SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
the Securities Exchange Act of 1934
October 15, 1996
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(Date of earliest event report)
WEYERHAEUSER COMPANY
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(Exact name of registrant as specified in charter)
Washington 1-4825 91-0470860
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
Tacoma, Washington 98477
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(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(206) 924-2345
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Item 5. Other Events
On October 15, 1996, Weyerhaeuser Company issued the following press
release announcing its third quarter earnings:
"FEDERAL WAY, Wash., Oct. 15, 1996 - Weyerhaeuser today reported net
earnings of $119.7 million, or 60 cents per common share for the third
quarter of 1996 compared with net earnings of $279.3 million or $1.37 cents
per common share before a special charge of $184.5 reported in the third
quarter of 1995.
Net sales in the third quarter of 1996 were $2.9 billion, down six
percent from the $3 billion recorded for the comparable quarter of
1995.
Third quarter results brought year-to-date earnings per common share
to $1.84, down 49 percent compared to 1995 record earnings of $3.58
for the same period of last year before the special charge. Net
earnings year to date were $364.9 million on sales of $8.3 billion
compared to $732.6 million in earnings before the special charge on
sales of $8.7 billion for the same period of 1995.
`Our 1996 third quarter results reflected strong lumber prices in both
domestic and Japanese markets, and improving pulp prices,' said John
W. Creighton Jr., president and chief executive officer of
Weyerhaeuser. `The higher volumes and lower operating costs achieved
by our business improvement plans help offset continuing weak pricing
in paper and packaging products.'
Operating earnings for the Timberlands and Wood Products segment were
$210 million for the third quarter of 1996 compared with $195.8
million for the third quarter of 1995.
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Third quarter 1996 Pulp, Paper and Packaging segment operating
earnings were $78.8 million compared with $364.5 million for the
year-ago quarter.
Third quarter earnings for the Weyerhaeuser Real Estate Company and
Weyerhaeuser Financial Services Inc. were $5.2 million compared to a
loss of $2.9 million before a special charge in the third quarter of
1995.
Weyerhaeuser also announced that it has repurchased 9.6 million shares
of the 10 million shares of stock authorized for repurchase by the
Weyerhaeuser Company Board of Directors in April 1995. The company
said that the board has increased the authorization by an additional
one million to a total of 11 million shares to offset shares issued in
conjunction with a recent acquisition.
Weyerhaeuser Company is one of the largest integrated forest products
companies in the world. Its principal segments are timberlands and
wood products; pulp, paper and packaging; and real estate and
financial services. It is the world's largest private owner of
merchantable softwood timber and producer of softwood lumber and
market pulp. It is also one of North America's largest producers of
forest products and recyclers of office wastepaper, newspaper and
corrugated boxes."
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 hereunto duly authorized.
WEYERHAEUSER COMPANY
By /s/ K. J. Stancato
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Its: Vice President and Controller
Date: October 15, 1996
