-----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, FBOiREfrrk+79IO743ieT/Y8JC4FHZ7VPlXmM73zzAUSMe5pXtRTHhBImbAL309m QJe59iQKK+fSlFfzxMvz/g== 0000731939-95-000002.txt : 19950612 0000731939-95-000002.hdr.sgml : 19950612 ACCESSION NUMBER: 0000731939-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950401 FILED AS OF DATE: 19950515 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLE INLAND INC CENTRAL INDEX KEY: 0000731939 STANDARD INDUSTRIAL CLASSIFICATION: 2631 IRS NUMBER: 751903917 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08634 FILM NUMBER: 95539257 BUSINESS ADDRESS: STREET 1: 303 S TEMPLE DR STREET 2: PO DRAWER N CITY: DIBOLL STATE: TX ZIP: 75941 BUSINESS PHONE: 4098292211 MAIL ADDRESS: STREET 1: 303 SOUTH TEMPLE DIRVE CITY: DIBOLL STATE: TX ZIP: 75941 10-Q 1 FORM 10-Q FOR FIRST QUARTER 1995 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark One) [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended April 1, 1995 OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Transition Period From ___________________________ to ____________________________ Commission File Number 1-8634 Temple-Inland Inc. (Exact name of registrant as specified in its charter) Delaware 75-1903917 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 303 South Temple Drive, Diboll, Texas 75941 (Address of principal executive offices) (Zip Code) (409) 829-2211 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report.) Indicate 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 the 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: Number of common shares outstanding Class as of April 1, 1995 Common Stock (par value $1.00 per share) 56,086,639 The Exhibit Index appears on page 19 of this report. -1- 2 PART I. FINANCIAL INFORMATION FINANCIAL STATEMENTS Summarized Statements of Income Parent Company (Temple-Inland Inc.) Unaudited First Quarter 1995 1994 (in millions) Revenues Net sales $ 660.8 $ 541.8 Financial services earnings 14.2 17.0 675.0 558.8 Costs and Expenses Cost of sales 510.1 462.0 Selling and administrative 59.6 47.4 569.7 509.4 Operating Income 105.3 49.4 Interest - net (16.4) (15.9) Other .8 .2 Income Before Taxes 89.7 33.7 Taxes on income 31.4 10.8 Net Income $ 58.3 $ 22.9 See notes to consolidated financial statements. -2- 3 Summarized Balance Sheets Parent Company (Temple-Inland Inc.) Unaudited April 1, December 31, 1995 1994 (in millions) ASSETS Current Assets Cash $ 9.7 $ 13.0 Receivables, less allowances of $8.4 million in 1995 and $8.4 million in 1994 285.4 244.0 Inventories: Work in process and finished goods 92.9 84.4 Raw materials 203.5 183.8 296.4 268.2 Prepaid expenses 11.5 15.4 Total current assets 603.0 540.6 Investment in Financial Services 565.4 554.8 Property and Equipment Buildings 392.2 392.0 Machinery and equipment 2,850.4 2,843.8 Less allowances for depreciation and amortization (1,621.8) (1,593.2) 1,620.8 1,642.6 Construction in progress 558.0 516.1 2,178.8 2,158.7 Timber and timberlands--less depletion 435.6 431.2 Land 30.5 31.1 Total property and equipment 2,644.9 2,621.0 Other Assets 159.0 147.2 Total Assets $ 3,972.3 $ 3,863.6 See notes to consolidated financial statements. -3- 4 Summarized Balance Sheets - Continued Parent Company (Temple-Inland Inc.) Unaudited April 1, December 31, 1995 1994 (in millions) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 297.7 $ 316.3 Federal income taxes payable 14.3 - Employee compensation and benefits 19.3 25.0 Short-term borrowings 47.2 38.4 Current portion of long-term debt 108.9 14.1 Total current liabilities 487.4 393.8 Long-Term Debt 1,273.4 1,315.8 Deferred Income Taxes 240.0 229.2 Postretirement Benefits 127.1 125.5 Other Liabilities 16.7 16.6 Shareholders' Equity 1,827.7 1,782.7 Total Liabilities and Shareholders' Equity $ 3,972.3 $ 3,863.6 See notes to consolidated financial statements. -4- 5 Summarized Statements of Cash Flows Parent Company (Temple-Inland Inc.) Unaudited First Quarter 1995 1994 (in millions) Cash Provided by (Used for) Operations Net income $ 58.3 $ 22.9 Adjustments to reconcile net income to net cash: Depreciation and depletion 51.8 48.9 Deferred taxes 10.8 2.3 Unremitted earnings of affiliates (8.5) (12.2) Receivables (41.5) (25.1) Inventories (28.2) (5.3) Prepaid expenses 3.9 .3 Accounts payable and accrued expenses (10.0) (69.8) Other (11.4) (10.4) 25.2 (48.4) Cash Provided by (Used for) Investments Capital expenditures (79.6) (135.5) Sale of property and equipment, net 4.5 1.6 Acquisitions, net - (3.3) (75.1) (137.2) Cash Provided by (Used for) Financing Change in debt 61.2 196.0 Issuance of common stock for stock plans .4 5.5 Purchase of stock for treasury (.2) (1.5) Cash dividends paid to shareholders (15.1) (13.9) 46.3 186.1 Effect of exchange rate changes on cash and cash equivalents .3 - Net (decrease) in cash and cash equivalents (3.3) .5 Cash and cash equivalents at beginning of period 13.0 8.6 Cash and cash equivalents at end of period $ 9.7 $ 9.1 See notes to consolidated financial statements. -5- 6 Summarized Statements of Income Temple-Inland Financial Services Unaudited First Quarter 1995 1994 (in millions) Interest income Mortgage-backed and investment securities $ 50.6 $ 48.7 Loans receivable and mortgage loans held for sale 80.8 55.4 Assisted assets 6.1 8.6 Other earning assets 5.5 14.8 Total interest income 143.0 127.5 Interest expense Deposits 73.9 59.3 Borrowed funds 29.1 25.6 Total interest expense 103.0 84.9 Net interest income 40.0 42.6 Provision for loan losses 5.3 .9 Net interest income after provision for loan losses 34.7 41.7 Noninterest income Loan servicing fees 9.8 7.8 Loan origination and marketing 1.2 7.9 Other 19.9 21.3 30.9 37.0 Noninterest expense Compensation and benefits 22.1 30.5 Other 29.3 31.2 Total noninterest expense 51.4 61.7 Income before taxes 14.2 17.0 Taxes on income 5.7 4.8 Net Income $ 8.5 $ 12.2 See notes to consolidated financial statements. -6- 7 Summarized Balance Sheets Temple-Inland Financial Services Unaudited March 31, December 31, 1995 1994 (in millions) ASSETS Cash and cash equivalents $ 404.2 $ 301.8 Mortgage loans held for sale 68.0 130.4 Loans receivable 4,253.6 3,674.8 Mortgage-backed and investment securities 3,716.5 3,964.2 Covered assets 366.5 418.1 Other assets 541.8 518.4 TOTAL ASSETS $ 9,350.6 $ 9,007.7 LIABILITIES Deposits $ 6,574.3 $ 6,598.3 Securities sold under repurchase agreements 1,641.9 1,365.2 Advances from Federal Home Loan Bank 154.6 154.5 Other borrowings 89.8 81.7 Other liabilities 335.5 265.1 TOTAL LIABILITIES 8,796.1 8,464.8 SHAREHOLDER'S EQUITY 554.5 542.9 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,350.6 $ 9,007.7 See notes to consolidated financial statements. -7- 8 Summarized Statements of Cash Flows Temple-Inland Financial Services Unaudited First Quarter 1995 1994 (in millions) Cash Provided by (Used for) Operations Net income $ 8.5 $ 12.2 Adjustments to reconcile net income to net cash: Amortization, accretion and depreciation 5.7 4.3 Provision for loan losses 5.3 1.0 Receivable from FDIC 5.2 24.8 Mortgage loans held for sale 62.3 167.9 Gain on sales of mortgage-backed and Investment securities available-for-sale (2.1) (.4) Other 18.8 (34.8) 103.7 175.0 Cash Provided by (Used for) Investments Purchases of mortgage-backed and investment securities held-to-maturity - (135.6) Purchases of mortgage-backed and investment securities available-for-sale (53.7) - Maturities of mortgage-backed and investment securities held-to-maturity 99.0 250.7 Maturities of mortgage-backed and investment securities available-for-sale 11.0 - Proceeds from sales of loans and mortgage- backed and investment securities available- for-sale 192.6 .5 Loans originated net of principal collected (585.7) 139.8 Reduction in covered assets 51.3 29.8 Other (11.9) 1.7 (297.4) 286.9 Cash Provided by (Used for) Financing Net decrease in deposits (22.6) (58.2) Net increase in securities sold under repurchase agreements and short-term borrowings 277.2 91.4 Change in debt 7.5 (9.8) Other 34.0 37.2 296.1 60.6 Net increase in cash and cash equivalents 102.4 522.5 Cash and cash equivalents at beginning of period 301.8 156.3 Cash and cash equivalents at end of period $ 404.2 $ 678.8 See notes to consolidated financial statements. -8- 9 Consolidated Statements of Income Temple-Inland Inc. and Subsidiaries Unaudited First Quarter 1995 1994 (in millions) Revenues Manufacturing net sales $ 660.8 $ 541.8 Financial services revenues 173.9 164.5 834.7 706.3 Costs and Expenses Manufacturing costs and expenses 569.7 509.4 Financial services expenses 159.7 147.5 729.4 656.9 Operating Income 105.3 49.4 Parent company interest - net (16.4) (15.9) Other .8 .2 Income Before Taxes 89.7 33.7 Taxes on income 31.4 10.8 Net Income $ 58.3 $ 22.9 Earnings per share $ 1.04 $ .41 Dividends Paid Per Share of Common Stock $ .27 $ .25 Weighted Average Shares Outstanding 56.1 55.8 See notes to consolidated financial statements. -9- 10 Consolidated Balance Sheets Temple-Inland Inc. and Subsidiaries April 1, 1995 Unaudited Parent Financial Company Services Consolidated (in millions) ASSETS Cash and cash equivalents $ 9.7 $ 404.2 $ 413.9 Mortgage loans held for sale - 68.0 68.0 Loans receivable - 4,253.6 4,253.6 Investments - 3,716.5 3,716.5 Covered assets - 366.5 366.5 Trade and other receivables 285.4 - 285.4 Inventories 296.4 - 296.4 Property & equipment 2,644.9 55.5 2,700.4 Other assets 170.5 486.3 599.5 Investment in affiliates 565.4 - - TOTAL ASSETS $ 3,972.3 $ 9,350.6 $12,700.2 LIABILITIES Deposits $ - $ 6,574.3 $ 6,574.3 Securities sold under repurchase agreements and Federal Home Loan Bank advances - 1,796.5 1,796.5 Other liabilities 504.1 335.5 833.0 Long-term debt 1,273.4 89.8 1,363.2 Deferred income taxes 240.0 - 178.4 Postretirement benefits 127.1 - 127.1 TOTAL LIABILITIES $ 2,144.6 $ 8,796.1 10,872.5 SHAREHOLDERS' EQUITY Preferred stock - par value $1 per share: authorized 25,000,000 shares; none issued - Common stock - par value $1 per share: authorized 200,000,000 shares; issued 61,389,552 shares including shares held in the treasury 61.4 Additional paid-in capital 304.0 Translation and other adjustments (9.6) Retained earnings 1,599.8 1,955.6 Cost of shares held in the treasury: 5,302,913 shares (127.9) TOTAL SHAREHOLDERS' EQUITY 1,827.7 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $12,700.2 See the notes to the consolidated financial statements. -10- 11 Consolidated Balance Sheets Temple-Inland Inc. and Subsidiaries December 31, 1994 Unaudited Parent Financial Company Services Consolidated (in millions) ASSETS Cash and cash equivalents $ 13.0 $ 301.8 $ 314.8 Mortgage loans held for sale - 130.4 130.4 Loans receivable - 3,674.8 3,674.8 Investments - 3,964.2 3,964.2 Covered assets - 418.1 418.1 Trade and other receivables 244.0 - 244.0 Inventories 268.2 - 268.2 Property & equipment 2,621.0 49.7 2,670.7 Other assets 162.6 468.7 565.5 Investment in affiliates 554.8 - - TOTAL ASSETS $ 3,863.6 $ 9,007.7 $12,250.7 LIABILITIES Deposits $ - $ 6,598.3 $ 6,598.3 Securities sold under repurchase agreements and Federal Home Loan Bank advances - 1,519.7 1,519.7 Other liabilities 410.4 265.1 663.5 Long-term debt 1,315.8 81.7 1,397.5 Deferred income taxes 229.2 - 163.5 Postretirement benefits 125.5 - 125.5 TOTAL LIABILITIES $ 2,080.9 $ 8,464.8 10,468.0 SHAREHOLDERS' EQUITY Preferred stock - par value $1 per share: authorized 25,000,000 shares; none issued - Common stock - par value $1 per share: authorized 200,000,000 shares; issued 61,389,552 shares including shares held in the treasury 61.4 Additional paid-in capital 304.3 Translation and other adjustments (10.6) Retained earnings 1,556.6 1,911.7 Cost of shares held in the treasury: 5,370,976 shares (129.0) TOTAL SHAREHOLDERS' EQUITY 1,782.7 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $12,250.7 See the notes to the consolidated financial statements. -11- 12 Consolidated Statements of Cash Flows Temple-Inland Inc. and Subsidiaries Unaudited First Quarter 1995 1994 (in millions) Cash Provided by (Used for) Operations Net income $ 58.3 $ 22.9 Adjustments to reconcile net income to net cash: Depreciation and depletion 53.8 50.8 Amortization and accretion 3.8 2.4 Deferred taxes 16.5 7.1 Receivable from FDIC 5.2 24.8 Trade and other receivables (41.5) (25.1) Inventories (28.2) (5.3) Mortgage loans held for sale 62.3 167.9 Other (1.2) (118.9) 129.0 126.6 Cash Provided by (Used for) Investments Capital expenditures (88.0) (139.7) Proceeds from sale of property and equipment 5.5 1.6 Purchases of mortgage-backed and investment securities held-to-maturity - (135.6) Purchases of mortgage-backed and investment securities available-for-sale (53.7) - Maturities of mortgage-backed and investment securities held-to-maturity 99.0 250.7 Maturities of mortgage-backed and investment securities available-for-sale 11.0 - Proceeds from sales of mortgage-backed and investment securities available-for-sale 192.6 .5 Loans originated net of principal collected (585.7) 139.8 Reduction in covered assets 51.3 29.8 Manufacturing acquisitions, net - (3.3) Other (4.5) 5.9 (372.5) 149.7 Cash Provided by (Used for) Financing Additions to debt 83.2 196.6 Payments of debt (14.5) (10.4) Net increase in short-term borrowings and repurchase agreements 277.2 91.4 Cash dividends paid to shareholders (15.1) (13.9) Net decrease in deposits (22.6) (58.2) Other 34.1 41.2 342.3 246.7 Effect of exchange rate changes on cash and cash equivalents .3 - Net increase (decrease) in cash and cash equivalents 99.1 523.0 Cash and cash equivalents at beginning of period 314.8 164.9 Cash and cash equivalents at end of period $ 413.9 $ 687.9 See notes to consolidated financial statements. -12- 13 TEMPLE-INLAND INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE A - BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, because certain assets and liabilities are in separate corporate entities, the consolidated assets are not available to satisfy all consolidated liabilities. In the opinion of management, all adjustments (consisting only of normal accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes included in, or incorporated into, Temple-Inland Inc.'s (the "Company") Annual Report on Form 10-K for the fiscal year ended December 31, 1994. The consolidated financial statements include the accounts of Temple-Inland Inc. and all subsidiaries in which the Company has more than a 50 percent equity ownership. All material intercompany amounts and transactions have been eliminated. Included as an integral part of the consolidated financial statements are separate summarized financial statements for the Company's primary business groups. The Parent Company (Temple-Inland Inc.) summarized financial statements include the accounts of Temple-Inland Inc. and its manufacturing subsidiaries with the Financial Services subsidiaries and the 20 percent to 50 percent owned companies being reflected in the financial statements on the equity basis. The Temple-Inland Financial Services Group summarized financial statements include savings bank, mortgage banking and real estate development activities and insurance operations. NOTE B - CONTINGENCIES There are pending against the Company and its subsidiaries lawsuits and claims arising in the regular course of business. In the opinion of management, recoveries, if any, by plaintiffs or claimants that may result from the foregoing litigation and claims will not be material in relation to the consolidated financial position of the Company and its subsidiaries. -13- 14 MANAGEMENT'S DISCUSSION AND ANALYSIS Results of Operations Results of operations, including information regarding the Company's principal business segments, are shown below: First Quarter 1995 1994 (in millions) Revenues Corrugated container $ 433.4 $ 326.9 Bleached paperboard 94.7 69.7 Building products 132.7 139.6 Other activities - 5.6 Manufacturing net sales 660.8 541.8 Financial services 173.9 164.5 Total revenues $ 834.7 $ 706.3 Income Corrugated container $ 64.8 $ 9.1 Bleached paperboard 7.5 (10.2) Building products 23.7 36.2 Other activities - .4 Operating profit 96.0 35.5 Financial services 14.2 17.0 110.2 52.5 Corporate expenses (4.9) (3.1) Parent company interest - net (16.4) (15.9) Other - net .8 .2 Income before taxes 89.7 33.7 Taxes on income 31.4 10.8 Net income $ 58.3 $ 22.9 -14- 15 First Quarter 1995 vs. First Quarter 1994 First quarter earnings of $58.3 million, or $1.04 per share represent an increase of 153 percent over the $22.9 million, or $.41 per share earned in the first quarter of 1994. Revenues increased to $835 million, from $706 million in the comparable 1994 quarter. The corrugated container group earned $64.8 million, a more than seven-fold increase from the $9.1 million earned in the first quarter of 1994. Demand for corrugated boxes and containerboard remains strong, and box shipments for the Company outpaced the 1994 quarter. Selling prices for containerboard and boxes continued to improve in the first quarter and further improvements are expected in the second quarter. Prices for old corrugated container ( OCC ), the principal raw material used in the Company s recycle operation, were substantially higher in this quarter compared with the first quarter in 1994. The bleached paperboard group returned to profitability in the first quarter, earning $7.5 million compared with a $10.2 million loss in the first quarter of 1994. These earnings reflect the continuing recovery of bleached paperboard markets in demand and pricing. During the quarter, the bleached paperboard group completed construction of its new pine fiber line and began start-up operations. The new paper machine is now scheduled to be operative in the second quarter, leaving only the rebuild of the recovery boiler to complete the $500 million expansion and modernization program at its Evadale, Texas bleached paperboard mill. The expected start-up activities will continue to penalize earnings of this group this year while most of the benefits of the expansion will not be available until next year. The building products group reported first quarter earnings of $23.7 million, down from the record quarterly high of $36.2 million in the first quarter of 1994. Sluggish demand, wet weather conditions that created operating problems, and rising fiber costs all contributed to the decline in earnings. Solid wood products - lumber and plywood - were particularly affected by declining prices and rising timber costs. The financial services group earned $14.2 million in the quarter compared with $17 million in the first quarter of last year. Earnings for this group declined each quarter in 1994 from the first quarter high before rebounding in this year s first quarter. This improvement was a result of the Company s continuing strategy of increasing the ratio of loans to total assets, as well as improving efficiencies within the banking operations. Net interest expense increased to $16.4 million in the first quarter of 1994 compared with $15.9 million in the first quarter of last year. Although interest expense increased due to higher levels of debt outstanding, that increase was offset some by an increase in capitalized interest due to the Company's continuing spending for the bleached paperboard group's modernization projects. -15- 16 Financial Condition The Company's financial condition continues to be strong. Internally generated funds, existing credit facilities and the capacity to issue long- term debt are sufficient to fund projected capital expenditures, to service existing debt, to pay dividends and to meet normal working capital requirements. During the first quarter of 1995, the Company's debt increased $83.2 million mainly through issuance of commercial paper and bank debt to fund planned capital projects for our bleached paperboard group. Our savings bank continues to meet all three regulatory requirement formulae set out under the Financial Institution Reform, Recovery and Enforcement Act of 1989 ("FIRREA"). -16- 17 PART II. OTHER INFORMATION Item 1. Legal Proceedings. The information set forth in Note B to Notes to Consolidated Financial Statements in Part I of this report is incorporated by reference thereto. Item 2. Changes in Securities. None. Item 3. Defaults Upon Senior Securities. None. Item 4. Submission of Matters to a Vote of Security Holders. The Company held its annual meeting of stockholders on May 5, 1995, at which a quorum was present. The table below sets forth the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes for each matter voted upon at that meeting. Abstentions Against or or Broker Matter For Withheld Non-votes (in millions) 1. Election of three Directors (a) Clifford J. Grum 50.0 .5 - (b) Bobby R. Inman 50.1 .4 - (c) Herbert A. Sklenar 50.3 .2 - 2. Ratification of appointment of Ernst & Young LLP 50.3 - .1 Item 5. Other Information. None. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. Regulation S-K Exhibit Number (11) Statement re computation of per share earnings. (b) Reports on Form 8-K. During the three months ended April 1, 1995, the Company did not file any reports on Form 8-K. -17- 18 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. TEMPLE-INLAND INC. (Registrant) Date: May 15, 1995 By /s/ David H. Dolben David H. Dolben Vice President and Chief Accounting Officer -18- 19 EXHIBIT INDEX The following is an index of the exhibits filed herewith. The page reference set forth opposite the description of exhibits included in such index refer to the pages under the sequential numbering system prescribed by Rule 0-3(b) under the Securities Exchange Act of 1934. Regulation S-K Exhibit Sequential Number Page Number (11) Statement re computation of per share earnings. 20 (27) Financial Data Schedule 21 -19- 20 EXHIBIT (11) TEMPLE-INLAND INC. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (in thousands, except for per share data) 13 Weeks Ended April 1, April 2, 1995 1994 Primary Average common shares outstanding . . . . . 56,065 55,586 Net effect of dilutive stock options based on treasury stock method using average market price . . . . . . . . . . 73 206 Weighted average shares outstanding 56,138 55,792 Net income . . . . . . . . . . . . . . . $ 58,290 $ 22,914 Earnings per share . . . . . . . . . . . $ 1.04 $ .41 Fully Diluted Average common shares outstanding . . . . . 56,065 55,586 Net effect of dilutive stock options based on treasury stock method using the closing market price, if higher than average market price . . . . 73 206 Weighted average shares outstanding . . 56,138 55,792 Net income . . . . . . . . . . . . . . . $ 58,290 $ 22,914 Earnings per share . . . . . . . . . . . $ 1.04 $ .41 -20- EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED INCOME STATEMENTS FOR TEMPLE-INLAND INC. AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000,000 3-MOS DEC-30-1995 APR-01-1995 414 0 285 0 296 0 2,700 0 12,700 0 1,363 61 0 0 1,766 12,700 661 835 570 729 0 0 16 90 31 58 0 0 0 58 1.04 1.04
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