-----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, D9nl5gB4RyY4UyVMXpb+Idw8AZ5VQcUu585poiJ/c4G2HGiHZPczS1U/YEUWnOej Pp1o64LwNUdx9WQd5LJi1A== 0000731939-96-000002.txt : 19960514 0000731939-96-000002.hdr.sgml : 19960514 ACCESSION NUMBER: 0000731939-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960330 FILED AS OF DATE: 19960513 SROS: NYSE SROS: PSE 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08634 FILM NUMBER: 96561127 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 1996 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 March 30, 1996 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 March 30, 1996 Common Stock (par value $1.00 per share) 55,562,415 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 1996 1995 (in millions) Revenues Net sales $ 661.6 $ 660.8 Financial services earnings 24.7 14.2 686.3 675.0 Costs and Expenses Cost of sales 525.9 510.1 Selling and administrative 62.5 59.6 588.4 569.7 Operating Income 97.9 105.3 Interest - net (26.7) (16.6) Other .2 1.0 Income Before Taxes 71.4 89.7 Taxes on income 25.0 31.4 Net Income $ 46.4 $ 58.3 See notes to consolidated financial statements. -2- 3 Summarized Balance Sheets Parent Company (Temple-Inland Inc.) Unaudited March 30, December 30, 1996 1995 (in millions) ASSETS Current Assets Cash $ 15 $ 15 Receivables, less allowances of $9 million in 1996 and $8 million in 1995 304 285 Inventories: Work in process and finished goods 105 99 Raw materials 252 239 357 338 Prepaid expenses 18 15 Total current assets 694 653 Investment in Financial Services 614 605 Property and Equipment Buildings 486 469 Machinery and equipment 3,435 3,323 Less allowances for depreciation and amortization (1,754) (1,702) 2,167 2,090 Construction in progress 157 225 2,324 2,315 Timber and timberlands--less depletion 453 445 Land 29 28 Total property and equipment 2,806 2,788 Other Assets 156 167 Total Assets $ 4,270 $ 4,213 See notes to consolidated financial statements. -3- 4 Summarized Balance Sheets - Continued Parent Company (Temple-Inland Inc.) Unaudited March 30, December 30, 1996 1995 (in millions) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 140 $ 138 Accrued expenses 140 157 Employee compensation and benefits 15 37 Current portion of long-term debt 3 5 Total current liabilities 298 337 Long-Term Debt 1,558 1,489 Deferred Income Taxes 257 259 Postretirement Benefits 134 132 Other Liabilities 30 21 Shareholders Equity 1,993 1,975 Total Liabilities and Shareholders Equity $ 4,270 $ 4,213 See notes to consolidated financial statements. -4- 5 Summarized Statements of Cash Flows Parent Company (Temple-Inland Inc.) Unaudited First Quarter 1996 1995 (in millions) Cash Provided by (Used for) Operations Net income $ 46.4 $ 58.3 Adjustments to reconcile net income to net cash: Depreciation and depletion 60.8 51.8 Deferred taxes (1.3) 10.8 Unremitted earnings of affiliates (15.0) (8.5) Receivables (19.6) (41.5) Inventories (11.0) (28.2) Prepaid expenses - 3.9 Accounts payable and accrued expenses (40.2) (1.1) Other 5.7 (11.4) 25.8 34.1 Cash Provided by (Used for) Investments Capital expenditures (55.5) (79.6) Other (2.5) 4.5 (58.0) (75.1) Cash Provided by (Used for) Financing Change in debt, net 55.9 52.3 Purchase of stock for treasury (7.1) (.2) Cash dividends paid to shareholders (16.6) (15.1) Other .3 .4 32.5 37.4 Effect of exchange rate changes on cash and cash equivalents - .3 Net (decrease) in cash and cash equivalents .3 (3.3) Cash and cash equivalents at beginning of period 14.7 13.0 Cash and cash equivalents at end of period $ 15.0 $ 9.7 See notes to consolidated financial statements. -5- 6 Summarized Statements of Income Temple-Inland Financial Services Unaudited First Quarter 1996 1995 (in millions) Interest income Mortgage-backed and investment securities $ 49.7 $ 50.6 Loans receivable and mortgage loans held for sale 101.8 80.8 Assisted assets - 6.1 Other earning assets 5.7 5.5 Total interest income 157.2 143.0 Interest expense Deposits 78.4 73.9 Borrowed funds 29.5 29.1 Total interest expense 107.9 103.0 Net interest income 49.3 40.0 Provision for loan losses 6.2 5.3 Net interest income after provision for loan losses 43.1 34.7 Noninterest income Loan servicing fees 13.7 9.8 Loan origination and marketing 6.6 1.2 Other 20.8 19.9 41.1 30.9 Noninterest expense Compensation and benefits 25.2 22.1 Other 34.3 29.3 Total noninterest expense 59.5 51.4 Income before taxes 24.7 14.2 Taxes on income 9.7 5.7 Net Income $ 15.0 $ 8.5 See notes to consolidated financial statements. -6- 7 Summarized Balance Sheets Temple-Inland Financial Services Unaudited March 31, December 31, 1996 1995 (in millions) ASSETS Cash and cash equivalents $ 295 $ 343 Mortgage loans held for sale 232 106 Loans receivable 4,952 4,764 Mortgage-backed and investment securities 3,316 3,424 Other assets 613 574 TOTAL ASSETS $ 9,408 $ 9,211 LIABILITIES Deposits $ 6,368 $ 6,377 Securities sold under repurchase agreements 1,880 1,604 Federal Home Loan Bank advances 55 155 Other borrowings 126 113 Other liabilities 365 357 TOTAL LIABILITIES 8,794 8,606 SHAREHOLDER'S EQUITY 614 605 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 9,408 $ 9,211 See notes to consolidated financial statements. -7- 8 Summarized Statements of Cash Flows Temple-Inland Financial Services Unaudited First Quarter 1996 1995 (in millions) Cash Provided by (Used for) Operations Net income $ 15.0 $ 8.5 Adjustments to reconcile net income to net cash: Amortization, accretion and depreciation 7.6 5.7 Provision for loan losses 6.2 5.3 Receivable from FDIC 7.2 5.2 Mortgage loans held for sale (76.4) 62.3 Collections and remittances on loans serviced for others, net (9.7) 31.6 Other (35.5) (14.9) (85.6) 103.7 Cash Provided by (Used for) Investments Purchases of mortgage-backed and investment securities held-to-maturity (.1) - Purchases of mortgage-backed and investment securities available-for-sale (1.7) (53.7) Maturities of mortgage-backed and investment securities held-to-maturity 75.0 99.0 Maturities of mortgage-backed and investment securities available-for-sale 21.3 11.0 Proceeds from sales of loans and mortgage- backed and investment securities available- for-sale 4.3 192.6 Loans originated net of principal collected (194.5) (585.7) Reduction in covered assets - 51.3 Other (14.8) (11.9) (110.5) (297.4) Cash Provided by (Used for) Financing Net decrease in deposits (8.2) (22.6) Net increase in securities sold under repurchase agreements and short-term borrowings 227.2 277.2 Change in debt, net (89.3) 7.5 Other 18.2 34.0 147.9 296.1 Net increase in cash and cash equivalents (48.2) 102.4 Cash and cash equivalents at beginning of period 343.1 301.8 Cash and cash equivalents at end of period $ 294.9 $ 404.2 See notes to consolidated financial statements. -8- 9 Consolidated Statements of Income Temple-Inland Inc. and Subsidiaries Unaudited First Quarter 1996 1995 (in millions) Revenues Manufacturing net sales $ 661.6 $ 660.8 Financial services revenues 198.3 173.9 859.9 834.7 Costs and Expenses Manufacturing costs and expenses 588.4 569.7 Financial services expenses 173.6 159.7 762.0 729.4 Operating Income 97.9 105.3 Parent company interest - net (26.7) (16.6) Other .2 1.0 Income Before Taxes 71.4 89.7 Taxes on income 25.0 31.4 Net Income $ 46.4 $ 58.3 Earnings per share $ .84 $ 1.04 Dividends Paid Per Share of Common Stock $ .30 $ .27 Weighted Average Shares Outstanding 55.6 56.1 See notes to consolidated financial statements. -9- 10 Consolidated Balance Sheets Temple-Inland Inc. and Subsidiaries March 30, 1996 Unaudited Parent Financial Company Services Consolidated (in millions) ASSETS Cash and cash equivalents $ 15 $ 295 $ 310 Mortgage loans held for sale - 232 232 Loans receivable - 4,952 4,952 Mortgage-backed and investment securities - 3,316 3,316 Trade and other receivables 304 - 302 Inventories 357 - 357 Property & equipment 2,806 77 2,883 Other assets 174 536 661 Investment in affiliates 614 - - TOTAL ASSETS $ 4,270 $ 9,408 $13,013 LIABILITIES Deposits $ - $ 6,368 $ 6,368 Securities sold under repurchase agreements and Federal Home Loan Bank advances - 1,935 1,935 Other liabilities 328 365 679 Long-term debt 1,558 126 1,684 Deferred income taxes 257 - 220 Postretirement benefits 134 - 134 TOTAL LIABILITIES $ 2,277 $ 8,794 11,020 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 Additional paid-in capital 304 Translation and other adjustments (21) Retained earnings 1,804 2,148 Cost of shares held in the treasury: 5,827,137 shares (155) TOTAL SHAREHOLDERS' EQUITY 1,993 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $13,013 See the notes to the consolidated financial statements. -10- 11 Consolidated Balance Sheets Temple-Inland Inc. and Subsidiaries December 30, 1995 Unaudited Parent Financial Company Services Consolidated (in millions) ASSETS Cash and cash equivalents $ 15 $ 343 $ 358 Mortgage loans held for sale - 106 106 Loans receivable - 4,764 4,764 Mortgage-backed and investment securities - 3,424 3,424 Trade and other receivables 285 - 283 Inventories 338 - 338 Property & equipment 2,788 76 2,864 Other assets 182 498 627 Investment in affiliates 605 - - TOTAL ASSETS $ 4,213 $ 9,211 $12,764 LIABILITIES Deposits $ - $ 6,377 $ 6,377 Securities sold under repurchase agreements and Federal Home Loan Bank advances - 1,759 1,759 Other liabilities 358 357 702 Long-term debt 1,489 113 1,602 Deferred income taxes 259 - 217 Postretirement benefits 132 - 132 TOTAL LIABILITIES $ 2,238 $ 8,606 10,789 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 Additional paid-in capital 306 Translation and other adjustments (14) Retained earnings 1,773 2,126 Cost of shares held in the treasury: 5,731,411 shares (151) TOTAL SHAREHOLDERS' EQUITY 1,975 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $12,764 See the notes to the consolidated financial statements. -11- 12 Consolidated Statements of Cash Flows Temple-Inland Inc. and Subsidiaries Unaudited First Quarter 1996 1995 Cash Provided by (Used for) Operations (in millions) Net income $ 46.4 $ 58.3 Adjustments to reconcile net income to net cash: Depreciation and depletion 63.0 53.8 Amortization and accretion 5.4 3.8 Deferred taxes 6.7 16.5 Receivable from FDIC 7.2 5.2 Trade and other receivables (19.6) (41.5) Accounts payable and accrued expenses (39.9) (7.0) Inventories (11.0) (28.2) Mortgage loans held for sale (76.4) 62.3 Increase (decrease) in collections and remittances on loans serviced for others, net (9.7) 31.6 Other (31.9) (17.0) (59.8) 137.8 Cash Provided by (Used for) Investments Capital expenditures (59.4) (88.0) Purchases of mortgage-backed and investment securities held-to-maturity (.1) - Purchases of mortgage-backed and investment securities available-for-sale (1.7) (53.7) Maturities of mortgage-backed and investment securities held-to-maturity 75.0 99.0 Maturities of mortgage-backed and investment securities available-for-sale 21.3 11.0 Proceeds from sales of mortgage-backed and investment securities available-for-sale 4.3 192.6 Loans originated net of principal collected (194.5) (585.7) Reduction in covered assets - 51.3 Other (13.4) 1.0 (168.5) (372.5) Cash Provided by (Used for) Financing Additions to debt 166.9 74.4 Payments of debt (200.2) (14.5) Net increase in short-term borrowings and repurchase agreements 227.2 277.2 Cash dividends paid to shareholders (16.6) (15.1) Net decrease in deposits (8.2) (22.6) Other 11.3 34.1 180.4 333.5 Effect of exchange rate changes on cash and cash equivalents - .3 Net increase (decrease) in cash and cash equivalents (47.9) 99.1 Cash and cash equivalents at beginning of period 357.8 314.8 Cash and cash equivalents at end of period $ 309.9 $ 413.9 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 30, 1995. 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. The Company adopted FASB Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of as of December 31, 1995. The effect of the implementation of Statement No. 121 was not material to the consolidated financial statements. 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 statements 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 1996 1995 (in millions) Revenues Corrugated container $ 447.4 $ 433.4 Bleached paperboard 95.1 94.7 Building products 119.1 132.7 Manufacturing net sales 661.6 660.8 Financial services 198.3 173.9 Total revenues $ 859.9 $ 834.7 Income Corrugated container $ 72.9 $ 64.8 Bleached paperboard (10.3) 7.5 Building products 15.6 23.7 Operating profit 78.2 96.0 Financial services 24.7 14.2 102.9 110.2 Corporate expenses (5.0) (4.9) Parent company interest - net (26.7) (16.6) Other - net .2 1.0 Income before taxes 71.4 89.7 Taxes on income 25.0 31.4 Net income $ 46.4 $ 58.3 -14- 15 First Quarter 1996 vs. First Quarter 1995 First quarter earnings of $46.4 million, or $.84 per share, represent a decrease of 19 percent from the $58.3 million, or $1.04 per share, earned in the first quarter of 1995. Revenues increased to $860 million, from $835 million in the comparable 1995 quarter. The corrugated container group recorded first quarter operating earnings of $72.9 million. Although this is an increase from the $64.8 million earned in the first quarter of 1995, it represents a significant decline from this segment s record earnings that were achieved in the third quarter of 1995. As the U.S. economy slowed in the second half of 1995, demand for containerboard and corrugated containers softened. This trend continued in the first quarter leading to a significant decline in prices for containerboard and corrugated containers. As in the last two quarters of 1995, the Company curtailed production during the quarter to control inventory levels. The bleached paperboard group lost $10.3 million in the quarter compared with operating earnings of $7.5 million in the first quarter of 1995. This loss was a result of continued weak demand for bleached paperboard and the resulting decline in pricing. The Company limited production in the quarter to manage inventory levels. The start-up of the new bleached paperboard machine remained on schedule with paperboard quality meeting specifications and market requirements. The cost associated with running the machine at less than capacity due to market weakness also had a negative effect on earnings in the quarter. The Company's building products group reported first quarter operating earnings of $15.6 million. Although this is a decline from the $23.7 million earned in the first quarter of 1995, it represents a significant increase from the $8.9 million earned in last year s fourth quarter. Lumber prices during the quarter were above fourth quarter levels, but remain well below year ago levels. During the quarter, the Company experienced operating losses of $1.3 million associated with initial production runs in the new Hope, Arkansas particleboard plant. By the end of March, most of the operational problems were resolved and the plant had achieved A grade certification for all major product thicknesses. The demand for panel products (particleboard, fiberboard and gypsum) strengthened during the quarter, which coupled with the additional production from the new particleboard plant, should have a positive impact on earnings in the second quarter. The financial services group reported first quarter earnings of $24.7 million, up 74 percent from the first quarter of 1995. This improvement in earnings was the result of Guaranty Federal Bank continuing to increase the loan portfolio which is 60 percent of total earning assets. In addition, Guaranty continues to improve its operating efficiencies, thereby lowering costs. Net interest expense increased to $26.7 million in the first quarter of 1996 compared with $16.6 million in the first quarter of last year. Capitalized interest decreased from $9.7 million in the first quarter of 1995 to $1.4 million in the first quarter of 1996 due to the completion of the bleached paperboard group s modernization and expansion projects. Interest expense increased slightly due to higher levels of debt outstanding. -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 1996, the Parent Company s debt increased $55.9 million mainly through issuance of commercial paper and bank debt primarily to cover capital expenditures. Debt maturities of $97.4 million during the first quarter of 1996 were refinanced through commercial paper and bank borrowings. Guaranty Federal 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 3, 1996, 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 and Broker Matter For Withheld Non-votes 1. Election of three Directors (a) Anthony M. Frank 49,086,562 363,379 - (b) Walter P. Stern 49,091,741 358,200 - (c) Charlotte Temple 48,915,873 534,068 - 2. Ratification of appointment of Ernst & Young LLP 49,270,634 67,803 111,504 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. (27) Financial Data Schedule (b) Reports on Form 8-K. During the three months ended March 30, 1996, 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 10, 1996 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 refers 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 March 30, April 1, 1996 1995 Primary Average common shares outstanding . . . . . 55,565 56,065 Net effect of dilutive stock options based on treasury stock method using average market price . . . . . . . . . . 3 73 Weighted average shares outstanding 55,568 56,138 Net income . . . . . . . . . . . . . . . $ 46,426 $ 58,290 Earnings per share . . . . . . . . . . . $ .84 $ 1.04 Fully Diluted Average common shares outstanding . . . . . 55,565 56,065 Net effect of dilutive stock options based on treasury stock method using the closing market price, if higher than average market price . . . . 55 73 Weighted average shares outstanding . . 55,620 56,138 Net income . . . . . . . . . . . . . . . $ 46,426 $ 58,290 Earnings per share . . . . . . . . . . . $ .83 $ 1.04 -20- EX-27 2 FDS FOR FIRST QUARTER 1996
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-28-1996 MAR-30-1996 310 0 302 0 357 0 2,883 0 13,013 0 1,684 0 0 61 1,932 13,013 662 860 588 762 0 0 27 71 25 46 0 0 0 46 0.84 0.83
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