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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
January 9, 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 January 9, 1995, Champion International Corporation (the "Company")
issued a press release announcing certain unaudited financial results of the
Company for the three months and the twelve months ended December 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 and the twelve months ended December 31, 1994
(unaudited) 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: /s/ Lawrence A. Fox
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LAWRENCE A. FOX
VICE PRESIDENT AND SECRETARY
Dated: January 9, 1995
Page 3 of 3 pages
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EXHIBIT 99
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- ------------------
1994 1993 1994 1993
---- ---- ---- ----
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net Sales:
Paper $1,183,431 $ 992,663 $4,216,795 $3,817,579
Wood Products 281,943 307,564 1,101,397 1,251,254
---------- ---------- ---------- ----------
1,465,374 1,300,227 5,318,192 5,068,833
Income From Operations:
Paper 113,331 (24,143) 70,887 (133,774)
Wood Products 60,789 57,015 242,285 247,989
General Corporate Expense (10,124) (13,676) (47,172) (47,823)
---------- ---------- ---------- ----------
163,996 19,196 266,000 66,392
Interest and debt expense 59,485 62,186 235,086 224,658
Other (income) expense - net (Note 1) (37,950) (10,142) (57,342) 7,410
---------- ---------- ---------- ----------
Income (Loss) Before Income Taxes, Extraordinary
Item and Cumulative Effect of Accounting Change 142,461 (32,848) 88,256 (165,676)
Income Taxes (Benefit) (Note 2) 40,189 (2,284) 24,951 (31,222)
---------- ---------- ---------- ----------
Income (Loss) Before Extraordinary Item and Cumulative
Effect of Accounting Change 102,272 (30,564) 63,305 (134,454)
Extraordinary Item - Loss on Early Retirement of Debt,
Net of Taxes --- (14,266) --- (14,266)
Cumulative Effect of Accounting Change, Net of Taxes
(Note 3) --- --- --- (7,523)
---------- ---------- ---------- ----------
Net Income (Loss) $ 102,272 $ (44,830) $ 63,305 $ (156,243)
========== ========== ========== ==========
Earnings (Loss) Per Common Share:
Income (Loss) Before Extraordinary Item and
Cumulative Effect of Accounting Change:
Recurring $ 0.73 $ (.35) $ 0.09 $ (1.44)
Non-Recurring 0.29 (.06) 0.29 (.31)
---------- ---------- ---------- ----------
1.02 (.41) 0.38 (1.75)
Extraordinary Item - Loss on Early Retirement of Debt --- (.15) --- (.15)
Cumulative Effect of Accounting Change --- --- --- (.08)
---------- ---------- ---------- ----------
Net Income (Loss) $ 1.02 $ (.56) $ 0.38 $ (1.98)
========== ========== ========== ==========
</TABLE>
Note 1: Other (income) expense - net includes non-recurring pre-tax
income of $34 million for the three month and twelve month
periods ended December 31, 1994 and $10 million for the three
month and twelve month periods ended December 31, 1993.
Note 2: Income Taxes (Benefit) for the three month and twelve month
periods ended December 31, 1994 includes a benefit of $7 million
to reflect one-time adjustments to the company's deferred tax
liability. The three month and twelve month periods ended
December 31, 1993 include a provision of $11 million and $34
million, respectively, to reflect one-time adjustments to the
company's deferred tax liability.
Note 3: Cumulative Effect of Accounting Change for the twelve month
period ended December 31, 1993 reflects the after-tax effect of
adopting, retroactive to January 1, 1993, a new accounting
standard for postemployment benefits.
