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
April 17, 1998
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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:
(253) 924-2345
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Item 5. Other Events
On April 14, 1998, Weyerhaeuser Company issued the following
press release:
"FEDERAL WAY, Wash. - Weyerhaeuser Company today reported
first-quarter net earnings of $85 million, or 43 cents per common
share. This compares with $46 million - or 22 cents per common
share - before a special item charge of $25 million - or 12 cents
per common share - for the same period last year.
Net sales for the first quarter were $2.6 billion, unchanged from
the prior year.
`Despite the continued weakness in Asian pulp and wood products
markets, a strong domestic economy and housing market helped us
improve our first quarter earnings from the same period last
year,' said Steven R. Rogel, president and chief executive
officer. `Compared with the previous quarter, however, our
earnings were lower due primarily to pulp prices that stabilized
but remain weak. Log and lumber markets in Japan also stabilized
during the quarter, but demand remains weak. While we see some
improvement in a number of our products, the situation in Asia
continues to create uncertainty around prospects of a number of
our businesses.'
Results by segment were:
. Timberlands and Wood Products. The segment reported first
quarter operating earnings of $173 million compared to $171
million the previous year. The segment was affected by
continued weak export market demand for logs and lumber, but
was supported by a good domestic market. Operating earnings
for the quarter were slightly better than the fourth quarter of
1997.
. Pulp, Paper and Packaging. Operating earnings in the first
quarter were $52 million compared to $6 million, before the
effect of a special charge, in 1997 due to improved
performances by the paper, containerboard packaging and
newsprint businesses. Although the segment reported better
earnings for the first quarter than same period last year,
earnings were down from the previous quarter due to lower
market pulp prices.
<PAGE>
. Real Estate and related assets. For the first quarter, the
segment reported earnings of $25 million compared to $6 million
for the same period in 1997. Improved operating performance
and a strong U.S. housing market contributed to the improved
performance.
Weyerhaeuser Company (NYSE: WY), one of the world's largest
integrated forest products companies, was incorporated in 1900.
It is principally engaged in the growing and harvesting of
timber; the manufacture, distribution and sale of forest
products; and real estate construction, development and related
activities. Additional information about Weyerhaeuser's
businesses, products or practices is available at
www.weyerhaeuser.com.
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This news release may contain statements concerning the company's
future results and performance that are forward looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The accuracy of such statements
is subject to a number of risks, uncertainties and assumptions
that may cause actual results to differ materially from those
projected, including, but not limited to, the effect of general
economic conditions, including the level of interest rates and
housing starts; market demand for the company's products; the
effect of forestry, land use, environmental and other
governmental regulations; and the risk of losses from fires,
floods and other natural disasters. The company is also a large
exporter and is affected by changes in economic activity in
Europe and Asia, particularly Japan, and by changes in currency
exchange rates and restrictions on international trade. These and
other factors that could cause or contribute to actual results
differing materially from such forward looking statements are
discussed in greater detail in the company's Securities and
Exchange Commission filings."
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 authorizied.
WEYERHAEUSER COMPANY
By /s/ Sandy D. McDade
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Its: Corporate Secretary
and Senior Legal Counsel
Date: April 17, 1998
