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<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
July 18, 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 July 18, 1994, Champion International Corporation (the "Company")
issued a press release announcing certain unaudited financial results of the
Company for the three months and the six months ended June 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
- - -------------- -----------
99 The Company's Consolidated Statement of Income for the
three months and the six months ended June 30, 1994 and
June 30, 1993 and Consolidated Balance Sheet as of June 30,
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: July 18, 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 Six Months Ended
June 30, June 30,
------------------------------- ---------------------------
1994 1993 1994 1993
------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
Net Sales:
Paper $ 981,721 $ 945,312 $1,941,729 $1,871,147
Wood Products 260,237 310,987 526,349 652,128
---------- ---------- ---------- ----------
1,241,958 1,256,299 2,468,078 2,523,275
Income From Operations:
Paper (38,423) (35,981) (78,390) (87,889)
Wood Products 56,386 64,711 120,669 158,938
General Corporate Expense (13,791) (13,169) (21,298) (25,742)
---------- ---------- ---------- ----------
4,172 15,561 20,981 45,307
Interest and debt expense 58,890 54,303 115,427 107,876
Other (income) expense - net (8,627) (1,506) (8,387) 21,440
---------- ---------- ---------- ----------
Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change (46,091) (37,236) (86,059) (84,009)
Income Taxes (Benefit) (14,993) (14,894) (23,975) (33,603)
---------- ---------- ---------- ----------
Income (Loss) Before Cumulative Effect of
Accounting Change $ (31,098) $ (22,342) $ (62,084) $ (50,406)
========== ========== ========== ==========
Cumulative Effect of Accounting Change,
Net of Taxes (Note 1) --- --- --- (7,523)
---------- ---------- ---------- ----------
Net Income (Loss) $ (31,098) $ (22,342) $ (62,084) $ (57,929)
========== ========== ========== ==========
Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ (.41) $ (.31) $ (.82) $ (.69)
========== ========== ========== ==========
Cumulative Effect of Accounting Change $ --- $ --- $ --- $ (.08)
========== ========== ========== ==========
Net Income (Loss) $ (.41) $ (.31) $ (.82) $ (.77)
========== ========== ========== ==========
- - ------------------
</TABLE>
Note 1: Cumulative Effect of Accounting Change for the six month period ended
June 30, 1993 reflects the after-tax effect of adopting, retroactive to
January 1, 1993, a new accounting standard for postemployment benefits.
- more -
<PAGE>
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
(unaudited)
---------- -------------
<S> <C> <C>
ASSETS:
Cash and temporary cash investments $ 95,980 $ 62,850
Receivables - net 516,714 494,426
Inventories 446,876 469,269
Prepaid expenses 30,536 22,818
Deferred income taxes 64,099 65,064
---------- -------------
Total Current Assets 1,154,205 1,114,427
Timber and timberlands - net 1,830,996 1,838,550
Property, plant, and equipment - net 5,688,056 5,802,036
Other assets and deferred charges 357,940 387,756
---------- -------------
Total Assets $9,031,197 $9,142,769
========== =============
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 90,272 $ 88,052
Short-term bank borrowings 112,174 88,258
Accounts payable and accrue
liabilities 544,601 591,153
Income taxes 12,224 4,841
---------- -------------
Total Current Liabilities 759,271 772,304
Long-term debt 3,355,778 3,316,165
Other liabilities 672,506 672,788
Deferred income taxes 1,030,833 1,077,234
Minority interest in subsidiaries 57,591 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,855,218 2,950,118
---------- -------------
Total Liabilities and Shareholders' Equity $9,031,197 $9,142,769
========== =============
</TABLE>
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