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Previous: WEST PENN POWER CO, 8-K, 1995-05-19 |
Next: ZIONS COOPERATIVE MERCANTILE INSTITUTION, DEF 14A, 1995-05-19 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
Amendment No.1
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
March 31, 1995
Commission File Number 0-3730
Willamette Industries, Inc.
(Exact name of registrant as specified in its charter)
State of Oregon 93-0312940
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3800 First Interstate Tower, Portland, Oregon 97201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (503) 227-5581
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, 50 cent par value: 55,060,773, May 1, 1995.
<PAGE>
<TABLE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED BALANCE SHEETS PART I
(dollar amounts, except per share amounts, in thousands) ITEM 1
<CAPTION>
March 31, December 31,
ASSETS 1995 1994
------ -------------- ------------
<S> <C> <C>
Current assets:
Cash $ 11,932 12,798
Receivables, net of allowance
for doubtful accounts of $5,309 and $5,278 331,122 283,055
Inventories (Note 2) 274,356 256,091
Prepaid expenses and deposits on timber cutting contracts 55,244 52,710
------------ ------------
Total current assets 672,654 604,654
Timber, timberlands and related facilities, net 510,906 509,075
Property, plant and equipment, at cost less
accumulated depreciation of $1,350,626 and $1,301,882 1,896,463 1,863,505
Other assets 56,468 56,164
------------ ------------
Total assets $ 3,136,491 3,033,398
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Current portion of long-term debt $ 101,848 50,956
Notes payable 39,000 100,000
Accounts payable, including book overdrafts
of $53,901 and $48,589 176,960 173,549
Accrued expenses 136,981 118,667
Accrued income taxes 53,759 22,954
------------ ------------
Total current liabilities 508,548 466,126
Deferred income taxes 255,908 231,717
Other liabilities 33,405 31,893
Long-term debt 865,858 915,797
Stockholders' equity:
Common stock, $.50 par value (55,052,827 and
55,036,191 shares outstanding) 27,526 27,518
Capital surplus 294,429 293,756
Retained earnings 1,150,817 1,066,591
------------ ------------
Total stockholders' equity 1,472,772 1,387,865
------------ ------------
Total liabilities & stockholders' equity $ 3,136,491 3,033,398
============ ============
</TABLE>
<PAGE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF EARNINGS PART I
(dollar amounts, except per share amounts, in thousands) ITEM 1
Three Months Ended
March 31,
-----------------------
1995 1994
-------- --------
Net sales $ 900,638 679,701
Cost of sales 670,809 564,737
------- -------
Gross profit 229,829 114,964
Selling and administrative expenses 49,402 45,431
------- -------
Operating earnings 180,427 69,533
Other income (expense), net (115) (150)
------- -------
180,312 69,383
Interest expense, net 19,201 15,912
------- -------
Earnings before taxes 161,111 53,471
Provision for income taxes 62,028 20,586
------- -------
Net earnings $ 99,083 32,885
======= =======
Weighted average number of shares outstanding 55,042,806 54,984,014
========== ==========
Per share information:
Net earnings $ 1.80 0.60
===== =====
Dividends $ 0.27 0.24
===== =====
<PAGE>
<TABLE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS PART I
(dollar amounts in thousands) ITEM 1
<CAPTION>
Three Months Ended
March 31,
---------------------
1995 1994
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 99,083 32,885
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 51,653 44,534
Cost of fee timber harvested 5,528 5,404
Other amortization 1,239 873
Increase in deferred income taxes 24,191 5,147
Changes in working capital items:
Accounts receivable (48,067) (30,379)
Inventories (18,265) (15,730)
Prepaid expenses and deposits on timber cutting contracts (2,534) 1,142
Accounts payable and accrued expenses 21,725 6,315
Accrued income taxes 30,805 12,736
--------- ---------
Net cash provided by operating activities 165,358 62,927
--------- ---------
Cash flows from investing activities:
Proceeds from sale of equipment 296 919
Expenditures for property, plant and equipment (84,918) (68,316)
Expenditures for timber and timberlands, net (6,487) (9,123)
Expenditures for roads and reforestation (1,833) (1,850)
Other 984 4,206
--------- ---------
Net cash used in investing activities (91,958) (74,164)
--------- ---------
Cash flows from financing activities:
Debt borrowings 1,165 12,000
Proceeds from sale of capital stock 638 4,709
Cash dividends (14,857) (13,199)
Payment on debt (61,212) (248)
--------- ---------
Net cash provided by financing activities (74,266) 3,262
--------- ---------
Net change in cash (866) (7,975)
Cash at beginning of period 12,798 9,543
--------- ---------
Cash at end of period $ 11,932 1,568
========= =========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest (net of amount capitalized) $ 19,293 15,404
========= =========
Income taxes $ 7,032 1,106
========= =========
</TABLE>
<PAGE>
FORM 10-Q
PART I
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995
Note 1 The information furnished in this report reflects all adjustments
which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented.
Note 2 The components of inventories are as follows (thousands of
dollars):
March 31, December 31,
1995 1994
--------- ------------
Finished product $ 85,184 72,229
Work in process 6,907 6,794
Raw material 118,164 114,596
Supplies 64,101 62,472
$274,356 256,091
Other notes have been omitted pursuant to Rule 10-01(a)(5) of
Regulation S-X.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to this report to be signed on its
behalf by the undersigned thereunto duly authorized.
WILLAMETTE INDUSTRIES, INC.
By /s/J. A. Parsons
J. A. Parsons
Executive Vice President
Principal Financial Officer
Date: May 19, 1995
<PAGE>
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