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
October 19, 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)
Federal Way, Washington 98063-9777
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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 October 19, 2000, Weyerhaeuser Company issued a press release
stating the following:
"FEDERAL WAY, Wash.-Weyerhaeuser Company (NYSE: WY) today
reported third-quarter net earnings of $199 million, or 90 cents
per common share. This compares with $237 million, or $1.18 per
common share, for the same period last year.
Net sales for third quarter 2000 were $3.7 billion, compared with
$3.1 billion for the same quarter last year.
For the first nine months, Weyerhaeuser reported net earnings
before nonrecurring charges of $728 million, or $3.20 per common
share, compared with $502 million, or $2.51 per common share for
the first nine months of 1999. Including nonrecurring charges
incurred earlier this year, net earnings in 2000 increased to
$646 million, or $2.84 per common share, from $353 million, or
$1.76 per common share, last year.
Net sales for the first nine months were $11.5 billion, compared
with $8.8 billion during the same period last year.
'The weak markets for wood products hurt our third quarter
results, but we benefited from the strong performance of our
Pulp, Paper and Packaging sector and the contribution of the
MacMillan Bloedel and Trus Joist acquisitions,' said Steven R.
Rogel, chairman, president and chief executive officer. 'The
strength of the pulp and containerboard markets helped that
sector achieve its strongest quarter since 1995. As we move
forward, we continue to focus on further improvements in our
operations and achieving additional acquisition synergies.'
Results by segment for the third quarter:
. Timberlands: Operating earnings were $111 million, down 15
percent from $130 million last year. After weakening
throughout much of the quarter due to soft lumber markets,
domestic log prices stabilized during September. Domestic log
prices, however, remain below last year's levels, a trend the
company expects to continue through the fourth quarter.
Export markets strengthened during the quarter, resulting
<PAGE>
in September prices reaching their highest levels since 1997.
Export prices may weaken during the fourth quarter due to
seasonal factors.
. Wood Products: Operating earnings decreased 73 percent to
$55 million from a record $202 million in 1999. The markets
for most of the company's wood products continued to weaken
during the quarter, leading to the lower earnings. An
exception was the demand for engineered wood products, which
held up well during the quarter. At the end of the quarter,
softwood lumber prices had stabilized, but market conditions
remain weak.
. Pulp, Paper and Packaging: Operating earnings were $252
million, an increase of 140 percent from $105 million last
year. Strong earnings in the sector were driven by higher
prices. The containerboard business performance was aided by
the addition of MacMillan Bloedel. The sector's performance
was negatively affected by extended downtime due to equipment
failure at the Prince Albert pulp mill. Orders for market pulp
and containerboard from the non-Japanese Asia markets were
lower in the quarter and this weakness is continuing into the
fourth quarter. This decline in orders will result in lower
production levels in the company's pulp and containerboard
businesses during the fourth quarter.
. Real estate and related assets: Earnings were $55 million
compared with $56 million in 1999. While national new home
sales appear to be weakening, housing demand remains strong in
the markets in which the company operates.
Weyerhaeuser also announced that:
. To date, the company has repurchased 4.1 million shares of
the 10 million shares authorized by the board of directors in
June for repurchase.
. During the third quarter there were charges of $14 million
associated with transition costs related to the integration of
MacMillan Bloedel and Trus Joist acquisitions. Year-to-date,
the company has incurred $43 million in charges associated with
the integration.
. As of the end of the third quarter, the company has achieved
$83 million in synergies associated with the integration of the
MacMillan Bloedel and Trus Joist acquisitions.
Weyerhaeuser will hold a live conference call on Oct. 19 at 8
a.m. PDT (11 a.m. EDT) to discuss third quarter results. To
access the conference call, listeners calling from within North
America should dial 1-877-888-4210 at least 10 minutes prior to
the start of the conference. Those wishing to access the call
from outside North America should dial 1-416-695-9757. Replays
of the call will be available for 48 hours following completion
of the live call and can be accessed at 1-888-509-0081 within
North America and at 1-416-695-9766 from outside North America.
The call may also be accessed through Weyerhaeuser's Internet
site at www.weyerhaeuser.com and clicking on the "Listen to our
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conference call" link.
Weyerhaeuser Company, 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
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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. Additional
information about Weyerhaeuser's businesses, products and
practices is available at www.weyerhaeuser.com.
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This news release contains 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, which
may be tied to the relative strength of various US business
segments; performance of the company's manufacturing operations;
the types of logs harvested in the company's logging operations;
the level of competition from foreign producers; 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,
particularly the relative value of the US dollar and the Euro,
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: October 23, 2000
