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EXHIBIT 99.1
FOR RELEASE AT 4:15 P.M. For further information
FRIDAY, SEPTEMBER 22, 2000 Media Contact: Jay A. Fredericksen
904-357-9106
Investor Contact: Parag Bhansali
904-357-9155
RAYONIER LOWERS EARNINGS ESTIMATE
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JACKSONVILLE, FL September 22, 2000 -- Rayonier (NYSE:RYN) said today
its third quarter earnings will be below the First Call consensus estimate due
to a slowing U.S. economy and a strong dollar which has resulted in lower wood
products' prices, reduced demand for timber, and foreign exchange translation
losses. Fourth quarter results also are expected to be affected. The Company
said demand remains strong for its specialty pulp products, although the
appreciated U.S. dollar may delay or preclude a fourth quarter price increase
for its fluff pulps.
Rayonier said third quarter earnings could be 5 to 7 cents per share
below the September 22 First Call consensus estimate of 49 cents per share, with
the earnings shortfall from operations partially offset by a lower effective tax
rate due to the favorable resolution of outstanding tax issues and an improved
current year tax provision.
The Company plans to issue its third quarter earnings' announcement on
October 23 after the market closes.
Rayonier is a global supplier of specialty pulps, timber and wood
products. The company has 2.4 million acres of timber in the U.S. and New
Zealand. About half of Rayonier's sales are to international customers in 60
countries.
Comments about market trends, anticipated earnings, price changes and
other future activities are forward looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. The
following important factors,
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among others, could cause actual results to differ materially from those
expressed in the forward-looking statements: changes in global market trends;
interest rate and currency movements; fluctuations in demand for specialty
chemical cellulose and fluff pulps, export and domestic logs, and wood products;
the impact of such market factors on the Company's timber sales in the U.S. and
New Zealand; adverse weather conditions; changes in production costs for wood
products and for specialty pulps, particularly for raw materials such as wood
and chemicals; and governmental policies and regulations affecting the
environment, import and export controls and taxes.
For further information about Rayonier, 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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