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 (Date of earliest event reported): December 6, 1994
JAMES RIVER CORPORATION OF VIRGINIA
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation)
1-7911 54-0848173
(Commission File Number) (IRS Employer Identification Number)
120 Tredegar Street, Richmond, Virginia 23219
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (804) 644-5411
Item 5. Other Events.
(a) On January 16, 1995, James River Corporation of Virginia
("James River") published a press release announcing that
results for its fourth quarter which ended December 25,
1994, are expected to be below the consensus expectations of
security analysts. Definitive fourth quarter results are
scheduled to be released on January 25, 1995.
(b) Updating an event reported on Form 8-K dated August 22,
1994, James River and the Inlandboatman's Union of the
Columbia River Region reached a contract agreement on
December 6, 1994, settling a strike at James River's Western
Transportation facilities. Normal operations have resumed
at these facilities.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
99 Press release dated January 16, 1995, published
by the registrant -- filed herewith.
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 hereunto duly authorized.
JAMES RIVER CORPORATION OF VIRGINIA
By: /s/ James R. Hudson, Jr.
James R. Hudson, Jr.
Vice President, Corporate Controller
Date: January 18, 1995
EXHIBIT 99
News Release: Immediate Contact: Celeste Gunter (Financial)
(804) 649-4307
Dick Elder (Media)
(804)649-4785
JAMES RIVER INDICATES FOURTH QUARTER RESULTS TO FALL SHORT OF EXPECTATIONS
RICHMOND, VIRGINIA, January 16, 1995 -- James River Corporation
today announced that results for its fourth quarter which ended December
25, 1994, are expected to be below the consensus expectations of security
analysts of a $.07 per share loss. The anticipated net loss for the
fourth quarter is currently estimated to approximate $.21 per share,
before the effect of non-recurring or special charges which may be
accrued in the quarter. This compares with a loss of $.18 per share in
the third quarter of 1994, and a loss of $.16 per share in last year's
fourth quarter. Definitive fourth quarter results are scheduled to be
released on January 25, 1995.
Lower than expected results occurred in the company's domestic
Consumer Products and Food and Consumer Packaging Businesses. Fourth
quarter operating results for the domestic Consumer Products Business
will be lower than those posted in the second and third quarters and
below the normal seasonal decline. Results for the Food and Consumer
Packaging Business will improve only slightly from third quarter levels.
In both businesses, selling price recovery continued to lag cost
increases for raw materials, including plastic resins, waste paper, and
chemicals. Based on announced price increases to take effect in the
first quarter, the company believes that first quarter results for these
businesses will improve.
Results for the company's European Consumer Products Business
show gradual improvement from marginal third quarter operating profits,
as better pricing is beginning to be realized in European markets. For
the first time since the third quarter of 1991, the Communications Papers
Business will report profitable operations, reflecting rapidly improving
market conditions and pricing.
The company also expects to accrue certain special, non-
recurring charges during the quarter. These charges will include
severance and other costs associated with announced reductions-in-force
occurring in all business segments, asset impairment write-downs, and
accruals for litigation costs and environmental liabilities, offset in
part by the reversal of remaining reserves associated with the 1992
restructuring program.
James River Corporation, headquartered in Richmond, Virginia, is a
manufacturer and marketer of consumer products, food and consumer
packaging, and communications papers. These product lines include brands
such as Quilted Northern(r) bathroom tissue, Brawny(r) paper towels,
Dixie(r) cups and plates, Eureka!(tm) recycled copy paper, Word Pro(r)
copy papers, and Quilt-Rap(tm) sandwich wrap. In addition, the company
produces a number of popular European brands for the towel and tissue
market. James River has a current annual sales rate of approximately
$6.3 billion.
