SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
FORM 10-Q/A
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1999 Commission file number 1-3157
INTERNATIONAL PAPER COMPANY
(Exact name of registrant as specified in its charter)
New York 13 0872805
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
Two Manhattanville Road, Purchase, NY 10577
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 914-397-1500
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes |X| No |_|
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.
Common stock outstanding on October 31, 1999: 414,078,621 shares.
<PAGE>
INTERNATIONAL PAPER COMPANY
INDEX
Page No.
--------
PART I. Financial Information
Item 3. Other Financial Information 27
(Revised)
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 3. OTHER FINANCIAL INFORMATION
Financial Information by Industry Segment
(Unaudited)
(In millions)
Net Sales by Industry Segment
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Printing and Communications Papers $ 1,500 $ 1,455 $ 4,380 $ 4,520
Industrial and Consumer Packaging 1,780 1,765 5,215 5,285
Distribution 1,740 1,685 5,115 4,475
Chemicals and Petroleum 370 370 1,080 1,110
Forest Products 825 725 2,425 2,155
Carter Holt Harvey 410 345 1,175 1,125
Corporate and Intersegment Sales (1) (374) (313) (1,111) (799)
-------- -------- -------- --------
Net Sales $ 6,251 $ 6,032 $ 18,279 $ 17,871
======== ======== ======== ========
</TABLE>
Operating Profit by Industry Segment
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
1999 1998 1999 1998
------- ------- ------- -------
<S> <C> <C> <C> <C>
Printing and Communications Papers $ 84 $ 34 $ 114 $ 209
Industrial and Consumer Packaging 171 95 369 295
Distribution 25 23 76 60
Chemicals and Petroleum 38 34 85 95
Forest Products 199 154 548 415
Carter Holt Harvey (2) 12 (1) 20 14
------- ------- ------- -------
Operating Profit 529 339 1,212 1,088
Interest expense, net (134) (147) (400) (461)
Minority interest adjustment 21 3 42 45
Corporate items, net (1) (3) (96) (68) (245) (184)
Restructuring and other charges (155) (113) (155)
Merger integration costs (68) (225)
Reversal of reserves no longer required 45 36 45
Oil and gas impairment charge (55) (55)
Environmental remediation charge (10) (10)
Gain on sale of business 20 20
Scitex restructuring and other charges 1 3 (4)
------- ------- ------- -------
Earnings (loss) before income taxes,
minority interest and extraordinary item $ 242 $ (17) $ 300 $ 339
======= ======= ======= =======
</TABLE>
(1) Includes results from operations that were disposed of in 1998.
(2) Includes equity earnings (in millions) of $14 and $2 for the 3 months ended
September 30, 1999 and 1998, respectively, and $36 and $13 for the nine months
ended September 30, 1999 and 1998, respectively. Half of these equity earnings
amounts are in the Carter Holt Harvey segment and half are in the minority
interest adjustment.
(3) Includes goodwill amortization related to Federal Paper Board (in millions)
of $10 for the three months ended September 30, 1999 and 1998 and $29 for the
nine months ended September 30, 1999 and 1998.
<PAGE>
Production by Product
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
1999 1998 1999 1998
----- ----- ----- -----
<S> <C> <C> <C> <C>
Printing Papers (In thousands of tons)
White Papers and Bristols (a) 1,276(e) 1,294 3,981(e) 3,931
Coated Papers 308 317 963 957
Market Pulp (b) 545 494 1,538 1,500
Newsprint 26 24 74 71
Packaging (In thousands of tons)
Containerboard (a) 1,230 1,185 3,600 3,535
Bleached Packaging Board 561 538 1,676 1,610
Industrial Papers 227 212 677 657
Industrial and Consumer Packaging (c) 1,263 1,249 3,765 3,646
Specialty Products (In thousands of tons)
Tissue 37 39 118 111
Forest Products (In millions)
Panels (sq. ft. 3/8" - basis) (d) 518 464 1,497 1,347
Lumber (board feet) 715 695 2,213 2,050
MDF (sq. ft. 3/4" - basis) 53 75 167 233
Particleboard (sq. ft. 3/4" - basis) 51 51 148 146
</TABLE>
(a) Certain reclassifications and adjustments have been made to current and
prior year amounts.
(b) This excludes market pulp purchases.
(c) A significant portion of this tonnage was fabricated from paperboard and
paper produced at the Company's own mills and included in the
containerboard, bleached packaging board and industrial papers amounts in
this table.
(d) Panels include plywood and oriented strand board.
(e) Amounts have been revised from the previously filed Form 10-Q for the
third quarter ended September 30, 1999 filed on November 15, 1999.
<PAGE>
SIGNATURES
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: November 18, 1999 By /s/ JOHN V. FARACI
------------------------------
John V. Faraci
Senior Vice President and Chief
Financial Officer
Date: November 18, 1999 By /s/ ANDREW R. LESSIN
------------------------------
Andrew R. Lessin
Vice President and Controller and
Chief Accounting Officer
