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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
April 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 April 10, 1995, Champion International Corporation (the "Company")
issued a press release announcing certain unaudited financial results of the
Company for the three months ended March 31, 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 ended March 31, 1995 and March 31, 1994 and
Consolidated Balance Sheet as of March 31, 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: Lawrence A. Fox
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LAWRENCE A. FOX
VICE PRESIDENT AND SECRETARY
Dated: April 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
March 31,
----------------------
1995 1994
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<S> <C> <C>
Net Sales:
Paper $1,361,755 $ 960,008
Wood Products 272,269 266,112
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1,634,024 1,226,120
Income From Operations:
Paper (Note 1) 230,114 (39,967)
Wood Products 48,579 64,283
General Corporate Expense (18,289) (7,507)
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260,404 16,809
Interest and debt expense 59,717 56,537
Other (income) expense -- net (Note 2) (19,776) 240
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Income (Loss) Before Income Taxes 220,463 (39,968)
Income Taxes (Benefit) 89,238 (8,982)
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Net Income (Loss) $ 131,225 $ (30,986)
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Earnings (Loss) Per Common Share:
Primary $1.33 $ (.41)
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Fully Diluted $1.26 $ (.41)
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</TABLE>
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Note 1: Income from operations paper -- for the three months ended March 31,
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 ended March 31, 1995
includes a $50 million gain from the sale of certain operations in
Canada and a charge of $36 million primarily for the writedown of
certain U.S. paper and wood products assets.
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
(unaudited)
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<S> <C> <C>
ASSETS:
Cash and temporary cash investments $ 167,022 $ 90,948
Receivables -- net 612,258 562,085
Inventories 424,824 441,430
Prepaid expenses 22,657 23,286
Deferred income taxes 61,392 61,032
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Total Current Assets 1,288,153 1,178,781
Timber and timberlands -- net 1,865,004 1,846,823
Property, plant, and equipment -- net 5,521,440 5,602,614
Other assets and deferred charges 322,062 335,410
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Total Assets $8,996,659 $8,963,628
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<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY:
<S> <C> <C>
Current installments of long-term debt $ 203,235 $ 308,922
Short-term bank borrowings 96,879 90,184
Accounts payable and accrued liabilities 582,710 592,033
Income taxes 55,111 43,273
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Total Current Liabilities 937,935 1,034,412
Long-term debt 2,837,423 2,889,252
Other liabilities 680,055 670,761
Deferred income taxes 1,074,707 1,039,927
Minority interest in subsidiaries 79,962 68,531
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 3,086,577 2,960,745
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Total Liabilities and Shareholders' Equity $8,996,659 $8,963,628
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</TABLE>
