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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
October 13, 1994
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Date of Report
(Date of earliest event reported)
CHAMPION INTERNATIONAL CORPORATION
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(Exact name of registrant as specified in its charter)
NEW YORK
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(State or other jurisdiction of incorporation)
1-3053 13-1427390
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(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
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Item 5. Other Events.
On October 13, 1994, Champion International Corporation (the "Company")
issued a press release announcing certain unaudited financial results of the
Company for the three months and the nine months ended September 30, 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
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99 The Company's Consolidated Statement of Income for the
three months and the nine months ended September 30, 1994
and September 30, 1993 and Consolidated Balance Sheet as of
September 30, 1994 and December 31, 1993.
Page 2 of 3 Pages
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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
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LAWRENCE A. FOX
VICE PRESIDENT AND SECRETARY
Dated: October 13, 1994
Page 3 of 3 pages
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EXHIBIT 99
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in thousands, except per share)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
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1994 1993 1994 1993
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net Sales:
Paper $ 1,091,635 $ 953,769 $ 3,033,364 $ 2,824,916
Wood Products 293,105 291,562 819,454 943,690
----------- ----------- ----------- -----------
1,384,740 1,245,331 3,852,818 3,768,606
Income From Operations:
Paper 35,945 (21,744) (42,444) (109,631)
Wood Products 60,827 32,036 181,496 190,974
General Corporate Expense (15,749) (8,403) (37,048) (34,147)
----------- ----------- ----------- -----------
81,023 1,889 102,004 47,196
Interest and debt expense 60,173 54,596 175,601 162,472
Other (income) expense - net (11,004) (3,888) (19,392) 17,552
----------- ----------- ----------- -----------
Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change 31,854 (48,819) (54,205) (132,828)
Income Taxes (Benefit) (Note 1) 8,737 4,665 (15,238) (28,938)
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Income (Loss) Before Cumulative Effect of
Accounting Change $ 23,117 $ (53,484) $ (38,967) $ (103,890)
============ =========== =========== ===========
Cumulative Effect of Accounting Change,
Net of Taxes (Note 2) --- --- --- (7,523)
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Net Income (Loss) $ 23,117 $ (53,484) $ (38,967) $ (111,413)
============ =========== =========== ===========
Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ .18 $ (.65) $ (.64) $ (1.34)
=========== =========== =========== ===========
Cumulative Effect of Accounting Change $ --- $ --- $ --- $ (.08)
=========== =========== =========== ============
Net Income (Loss) $ .18 $ (.65) $ (.64) $ (1.42)
=========== =========== =========== ===========
</TABLE>
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Note 1: Income Taxes (Benefit) for the three month and nine month periods
ended September 30, 1993 includes a provision of $23 million to
reflect a one-time adjustment to the company's deferred tax liability
for changes in 1993 corporate income tax rates in the United States
and Canada.
Note 2: Cumulative Effect of Accounting Change for the nine month period ended
September 30, 1993 reflects the after-tax effect of adopting,
retroactive to January 1, 1993, a new accounting standard for
postemployment benefits.
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1994 1993
(unaudited)
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<S> <C> <C>
ASSETS:
Cash and temporary cash investments $ 90,962 $ 62,850
Receivables - net 534,564 494,426
Inventories 431,885 469,269
Prepaid expenses 30,818 22,818
Deferred income taxes 63,717 65,064
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Total Current Assets 1,151,946 1,114,427
Timber and timberlands - net 1,841,385 1,838,550
Property, plant, and equipment - net 5,635,134 5,802,036
Other assets and deferred charges 354,856 387,756
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Total Assets $8,983,321 $9,142,769
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 80,393 $ 88,052
Short-term bank borrowings 90,617 88,258
Accounts payable and accrued liabilities 582,664 591,153
Income taxes 21,894 4,841
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Total Current Liabilities 775,568 772,304
Long-term debt 3,246,806 3,316,165
Other liabilities 684,784 672,788
Deferred income taxes 1,030,463 1,077,234
Minority interest in subsidiaries 63,210 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,882,490 2,950,118
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Total Liabilities and Shareholders' Equity $8,983,321 $9,142,769
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</TABLE>
