SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
June 30, 2000
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Commission File Number 1-12545
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Willamette Industries, Inc.
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(Exact name of registrant as specified in its charter)
State of Oregon 93-0312940
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1300 S.W. Fifth Avenue, Suite 3800, Portland, Oregon 97201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (503) 227-5581
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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: 109,204,522 at August 7, 2000.
<PAGE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED BALANCE SHEETS PART I
(DOLLAR AMOUNTS, EXCEPT PER SHARE AMOUNTS, IN THOUSANDS) ITEM 1
<TABLE>
JUNE 30, DECEMBER 31,
ASSETS 2000 1999
------ ---------- ---------
Current assets:
<S> <C> <C>
Cash $ 24,142 25,557
Accounts receivable, less allowance
for doubtful accounts of $3,831 and $3,222 446,764 382,763
Inventories (Note 2) 452,440 445,110
Prepaid expenses and timber deposits 32,366 36,160
---------- ---------
Total current assets 955,712 889,590
Timber, timberlands and related facilities, net 1,037,819 1,057,529
Property, plant and equipment, at cost less
accumulated depreciation of $2,615,011 and
$2,485,524 2,920,570 2,751,210
Other assets 99,993 99,532
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$5,014,094 4,797,861
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Current installments on long-term debt $ 3,122 3,256
Notes payable 111,480 13,617
Accounts payable, includes book overdrafts
of $67,307 and $53,653 213,197 212,222
Accrued expenses 200,677 180,824
Accrued income taxes 7,962 22,200
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Total current liabilities 536,438 432,119
Deferred income taxes 533,904 491,374
Other liabilities 36,474 41,813
Long-term debt, net of current installments 1,656,927 1,628,843
Stockholders' equity:
Preferred stock, cumulative, $.50 par value.
Authorized 5,000,000 shares - -
Common stock, $.50 par value. Authorized 150,000,000
shares; issued 109,199,682 and 111,587,433 shares 54,600 55,794
Capital surplus 222,521 303,626
Retained earnings 1,973,230 1,844,292
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Total stockholders' equity 2,250,351 2,203,712
---------- ---------
$5,014,094 4,797,861
========== =========
</TABLE>
2
<PAGE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF EARNINGS PART I
(AMOUNTS, EXCEPT PER SHARE AMOUNTS, IN THOUSANDS) ITEM 1
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
<TABLE>
---------------------- ----------------------
2000 1999 2000 1999
---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
Net sales $1,135,006 1,007,369 $2,249,320 1,930,822
Cost of sales 891,019 808,408 1,777,899 1,586,703
---------- --------- ---------- ---------
Gross profit 243,987 198,961 471,421 344,119
Selling and administrative expenses 70,088 65,909 138,068 131,061
---------- --------- ---------- ---------
Operating earnings 173,899 133,052 333,353 213,058
Other expense - net (5,518) (304) (6,004) (395)
---------- --------- ---------- ---------
168,381 132,748 327,349 212,663
Interest expense 30,683 31,609 59,416 64,369
---------- --------- ---------- ---------
Earnings before provision for
income taxes 137,698 101,139 267,933 148,294
Provision for income taxes 47,506 37,825 92,437 53,386
---------- --------- ---------- ---------
Net earnings $ 90,192 63,314 $ 175,496 94,908
========== ========= ========== =========
Per share information:
Basic earnings per share $ 0.82 0.57 $ 1.59 0.85
========== ========= ========== =========
Diluted earnings per share $ 0.82 0.57 $ 1.58 0.85
========== ========= ========== =========
Dividends $ 0.21 0.18 $ .42 0.34
========== ========= ========== =========
Weighted average shares outstanding:
Basic 110,177 111,362 110,723 111,183
========== ========= ========== =========
Diluted 110,528 112,055 111,217 111,787
========== ========= ========== =========
</TABLE>
Per share earnings, both basic and diluted, are based upon the weighted average
number of shares outstanding.
Diluted weighted average shares outstanding are calculated using the treasury
stock method and assume that all stock options with a market value greater than
the grant price at the balance sheet date are exercised.
3
<PAGE>
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS PART I
(DOLLAR AMOUNTS IN THOUSANDS) ITEM 1
SIX MONTHS ENDED
JUNE 30,
-----------------------
2000 1999
---------- ---------
Cash flows from operating activities:
Net earnings $ 175,496 94,908
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 121,864 118,696
Cost of fee timber harvested 21,184 21,525
Other amortization 9,255 8,352
Deferred income taxes 30,618 37,377
Changes in working capital items:
Accounts receivable (56,697) (79,298)
Inventories 3,880 8,799
Prepaid expenses and timber deposits 4,299 5,570
Accounts payable and accrued expenses 14,154 1,017
Accrued income taxes (14,238) (11,264)
---------- ---------
Net cash provided by operating activities 309,815 205,682
---------- ---------
Cash flows from investing activities:
Proceeds from sale of assets 661 615
Expenditures for property, plant and equipment (168,297) (120,764)
Expenditures for timber and timberlands (2,300) (6,579)
Expenditures for roads and reforestation (6,695) (5,908)
Acquisitions (149,514) -
Other 17,973 (34,239)
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Net cash used in investing activities (308,172) (166,875)
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Cash flows from financing activities:
Net change in operating lines of credit 97,863 26,332
Debt borrowing 110,241 27,770
Proceeds from sale of common stock 1,758 15,356
Repurchased common stock (84,071) -
Cash dividends paid (46,558) (37,820)
Payment on debt (82,291) (81,874)
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Net cash used in financing activities (3,058) (50,236)
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Net change in cash (1,415) (11,429)
Cash at beginning of period 25,557 31,359
---------- ---------
Cash at end of period $ 24,142 19,930
========== =========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest (net of amount capitalized) $ 58,968 65,179
========== =========
Income taxes $ 76,057 22,800
========== =========
4
<PAGE>
FORM 10-Q
PART I
ITEM 1
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2000
Note 1 The information furnished in this report reflects all adjustments
which are, in the opinion of management, necessary to fairly state
the results for the interim periods presented.
Note 2 The components of inventories are as follows (thousands of
dollars):
June 30, December 31,
2000 1999
---------- ----------
Finished product $ 137,841 139,385
Work in progress 8,579 7,722
Raw material 206,582 198,866
Supplies 99,438 99,137
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$ 452,440 445,110
========== ==========
Note 3 In May 2000, the company completed its acquisition of Corrugados
Tehuacan S.A. de C.V. for $70.1 million. This company operates a
state-of-the-art corrugated container plant, a solid fiber box
plant and a small recycled linerboard and medium mill, all located
in Mexico. Also in May 2000, the company purchased a hardwood
market pulp mill in Port Wentworth, Georgia. After process
improvements, the company's total investment in the Port Wentworth
facility is expected to be approximately $90.0 million.
These acquisitions were accounted for using the purchase method.
The operating results of these acquisitions have been included in
the consolidated statements of earnings from the date of
acquisition.
Note 4 Earnings before income taxes for the three- and six-month periods
ended June 30, 2000, include charges totaling $5.1 million related
to estimated costs for the closure of the Dallas, Oregon, plywood
plant and anticipated settlement costs for alleged violations of
the federal Clean Air Act and related state regulations involving
the company's building materials operations.
Other notes have been omitted pursuant to Rule 10-01 (a)(5) of
Regulation S-X.
5
<PAGE>
FORM 10-Q
PART I
ITEM 2
WILLAMETTE INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
JUNE 30, 2000
The company's three basic businesses, white paper, brown paper and building
materials, are affected by changes in general economic conditions. White and
brown paper sales and earnings tend to follow the general economy. Building
materials activity is closely related to new housing starts and to the
availability and terms of financing for construction. All industry segments are
influenced by global economic factors of supply and demand. In addition, the
cost of wood and recycled fiber, basic raw materials for all segments, are
sensitive to various supply and demand factors including environmental issues
affecting supply.
SEGMENT INFORMATION
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Net Sales:
White Paper $ 346,793 264,667 $ 688,303 522,616
Brown Paper 427,026 354,188 831,592 686,885
Building Materials 361,187 388,514 729,425 721,321
---------- ---------- ---------- ----------
$1,135,006 1,007,369 $2,249,320 1,930,822
========== ========== ========== ==========
Operating Earnings:
White Paper $ 60,342 11,991 118,622 21,181
Brown Paper 79,654 55,479 146,910 89,153
Building Materials 46,169 76,863 91,447 126,621
Corporate (12,266) (11,281) (23,626) (23,897)
---------- ---------- ---------- ----------
$ 173,899 133,052 $ 333,353 213,058
========== ========== ========== ==========
6
<PAGE>
RESULTS OF OPERATIONS
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Second Quarter 2000 vs. Second Quarter 1999
-------------------------------------------
Consolidated net sales increased 12.7% in the second quarter of 2000 compared
with the second quarter of 1999. Operating earnings increased 30.7% in the
second quarter of 2000 compared with the second quarter of 1999, as increases in
the white and brown paper segments outpaced the decline in the building
materials segment.
White paper operating earnings were more than five times higher primarily due to
an increase in net sales of 31.0% in the second quarter of 2000 compared to the
second quarter of 1999. Second quarter 2000 average selling prices increased
over 1999 in all product lines as follows: cut sheets -- 19.6%, continuous forms
-- 15.7%, fine paper -- 23.3%, and hardwood market pulp -- 42.0%. By the end of
the second quarter 2000, prices were softening.
Unit shipments of cut sheets increased 12.6% in the second quarter of 2000
predominantly due to the successful start-up of the Washington Courthouse, Ohio,
facility. Fine paper and forms shipments were flat for the second quarter of
2000 versus the same period of 1999.
Favorable increases in selling prices and unit shipments outpaced the
unfavorable increases in raw material costs. Chip costs increased 6.3% and
softwood pulp costs increased 35.3% in the second quarter of 2000 compared to
the second quarter of 1999. The gross profit margin for white paper increased to
22.0% in the second quarter of 2000 compared to 10.1% in the same period in
1999.
Brown paper operating earnings increased 43.6% largely due to increases in net
sales of 20.6% in the second quarter of 2000 compared to the second quarter of
1999. These increases were driven by average selling price increases of 16.1%
for corrugated containers and 13.5% for grocery bags. By the end of the second
quarter of 2000, brown paper prices were stable.
7
<PAGE>
Unit corrugated container shipments increased 3.5% while grocery bag shipments
declined 8.3%. The results of operations for the brown paper segment include the
positive contributions of Corrugados Tehuacan S.A. de C.V., which was acquired
by the company on May 31, 2000.
The favorable increases in average selling prices and corrugated container
shipment volumes more than compensated for the unfavorable increase in old
corrugated container (OCC) costs, which increased 73.8% from the comparable
period in 1999. Despite increased OCC costs, gross profit margins for brown
paper improved to 24.9% in the second quarter of 2000 compared to 22.9% in the
second quarter of 1999.
The building materials segment's results for the second quarter of 2000
reflected pricing pressure due to increased industry production and higher
interest rates leading to declining new housing starts. Sales declined 7.0% in
the second quarter of 2000 compared to the second quarter of 1999, and operating
earnings declined 39.9% over the same periods. Average selling prices declined
14.7% for lumber, 15.2% for plywood, 9.7% for OSB, and 11.7% for international
MDF. Conversely, average selling prices increased 6.4% for domestic
particleboard and 10.1% for domestic MDF reflecting the typical lag in activity
of these product lines behind the lumber and structural panel product lines.
The only building materials segment product line showing a significant increase
in unit shipments was domestic particleboard. Domestic particleboard shipments
increased 5.9% in the second quarter of 2000 over the same period in 1999.
However, unit shipments in all other building materials segment product lines
reflected the flagging demand for most building materials products. Shipments of
lumber, domestic MDF and international MDF were relatively flat for the second
quarter of 2000; plywood shipments declined 5.2%, and OSB shipments declined
2.2%. In June of 2000, the company permanently closed the Dallas, Oregon,
plywood plant, a victim of weak market conditions and
8
<PAGE>
competition from less expensive substitute products. As a result of the market
pricing pressures, the building materials segment's gross profit margin
decreased to 17.0% in the second quarter of 2000 from 23.4% in the second
quarter of 1999.
Selling and administrative expenses increased $4.2 million, or 6.3%, in the
second quarter of 2000 compared to the second quarter of 1999, primarily due to
new operations. However, the ratio of selling and administrative expenses to net
sales declined to 6.2% for the second quarter of 2000 compared to 6.5% for the
same period in 1999.
Other expense - net increased $5.2 million in the second quarter of 2000 when
compared to the same period of 1999. This increase reflects charges taken in
June 2000 totaling $5.1 million before taxes for the closure of the Dallas,
Oregon, plywood plant and anticipated settlement costs associated with penalties
and supplemental environmental projects in connection with alleged violations of
the federal Clean Air Act and related state regulations involving the company's
building materials operations. A consent decree was lodged in the United States
District Court for the District of Oregon in July 2000 and is subject to the
approval of the court.
Interest expense was $30.7 million in the second quarter of 2000 compared with
$31.6 million in the prior period. The decrease in interest expense is due to a
decrease in average debt outstanding of $180 million in the second quarter of
2000 compared to the second quarter of 1999, partially offset by an increase in
the company's effective interest rate, which increased to 7.6% in the second
quarter of 2000 from 7.1% for the same period in 1999.
Six Months ended June 30, 2000 vs. Six Months ended June 30, 1999
-----------------------------------------------------------------
Consolidated net sales increased 16.5% and operating earnings increased 56.5%
for the first six months of 2000 due to strong performance from the white paper
and brown paper segment operations.
9
<PAGE>
White paper sales increased 31.7% over the first six months of 1999 due to price
and volume increases in all product lines except continuous forms. Sales prices
increased in all product lines with price increases of 19.4% for cutsheets,
21.3% for fine paper, 15.4% for continuous forms and 47.0% for market pulp. In
addition, unit shipments increased in all product lines except for continuous
forms for the first half of 2000 compared to the same period in the prior year.
Increased prices and unit shipments were offset in part by increases in raw
material costs. Chip costs increased 3.6% and softwood pulp costs increased
33.6% for the six months ended June 30, 2000 when compared with the same period
ended June 30, 1999. Even after increased raw materials costs, white paper
operating earnings were more than five times higher than operating earnings for
the first half of 1999. Gross profit margin increased to 21.8% for the first six
months of 2000, up from 9.6% in the same period of 1999.
Brown paper net sales increased 21.1% over the first half of 1999 due to selling
price increases in all product lines and increased unit shipments of corrugated
containers. Selling prices increased 16.4% for corrugated containers and 13.4%
for grocery bags. Unit shipments increased 4.6% for corrugated containers and
declined 1.0% for grocery bags.
The increases in selling price and unit shipments improved brown paper operating
earnings by 64.8% despite a 64.5% increase in OCC costs. Brown paper gross
profit margins improved to 24.0% from 20.3% in the first half of 1999.
Building materials sales increased 1.1% from the first six months of 1999
despite the continued price erosion which began early in the second quarter of
2000. Sales prices were mixed compared to the first half of 1999. Sales prices
for the first half of 2000 increased for OSB by 7.4%, domestic particleboard by
7.7% and domestic MDF by 10.4%. However, prices continued to
10
<PAGE>
weaken for lumber, which decreased 5.0%; plywood, which decreased 12.0%; and
international MDF, which decreased 14.5% from the first six months of 1999.
Unit shipments were up for the first half of 2000 for lumber, domestic
particleboard and both international and domestic MDF. Plywood unit shipments
decreased 2.7%. OSB unit shipments also declined by 5.4% compared to the first
six months of 1999. Higher log costs also impacted the building materials
segment operating results as log costs increased 4.2% in the first six months of
2000 compared to the first half of 1999. As a result of increased market
pressure, building materials operating earnings decreased 27.8% for the first
six months of 2000 compared to the same period in 1999. Gross profit margins for
the first half of 2000 were 16.7%, down from 21.4% in the same period in 1999.
Selling and administrative expenses increased $7.0 million, or 5.3%, primarily
due to the expansion of company operations. The ratio of selling and
administrative expenses to net sales decreased to 6.1% for the first six months
of 2000 from 6.8% for the same period in 1999.
Interest expense was $59.4 million for the first six months of 2000 compared
with $64.4 million for the first six months of 1999. The decrease is
attributable to decreased average debt outstanding of $215 million, partially
offset by an increase in the company's effective interest rate from 7.1% for the
first six months of 1999 to 7.5% for 2000. Capitalized interest increased
slightly to $2.2 million for the first half of 2000 from $1.2 million in 1999.
Other expense - net includes charges totaling $5.1 million before taxes for the
closure of the Dallas, Oregon, plywood plant and anticipated settlement costs
associated with penalties and supplemental environmental projects in connection
with alleged violations of the federal Clean Air Act and related state
regulations involving the company's building materials operations.
11
<PAGE>
Financial Condition as of June 30, 2000
---------------------------------------
For the first six months of 2000, cash flows from operating activities were
$309.8 million, representing an increase of 50.6% from the same period in 1999.
The increase was primarily attributable to increased earnings in the white paper
and brown paper segments.
Net working capital decreased to $419.3 million at June 30, 2000, compared to
$457.5 million at December 31, 1999. The total debt to capital ratio was 44.0%
at June 30, 2000, up from 42.8% at December 31, 1999, mainly due to acquisitions
completed in the second quarter.
In May 2000, the company strengthened its position in Mexico with the
acquisition of Corrugados Tehuacan S.A. de C.V. for $70.1 million. This company
operates a state-of-the-art corrugated container plant in Ixtac, a recycled
linerboard and corrugating medium mill in Xalapa, and a solid fiber box plant in
Tehuacan.
Also in May, the company acquired a hardwood market pulp mill in Port Wentworth,
Georgia. After process improvements, the company's total investment in the Port
Wentworth facility is expected to be approximately $90.0 million. Production at
the Port Wentworth mill is expected to begin in the fourth quarter of 2000.
The company is continually making capital expenditures at its manufacturing
facilities to improve fiber utilization, achieve labor efficiency and expand
production. In the first half of 2000, the company incurred $168.3 million in
capital expenditures for property, plant and equipment.
In June, the company completed its $100 million stock repurchase program. During
the first six months of 2000, the company repurchased 2,447,100 common shares
for $84.1 million.
12
<PAGE>
In April, the Board of Directors declared a quarterly cash dividend of $0.21 per
share. However, there is no assurance as to future dividends as they depend on
earnings, capital requirements and financial condition.
The company believes it has the resources available to meet its short-term and
long-term liquidity requirements. Resources include internally generated funds,
short-term borrowing arrangements and the unused portion of the revolving loan
available under a bank credit agreement.
Forward-Looking Statements
--------------------------
Statements contained in this report that are not historical in nature, including
without limitation trends in pricing levels, adequacy of the company's liquidity
resources and the impact of environmental regulations, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are subject to risks and uncertainties that may
cause actual future results to differ materially from those projected. Such
risks and uncertainties with respect to the company, in addition to those
included with the forward-looking statements, include, but are not limited to,
the effect of general economic conditions; the level of new housing starts and
remodeling activity; the availability and terms of financing for construction;
competitive factors including pricing pressures; the cost and availability of
wood fiber; the effect of natural disasters on the company's timberlands;
construction delays; risk of non-performance by third parties; and the impact of
environmental regulations including the costs associated with complying with
such regulations. In view of these uncertainties, investors are cautioned not to
place undue reliance on such forward-looking statements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
------------------------------------------------------------------
No disclosure is required under this item.
13
<PAGE>
FORM 10-Q
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
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In the fourth quarter of 1997, the company received a series of requests from
the Environmental Protection Agency (EPA) for information under Section 114 of
the Clean Air Act (the Act) with respect to the company's building materials
operations. The requests focused on compliance with regulations under the
Prevention of Significant Deterioration (PSD) Program under the Act. On May 7,
1998, the EPA issued a Notice of Violation (NOV) alleging violations of the Act
and related state regulations, and on December 11, 1998, issued a second NOV
supplementing and clarifying the first NOV. The company has signed a consent
decree providing for implementation of a compliance program including
installation of pollution control technology at several facilities at an
estimated cost of $28 million, implementation of supplemental environmental
projects (SEPs) at a cost of $8 million and payment of a civil penalty of $11
million plus interest. The company has established reserves to provide for the
estimated final settlement costs for the civil penalty and SEPs. The consent
decree and related complaint were lodged with the United States District Court
for the District of Oregon on July 20, 2000. The consent decree is subject to
the court's approval.
In November 1998, the company received from the EPA a request for information
under Section 114 of the Act with respect to the company's Johnsonburg,
Pennsylvania, pulp and paper mill. This request also focused on compliance with
the PSD regulations. Subsequently, on April 19, 1999, the company received an
NOV relating to its Johnsonburg mill. The NOV asserts violations of the Act
relating to two alleged major modifications to the plant, allegedly without
proper PSD permits and without complying with applicable PSD requirements. The
company received a demand letter from the EPA to correct the alleged violations
contained in this NOV. In February 2000, the company responded to the demand
letter and is continuing efforts to resolve the matter.
14
<PAGE>
In a separate matter at the Johnsonburg mill, the company entered into a consent
order and agreement in May 2000 with the Pennsylvania Department of
Environmental Protection providing for a fine of approximately $164,000 for air
quality violations.
In August 1999, the company received another Section 114 information request
from the EPA relating to the company's paper mill in Campti, Louisiana. The
company responded to the request in November 1999. The company has conducted
several meetings with state and federal officials regarding the Campti mill and
has agreed to provide additional information to the EPA. Also, in March and
November 1999, the company received Section 114 requests from the EPA relating
to the company's paper mill in Hawesville, Kentucky. In April 1999 and January
2000, the company provided the requested information to the EPA.
In March 2000, the company received requests for information from the EPA under
Section 114 of the Act related to the Marlboro, South Carolina and Kingsport,
Tennessee, fine paper mills. The company responded to the requests in June 2000
and has requested a meeting with the EPA to discuss the responses. To date, NOVs
have not been issued by the EPA relating to the Campti, Hawesville, Marlboro or
Kingsport mills.
The company believes that the outcome of the foregoing proceedings and other
proceedings to which the company is a party will not have a material adverse
effect on the company's financial position.
Item 6. Exhibits and Reports on Form 8-K
----------------------------------------
(a) Exhibits
--------
Exhibit No. Exhibit
----------- -------
12 Ratio of Earnings
to Fixed Charges.
27 Financial Data Schedule for six-
month period ended June 30, 2000.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter for
which this report is filed.
15
<PAGE>
SIGNATURE
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 thereunto duly authorized.
WILLAMETTE INDUSTRIES, INC.
By /s/G. W. Hawley
G. W. HAWLEY
Executive Vice President,
Chief Financial Officer,
Secretary and Treasurer
(Principal Financial Officer)
Date: August 11, 2000