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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
JUNE 15, 1994
POPE & TALBOT, INC.
(Exact name of registrant as specified in charter)
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<S> <C> <C>
DELAWARE 1-7852 94-0777139
(State of other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
1500 S.W. FIRST AVENUE
PORTLAND, OREGON 97201
(Address of principal executive offices) (Zip Code)
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(503) 228-9161
(Registrant's telephone number, including area code)
NONE
(Former name or former address, if changed since last report.)
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Item 5. Other Events
(a) See Press Release attached as Exhibit 99.
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Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits
99 - Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly authorized this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on June 15, 1994.
POPE & TALBOT, INC.
By \s\ Carlos M. Lamadrid
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Name: Carlos M. Lamadrid
Title: Chief Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT NO. DESCRIPTION
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99 Press Release
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EXHIBIT 99
POPE & TALBOT, INC.
NEWS
RELEASE 94-7 Contact: C. Lamadrid
For Release at 8:00 a.m. PDT - Wednesday, June 15, 1994
POPE & TALBOT PROJECTS LOWER SECOND QUARTER EARNINGS
PORTLAND, OR -- Pope & Talbot, Inc., today reported that Wall Street
analysts' earnings estimates for the second quarter of 1994 were too high.
Peter T. Pope, Chairman, President and Chief Executive Officer, stated that,
"Recent earnings estimates from analysts have been $.40 per share and higher,
but it now looks like the second quarter number will be in the range of $.20
per share".
While the shortfall is spread across all of the Company's product
lines, consumer products and market pulp are the principal areas falling below
expectations. Disposable diaper shipments have been hurt by loss of a major
account which was merged into a company being supplied by another diaper
manufacturer. Lower prices in diapers are a result of price competition led by
the two largest manufacturers. Conditions remain very competitive in the
consumer private label tissue market.
International pulp markets have strengthened dramatically in 1994.
Following completion of a major capital program at the Company's Halsey, Oregon
pulp mill, this market strength is allowing the mill to operate near capacity
during the second quarter, which is helping operating results. However,
fixed-price contracts through September of this year mean that recent strength
in pulp prices will be delayed for the about 75 percent of total pulp sales.
On balance, pulp results will be better than in 1994's first quarter, but below
expectations.
Lumber markets have recovered from weaker levels early in the second
quarter, but profits from lumber will be significantly below those reported for
1994's record first quarter.
Mr. Pope continued, "It is unusually difficult to make earnings
projections for this year's second half." There will be higher wood costs in
Canada because of a surcharge being imposed by the British Columbia Provincial
Government. There can be only modest improvement in financial results from
pulp until later this year, when pulp prices can increase from current contract
levels. The consumer products area will remain competitive, although better
results are hoped for as the year progresses.
Mr. Pope concluded, "We view the problems in pulp as temporary in a
strengthening world market for pulp, and expect to see improvement in consumer
products later this year; however, at this point we see earnings for 1994 only
approximating last year's $1.67 per share."
Pope & Talbot, Inc. is a publicly held, Portland, Oregon-based paper,
pulp and wood products company traded on the NYSE. Pope & Talbot was founded
in 1849 and has operations throughout the United States and in Canada.
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