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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 25, 1995
FIBREBOARD CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-016951 94-0751580
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(State or other jurisdic- (Commission (IRS Employer Iden-
tion of incorporation) file number tification No.)
2121 NORTH CALIFORNIA BLVD., #560, WALNUT CREEK, CA 94596
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(Address of principal executive offices)
(510) 274-0700
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(Registrant's telephone number, including area code)
NONE
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(Former name or former address, if changed since last report)
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The undersigned registrant hereby amends the following items of its current
report on Form 8-K dated September 25, 1995.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) PRO FORMA FINANCIAL INFORMATION.
(i) Pro forma consolidated balance sheet as of June 30, 1995;
(ii) Pro forma consolidated statement of income for the six-month
period ended June 30, 1995;
(iii) Pro forma consolidated statement of income for the twelve
months ended December 31, 1994; and
(iv) Notes to pro forma consolidated financial statements.
See attached pro forma financial information on pages 3-7.
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FIBREBOARD CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1995
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS AS REPORTED PRO FORMA ADJUSTMENT PRO FORMA
JUNE 30, 1995 ADJUSTMENTS KEY JUNE 30, 1995
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<S> <C> <C> <C> <C>
CURRENT ASSETS
CASH AND CASH EQUIVALENTS ($1,515) $66,566 (A) $65,051
RECEIVABLES 51,237 (8,210) (B) 43,027
CURRENT PORTION NOTES RECEIVABLE 6,247 6,247
INVENTORIES 80,610 (25,965) (B) 54,645
PREPAID EXPENSES 3,009 (636) (B) 2,373
DEFERRED INCOME TAXES 9,293 (311) (E) 8,982
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TOTAL CURRENT ASSETS 148,881 31,444 180,325
TIMBER AND TIMBERLANDS, NET 31,095 (31,095) (B,C) --
PROPERTY, PLANT AND EQUIPMENT, AT COST
LAND AND IMPROVEMENTS 21,637 (10,343) (B,C) 11,294
BUILDINGS 37,252 (9,990) (B,C) 27,262
MACHINERY AND EQUIPMENT 131,406 (57,832) (B,C) 73,574
CONSTRUCTION IN PROGRESS 5,713 (2,921) (B,C) 2,792
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196,008 (81,086) 114,922
ACCUMULATED DEPRECIATION (81,425) 35,545 (B,C) (45,880)
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NET PROPERTY, PLANT AND EQUIPMENT 114,583 (45,541) 69,042
NOTES RECEIVABLE 6,301 (95) (A) 6,206
GOODWILL 67,600 67,600
OTHER ASSETS 14,748 4,829 (B,C) 19,577
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TOTAL OPERATING ASSETS 383,208 (40,458) 342,750
CASH RESTRICTED FOR ASBESTOS COSTS 3,631 3,631
ASBESTOS COSTS TO BE REIMBURSED 832,115 832,115
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TOTAL ASSETS $1,218,954 ($40,458) $1,178,496
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LIABILITIES AND EQUITY
CURRENT LIABILITIES:
CURRENT PORTION OF LONG-TERM DEBT $2,105 ($1,000) (D) $1,105
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 64,385 (313) (B) 64,072
RESERVE FOR ASBESTOS-RELATED COSTS 2,700 2,700
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TOTAL CURRENT LIABILITIES 69,190 (1,313) 67,877
LONG-TERM DEBT 99,988 (96,000) (D) 3,988
RESERVE FOR ASBESTOS-RELATED COSTS 9,620 9,620
OTHER LONG-TERM LIABILITIES 23,758 23,758
DEFERRED INCOME TAXES 19,395 (19,395) (E) --
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TOTAL OPERATING LIABILITIES 221,951 (116,708) 105,243
LONG TERM ASBESTOS CLAIMS SETTLEMENTS 818,184 818,184
ASBESTOS RELATED LONG TERM DEBT 23,041 23,041
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TOTAL LIABILITIES 1,063,176 (116,708) 946,468
STOCKHOLDERS' EQUITY:
COMMON STOCK, $.01 PAR VALUE,15,000,000
SHARES AUTHORIZED, 8,495,574 SHARES ISSUED 85 85
PAID IN CAPITAL IN EXCESS OF PAR
CONTRIBUTED CAPITAL 76,517 76,517
RETAINED EARNINGS 83,747 (76,250) (F) 159,997
MINIMUM PENSION LIABILITY ADJUSTMENT (4,571) (4,571)
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TOTAL STOCKHOLDERS EQUITY 155,778 76,250 232,028
TOTAL LIABILITIES AND EQUITY $1,218,954 ($40,458) $1,178,496
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</TABLE>
SEE ATTACHED NOTES
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FIBREBOARD CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENT
AS REPORTED ADJUSTMENTS KEY PRO FORMA
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<S> <C> <C> <C> <C>
NET SALES $253,190 ($77,834) (1) $175,356
COST OF SALES 197,356 (71,194) (1) 126,162
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GROSS MARGIN 55,834 (6,640) 49,194
SELLING AND ADMINISTRATIVE EXPENSES 40,134 (2,168) (1) 37,966
ASBESTOS-RELATED ITEMS (4,000) (4,000)
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OPERATING INCOME 19,700 (4,472) 15,228
INTEREST EXPENSE (3,929) 3,200 (2) (729)
INTEREST AND OTHER INCOME 884 2,021 (3) 2,905
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INCOME BEFORE INCOME TAXES 16,655 749 17,404
INCOME TAXES (6,660) (300) (4) (6,960)
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NET INCOME $9,995 $449 $10,444
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EARNINGS PER SHARE
PRIMARY $1.11 $1.16
FULLY DILUTED $1.10 $1.15
COMMON EQUIVALENT SHARES (THOUSANDS)
(WEIGHTED AVERAGE)
PRIMARY 9,026 9,026
FULLY DILUTED 9,050 9,050
</TABLE>
SEE ATTACHED NOTES
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FIBREBOARD CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENT
AS REPORTED ADJUSTMENTS KEY PRO FORMA
----------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
NET SALES $363,705 ($180,309) (1) $183,396
COST OF SALES 295,202 (162,341) (1) 132,861
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CROSS MARGIN 68,503 (17,968) 50,535
SELLING AND ADMINISTRATIVE EXPENSES 40,690 (5,298) (1) 35,392
ASBESTOS-RELATED ITEMS ----------- ----------- ------------
OPERATING INCOME 27,813 (12,670) 15,143
INTEREST EXPENSE (4,931) 3,321 (2) (1,610)
INTEREST AND OTHER INCOME 22,555 (12,718) (3) 9,837
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INCOME BEFORE INCOME TAXES 45,437 (22,067) 23,370
INCOME TAXES (18,402) 8,937 (4) (9,465)
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NET INCOME $27,035 ($13,130) $13,905
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EARNINGS PER SHARE
PRIMARY $3.01 $1.55
FULLY DILUTED $3.01 $1.55
COMMON EQUIVALENT SHARES (THOUSANDS)
(WEIGHTED AVERAGE)
PRIMARY 8,986 8,986
FULLY DILUTED 8,992 8,992
</TABLE>
SEE ATTACHED NOTES
5
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FIBREBOARD CORPORATION
Notes to Pro Forma Consolidated Financial Statements
Reflecting the Sale of the Wood Products Group
(Dollar Amounts in Thousands)
(Unaudited)
1. Principles of Presentation
On September 25, 1995 Fibreboard Corporation sold its Wood Products
Group conversion facilities and timberlands to Sierra Pacific Industries
for $245,000 in cash subject to a number of purchase price adjustments.
For purposes of preparing these pro forma financial statements, such
purchase price adjustments have been estimated from available data.
However, the data used is preliminary and the pro forma adjustments
reflected in the statements which follow are subject to change.
The unaudited pro forma statements of income for the year ended December
31, 1994 and for the six months ended June 30, 1995 give effect to the
transaction as though it had occurred on January 1, 1994 and January 1,
1995. The unaudited pro forma balance sheet as of June 30, 1995 gives
effect to the transaction as though it had occurred on that date. The pro
forma statements of income and pro forma balance sheet are based on the
historical financial statements of Fibreboard Corporation for the year
ended December 31, 1994 and for the six months ended June 30, 1995.
Because the pro forma statements include only the adjustments described
below, they should not be considered indicative of the results that would
have occurred if the sale of the Wood Products Group had taken place on the
dates indicated or which may be obtained in the future.
The pro forma financial statements should be read in conjunction with the
consolidated financial statements of Fibreboard Corporation.
2. Pro Forma Balance Sheet Adjustments:
a. To increase cash and cash equivalents to reflect the net cash
generated from the sale of the Wood Products Group after the payment
of income taxes, reductions of outstanding debt and other costs.
b. To reduce assets and liabilities by the amount of assets purchased and
liabilities assumed by Sierra Pacific Industries.
c. To reclassify certain assets to be held for future sale and not sold
to Sierra Pacific Industries as other assets.
d. To reduce long term debt for assumed repayment of debt from proceeds
of the sale of Wood Products Group.
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e. To reduce deferred taxes for the financial and tax basis differences
arising from this transaction.
f. To increase stockholders' equity by the estimated after-tax gain from
the sale of the Wood Products Group.
3. Pro Forma Statement of Income Adjustments:
1. To eliminate sales and expenses directly attributable to the Wood
Products Group.
2. To adjust interest expense to reflect assumed debt repayment with
proceeds of the sale.
3. To adjust interest income to reflect the projected investment return
of the net proceeds from the sale of the Wood Products Group and
disposal of surplus assets.
4. To adjust the income tax provision for items 1, 2 and 3 above.
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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.
FIBREBOARD CORPORATION
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(Registrant)
Dated: November 20, 1995 By: /s/ Garold E. Swan
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Garold E. Swan
Vice President and Controller
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