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
January 10, 1995
Date of Report (Date of Earliest Event Reported)
IP TIMBERLANDS, LTD.
(Exact name of Registrant as specified in its charter)
Texas 1-8859 13-3259241
(State of (Commission (IRS Employer
Incorporation) File) Identification
Number)
Two Manhattanville Road, Purchase, NY 10577
(Address of Principal executive offices)
914-397-1500
(Telephone No.)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
N/A
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
N/A
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
N/A
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
N/A
ITEM 5. OTHER EVENTS
A press release was issued on January 10, 1995 regarding
1994 fourth-quarter unaudited net earnings of $53 million
or $1.44 per Class A Depositary Unit verses 1993 fourth-
quarter net earnings of $103 million or $2.01 per Class A
Depositary Unit.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
N/A
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
N/A
(b) Pro Forma Financial Information:
N/A
2
(c) Exhibits:
(99) Press Release, dated January 10, 1995
ITEM 8. CHANGES IN FISCAL YEAR
N/A
3
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.
IP Forest Resources Company,
as managing general partner
of IP Timberlands, Ltd.
(Registrant)
Date: January 13, 1995 /s/ SYVERT E. NERHEIM
Purchase, NY Syvert E. Nerheim
Assistant Secretary
4
EXHIBIT INDEX
(99) Press Release, dated January 10, 1995
EXHIBIT 99
INTERNATIONAL PAPER
2 MANHATTANVILLE ROAD
PURCHASE, NY 10577
News Release
Media Contact: Analyst Contact:
Michael Goodwin Maryanne Rupy
(914) 397-1652 (914) 397-1626
IP TIMBERLANDS REPORTS FOURTH-QUARTER EARNINGS AND DECLARES
PARTNERSHIP DISTRIBUTION
For Immediate Release
Tuesday, January 10, 1995
PURCHASE, N.Y. -- IP Forest Resources Company, (IPFR), managing general partner
of IP Timberlands, Ltd. (IPT), today reported preliminary 1994 fourth-quarter
net earnings of $53 million on total revenues of $72 million. Fourth-quarter
earnings per Class A Depositary Unit were $1.44. This compares to the
fourth-quarter of 1993 when IPT earned $103 million on total revenues of $129
million or $2.01 per Class A Depositary Unit.
For the twelve months ended December 31, 1994, net Partnership earnings totaled
$274 million on total revenues of $369 million, with earnings per Class A
Depositary Unit of $5.49. For the prior year, net earnings were $323 million on
total revenues of $426 million and earnings per Class A Depositary Unit of
$5.94.
Although prices averaged slightly higher in the fourth quarter of 1994, total
Partnership revenues were 44 percent lower than in the 1993 fourth quarter due
to lower forestland sales and a 30 percent decrease in harvest volumes. Net
partnership earnings declined by 49 percent year-to-year.
"Our overall harvest in 1995 will be down approximately 10 percent in 1995 due
to the age classes of our southern pine plantations," said Ed Kobacker,
president, IP Forest Resources Company. "We are committed to practicing
sustainable forestry, and we expect that these harvest levels will continue for
the next several years."
IPT declared a fourth-quarter Partnership distribution to Class A unitholders of
$.72 per unit payable on February 15, 1995 to unitholders of record on January
31, 1995.
PLEASE SEE ATTACHED TABLE
IP TIMBERLANDS, Ltd.
(A TEXAS LIMITED PARTNERSHIP)
Summary of Partnership Earnings
Preliminary Unaudited
(In millions except per unit data)
Three Months Twelve Months
Ended Ended
December 31 December 31
------------ -------------
1994 1993 1994 1993
----- ----- ----- -----
Total Revenues $ 72 $ 129 $ 369 $ 426
===== ===== ===== =====
Net Partnership Earnings $ 53 $ 103 $ 274 $ 323
===== ===== ===== =====
Per Class A Depositary Unit:
Earnings $1.44 $2.01 $5.49 $5.94
===== ===== ===== =====
Distributions $0.72 $4.72 $2.88 $6.88
===== ===== ===== =====
