-----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, TNC5EcWuZff15qcF/wrXaRRZO5K10SkbpUtDv7bzIrzm5YwKa1XRiqtTrLXp4O3e oeVKTHx0MdHh2tzTKqcrog== 0000731939-03-000004.txt : 20030326 0000731939-03-000004.hdr.sgml : 20030325 20030326102322 ACCESSION NUMBER: 0000731939-03-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030326 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLE INLAND INC CENTRAL INDEX KEY: 0000731939 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD MILLS [2631] IRS NUMBER: 751903917 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08634 FILM NUMBER: 03617148 BUSINESS ADDRESS: STREET 1: 1300 MOPAC EXPRESSWAY SOUTH CITY: AUSTIN STATE: TX ZIP: 78746 BUSINESS PHONE: 5124348000 MAIL ADDRESS: STREET 1: 1300 MOPAC EXPRESSWAY SOUTH CITY: AUSTIN STATE: TX ZIP: 78746 8-K 1 tin8k03262003.txt CURRENT REPORT ON FORM 8-K DATED MARCH 26, 2003 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 _________________ Date of Report: March 26, 2003 (Date of earliest event reported) TEMPLE-INLAND INC. (Exact Name of Registrant as Specified in its Charter) Delaware 001-08634 75-1903917 (State or Other (Commission (IRS Employer Jurisdiction File Number) Identification No.) of Incorporation) 1300 South MoPac Expressway, Austin, Texas 78746 (Address of Principal Executive Offices) (512) 434-5800 (Registrant's telephone number, including area code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) 2 Item 7. Exhibits. (c) Exhibits. 99.1 Press release issued by the Company on March 26, 2003, commenting on the Company's earnings for the quarter ending March 29, 2003. Item 9. Regulation FD Disclosure. On March 26, 2003, the Company issued a press release commenting on the Company's earnings for the quarter ending March 29, 2003. A copy of the press release is furnished as exhibit 99.1 of this report. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TEMPLE-INLAND INC. Date: March 26, 2003 By: /s/ M. Richard Warner ------------------------ Name: M. Richard Warner Title: Vice President and Chief Administrative Officer 3 EXHIBIT INDEX Exhibit Description Page - ------- ------------ ---- 99.1 Press release issued by the Company on March 4 26, 2003, commenting on the Company's earnings for the quarter ending March 29, 2003. EX-99 3 tinpr03262003.txt PRESS RELEASE DATED MARCH 26, 2003 [TEMPLE-INLAND LOGO] NEWS RELEASE FOR IMMEDIATE RELEASE CONTACT: Doyle R. Simons (512) 434-3737 TEMPLE-INLAND INC. COMMENTS ON FIRST QUARTER EARNINGS AUSTIN, TEXAS, March 26, 2003 -- Temple-Inland Inc. announced today that first quarter 2003 results will decline from fourth quarter 2002 levels due to continued economic weakness, higher energy costs, disruptions from severe winter weather, higher pension expenses, initial costs related to previously- announced plans to lower costs through consolidation and supply chain initiatives, and costs associated with recent box plant closures. Relative to the fourth quarter 2002, the company expects the corrugated packaging operation to be negatively affected by approximately $15 million in higher energy costs and $7 million in higher pension expenses. In addition, lower linerboard and box prices will reduce operating income by approximately $4 million in the quarter. Building products operations are expected to be negatively affected compared with fourth quarter 2002 by approximately $3 million in higher energy costs, $2 million in higher pension expenses, $2 million due to weather-related production disruptions and fiber availability, and essentially no high-value land sales in the quarter. In addition, weaker markets and lower prices for particleboard and medium density fiberboard (MDF) negatively affected earnings and resulted in the temporary shutdown of the Mt. Jewett particleboard and the Clarion MDF facilities in the quarter. Financial services earnings are expected to be negatively affected in the quarter by a $3 million decline in income from real estate operations and a $4 million decline in income from mortgage banking activities. The provision for loan loss is expected to be in line with first quarter 2002 levels, but up approximately $8 million compared with fourth quarter 2002. Related to cost reduction initiatives, Temple-Inland expects to incur a $5 million charge in the first quarter in connection with the closure of the Elizabethton, Tennessee, and Hattiesburg, Mississippi, box plants. These plants are being closed to consolidate converting capacity and thereby improve the efficiency of the box plant system. The anticipated annual reduction in costs from these closures is approximately $6 million. Customers will be serviced by other Temple-Inland box plants. In addition, the company will incur initial expenses of $2 million associated with the previously-announced consolidation and supply chain initiatives, which are expected to result in annual savings and cost reductions of $60 million. As a result of these increased costs, lower operating income and one-time charges, Temple-Inland expects a first quarter 2003 net loss of between $0.30 and $0.40 per diluted share. "During the quarter, weak economic conditions compounded by lingering uncertainties over the war with Iraq continued to impact our businesses. In addition, higher energy costs and extreme weather conditions that impacted fiber costs, operational performance and distribution of goods, have negatively affected earnings so far this year. However, inventories remain at targeted levels, and we are beginning to see a modest pick-up in box demand compared with the seasonally slow January and February time period. Our containerboard mill operations are improving, which will allow us to capitalize on improvement in demand," commented Kenneth M. Jastrow, II, chairman and chief executive officer of Temple-Inland Inc. "We remain focused on lowering costs and are pleased with initial progress to date on consolidation and supply chain initiatives," concluded Jastrow. Temple-Inland Inc. is a major manufacturer of corrugated packaging and building products, with a diversified financial services operation. The Company's 2.1 million acres of forestland are certified as managed in compliance with ISO 14001 and in accordance with the Sustainable Forestry Initiative (SFISM) program of the American Forest & Paper Association to ensure forest management is conducted in a scientifically sound and environmentally sensitive manner. Temple-Inland's common stock (TIN) is traded on the New York Stock Exchange and the Pacific Exchange. Temple-Inland's address on the World Wide Web is www.templeinland.com. This release contains forward-looking statements that involve risks and uncertainties. The actual results achieved by Temple-Inland may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Temple-Inland and its subsidiaries; competitive actions by other companies; changes in laws or regulations; the accuracy of certain judgments and estimates concerning the integration of Gaylord into the operations of the company; the accuracy of certain judgments and estimates concerning the company's consolidation and supply chain initiatives; and other factors, many of which are beyond the control of Temple-Inland and its subsidiaries. -----END PRIVACY-ENHANCED MESSAGE-----