-----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, LrRTpF+f30aLRB/CmXSEcgO4S+z45BlNTGsobDWxjhyHGsfww4qlg73LgKUQliCo HacUNYbzCZogzgoWGhCETg== 0001005477-99-005464.txt : 19991119 0001005477-99-005464.hdr.sgml : 19991119 ACCESSION NUMBER: 0001005477-99-005464 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991118 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: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-03157 FILM NUMBER: 99760646 BUSINESS ADDRESS: STREET 1: TWO MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9143971500 MAIL ADDRESS: STREET 1: TWO MANHATTANVILLE ROAD CITY: PURCHASE STATE: NY ZIP: 10577 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL PAPER & POWER CORP DATE OF NAME CHANGE: 19710527 10-Q/A 1 AMENDMENT TO 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM 10-Q/A Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended September 30, 1999 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, 1999: 414,078,621 shares. INTERNATIONAL PAPER COMPANY INDEX Page No. -------- PART I. Financial Information Item 3. Other Financial Information 27 (Revised) PART I. FINANCIAL INFORMATION ITEM 3. OTHER FINANCIAL INFORMATION Financial Information by Industry Segment (Unaudited) (In millions) Net Sales by Industry Segment
Three Months Ended Nine Months Ended September 30, September 30, ----------------------- ----------------------- 1999 1998 1999 1998 -------- -------- -------- -------- Printing and Communications Papers $ 1,500 $ 1,455 $ 4,380 $ 4,520 Industrial and Consumer Packaging 1,780 1,765 5,215 5,285 Distribution 1,740 1,685 5,115 4,475 Chemicals and Petroleum 370 370 1,080 1,110 Forest Products 825 725 2,425 2,155 Carter Holt Harvey 410 345 1,175 1,125 Corporate and Intersegment Sales (1) (374) (313) (1,111) (799) -------- -------- -------- -------- Net Sales $ 6,251 $ 6,032 $ 18,279 $ 17,871 ======== ======== ======== ========
Operating Profit by Industry Segment
Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 1999 1998 1999 1998 ------- ------- ------- ------- Printing and Communications Papers $ 84 $ 34 $ 114 $ 209 Industrial and Consumer Packaging 171 95 369 295 Distribution 25 23 76 60 Chemicals and Petroleum 38 34 85 95 Forest Products 199 154 548 415 Carter Holt Harvey (2) 12 (1) 20 14 ------- ------- ------- ------- Operating Profit 529 339 1,212 1,088 Interest expense, net (134) (147) (400) (461) Minority interest adjustment 21 3 42 45 Corporate items, net (1) (3) (96) (68) (245) (184) Restructuring and other charges (155) (113) (155) Merger integration costs (68) (225) Reversal of reserves no longer required 45 36 45 Oil and gas impairment charge (55) (55) Environmental remediation charge (10) (10) Gain on sale of business 20 20 Scitex restructuring and other charges 1 3 (4) ------- ------- ------- ------- Earnings (loss) before income taxes, minority interest and extraordinary item $ 242 $ (17) $ 300 $ 339 ======= ======= ======= =======
(1) Includes results from operations that were disposed of in 1998. (2) Includes equity earnings (in millions) of $14 and $2 for the 3 months ended September 30, 1999 and 1998, respectively, and $36 and $13 for the nine months ended September 30, 1999 and 1998, respectively. Half of these equity earnings amounts are in the Carter Holt Harvey segment and half are in the minority interest adjustment. (3) Includes goodwill amortization related to Federal Paper Board (in millions) of $10 for the three months ended September 30, 1999 and 1998 and $29 for the nine months ended September 30, 1999 and 1998. Production by Product
Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 1999 1998 1999 1998 ----- ----- ----- ----- Printing Papers (In thousands of tons) White Papers and Bristols (a) 1,276(e) 1,294 3,981(e) 3,931 Coated Papers 308 317 963 957 Market Pulp (b) 545 494 1,538 1,500 Newsprint 26 24 74 71 Packaging (In thousands of tons) Containerboard (a) 1,230 1,185 3,600 3,535 Bleached Packaging Board 561 538 1,676 1,610 Industrial Papers 227 212 677 657 Industrial and Consumer Packaging (c) 1,263 1,249 3,765 3,646 Specialty Products (In thousands of tons) Tissue 37 39 118 111 Forest Products (In millions) Panels (sq. ft. 3/8" - basis) (d) 518 464 1,497 1,347 Lumber (board feet) 715 695 2,213 2,050 MDF (sq. ft. 3/4" - basis) 53 75 167 233 Particleboard (sq. ft. 3/4" - basis) 51 51 148 146
(a) Certain reclassifications and adjustments have been made to current and prior year amounts. (b) This excludes market pulp purchases. (c) 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. (d) Panels include plywood and oriented strand board. (e) Amounts have been revised from the previously filed Form 10-Q for the third quarter ended September 30, 1999 filed on November 15, 1999. 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 18, 1999 By /s/ JOHN V. FARACI ------------------------------ John V. Faraci Senior Vice President and Chief Financial Officer Date: November 18, 1999 By /s/ ANDREW R. LESSIN ------------------------------ Andrew R. Lessin Vice President and Controller and Chief Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----