<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934.
For Quarter Ended September 28, 1996 Commission file number 0-7469
------------------ ------
TJ INTERNATIONAL, INC.
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 82-0250992
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 E. Mallard Drive
BOISE, IDAHO 83706
- --------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (208) 364-3300
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and Exchange
Act of 1934 during the preceding 12 months (or for each shorter period that
the registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
November 1, 1996, 17,446,388 shares of $1 par value common stock.
----------------------------------------------------------------
EXHIBIT INDEX ON PAGE 11
<PAGE>
TJ INTERNATIONAL, INC.
PART I. FINANCIAL INFORMATION
The condensed consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. In the opinion of management, all
adjustments necessary to present fairly the results for the periods presented
have been included therein. The adjustments made were of a normal, recurring
nature. Certain information and footnote disclosure normally included in
financial statements have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the disclosures are
adequate to make the information presented not misleading. It is recommended
that these condensed financial statements be read in conjunction with the
financial statements and the notes thereto included in the company's latest
annual report on Form 10-K.
The results of operations for the periods presented are not necessarily
indicative of the results that might be expected for the fiscal year ending
December 28, 1996.
<PAGE>
TJ INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(AMOUNTS IN THOUSANDS
EXCEPT PER SHARE FIGURES)
<TABLE>
<CAPTION>
FOR THE FISCAL FOR THE THREE FISCAL
QUARTER ENDED QUARTERS ENDED
------------------------------ -----------------------------
SEPTEMBER 28, SEPTEMBER 30, SEPTEMBER 28, SEPTEMBER 30,
1996 1995 1996 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales $179,571 $137,759 $445,778 $371,582
-------- -------- -------- --------
Costs and expenses
Cost of sales 132,638 107,071 337,822 288,071
Selling expenses 14,815 12,548 43,980 37,983
Administrative expenses 8,116 6,171 22,117 19,368
-------- -------- -------- --------
155,569 125,790 403,919 345,422
-------- -------- -------- --------
Income from operations 24,002 11,969 41,859 26,160
Investment income, net 589 562 808 2,423
Interest expense (1,573) -- (4,688) --
Minority interest in Partnership (10,763) (6,099) (18,486) (14,524)
-------- -------- -------- --------
Income from continuing
before income taxes 12,255 6,432 19,493 14,059
Income taxes 4,620 2,319 7,407 5,084
-------- -------- -------- --------
Income from continuing operations 7,635 4,113 12,086 8,975
-------- -------- -------- --------
Discontinued operations
Loss from discontinued operations -- (1,699) -- (3,461)
-------- -------- -------- --------
Net income $7,635 $2,414 $12,086 $5,514
-------- -------- -------- --------
-------- -------- -------- --------
Net income from continuing operations per common share
Primary $0.42 $0.23 $0.65 $0.48
-------- -------- -------- --------
-------- -------- -------- --------
Fully Diluted $0.40 $0.21 $0.62 $0.45
-------- -------- -------- --------
-------- -------- -------- --------
Net income per common share
Primary $0.42 $0.13 $0.65 $0.29
-------- -------- -------- --------
-------- -------- -------- --------
Fully Diluted $0.40 $0.12 $0.62 $0.27
-------- -------- -------- --------
-------- -------- -------- --------
Dividends declared per share $0.0550 $0.0550 $0.1650 $0.1650
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average number of common shares
outstanding during the periods
Primary 17,593 17,450
-------- --------
-------- --------
Fully Diluted 18,776 18,680
-------- --------
-------- --------
</TABLE>
<PAGE>
TJ INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 28, DECEMBER 30, SEPTEMBER 30,
ASSETS 1996 1995 1995
<S> <C> <C> <C>
Current assets
Cash and cash equivalents $53,091 $19,715 $15,383
Marketable securities -- -- 7,737
Receivables, less allowances
of $390, $385 and $434 63,948 28,754 36,969
Inventories 40,450 38,560 30,762
Other 16,163 17,643 10,296
Net assets from discontinued
operations -- -- 52,258
--------- -------- --------
173,652 104,672 153,405
Property
Property and equipment 561,474 550,854 539,975
Less - Accumulated depreciation (175,299) (149,069) (143,237)
--------- -------- --------
386,175 401,785 396,738
Goodwill 20,800 21,580 22,073
Unexpended bond funds -- 117 3,517
Other assets 20,482 18,156 14,558
--------- -------- --------
$601,109 $546,310 $590,291
--------- -------- --------
--------- -------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Notes payable -- $2,994 --
Current portion of long-term debt -- 340 320
Accounts payable 34,729 23,746 29,102
Accrued liabilities 31,050 24,237 23,319
Reserve for discontinued
operations 22,526 5,755 --
--------- -------- --------
88,305 57,072 52,741
Long-term debt, excluding
current portion 88,140 89,440 94,934
Deferred income taxes -- -- 8,091
Other long-term liabilities 10,517 8,597 9,028
Minority interest in Partnership 192,318 181,057 180,127
Stockholders' equity
ESOP Convertible Preferred
Stock, $1.00 par 13,772 13,992 14,024
value, authorized 10,000,000
shares, issued 1,167,249,
1,185,933, and 1,188,668
Guaranteed ESOP Benefit (10,382) (10,382) (11,435)
Common stock, $1.00 par value,
authorized 200,000,000 shares,
issued 17,374,671, 17,131,758,
and 17,104,387 17,375 17,132 17,104
Paid-in capital 143,522 140,384 139,753
Retained earnings 60,353 51,808 88,462
Cumulative translation
adjustment (2,811) (2,790) (2,538)
--------- -------- --------
221,829 210,144 245,370
--------- -------- --------
$601,109 $546,310 $590,291
--------- -------- --------
--------- -------- --------
</TABLE>
<PAGE>
TJ INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE FISCAL QUARTERS ENDED
SEPTEMBER 28, 1996 AND SEPTEMBER 30, 1995
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 28, SEPTEMBER 30,
1996 1995
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 12,086 $ 5,514
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 29,779 19,942
Minority interest in partnerships 18,486 14,454
Other, net 1,355 24
Change in working capital items:
Receivables (35,194) 1,493
Inventories (1,890) 206
Other current assets 1,480 (1,695)
Accounts payable and accrued liabilities 15,153 4,231
Other, net (9,845) 2,731
--------- --------
Net cash provided from operating activities $ 31,411 $ 46,900
--------- --------
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures $ (13,574) $(86,328)
Proceeds from the sale of discontinued operations 24,035 --
Proceeds from notes receivable 1,022 8
Decrease in unexpended bond funds 117 8,033
Sales of Marketable securities -- 8,347
Other, net 1,230 1,735
--------- --------
Net cash provided by (used in) investing activities $ 12,830 $(68,205)
--------- --------
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of debt $ 5,740 $ 37,500
Principal payments of long-term debt (7,380) (45,096)
Net repayments under lines of credit (2,994) (6,358)
Cash dividends paid on common stock (2,835) (2,802)
Minority partners tax distributions (3,762) (4,286)
Other, net 367 (34)
--------- --------
Net cash provided by (used in) financing activities $ (10,864) $(21,076)
--------- --------
--------- --------
NET CHANGE IN CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash and cash
equivalents $ 33,376 $(42,381)
Cash and cash equivalents at beginning of year 19,715 57,764
--------- --------
Cash and cash equivalents at end of period $ 53,091 $ 15,383
--------- --------
--------- --------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest, net of amounts capitalized $ 4,175 $ --
Income taxes $ 7,701 $ 1,966
</TABLE>
<PAGE>
TJ INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
INVENTORIES
Inventories consisted of the following:
(amounts in thousands)
Sept. 28, Dec. 30, Sept. 30,
1996 1995 1995
--------- -------- ---------
Finished goods $29,001 $25,882 $22,649
Raw materials and
work-in-progress 14,144 14,657 14,185
------- ------- -------
43,145 40,539 36,834
Reduction to LIFO cost (2,695) (1,979) (6,072)
------- ------- -------
$40,450 $38,560 $30,762
------- ------- -------
------- ------- -------
The determination of inventory under the LIFO method can be made only at the
end of each fiscal year based on the inventory levels and costs at that time.
Accordingly, interim LIFO calculations must necessarily be based on the
Company's estimates of expected year-end inventory levels and costs. Since
these estimates are subject to many forces beyond the Company's control,
interim results could possibly be affected by the final year-end LIFO
inventory valuation.
NET INCOME PER COMMON SHARE:
Primary net income per common share is based on net income adjusted for
preferred stock dividends and related tax benefits divided by the weighted
average number of common shares outstanding after giving effect to stock
options as common stock equivalents. Fully diluted net income per common
share assumes conversion of the ESOP convertible preferred stock into common
stock at the date of issuance.
<PAGE>
Primary net income and fully diluted net income was calculated as follows:
FOR THE FISCAL FOR THE THREE FISCAL
QUARTER ENDED QUARTERS ENDED
-------------------- ---------------------
SEPT. 28, SEPT. 30, SEPT. 28, SEPT. 30,
1996 1995 1996 1995
--------- --------- --------- ---------
PRIMARY NET INCOME
Net income from continuing
operations as reported $ 7,635 $ 4,113 $12,086 $ 8,975
Preferred stock dividends,
net of related tax benefits (233) (218) (710) (661)
------- ------- ------- -------
Primary net income from
continuing operations 7,402 3,895 11,376 8,314
------- ------- ------- -------
Loss from discontinued
operations -- (1,699) -- (3,461)
------- ------- ------- -------
Primary net income $ 7,402 $ 2,196 $11,376 $ 4,853
------- ------- ------- -------
------- ------- ------- -------
FULLY DILUTED NET INCOME
Net income from continuing
operations as reported $ 7,635 $ 4,113 $12,086 $ 8,975
Additional ESOP contribution
payable upon assumed
conversion of ESOP
preferred stock, net of
related tax benefits (172) (169) (534) (515)
------- ------- ------- -------
Fully diluted net income
from continuing operations 7,463 3,944 11,552 8,460
Loss from discontinued operations - (1,699) -- (3,461)
------- ------- ------- -------
Fully diluted net income $ 7,463 $ 2,423 $11,552 $ 4,999
------- ------- ------- -------
------- ------- ------- -------
<PAGE>
TJ INTERNATIONAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE FISCAL QUARTER ENDED SEPTEMBER 28, 1996
OPERATING RESULTS
The following comments discuss material variations in the results
of operations for the comparative periods presented in the
condensed consolidated statements of income.
SALES
The Company's sales by quarter during the current year and for the
preceding four years are as follows:
SALES BY QUARTER
(AMOUNTS IN THOUSANDS)
QUARTER 1996 1995 1994 1993 1992
- ------- -------- -------- -------- -------- --------
First $111,157 $109,941 $118,163 $ 93,799 $ 58,570
Second 155,050 123,882 128,773 106,529 79,392
Third 179,571 137,759 136,266 118,698 80,114
Fourth 113,263 112,858 117,576 70,016
-------- -------- -------- -------- --------
$445,778 $484,845 $496,060 $436,602 $288,092
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
THIRD QUARTER OF 1996 COMPARED WITH THE THIRD QUARTER OF 1995
The Company achieved record sales levels in the third quarter of 1996.
Third quarter sales increased $42 million or 30% from the prior year
third quarter. The sales increase is primarily the result of the growing
acceptance of the Company's engineered lumber products as a substitute
for commodity solid-sawn lumber. Sales per North American housing start
through August were $295 compared to $263 at year-end 1995. 1996 will
be the 14th consecutive year of market penetration growth in the key
residential construction market.
The Company had a 33% increase in unit volume sales, compared to the prior
year third quarter. Volume gains were strongest in the Company's new
technology TimberStrand-Registered Trademark- LSL and Parallam-Registered
Trademark- PSL products. In particular, new products, such as the
TimberStrand-Registered Trademark- Wall Framing and Light-Duty Header
products and the Parallam-Registered Trademark- Commercial Beam, joined
existing new technology products (e.g., TimberStrand-Registered Trademark-
Rim Board, window and door parts, furniture components) in achieving these
significant volume increases.
The Company's sales were also aided by a 6% increase in North American
housing starts compared to the prior year. Prices for competing wide-
dimension lumber continued to rise during the quarter and hit a two and
a half-year high in August. The rising prices of competing solid-sawn
lumber aided in the continuing conversion of builders to engineered
lumber from traditional commodity lumber products.
Gross margins for the third quarter were 26.1% compared with 22.3% in
1995. The margin gains were primarily the result of the improved
operating performance at the Company's new combination Microllam-
Registered Trademark- LVL and Parallam-Registered Trademark- PSL plant
in Buckhannon and TimberStrand-Registered Trademark- LSL plant in East
Kentucky. Although, the Company's TimberStrand-Registered Trademark-
LSL plant in East Kentucky was not profitable for the quarter as a
whole, the facility achieved a positive cash flow in the latter part of
the quarter. The two new plants combined earned $3.7 million
<PAGE>
of positive gross margins in the third quarter. This compares with a
combined start-up loss of $4.8 million in the third quarter of 1995.
Margins were also aided by a general decline in the cost of certain key
raw materials such as oriented strand board and veneer.
Selling expenses increased $2.3 million in the third quarter of 1996,
compared to the prior year. This increase is largely due to variable selling
expenses and commissions. Additionally, the Company continues to invest in
developing and bringing new and innovative products to the marketplace.
General and administrative expenses increased $1.9 million from the prior
year. This increase is primarily driven by additional research and
development expenses and further development of the Company's product
application software, which helps customers incorporate the Company's
engineered lumber products into their building plans.
Interest expense was recognized in the third quarter of 1996 due to the
end of the construction phase of the two new plants in 1995. In the
prior year third quarter, interest payments of $2.2 million were
capitalized in connection with this construction. Minority interest
expense increased $4.7 million from 1995 due to the increase in earnings
at the Trus Joist MacMillan (TJM) Partnership.
FIRST THREE QUARTERS OF 1996 COMPARED WITH THE FIRST THREE QUARTERS OF
1995
Sales for the first nine months of 1996 increased by $74 million or 20% from
the comparable period last year. The sales growth reflects volume increases
of 25%. The volume growth came from the increased acceptance of the Company's
engineered lumber products. Additionally, North American housing starts for
the first nine months increased 11% over the comparable period in 1995.
Gross margins increase from 22.5% in 1995 to 24.2% in 1996. The
increase is the result of improved performance at the Company's two new
plants. These two plants showed combined profits of $1.1 million in the
first nine months of 1996, compared to losses of $8.6 million in the
prior year.
Selling expenses increased $6 million or 16%; however, as a percent of
sales, they were down slightly between the two periods. This reflects
the increased absorption of fixed selling costs. General and
administrative expenses increased $2.7 million from the prior year.
This is primarily due to the Company's increased investment in research
and product application software.
LIQUIDITY AND CAPITAL RESOURCES
SEPTEMBER 28, 1996 COMPARED TO DECEMBER 30, 1995
Cash generated from the Company's engineered lumber segment, as measured
by net income plus non-cash charges, primarily for depreciation and
minority interest, was $62 million for the first nine months of 1996.
Of those proceeds, seasonal working capital items such as inventory and
accounts receivable required $20 million. The Company invested $14
million in capital expenditures, which primarily represented its on-
going maintenance program, as the two new plants were essentially
completed by the beginning of 1996.
Additionally, the Company completed the sale of its windows division
during the third quarter of 1996. As part of the sale, the Company
retained all of the existing operating and contingent liabilities of the
window operations, which resulted in a $10 million cash outflow.
Management believes that existing reserves are adequate to meet all
subsequent liabilities that may arise related to the discontinued
operations. The sale of the segment assets resulted in a net cash
inflow of $24 million; $7.4 million of these sale proceeds were then
utilized to pay down long-term debt. The remaining proceeds are
available to meet the operating or expansion needs of the Company's
engineered lumber operations.
<PAGE>
SEPTEMBER 28, 1996 COMPARED TO SEPTEMBER 30, 1995
Working capital, without regard to Net assets from discontinued
operations or Reserve for discontinued operations, was $108 million on
September 28, 1996 compared to $48 million at the end of the third
quarter in the prior year. The $60 million increase is due to strong
operating results combined with the completion of the Company's two new
plants, which no longer required the significant capital infusions of
recent years. Additionally, the net proceeds from the sale of the
windows division converted discontinued assets to liquid assets
available for continuing operations. Capital expenditures were $14
million in the first nine months of 1996 compared to $86 million for the
same period in 1995, reflecting the completion of the new plants.
In the second quarter of 1996, the Company issued $5.7 million of
industrial revenue bonds to finance the final stages of construction of
the Hazard, Kentucky TimberStrand-Registered Trademark- LSL plant. The
bonds are due in a single maturity in 2026, with interest payable semi-
annually at 6.8 percent.
In the third quarter of 1995, the Company issued $22.5 million of
industrial revenue bonds to help finance the construction of the
Buckhannon, West Virginia combination Microllam-Registered Trademark-
LVL and Parallam-Registered Trademark- PSL plant. The bonds are due in
a single maturity in 2025, with interest payable semi-annually at 7
percent.
The Company is evaluating potential sites for an additional combination
Microllam-Registered Trademark- LVL and Parallam-Registered Trademark-
PSL plant or a third TimberStrand-Registered Trademark- LSL plant but
has not determined whether or when to proceed with construction. The
Company believes that current cash balances, cash generated from
operations, and borrowing under a $100 million Revolving Credit Facility
will be sufficient to meet the on-going operating and capital expansion
needs of the Company. The Company also believes that additional or
expanded lines of credit or appropriate long-term capital can be
obtained to fund other major capital requirements as they arise, or to
fund an acquisition.
Substantially all of the Company's operating assets are held, and
revenue generated, by its TJM partnership. The partnership regularly
distributes cash to the partners to fund the tax liabilities generated
by the partnership at the corporate level. All other distributions of
cash by the partnership are dependent on the affirmative votes of the
representatives of the minority partner. Accordingly, there can be no
assurance that such distributions will be approved and thereby be
available for the payment of dividends or to fund other operations of
the Company.
INDUSTRY, COMPETITION, AND CYCLICALITY
The Company's engineered lumber products continue to gain market
acceptance as high-quality alternatives to traditional solid-sawn lumber
products. Through the Company's intensive marketing efforts, builders
and other wood users are increasingly recognizing the consistent
quality, superior strength, lighter weight, and ease of installation of
engineered lumber products. The Company believes that this trend will
continue well into the future.
No other company possesses the range of engineered lumber products, the
levels of service and technical support, or the second generation
technologies of TimberStrand-Registered Trademark- LSL or Parallam-
Registered Trademark- PSL. There are, however, a number of companies,
including several large forest products companies, that now produce
look-alike wood I-joist and laminated veneer lumber products. Several
of these companies have announced capacity expansions. These look-alike
products are manufactured using processes similar to the Company's
oldest generation technologies.
The Company believes its network of manufacturing plants and multiple
technologies position it as the low-cost producer of engineered lumber.
While competition helps expand the market for engineered wood products,
including
<PAGE>
those manufactured by the Company, it may also make the
existing markets more price competitive. Traditional wide-dimension
lumber, however, remains the predominant structural framing material
used in residential construction and is the primary competitor of the
Company's products. Commodity lumber prices historically have been
subject to high volatility, and during periods of significant lumber
price movements the Company's prices have trended in the same direction.
The Company's operations are strongly influenced by the cyclicality and
seasonality of residential housing construction. This industry
experiences fluctuations resulting from a number of factors, including
the state of the economy, consumer confidence, credit availability,
interest rates, and weather patterns. Consistent with the seasonal
pattern of the construction industry as a whole, the Company's sales
have historically tended to be lowest in the first and fourth quarters
and highest in the second and third quarters of each year.
Microllam-Registered Trademark-, Parallam-Registered Trademark-, and
TimberStrand-Registered Trademark- are registered trademarks of Trus
Joist MacMillan a Limited Partnership, Boise, Idaho
<PAGE>
TJ INTERNATIONAL, INC.
PART II
OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Filed as an exhibit to this report is the following:
(27) Financial Data Schedule
(b) One report, dated July 15, 1996, on Form 8-K has been
filed, pursuant to Item 2 of that form, disclosing the
sale of the Company's window segment assets. No
financial statements were filed as part of that report.
<PAGE>
TJ INTERNATIONAL INC.
SIGNATURE
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.
TJ INTERNATIONAL, INC.
/s/ Valerie A. Heusinkveld
---------------------------------------
Valerie A. Heusinkveld
Vice President, Finance & Chief
Financial Officer
Date: November 11, 1996
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS TO FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL QUARTER ENDED SEPTEMBER 28, 1996 COMMISSION FILE NUMBER 0-7469
TJ INTERNATIONAL, INC.
EXHIBIT INDEX
EXHIBITS PAGE
- -------- ----
(27) Financial Data Schedule Document 2
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT SEPTEMBER 28, 1996 AND FROM ITS STATEMENT
OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 28, 1996. THE INFORMATION
PRESENTED IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-28-1996
<PERIOD-START> DEC-31-1995
<PERIOD-END> SEP-28-1996
<CASH> 53,091
<SECURITIES> 0
<RECEIVABLES> 64,338
<ALLOWANCES> 390
<INVENTORY> 40,450
<CURRENT-ASSETS> 173,652
<PP&E> 561,474
<DEPRECIATION> 175,299
<TOTAL-ASSETS> 601,109
<CURRENT-LIABILITIES> 88,305
<BONDS> 88,140
0
13,772
<COMMON> 17,375
<OTHER-SE> 190,682
<TOTAL-LIABILITY-AND-EQUITY> 601,109
<SALES> 445,778
<TOTAL-REVENUES> 445,778
<CGS> 337,822
<TOTAL-COSTS> 337,822
<OTHER-EXPENSES> 66,097
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,688
<INCOME-PRETAX> 19,493
<INCOME-TAX> 7,407
<INCOME-CONTINUING> 12,086
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,086
<EPS-PRIMARY> .65
<EPS-DILUTED> .62
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT SEPTEMBER 30, 1995 AND FROM ITS STATEMENT
OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995. THE INFORMATION
PRESENTED IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 15,383
<SECURITIES> 7,737
<RECEIVABLES> 37,403
<ALLOWANCES> 434
<INVENTORY> 30,762
<CURRENT-ASSETS> 153,405
<PP&E> 539,975
<DEPRECIATION> 143,237
<TOTAL-ASSETS> 590,291
<CURRENT-LIABILITIES> 52,741
<BONDS> 94,934
0
14,024
<COMMON> 17,104
<OTHER-SE> 214,242
<TOTAL-LIABILITY-AND-EQUITY> 590,291
<SALES> 371,582
<TOTAL-REVENUES> 371,582
<CGS> 288,071
<TOTAL-COSTS> 288,071
<OTHER-EXPENSES> 57,351
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 14,059
<INCOME-TAX> 5,084
<INCOME-CONTINUING> 8,975
<DISCONTINUED> (3,461)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,514
<EPS-PRIMARY> .29
<EPS-DILUTED> .27
</TABLE>
