-----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, HTfSvzutIJyyLJtIkllqByu2kGrvSkcpV2pRbsbTyxGT2Y4sbwlBbB0+SoqEsVAa wRZcTlxHYSNynDrZf73zvw== 0001005477-97-001033.txt : 19970410 0001005477-97-001033.hdr.sgml : 19970410 ACCESSION NUMBER: 0001005477-97-001033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970409 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970409 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL PAPER CO /NEW/ CENTRAL INDEX KEY: 0000051434 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 130872805 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03157 FILM NUMBER: 97577451 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 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 April 9, 1997 ------------------------------------------------------- Date of Report (Date of Earliest Event Reported) INTERNATIONAL PAPER COMPANY ------------------------------------------------------- (Exact name of Registrant as specified in its charter) New York 1-3157 13-0872805 - -------------- ----------- ------------------------ (State of (Commission (IRS Employer Incorporation) File) Identification Number) Two Manhattanville Road, Purchase, NY 10577 ------------------------------------------- (Address of Principal executive offices) 914-397-1500 --------------- (Telephone No.) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ITEM 1. CHANGES IN CONTROL OF REGISTRANT N/A ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS N/A ITEM 3. BANKRUPTCY OR RECEIVERSHIP N/A ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT N/A ITEM 5. OTHER EVENTS The Company announced 1997 first-quarter preliminary and unaudited earnings of $34 million or $.11 a common share versus 1996 first-quarter earnings of $124 million or $.46 a common share. ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS N/A ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements: N/A (b) Pro Forma Financial Information: N/A (c) Exhibits Press release dated April 8, 1997 announcing preliminary and unaudited earnings for the 1997 first quarter. ITEM 8. CHANGES IN FISCAL YEAR N/A 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. INTERNATIONAL PAPER COMPANY (Registrant) Date: April 9, 1997 /S/ CAROL M. BERARDI Purchase, NY ----------------------------- Carol M. Berardi Assistant Secretary EX-99.1 2 NEWS RELEASE INTERNATIONAL PAPER [LOGO] News Release 2 MANHATTANVILLE ROAD PURCHASE, NY 10577 Media Contacts: Analyst Contacts: Phillip Giaramita Carol Tutundgy (914) 397-1665 (914) 397-1632 Molly Sullivan Maryanne Rupy (914) 397-1652 (914) 397-1626 Brian Turcotte (914) 397-1623 INTERNATIONAL PAPER REPORTS FIRST-QUARTER EARNINGS OF $34 MILLION OR $.11 A SHARE April 8, 1997 PURCHASE, N.Y. - International Paper reported first-quarter 1997 net earnings of $34 million, or $.11 a share, a decrease from last year's first-quarter earnings before special items of $124 million, or $.46 a share, and fourth-quarter 1996 earnings before special items of $100 million, or $.33 a share. Last year's first-quarter and fourth-quarter results including special items were $98 million, or $.36 a share, and a loss of $5 million, or $.02 a share, respectively. First-quarter 1997 net sales were $4.9 billion, compared to first-quarter 1996 sales of $4.8 billion. Fourth-quarter 1996 sales were $5.1 billion. "Although demand was generally strong, industry inventories remained high throughout the quarter. As a result, prices continued to decline, adversely affecting our earnings," said John T. Dillon, chairman and chief executive officer. "Given the industry's additional capacity, we've taken downtime to balance our production with demand, principally in uncoated papers, pulp and containerboard." "Moreover, we've brought our 1997 capital spending target down to $1.2 billion, below our expected level of depreciation, and we're not planning to add new capacity in our U.S. pulp and paper businesses." Dillon said. In 1997's first quarter, earnings for the printing papers segment decreased from the fourth quarter due to price declines for uncoated papers and pulp. However, demand for uncoated grades, particularly copy and printing papers, strengthened in recent weeks in the Unites States, and April and May price increases of $100 a ton were announced for uncoated grades. Earnings from the company's packaging business were down from the previous quarter, mainly because of price declines for containerboard and boxes. Prices and demand for bleached board remained stable throughout the quarter. Specialty products' earnings were slightly higher than last quarter and were significantly ahead of a year ago. Building products were strong; and chemical profits improved and were further strengthened as a result of last year's acquisition of Forchem in Finland. Earnings from the forest products business were down from the previous quarter, mainly due to depressed markets for siding and a lower contribution from New Zealand-based Carter Holt Harvey. However, demand for timber was solid, and prices tended upward. Housing starts, a reflection of the construction and repair markets, were strong throughout the quarter. "We are finally at the bottom of an extremely difficult business cycle," Dillon said, "I am optimistic that the second quarter will be stronger than the first. Current conditions, however, continue to demonstrate the need to focus on those business factors that we can control. At the top of our list are plans developed by each of our businesses on how they will improve the efficiency of their internal operations and how they will better serve customers." International Paper is a worldwide producer of printing papers, packaging and forest products. The company also operates specialty businesses and a broadly based paper distribution network. Headquartered in Purchase, N.Y., the company has 27 U.S. mills and operations in 31 countries, employs 87,000 people worldwide and exports its products to more than 130 nations. International Paper Company Summary of Consolidated Earnings Preliminary and Unaudited (In millions except for net sales and per share amounts)
Three Months Ended March 31 ----------------- 1997 1996 --------- --------- Net Sales (In billions) $ 4.9 $ 4.8 --------- --------- Earnings Before Interest, Income Taxes and Minority Interest 238 461 (a) Interest expense, net 130 125 --------- --------- Earnings Before Income Taxes and Minority Interest 108 336 (a) Provision for income taxes 40 163 (a) Minority interest expense, net of taxes 34 75 (a) --------- --------- Net Earnings $ 34 $ 98 (a) ========= ========= Earnings Per Common Share $ 0.11 $ 0.36 (a) ========= ========= Average Shares Outstanding 300.6 268.9 ========= =========
(a) Includes a $515 million pre-tax restructuring and asset impairment charge ($362 million in after taxes or $1.35 per share) and a $592 million pre-tax gain on the sale of a partnership interest ($336 million after taxes and minority interest expense of $1.25 per share). INTERNATIONAL PAPER SALES BY BUSINESS SEGMENT Preliminary and Unaudited (In Millions) Three Months Ended March 31, ------------------------ 1997 1996 ---------- ---------- Printing Papers $ 1,380 $ 1,355 Packaging 1,190 1,135 Distribution 1,120 1,185 Specialty Products 860 860 Forest Products 605 575 Less: Intersegment Sales (293) (312) ---------- ---------- $ 4,862 $ 4,798 =========== ========== -----END PRIVACY-ENHANCED MESSAGE-----