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
February 9, 1994
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Date of Report (Date of Earliest Event Reported)
INTERNATIONAL PAPER COMPANY
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(Exact name of Registrant as specified in its charter)
New York 1-3157 13-0872805
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(State of Commission (IRS Employer
Incorporation) File Identification
Number)
Two Manhattanville Road, Purchase, NY 10577
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(Address of Principal executive offices)
914-397-1500
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(Telephone No.)
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ITEM 1 CHANGES IN CONTROL OF REGISTRANT
N/A
ITEM 2 ACQUISITION OR DISPOSITION OF ASSETS
N/A
ITEM 3 BANKRUPTCY OR RECEIVERSHIP
N/A
ITEM 4 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
N/A
ITEM 5 OTHER EVENTS
On January 11, 1994, the registrant announced
unaudited 1993 year-end and fourth quarter
earnings. A copy of the announcement is annexed
as Exhibit 28.
ITEM 6 RESIGNATIONS OF REGISTRANT'S DIRECTORS
N/A
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
N/A
(b) Pro Forma Financial Information:
N/A
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(c) Exhibits:
(28) Press Release, dated January 11, 1994.
ITEM 8 CHANGES IN FISCAL YEAR
N/A
Signatures
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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.
INTERNATIONAL PAPER COMPANY
(Registrant)
Date: February 9, 1994 /s/ SYVERT E. NERHEIM
Purchase, NY ----------------------
Syvert E. Nerheim
Assistant Secretary
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NEWS
INTERNATIONAL PAPER RELEASE
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Two Manhattanville Road
Purchase, New York 10577
Media Contact: Analyst Contact:
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Carl Gagliardi Carol Tutundgy
(914) 397-1666 (914) 397-1632
Linda Decker
(914) 397-1623
INTERNATIONAL PAPER REPORTS IMPROVED
1993 FOURTH-QUARTER RESULTS
For Immediate Release
- ---------------------
Tuesday, January 11, 1994
PURCHASE, N.Y. - International Paper today reported l993
fourth-quarter earnings above the l992 fourth-quarter as well as
above the prior three quarters of l993.
Net earnings in the l993 fourth-quarter were $100 million or
$.8l per share, l5 percent above the l992 fourth-quarter earnings
before special charges of $87 million or $.7l per share.
Fourth-quarter sales in l993 were $3.4 billion, level with
sales of the same period a year earlier.
John A. Georges, chairman and chief executive officer, said,
"The improved earnings in the fourth-quarter are the result of
strong performances of our forest products and specialty products
businesses, and productivity improvements throughout the company.
Our results continue to be negatively impacted, however, by weak
worldwide price levels in most printing paper and packaging
products."
Excluding special items in both full years, l993 earnings were
$3l4 million or $2.54 per share compared to l992 earnings of $405
million or $3.34 per share. Sales in l993 were $l3.7 billion, even
with l992 sales.
The printing papers business showed slight improvement in the
fourth-quarter over the third, despite continuing weak pulp and
paper prices and soft demand in Europe.
Packaging results in the quarter were essentially flat
compared to the third-quarter, however export markets showed a
slight upturn.
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International Paper, headquartered in Purchase, NY, is a
worldwide producer of printing and writing papers, paperboard and
packaging products and wood products. The company also operates
specialty products businesses and distributes paper and wood
products. International Paper has manufacturing operations in 26
countries and exports its products to more than l30 nations.
# # #
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International Paper and Consolidated Subsidiaries
Summary of Consolidated Earnings
Preliminary and Unaudited
(In millions except for net sales and per share data)
Three Months Twelve Months
Ended Dec. 31, Ended Dec. 31,
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1993 1992 1993 1992
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Net sales (in billions) $ 3.4 $ 3.4 $ 13.7 $ 13.6
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Earnings (loss) before
interest, income taxes,
extraordinary item and
cumulative effect of
accounting change 237 (210)(b) 810 453(b)
Interest expense, net 79 67 310 247
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Earnings (loss) before
income taxes, extraordinary
item and cumulative effect
of account change 158 (277)(b) 500 206(b)
Income tax provision (benefit)
(the 1993 full-year provision
includes $25 million for the
increase in the federal income
tax rate) 58 (101) 211 64
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Earnings (loss) before
extraordinary item and
cumulative effect of
accounting change 100 (176)(b) 289(a) 142(b)
Extraordinary item - loss
on extinguishment of
debt (net of income
tax benefit) (6)
Cumulative effect of
change in accounting
for income taxes (50)
Net earnings (loss) $ 100 $ (176)(b) $ 289(a) $ 86(b)
==== ==== ==== ====
Earnings (loss) per
common share
Earnings (loss) before
extraordinary item and
cumulative effect of
accounting change $ 0.81 $ (1.46)(b) $ 2.34(a) $ 1.17(b)
Extraordinary item -
loss on extinguishment
of debt (0.05)
Cumulative effect of
change in accounting
for income taxes (0.41)
---- ---- ---- ----
Earnings (loss) per
common share $ 0.81 $ (1.46)(b) $ 2.34(a) $ 0.71(b)
==== ==== ==== ====
Average shares
outstanding 123.6 122.4 123.2 121.4
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(a) Net earnings were $314 million ($2.54 per share) for the year ended
Dec. 31, 1993, before the $25 million (20 cents per share) charge to
revalue deferred tax balances resulting from the increase in the U.S.
statutory federal income taxe rate.
(b) Includes a $398 million pre-tax productivity improvement charge
($263 million after taxes or $2.17 per share).
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International Paper
Sales by Business Segment
Preliminary and Unaudited
(in millions)
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
1993 1992 1993 1992
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Printing Papers $ 920 $ 995 $ 3,905 $ 4,040
Packaging(a) 775 795 3,095 3,245
Distribution 810 735 3,140 2,980
Specialty products(a) 615 620 2,460 2,460
Forest products(a) 445 370 1,700 1,410
Less: intersegment sales (153) (137) (615) (537)
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$ 3,412 $ 3,378 $ 13,685 $ 13,598
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(a) Business segment sales have been restated to reclassify certain
operations from Packaging and Forest Products to Specialty Products.
As a result, Specialty Products sales were increased by $445 million in
1993 and $400 million in 1992, Packaging sales were reduced by $410
million in 1993 and $390 million in 1992, and Forest Products sales
were reduced by $35 million in 1993 and $10 million in 1992.
