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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
(Mark One)
(x) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the year ended December 31, 1993
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ....... to ........
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification No. 13-2607329
1177 SUMMER STREET, STAMFORD, CT. 06905-5529
(Principal Executive Office)
Telephone Number: (203) 348-7000
Securities registered pursuant to Section 12(b) of the Act,
all of which are registered on the New York Stock Exchange:
Common Shares
7.5% Notes, due October 15, 2002
Medium Term Notes, due 1998-1999
Securities registered pursuant to Section 12(g) of the Act: None
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 and (2) has been subject
to such filing requirements for the past 90 days.
YES (x) NO ( )
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statement incorporated by reference in Part III of the
Form 10-K or any amendment to this Form 10-K. [x]
The aggregate market value of the Common Shares of the registrant
held by non-affiliates of the Registrant on March 15, 1994 was approximately
$953 million.
As of March 15, 1994, there were outstanding 29,565,392 Common Shares of the
Registrant.
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Item 6. SELECTED FINANCIAL DATA
The following summary of historical financial data for each of
the five years ended December 31, 1993 are derived from the
consolidated financial statements of the Company. The data
should be read in conjunction with the consolidated financial
statements ($ in millions except per share).
<TABLE>
<CAPTION>
Year Ended December 31,
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1993 1992 1991 1990 1989
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Sales $ 936 $ 974 $ 979 $1,104 $1,082
Operating income before provision
for dispositions 130 102 97 190 224
Provision for dispositions (3) (189)(1) - - 2
Operating income (loss) 127 (87) 97 190 226
Interest expense (23) (21) (14) (12) (18)
Minority interest (23) (23) (20) (21) (19)
Income (loss) from continuing
operations 52 (81) 44 109 128
Provision for discontinued operations - - - (43) -
Cumulative effect of accounting changes - (22)(2) - - -
Net income (loss) 52 (103) 44 66 128
Dividends (3) 122 18 20 61 48
Earnings (Loss) Per Common Share:
Income (loss) from continuing operations before
cumulative effect of accounting changes $1.77 ($2.77) $1.50 $3.70 $4.33
Cumulative effect of accounting changes - (0.74) - - -
Income (loss) from continuing operations 1.77 (3.51) 1.50 3.70 4.33
Discontinued operations - - - (1.47) -
Net Income (loss) 1.77 (3.51) 1.50 2.23 4.33
Balance Sheet Data:
Total assets $1,475 $1,476 $1,372 $1,353 $1,330
Short-term bank debt and current maturities
of long-term debt 182 102 12 32 7
Long-term debt 316 302 193 141 174
Shareholder equity 606 676 797 772 767
Cash Flow Data:
Capital expenditures $ 72 $ 97 $ 134 $ 100 $ 80
New Zealand acquisition - 197 - - -
Depreciation, depletion and amortization 78 78 69 64 64
EBITDA (4) 187 156 147 234 271
EBIT (5) 109 78 78 170 207
Selected Financial Ratios (unaudited)
Operating income before provision for
dispositions as a percentage of sales 13.9% 10.5% 9.9% 17.2% 20.7%
Return on equity 8.2% (14.1)% 5.7% 8.6% 17.6%
Total debt to capitalization 45.1% 37.4% 20.5% 18.3% 19.1%
Total debt to EBITDA - ratio 2.7x 2.6x 1.4x 0.7x 0.7x
EBIT/Interest expense - ratio 4.7x 3.7x 5.6x 13.7x 11.6x
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<TABLE>
<CAPTION> Year Ended December 31,
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1993 1992 1991 1990 1989
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<S> <C> <C> <C> <C> <C>
Selected Operating Data (unaudited)
Timber and Wood Products Segment
Log Sales:
North America - million board feet 266 435 506 585 629
New Zealand - thousand cubic meters 1,375 682 259 114 57
Other - million board feet 11 - - - -
Timber Harvested:
Northwest U.S. - million board feet 143 195 189 202 270
Southeast U.S. - thousand short green tons 2,001 2,006 2,037 1,838 1,765
New Zealand - thousand cubic meters 918 636 - - -
Lumber sold - million board feet 125 118 103 113 109
Intercompany Sales
Logs - million board feet 15 25 35 31 63
Northwest U.S. Timber Stumpage
- million board feet 28 44 68 69 92
Southeast U.S. Timber Stumpage
- thousand short green tons 299 317 398 114 129
Wood Chips to Jesup pulp mill
- thousand short green tons 319 352 320 356 295
Specialty Pulp Products Segment
Chemical cellulose sales
- thousand metric tons 369 399 412 403 436
Fluff and specialty paper sales
- thousand metric tons (6) 352 367 409 446 318
Production as a Percentage of Capacity 85% 95% 97% 96% 92%
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(1) Represents a charge of $189 million ($121 million after-
tax) to provide for the loss on the disposal of assets along
with the costs for severance, demolition and other closedown
items associated with the disposition of certain facilities;
$180 million ($115 million after-tax) of this charge relates
to the Grays Harbor Complex; as defined elsewhere herein.
(2) Represents the cumulative effect of accounting changes due to
the adoption of Statement of Financial Accounting Standards (SFAS)
No. 106 "Employers' Accounting for Postretirement Benefits Other
than Pensions," and SFAS No. 112 "Employers' Accounting for
Postemployment Benefits." These standards were adopted as of January
1, 1992 using the immediate recognition method, and the resulting
after-tax charge of $22 million ($33 million pre-tax) is included
in net income (loss) in 1992.
(3) Pursuant to a recapitalization program, Rayonier paid a special
dividend to ITT in the fourth quarter of 1993 of $90 million.
Dividends paid by Rayonier to ITT are not indicative of future
dividends. In the first quarter of 1994, the Board of Directors
declared a dividend of $.18 per share payable on March 31, 1994
to holders of record of Rayonier Common Shares on March 10, 1994.
(4) EBITDA is defined as earnings (income) from continuing operations
before the cumulative effect of accounting changes, provision for
dispositions, income taxes, interest expense and depreciation,
depletion and amortization.
(5) EBIT is defined as earnings (income) from continuing operations
before the cumulative effect of accounting changes, provision for
dispositions, income taxes and interest expense.
(6) Excludes wood pulp produced by the Grays Harbor pulp mill
of 62, 78, 103 and 105 thousands of metric tons for the years
ended December 31, 1992, 1991, 1990 and 1989, respectively.
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<PAGE>4 SIGNATURES
Pursuant to the requirements of Section 13 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.
RAYONIER INC.
By GEORGE S. ARESON
----------------
George S. Areson
June 3, 1994 Acting Corporate Controller
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
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<S> <C> <S>
RONALD M. GROSS Chairman of the Board, June 3, 1994
---------------
Ronald M. Gross President, Chief Executive
(Principal Executive Officer) Officer and Director
GERALD J. POLLACK Senior Vice President and June 3, 1994
-----------------
Gerald J. Pollack Chief Financial Officer
(Principal Financial Officer)
GEORGE S. ARESON Acting Corporate Controller June 3, 1994
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George S. Areson
(Principal Accounting Officer)
* Director
----------------
William J. Alley
* Director
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Rand V. Araskog
* Director
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Donald W. Griffin
* Director
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Paul G. Kirk, Jr.
* Director
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Katherine D. Ortega
* Director
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Burnell R. Roberts
* Director
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Gordon I. Ulmer
*By GERALD J. POLLACK
----------------- June 3, 1994
Attorney-In-Fact
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A
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