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
Securities Exchange Act of 1934
April 15, 1997
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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 April 15, 1997, Weyerhaeuser Company issued the following
press release:
"FEDERAL WAY, Wash., April 15, 1997 - Weyerhaeuser today
reported net earnings of $46 million or 22 cents per common
share for the first quarter of 1997 before a special after tax
net charge of $25 million or 12 cents per common share, which
the company announced in February. The 1997 first quarter net
earnings of $21 million or 10 cents per share compares with net
earnings of $142 million, or 72 cents per common share for the
same period of 1996.
Net sales in the first quarter of 1997 were $2.6 billion,
equaling the amount reported for the first quarter of 1996.
The after tax charge reflects the company's on-going efforts to
narrow its portfolio and upgrade the quality of assets in its
core businesses. The charge includes losses from the
anticipated consolidation, closure or disposition of certain
recycling facilities; from the completed, permanent closure of
the corrugated medium machine at Longview, Wash.; and from the
sale of Shemin Nurseries, a wholesale nursery business based in
Danbury, Conn. These were somewhat offset by interest income
from the favorable federal tax decision relating to casualty
losses associated with the eruption of Mount St. Helens in
1980.
Timberlands and Wood Products segment operating earnings for
the first quarter of 1997 were $171 million compared to $152
million for the same period of 1996 as a result of strong
lumber prices in the United States. Earnings were higher than
year-ago levels despite significantly lower oriented strand
board prices in the United States and lower prices and log
shipments to Japan caused by a slowdown in Japanese housing
demand.
<PAGE>
Weyerhaeuser's Pulp, Paper and Packaging segment operating
earnings were $6 million for the first quarter of 1997, before
the effect of the special charge, compared to $162 million for
the first quarter of 1996. Including the pretax charge of $49
million for closure of the medium machine and the consolidation
of the recycling centers, the segment reported an operating
loss of $43 million.
Weyerhaeuser Real Estate Company and Weyerhaeuser Financial
Services earned $6 million in the quarter, compared to $10
million for the same period of last year.
`Our 1997 first quarter earnings were strongly depressed by
lower prices for pulp, paper and packaging products compared to
year-ago levels,' said John W. Creighton, Jr., president and
chief executive officer of Weyerhaeuser Company. `Pulp, paper
and packaging markets are still difficult, but we are
continuing to focus on our business improvement plans, which
will strengthen our long-term competitive position.'
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. 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: April 15, 1997
