing papers. In December, JB Papers, Inc., a paper distribution company located in Union, N.J., was purchased. Also in December, the assets of Monsanto Company's Kentucky-based Fome-Cor division, a manufacturer of polystyrene foam products, were acquired. All of the 1993 acquisitions were accounted for using the purchase method. The effects of these acquisitions, individually or in the aggregate, were not significant to the Company's financial statements. The consolidated balance sheet at September 30, 1994 includes preliminary purchase price allocations for JB Papers and Fome-Cor. The consolidated balance sheet at December 31, 1993 includes preliminary purchase price allocations for Ingram, JB Papers and Fome-Cor. Final allocations for JB Papers and Fome-Cor will be completed in 1994. 3. Inventories by major category include:
September 30, December 31, 1994 1993 ------------- ------------ (In millions) Raw materials $ 388 $ 380 Finished pulp, paper and packaging products 1,014 1,017 Finished imaging products 169 164 Finished lumber and panel products 75 79 Operating supplies 329 324 Other 76 60 ------ ------ Total $2,051 $2,024 ====== ======
8 4. Interest payments made during the nine months ended September 30, 1994 and 1993 were $279 million and $301 million, respectively, including payments of $115 million and $131 million for the 1994 and 1993 third quarters. Income tax payments made during the nine months of 1994 and 1993 were $77 million and $181 million, respectively. 5. Temporary investments with a maturity of three months or less are treated as cash equivalents and are stated at cost. Temporary investments totaled $82 million and $160 million at September 30, 1994 and December 31, 1993, respectively. 6. Certain amounts have been reclassified in the 1993 consolidated statement of cash flows to conform with the current year presentation for changes in bank overdrafts as financing activities. Changes in bank overdrafts were presented as operating activities prior to 1994. Bank overdrafts are included in accounts payable and accrued liabilities in the consolidated balance sheet. 7. The Company filed a shelf registration statement with the Securities and Exchange Commission to register $2.0 billion of debt and other securities in the second quarter of 1994. At November 11, 1994, $600 million of long-term notes have been issued under this shelf registration statement. The proceeds from these notes were used primarily for the retirement of short-term borrowings. 8. The 1993 tax provision includes a $25 million ($.20 per share) non-cash charge to revalue deferred tax balances to reflect the increase in the U.S. federal income tax rate. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS International Paper reported 1994 third-quarter net earnings of $109 million or $0.87 per share on net sales of $3.8 billion, a 47 percent increase over 1993 third-quarter net earnings of $73 million or $0.59 per share on net sales of $3.4 billion (a 123 percent increase, based on last year's reported earnings of $48 million or $0.39 per share after a special charge to revalue deferred taxes). Net earnings for the 1994 third quarter were 24 percent higher than the 1994 second-quarter net earnings of $87 million or $0.70 per share. Nine-month net earnings for 1994 were $268 million or $2.15 per share on net sales of $10.8 billion compared with $214 million or $1.73 per share ($189 million or $1.53 per share after a special charge to revalue deferred taxes) on net sales of $10.3 billion in 1993. Overall, the third quarter's results were the best since the second quarter of 1992. Business conditions are continuing to improve and even higher earnings are expected in the final quarter of this year. Essentially all product lines are experiencing greater demand and higher prices due to expanding economies in the United States, Europe and the Pacific Rim. As worldwide economies improve, demand for paper and packaging products is expected to grow faster than the industry's manufacturing capacity. While 1994 will be a year of substantial improvement, even more robust growth is expected in 1995. Printing Papers third-quarter 1994 net sales were $1.1 billion compared with $955 million in the 1993 third quarter. Nine-month net sales were $3.1 billion in 1994 and $3.0 billion in 1993. Sector operating results for the 1994 third-quarter were well ahead of the comparable 1993 period. Led by a very strong market for pulp and a sharp recovery in Europe, Printing Papers returned to profitability for the first time in two years. Packaging third-quarter 1994 net sales increased to $875 million from $775 million in the prior year and were $2.5 billion and $2.3 billion for the nine months of 1994 and 1993, respectively. Operating earnings for the packaging businesses also improved significantly over the prior year. Containerboard sales and earnings were up sharply from year-earlier levels due in part to strong linerboard and corrugated box demand. Consumer packaging earnings also increased, due to the improving outlook in the bleached board and liquid packaging businesses. Distribution net sales increased to $890 million in the third quarter of 1994, up from $810 million in the 1993 third quarter. Net sales for the nine-month period of 1994 were $2.5 billion compared with $2.3 billion in 1993. Operating profits were up slightly over the prior year due to improved business conditions. Contributions from Ingram Paper, acquired early in the second quarter of 1993, accounted for much of the 1994 nine-month sales increase. Specialty Products reported third-quarter 1994 net sales of $650 million compared with $610 million in the prior-year third quarter and nine-month net sales of $1.9 billion in 1994 and $1.8 billion in 1993. Operating profits for the third quarter were lower as strong performances by Masonite, decorative products, chemicals and specialty industrial papers were offset by declines in the nonwovens, imaging and petroleum businesses. 10 Forest Products net sales were $430 million and $415 million in the respective 1994 and 1993 third quarters and were $1.3 billion in each of the 1994 and 1993 nine-month periods. The forest products businesses maintained a high level of profitability. Operating profits for the 1994 third quarter were about even with the comparable prior-year period. An increase in total debt outstanding together with higher short-term interest rates resulted in a 16 percent increase in third-quarter net interest expense to $92 million in 1994 from $79 million in 1993. LIQUIDITY AND CAPITAL RESOURCES Operating cash flow totaled $715 million for the nine-month period, up from $520 million for the comparable 1993 period. Higher earnings together with lower working capital requirements led to the increase. Investments in capital projects totaled $746 million for the nine months, up from the $577 million for the 1993 nine months. Additionally, $299 million was spent to increase investments in affiliated companies. Dividend payments were $158 million, or $1.26 per common share. Debt issued during the nine-month period included medium-term notes, commercial paper and bank notes and $600 million of long-term notes that were used primarily to retire short-term borrowings. The Company anticipates that cash flow generated by operations, supplemented as necessary by short- or long-term borrowings, will be adequate to meet capital expenditures which are expected to exceed $1.1 billion for 1994. 11 ITEM 3. OTHER FINANCIAL INFORMATION Sales by Industry Segment and Production by Products (Unaudited) Sales by Industry Segment (In millions)
Three Months Ended Nine Months Ended September 30, September 30, ----------------- -------------------- 1994 1993 1994 1993 ------ ------ ------- ------- Printing Papers $1,135 $ 955 $ 3,125 $ 2,985 Packaging 875 775 2,455 2,320 Distribution 890 810 2,510 2,330 Specialty Products 650 610 1,915 1,845 Forest Products 430 415 1,300 1,255 Less: Intersegment Sales (188) (160) (466) (462) ------ ------ ------- ------- Net Sales $3,792 $3,405 $10,839 $10,273 ====== ====== ======= =======
Production by Products
Three Months Ended Nine Months Ended September 30, September 30, ------------------- --------------------- 1994 1993 1994 1993 -------- -------- -------- -------- Printing Papers (In thousands of tons) White Papers and Bristols 896 744 2,419 2,160 Coated Papers 261 252 767 741 Market Pulp (A) 385 411 1,210 1,205 Packaging (In thousands of tons) Containerboard 553 518 1,594 1,554 Bleached Packaging Board 255 239 782 746 Industrial Papers 206 144 549 419 Industrial and Consumer Packaging (B) 770 769 2,241 2,175 Forest Products (In millions) Panels (sq. ft. 3/8" basis) (C) 205 199 621 585 Lumber (board feet) 246 245 721 719
(A) This excludes market pulp purchases. (B) A significant portion of this tonnage was fabricated from paperboard and paper produced at the Company's own mills and included in the containerboard, bleached packaging board, and industrial papers amounts in this table. (C) Panels include plywood and oriented strand board. 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings As reported in the Annual Report on Form 10-K for the year ended December 31, 1993 (the "Annual Report"), the Town of Jay, Maine assessed a penalty of $394,000 against the Company's Androscoggin mill for violations of its air permit under the Town's Environmental Control and Improvement Ordinance attributable to excess emissions of particulate from one of the mill's lime kilns, as well as violations of certain reporting requirements. The Company appealed the Town's penalty assessment. On September 28, 1994, the Maine Superior Court vacated most of the penalty the Town had assessed, leaving $22,000 in place but providing the Town with the opportunity to reassess the penalty on four violations. The Town has appealed this decision to the Law Court, the State's highest court. The Company has also appealed the findings adverse to it. On September 29, 1994, Arizona Chemical Company ("Arizona"), a wholly-owned subsidiary of the Company, entered into a Consent Agreement and Order with the U.S. Environmental Protection Agency (the "EPA"), which resolved an enforcement action previously reported in the Annual Report, alleging violations of regulations governing the burning of hazardous waste fuel at an Arizona facility in Panama City, Florida. The settlement contained a civil penalty provision of $200,000. On September 26, 1994, the EPA issued a Complaint and Compliance Order alleging that an Arizona facility in Gulfport, Mississippi violated regulations governing the burning of hazardous waste fuel in an industrial boiler. The Complaint seeks a civil penalty of $712,350. The Company has filed its Answer to the Complaint and Compliance Order. As reported in the Annual Report on Form 10-K for the year ended December 31, 1993, on November 15, 1993, the Thilmany division of the Company and the EPA agreed on penalties for an alleged violation of the Clean Air Act at the Thilmany mill located in Kaukauna, Wisconsin. The settlement was approved by the Federal Court having jurisdiction of the action on August 3, 1994 and terminates this proceeding. 13 PART II. OTHER INFORMATION (cont'd) Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits (11) Statement of Computation of Per Share Earnings (12) Computation of Ratio of Earnings to Fixed Charges (27) Financial Data Schedule (b) Reports on Form 8-K. Reports on Form 8-K were filed on August 1, 1994, August 3, 1994, August 10, 1994, and October 17, 1994. 14 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. INTERNATIONAL PAPER COMPANY (Registrant) Date: November 11, 1994 By /s/ ROBERT C. BUTLER Robert C. Butler Senior Vice President and Chief Financial Officer Date: November 11, 1994 By /s/ ANDREW R. LESSIN Andrew R. Lessin Controller and Chief Accounting Officer 15 EXHIBIT INDEX Exhibit No. - ----------- 11 Statement of Computation of Per Share Earnings 12 Computation of Ratio of Earnings to Fixed Charges 27 Financial Data Schedule EX-11 2 STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (Exhibit 11) INTERNATIONAL PAPER COMPANY STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (Unaudited) (In millions, except per-share amounts)
Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 1994 1993 1994 1993 ----- ----- ----- ----- Net earnings $ 109 $ 48 $ 268 $ 189 Debenture interest savings, net of taxes, assuming conversion of convertible subordinated debentures 1 * 5 * ----- ----- ----- ----- Primary and fully diluted net earnings $ 110 $ 48 $ 273 $ 189 ===== ===== ===== ===== Earnings per common share $ .87 $ .39 $2.15 $1.53 ===== ===== ===== ===== Primary earnings per share $ .86 $ .39 $2.14 $1.53 ===== ===== ===== ===== Fully diluted earnings per share $ .86 $ .39 $2.13 $1.53 ===== ===== ===== ===== PRIMARY SHARES Average shares outstanding 124.8 123.4 124.6 123.1 Shares assumed to be repurchased using long-term incentive plan deferred compensation at average market price (.2) (.3) (.3) (.3) Shares assumed to be issued upon exercise of stock options, net of treasury buyback at average market price .6 .3 .5 .4 Shares assumed to be issued upon conversion of convertible subordinated debentures 2.9 * 2.9 * ----- ----- ----- ----- Primary shares 128.1 123.4 127.7 123.2 ===== ===== ===== ===== FULLY DILUTED SHARES Average shares outstanding 124.8 123.4 124.6 123.1 Shares assumed to be repurchased using long-term incentive plan deferred compensation at period-end market price (if higher than average market price) (.2) (.3) (.2) (.3) Shares assumed to be issued upon exercise of stock options, net of treasury buyback at period-end market price (if higher than average market price) .8 .3 .8 .4 Shares assumed to be issued upon conversion of convertible subordinated debentures 2.9 * 2.9 * ----- ----- ----- ----- Fully diluted shares 128.3 123.4 128.1 123.2 ===== ===== ===== =====
Note: The Company reports earnings per common share as the effect of dilutive securities is less than 3%. * Convertible subordinated debentures were antidilutive. EX-12 3 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Exhibit 12) INTERNATIONAL PAPER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) (Unaudited)
Nine Months Ended For the Years Ended December 31, September 30, TITLE 1989 1990 1991 1992 1993 1993 1994 - ---------------------------------- -------- -------- -------- ------ ------ ------ ------ A) Earnings before income taxes, extraordinary item and accounting changes $1,404.7 $ 945.9 $ 637.9 $206.1 $500.0 $342.3 $412.0 B) Add: Fixed charges excluding capitalized interest 250.4 336.2 380.3 325.3 365.3 270.9 298.4 C) Add: Amortization of previously capitalized interest 8.4 8.6 9.9 9.9 12.2 9.0 9.4 D) Less: Equity in undistributed earnings of affiliates (6.7) (9.4) (10.8) (19.1) (25.9) (21.7) (37.1) -------- -------- -------- ------ ------ ------ ------ E) Earnings before income taxes, extraordinary item, accounting changes and fixed charges $1,656.8 $1,281.3 $1,017.3 $522.2 $851.6 $600.5 $682.7 ======== ======== ======== ====== ====== ====== ====== Fixed Charges F) Interest and amortization of debt expense $ 228.7 $ 309.5 $ 351.1 $297.1 $334.5 $248.7 $268.9 G) Interest factor attributable to rentals 21.7 26.7 29.2 28.2 30.8 22.2 29.5 H) Capitalized interest 10.9 26.3 36.4 42.0 12.2 10.0 10.5 -------- -------- -------- ------ ------ ------ ------ I) Total fixed charges $ 261.3 $ 362.5 $ 416.7 $367.3 $377.5 $280.9 $308.9 ======== ======== ======== ====== ====== ====== ====== J) Ratio of earnings to fixed charges 6.34 3.53 2.44 1.42 2.26 2.14 2.21 ======== ======== ======== ====== ====== ====== ======
EX-27 4 FINANCIAL DATA SCHEDULE
5 (Unaudited) (In millions, except per-share amounts) 1,000,000 9-MOS DEC-31-1994 SEP-30-1994 196 0 2,293 (99) 2,051 4,729 15,968 (6,924) 17,697 3,899 4,507 0 0 127 6,312 17,697 10,839 10,839 8,092 10,172 0 0 255 412 144 268 0 0 0 268 2.14 2.13
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