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Previous: ASSOCIATES FIRST CAPITAL CORP, 424B3, 1994-04-15 |
Next: CHRYSLER FINANCIAL CORP, 424B3, 1994-04-15 |
<PAGE>
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 15, 1994
- --------------------------------------------------------------------------------
Date of Report
(Date of earliest event reported)
CHAMPION INTERNATIONAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
1-3053 13-1427390
- --------------------------------- ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
One Champion Plaza, Stamford, Connecticut 06921
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(Address of principal executive offices) (Zip Code)
(203) 358-7000
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(Registrant's telephone number, including area code)
Page 1 of 3 pages
<PAGE>
Item 5. Other Events.
On April 15, 1994, Champion International Corporation (the "Company")
issued a press release announcing certain unaudited financial results of the
Company for the three months ended March 31, 1994.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following Exhibit is filed as part of this Report:
Exhibit Number Description
- -------------- -----------
99 The Company's Consolidated Statement of Income for the
three months ended March 31, 1994 and March 31, 1993 and
Consolidated Balance Sheet as of March 31, 1994 and
December 31, 1993.
Page 2 of 3 Pages
<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.
Champion International Corporation
By: Lawrence A. Fox
-------------------------------
LAWRENCE A. FOX
VICE PRESIDENT AND SECRETARY
Dated: April 15, 1994
Page 3 of 3 pages
<PAGE>
EXHIBIT 99
<PAGE>
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in thousands, except per share)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1994 1993
---------- ----------
<S> <C> <C>
Net Sales:
Paper $ 960,008 $ 925,835
Wood Products 266,112 341,141
---------- ----------
1,226,120 1,266,976
Income From Operations:
Paper (39,967) (51,908)
Wood Products 64,283 94,227
General Corporate Expense (7,507) (12,573)
---------- ----------
16,809 29,746
Interest and debt expense 56,537 53,573
Other (income) expense 240 22,946
---------- ----------
Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change (39,968) (46,773)
Income Taxes (Benefit) (8,982) (18,709)
---------- ----------
Income (Loss) Before Cumulative Effect of
Accounting Change $ (30,986) $ (28,064)
========== ==========
Cumulative Effect of Accounting Change,
Net of Taxes (Note 1) --- (7,523)
---------- ----------
Net Income (Loss) $ (30,986) $ (35,587)
---------- ----------
Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ (.41) $ (.38)
========== ==========
Cumulative Effect of Accounting Change $ --- $ (.08)
========== ==========
Net Income (Loss) $ (.41) $ (.46)
========== ==========
</TABLE>
- ----------
Note 1: Cumulative Effect of Accounting Change for the three month period ended
March 31, 1993 reflects the after-tax effect of adopting, retroactive to
January 1, 1993, a new accounting standard for postemployment benefits.
<PAGE>
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
(unaudited)
----------- ------------
<S> <C> <C>
ASSETS:
Cash and temporary cash investments $ 92,208 $ 62,850
Receivables - net 494,813 494,426
Inventories 483,497 469,269
Prepaid expenses 27,580 22,818
Deferred income taxes 64,847 65,064
----------- ------------
Total Current Assets 1,162,945 1,114,427
Timber and timberlands - net 1,836,531 1,838,550
Property, plant, and equipment - net 5,734,928 5,802,036
Other assets and deferred charges 363,613 387,756
----------- ------------
Total Assets $ 9,098,017 $ 9,142,769
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 84,928 $ 88,052
Short-term bank borrowings 105,718 88,258
Accounts payable and accrued liabilities 566,431 591,153
Income taxes 5,449 4,841
----------- -----------
Total Current Liabilities 762,526 772,304
Long-term debt 3,363,104 3,316,165
Other liabilities 668,705 672,788
Deferred income taxes 1,051,974 1,077,234
Minority interest in subsidiaries 54,487 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,897,221 2,950,118
----------- -----------
Total Liabilities and Shareholders' Equity $ 9,098,017 $ 9,142,769
=========== ===========
</TABLE>
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