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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 11, 1995
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Date of Report (Date of Earliest Event Reported)
INTERNATIONAL PAPER COMPANY
---------------------------------
(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.)
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
The Company announced 1995 first-quarter preliminary and
unaudited earnings of $246 million or $1.95 a common share
versus 1994 first-quarter earnings of $76 million or $.61 a
common share (before the cumulative effect of an accounting
change).
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
2
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(c) Exhibits:
(99) Press release dated April 11,1995 announcing preliminary
and unaudited earnings for the 1995 first-quarter.
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: April 12, 1995 /S/ SYVERT E. NERHEIM
Purchase, NY ----------------------------
Syvert E. Nerheim
Assistant Secretary
3
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INTERNATIONAL [LOGO] PAPER EXHIBIT 99
2 MANHATTANVILLE ROAD
PURCHASE, NY 10577
News Release
Media Contacts: Analyst Contact:
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Carl Gagliardi Carol Tutundgy
(914) 397-1666 (914) 397-1632
Michelle Sawatka
(914) 397-1652
INTERNATIONAL PAPER REPORTS RECORD QUARTERLY SALES AND PROFITS
April 11, 1995
PURCHASE, N.Y. -- International Paper today reported 1995 first-quarter net
earnings of $246 million or $1.95 a share, a more than threefold increase over
1994 first-quarter net earnings of $76 million or $.61 a share (before the
cumulative effect of an accounting change). The first-quarter performance was
also nearly a 60 percent increase over 1994 fourth-quarter earnings of $154
million or $1.23 a share.
First-quarter 1995 sales were $4.5 billion, a 32 percent increase over
first-quarter 1994 sales of $3.4 billion and a 10 percent increase over fourth-
quarter 1994 sales of $4.1 billion. Both the sales and earnings totals were a
record for any quarter (earnings per share were slightly higher in the first
two quarters of 1989).
"These earnings confirm that we're experiencing a dramatic upturn in our
industry, and International Paper is in an excellent position to take full
advantage of it," said John A. Georges,
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chairman and chief executive officer. "I believe we're in the beginning stages
of what should be a sustained period of favorable markets worldwide. If you
look at how the economies around the world are growing, then add up the limited
capacity that's coming on line, you come out with a very optimistic view of the
supply-and-demand balance this industry should experience for several years to
come."
The sharpest quarter-to-quarter increase in earnings was in printing papers,
where profits from U.S. and European operations more than doubled. All paper
grades are in tight supply, and prices for most grades have recovered and are
increasing.
Packaging earnings were up about 30 percent from the previous quarter, with
the strongest performance turned in by industrial packaging. Higher prices and
strong demand more than compensated for the effects of increased raw material
costs.
Taken together, earnings in the forest products, specialty products and
distribution segments were up about 15 percent over the fourth quarter with
significant improvements in forest products and ResourceNet International's
earnings -- partially offset by the specialty products businesses, several of
which were affected by lower housing starts.
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"Extensive rains in the southern part of the United States have made logging
conditions more difficult and that has put a premium on wood that can be har-
vested in wet weather," Georges said. "Prices for pulpwood and saw timber are
at record high levels. As the weather dries out, prices will retract.
"Overall, we expect continued earnings momentum into the next quarter, as
further price increases are implemented and wood fiber costs return to more
normal levels.
"Looking further ahead, we expect real sales growth for the entire company
to average 6 to 8 percent annually, based on 1995 dollars," Georges said.
"This growth is a result of additional capacity coming on stream this year and
next, and excludes acquisitions."
International Paper, headquartered in Purchase, N.Y., is a worldwide
producer of printing papers, packaging and forest products. The company also
operates specialty businesses and a broadly-based paper distribution network.
International Paper has manufacturing operations in 28 countries and exports its
products to more than 130 nations.
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International Paper Company
Summary of Consolidated Earnings
Preliminary and Unaudited
(In millions except for net sales and per share data)
Three Months Ended March 31,
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1995 1994
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Net Sales (in Billions) $ 4.5 $ 3.4
Earnings Before Interest, Income Taxes and
Cumulative Effect of Accounting Change 495 195
Interest Expense, net 104 77
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Earnings Before Income Taxes and Cumulative
Effect of Accounting Change 391 118
Provision for income taxes 145 42
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Earnings Before Cumulative Effect of
Accounting Change 246 76 (b)
Cumulative effect of change in accounting for
start up costs (75)(a)
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Net Earnings $ 246 $ 1
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Earnings Per Common Share
Earnings Before Cumulative Effect of
Accounting Change $ 1.95 $ 0.61 (b)
Cumulative effect of change in accounting for
start up costs (0.60)(a)
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Earnings Per Common Share $ 1.95 $ 0.01
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Average Shares Outstanding 126.4 124.2
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(a) Effective January 1, 1994 a pre-tax charge of $125 million ($75 million
after taxes or $0.60 per share) was recorded as the cumulative effect of the
change in accounting for start up costs. The change in accounting for start
up costs also resulted in additional operating earnings for the full year
1994 of $17 million ($10 million after taxes or $0.08 per share) for a net
after-tax impact of $65 million or $0.52 per share. Quarterly earnings were
restated to reflect the cumulative effect charge and the additional
current-year earnings.
(b) $72 million or $0.58 per share before $7 million ($4 million after taxes or
$0.03 per share) of additional earnings for the current-year effect of the
change in accounting for start up costs.
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International Paper Company
Sales by Business Segment
Preliminary and Unaudited
(in Millions)
Three Months Ended March 31,
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1995 1994
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Printing Papers $ 1,510 $ 955
Packaging 955 755
Distribution 1,195 800
Specialty Products 715 625
Forest Products 385 425
Less: Intersegment Sales (268) (146)
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$ 4,492 $ 3,414
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