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UNITED STATES 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
DATE OF REPORT -- SEPTEMBER 23, 1998
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number l3-2607329
l177 Summer Street, Stamford, Connecticut 06905-5529
(Principal Executive Office)
Telephone Number: (203) 348-7000
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RAYONIER INC.
TABLE OF CONTENTS
PAGE
Item 5. Other Events 1
Item 7. Financial Statements and Exhibits 1
Signature 1
Exhibit Index 2
i
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ITEM 5. OTHER EVENTS
Incorporated by reference is a news release issued by the Registrant on
September 23, 1998, attached as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) See Exhibit Index
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this Report to be signed on its behalf
by the undersigned hereunto duly authorized.
RAYONIER INC. (Registrant)
BY Kenneth P. Janette
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Kenneth P. Janette
Vice President and
Corporate Controller
September 25, 1998
1
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION LOCATION
99 News Release issued Filed herewith
September 23, 1998
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EXHIBIT 99
NEWS RELEASE For further information
FOR IMMEDIATE RELEASE Media Contact: Martin H. Arnold
203-964-4621
Investor Contact: John A. Doumlele
203-964-4486
RAYONIER CLARIFIES IMPACT OF SOUTHEAST FOREST FIRES
Stamford, CT, September 23, 1998 - Rayonier said today that it has
refined estimates of certain non-recurring items including the financial impact
of damaged timber resulting from Southeast U.S. forest fires in mid-summer. The
estimates of fire damages were first noted in the company's second quarter
earnings announcement July 20.
The company said it will take a charge of approximately 5 cents per
share in the third quarter to reflect the loss of pre-merchantable timber. In
addition, the sale of fire-damaged timber at salvage prices, netted against
lower wood costs to company manufacturing facilities, will reduce earnings by
approximately 10 cents per share.
For the fourth quarter, earnings are expected to be reduced by
approximately 5 cents per share due to salvage timber sales. However, this will
be mostly offset by an anticipated gain of 4 to 5 cents per share, based on
preliminary estimates, from insurance recoveries related to a fire at the
company's sawmill facility at Plummer, Idaho.
Rayonier Senior Vice President and Chief Financial Officer Gerald
Pollack said the company is disclosing the effect of the fires at this time to
clarify their impact on upcoming quarterly results. "The company is comfortable
with the FirstCall consensus earnings estimate, as of September 22, for the
third quarter of 57 cents per share, excluding the non-recurring items listed
above," Pollack stated.
All of the statements in this release represent good faith estimates
and accordingly should be considered forward-looking and made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Changes in the following factors may cause actual results to differ materially
from these estimates: changes in the estimates of fire damage
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and the rate of harvesting by third parties; additional fires and other adverse
weather conditions in the company's operating areas; final results of
negotiations with the company's insurance carrier; and other items listed in the
company's second quarter earnings announcement and Form 10-Q.
Rayonier is a global supplier of specialty pulps, timber and wood
products. The company has 1.5 million acres of timber in the U.S. and New
Zealand. About half of Rayonier's sales are to international customers in 70
countries. Visit the company's Web site at www.rayonier.com. Complimentary
copies of Rayonier press releases and other financial documents are available by
mail or fax by calling 1-800-RYN-7611.
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