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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
July 10, 1995
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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 July 10, 1995, 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, 1995.
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 six months ended June 30, 1995 and
June 30, 1994 and Consolidated Balance Sheet as of June 30,
1995 and December 31, 1994.
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: /s/ Lawrence A. Fox
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LAWRENCE A. FOX
VICE PRESIDENT AND SECRETARY
Dated: July 11, 1995
Page 3 of 3 pages
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EXHIBIT 99
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,
------------------------------ -----------------------------
1995 1994 1995 1994
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Net Sales:
Paper $ 1,526,099 $ 981,721 $ 2,887,854 $ 1,941,729
Wood Products 230,333 260,237 502,602 526,349
------------ ------------ ------------ -------------
$ 1,756,432 $ 1,241,958 $ 3,390,456 $ 2,468,078
============ ============ ============ =============
Income From Operations:
Paper (Note 1) $ 344,112 $ (38,423) $ 574,226 $ (78,390)
Wood Products 27,831 56,386 76,410 120,669
General Corporate Expense (24,693) (13,791) (42,982) (21,298)
------------ ------------ ------------ -------------
347,250 4,172 607,654 20,981
Interest and debt expense 54,811 58,890 114,528 115,427
Other (income) expense - net (Note 2) (11,477) (8,627) (31,253) (8,387)
------------ ------------ ------------ -------------
Income (Loss) Before Income Taxes 303,916 (46,091) 524,379 (86,059)
Income Taxes (Benefit) 116,383 (14,993) 205,621 (23,975)
------------ ------------ ------------ -------------
Net Income (Loss) $ 187,533 $ (31,098) $ 318,758 $ (62,084)
============ ============ ============ =============
Earnings (Loss) Per Common Share: (Note 3)
Primary $ 1.93 $ (.41) $ 3.27 $ (.82)
============ ============ ============ =============
Fully Diluted $ 1.79 $ (.41) $ 3.04 $ (.82)
============ ============ ============ =============
</TABLE>
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Note 1: Income from operations - paper for the six months ended June 30, 1995
includes $13 million of non-recurring expenses primarily for the
writedown of certain receivables from customers in Mexico and for
certain legal contingencies.
Note 2: Other (income) expense - net for the three months and six months ended
June 30, 1995 includes non-recurring gains of $39 million and $89
million, respectively, from the sales of certain operations in Canada
and non-recurring charges of $32 million and $68 million, respectively,
primarily for the writedown of certain U.S. paper and wood products
assets.
Note 3: Earnings per share was calculated for each three month and six month
period on a stand-alone basis. On June 22, 1995 the company purchased
all 7,894,737 shares of Common Stock that were issued on that date upon
conversion of the $92.50 Convertible Preference Stock, and on June 30,
1995 the company purchased an additional 2,000,000 shares of Common
Stock. As a result of this reduction in the number of shares
outstanding, the sum of the earnings per share for the first and second
quarters of 1995 does not equal the earnings per share for the first six
months of 1995.
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
(unaudited)
----------- -----------
<S> <C> <C>
ASSETS:
Cash and temporary cash investments $ 255,608 $ 90,948
Receivables - net 673,511 562,085
Inventories 398,804 441,430
Prepaid expenses 35,268 23,286
Deferred income taxes 61,753 61,032
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Total Current Assets 1,424,944 1,178,781
Timber and timberlands - net 1,914,978 1,846,823
Property, plant and equipment - net 5,498,643 5,602,614
Other assets and deferred charges 315,497 335,410
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Total Assets $ 9,154,062 $ 8,963,628
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 275,613 $ 308,922
Short-term bank borrowings 211,903 90,184
Accounts payable and accrued liabilities 596,247 592,033
Income taxes 89,936 43,273
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Total Current Liabilities 1,173,699 1,034,412
Long-term debt 2,994,790 2,889,252
Other liabilities 690,022 670,761
Deferred income taxes 1,108,457 1,039,927
Minority interest in subsidiaries 91,459 68,531
Preference stock, $92.50 cumulative series - 300,000
Shareholders' Equity 3,095,635 2,960,745
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Total Liabilities and Shareholders' Equity $ 9,154,062 $ 8,963,628
=========== ===========
</TABLE>
