SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
January 31, 1996
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
This is a revision to the filing by the Registrant on February 1,
1996, whereby the Registrant announced preliminary and unaudited
1995 full year earnings of $261 million or $5.59 per Class A
Depositary Unit versus 1994 full year earnings of $274 million or
$5.49 per Class A Depositary Unit. The Registrant previously
reported the 1995 fourth-quarter preliminary and unaudited
earnings at $89 million or $1.63 per Class A Depositary Unit
versus 1994 fourth-quarter earnings of $53 million or $1.44 per
Class A Depositary Unit. The amendment relates to an adjustment
to the 1995 fourth-quarter preliminary and unaudited earnings per
Class A Depositary Unit from $1.63 to $1.54 and an adjustment to
the full year preliminary and unaudited earnings per Class A
Depositary Unit from $5.59 to $5.50.
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) A revised press release, dated January 9, 1996, announcing
preliminary and unaudited earnings for the 1995 fourth-quarter
and full year.
ITEM 8. CHANGES IN FISCAL YEAR
N/A
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 TIMBERLANDS, LTD.
BY: IP Forest Resources Company
(Managing General Partner)
(Registrant)
Date: February 21, 1996 /s/ SYVERT E. NERHEIM
Purchase, NY Syvert E. Nerheim
Assistant Secretary
3
INTERNATIONAL PAPER
2 MANHATTANVILLE ROAD
PURCHASE, NY 10577-2196
News Release
Media Contacts: Analyst Contacts:
Carl Gagliardi Carol Tutundgy
(914) 397-1666 (914) 397-1632
Molly Sullivan Maryanne Rupy
(914) 397-1652 (914) 397-1626
Brian Turcotte
(914) 397-1623
IP TIMBERLANDS REPORTS 1995 EARNINGS INCREASE;
ANNOUNCES CASH DISTRIBUTION AND SALE OF WESTERN LANDS
January 9, 1996
PURCHASE, N.Y. -- IP Forest Resources Company (IPFR), managing general partner
of IP Timberlands, Ltd. (IPT), today reported 1995 fourth-quarter earnings of
$89 million on revenues of $123 million, up from 1994 fourth-quarter earnings of
$53 million on revenues of $72 million, and announced that IPT intends to sell
much of its Western forestlands.
Fourth-quarter earnings per Class A Depositary Unit were $1.54, a 7 percent
increase over 1994 fourth-quarter earnings per Class A Depositary Unit of $1.44.
For the 12 months ended December 31, 1995, IPT's earnings were $261 million
on revenues of $360 million, with earnings per Class A Depositary Unit of $5.50.
For the prior year, earnings were $274 million on revenues of $369 million,
resulting in earnings per Class A Depositary Unit of $5.49.
IPT also declared a fourth-quarter Partnership distribution to Class A
Unitholders of $.72 per unit payable February 15, 1996 to unitholders of record
on January 31, 1996.
IPT is pursuing several options to sell its approximately 300,000 acres of
forestlands located in the states of Washington and Oregon.
Following any such disposition, management expects that an extraordinary
distribution would be made to its Class A Unitholders. The exact amount of any
such distribution would depend on actual proceeds received. Management
cautioned unitholders that such a distribution should be viewed as an early
distribution of cash that would have otherwise been earned from timber
harvesting on these lands over the remainder of the Initial Term (through
December 31, 1999), and accordingly a decrease in the quarterly distribution
(currently $.72 per Class A Unit) could occur. Of course, there can be no
assurance that IPT will dispose of all or a substantial portion of its Western
forestlands.
(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
------------ -------------
1995 1994 1995 1994
----- ----- ----- -----
Revenues $ 123 $ 72 $ 360 $ 369
===== ===== ===== =====
Net Partnership Earnings $ 89 $ 53 $ 261 $ 274
===== ===== ===== =====
Per Class A Depositary Unit:
Earnings $1.54 $1.44 $5.50 $5.49
===== ===== ===== =====
Distributions $0.72 $0.72 $6.88 $2.88
===== ===== ===== =====
