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 18, 2000
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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 18, 2000, Weyerhaeuser Company issued a press release
stating the following:
"FEDERAL WAY, Wash.-Weyerhaeuser Company today reported net
earnings of $244 million, or $1.04 per share, for the first
quarter of 2000 on strong results from all lines of business.
This compares with a first quarter loss of $48 million, or 24
cents per share, for the same period last year.
The first quarter loss in 1999 included nonrecurring after-tax
charges of $149 million against earnings resulting from the
implementation of a new accounting standard and the decision to
sell the Composite Products business. Excluding those charges,
first quarter earnings last year were $101 million, or 51 cents
per common share.
Net sales for the first quarter of 2000 were $3.9 billion, a 47
percent increase from $2.7 billion for the same period last year.
The increase resulted primarily from the addition of MacMillan
Bloedel and Trus Joist and improvements in most major markets.
'Our first quarter results reflect the strength of the markets in
which we operate, the operational improvements we continue to
make and the synergies we're achieving following the acquisitions
of MacMillan Bloedel and Trus Joist,' said Steven R. Rogel,
chairman, president and chief executive officer. 'The biggest
improvement came in Pulp, Paper and Packaging where market
conditions continue to improve due to a stronger global economy.
Our Wood Products and Real Estate businesses both benefited from
ongoing consumer confidence that is reflected in the robust
domestic housing and remodeling market.'
Rogel said that the stronger first quarter results also reflected
the company's discipline around capital spending. Capital
spending for the quarter was $152 million.
Results for the first quarter by segment were:
. Timberlands reported earnings of $167 million, a 40 percent
increase from $119 million last year. Much of the increase
resulted from improved export market conditions. Despite a
slight decline in March, export prices remain above last year's
levels.
. Wood Products reported earnings of $137 million, a 69
percent increase compared with $81 million last year. Demand for
lumber and panels remained strong during the quarter due to the
continued strength of the U.S. construction and remodel markets.
Export markets also improved during the quarter.
. Pulp, Paper and Packaging earnings increased to $186 million
from $41 million in 1999. The pulp and paper markets continued
to improve during the quarter leading to higher prices for all
major product lines produced by the company. Volumes for
corrugated boxes increased late in the quarter and remain above
1999 levels. The pulp market finished the quarter very strong
with inventories remaining tight. Labor disputes in Finland may
further restrict the supply of pulp.
. Real Estate and related assets reported earnings of $47
million compared to $46 million for the same period last year.
Sales rates for single family homes remain strong in the markets
in which Weyerhaeuser operates.
<PAGE>
Other first quarter highlights include:
. The repurchase of 4.1 million common shares. In February,
Weyerhaeuser announced plans to repurchase up to 12 million
shares. The company expects to complete the repurchase within a
year.
. Plans to close four corrugated packaging plants as part of
previously announced plans to consolidate operations and achieve
savings following the acquisition of MacMillan Bloedel.
. Synergies of $22 million and charges of $13 million related
to integration of MacMillan Bloedel and Trus Joist.
Weyerhaeuser Company (NYSE: WY), one of the world's largest
integrated forest products companies, was incorporated in 1900.
In 1999, sales were $12.3 billion. It has offices or operations
in 13 countries, with customers worldwide. Weyerhaeuser 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.
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Statements contained in this press release concerning the
company's future results and performance 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; the risk of losses from fires, floods
and other natural disasters; and the company's ability to execute
its business plans, including its transition plans for the
MacMillan Bloedel and Trus Joist acquisitions. 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."
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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 20, 2000
