<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended January 3, 1998
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from________to________
Commission File Number 0-7469
TJ INTERNATIONAL, INC.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 82-0250992
- -------------------------------- ------------------------------------
(State of incorporation) (IRS employer identification number)
200 EAST MALLARD DRIVE, BOISE, IDAHO 83706
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (208) 364-3300
--------------
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act:
Common Stock ($1.00 par value)
------------------------------
(Title of Class)
The registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such 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 by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /X/
The aggregate market value of the voting stock held by non-affiliates of the
registrant, computed by reference to the price at which the stock was sold, or
the average bid and asked prices of such stock, as of the close of business on
March 30, 1998 was $432,034,000.
The number of outstanding shares of the registrant's common stock ($1.00 par
value), as of March 30, 1998 was 17,003,765, excluding 888,782 shares held as
treasury stock.
Documents incorporated by reference: Listed hereunder the following
documents if incorporated by reference, and the Parts of this Form 10-K into
which the document is incorporated:
The registrant's definitive proxy statement for use in connection with
the annual meeting of stockholders scheduled to be held on May 27, 1998,
portions of which are incorporated by reference into Part III of this Form
10-K.
1
<PAGE>
This amendment to Form 10-K is filed to amend certain tables and wording.
This amendment does not purport to reflect any other subsequent events or to
reflect the effect of any subsequent events upon the matters described in any
other items of Form 10-K.
2
<PAGE>
ITEM 1: SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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., Registrant
By /s/ Thomas H. Denig
--------------------------------------------------------
Thomas H. Denig--President, Chief Executive Officer,
Director and Attorney-in-Fact for Directors listed below
By /s/ Valerie A. Heusinkveld
--------------------------------------------------------
Valerie A. Heusinkveld--Vice President, Finance
and Chief Financial Officer
Each of the above signatures is affixed as of March 18, 1998. Those
Directors of TJ International, Inc. listed below executed powers of attorney
appointing Thomas H. Denig their attorney-in-fact, empowering him to sign this
report on their behalf.
Robert B. Findlay
J. L. Scott
Jerre L. Stead
Harold E. Thomas
Arthur L. Troutner
Joyce A. Godwin
Steven C. Wheelwright
William J. White
ITEM 2: LIQUIDITY AND CAPITAL RESOURCES
(Paragraph 2)
In 1997 the Company completed construction of a TJI-Registered
Trademark- joist manufacturing facility at its East Kentucky location. The new
production line will allow the Company to produce TJI-Registered
Trademark- joist products, using TimberStrand-Registered Trademark- LSL as the
top and bottom flange. Spending in 1997 for this facility was $16.5 million.
The Company also began construction of a $45 million Microllam-Registered
Trademark- lumber and TJI-Registered Trademark- joist facility in Evergreen,
Alabama. During 1997 spending for this facility was $3.0 million. The plant
is expected to be completed in the fourth quarter of 1998 with production
volumes available for the 1999 building season.
3
<PAGE>
ITEM 3: DEBT
Long-term debt consisted of the following:
EXPRESSED IN THOUSANDS
<TABLE>
<CAPTION>
JANUARY 3, 1998 DECEMBER 28, 1996 DECEMBER 30, 1995
--------------------- -------------------- ---------------------
<S> <C> <C> <C>
LONG-TERM DEBT
Borrowings under the Credit Facility.................. $ -- $ -- $ --
Industrial revenue bonds, 6.92% weighted average
interest rate during 1997, payable in varying
amounts from 2024 through 2027...................... 83,390 71,740 73,380
Taxable industrial revenue variable rate bonds,
interest rates established at the beginning of each
interest period, 6.29% weighted average during
1997, payable in 2001............................... 42,600 -- --
Industrial revenue variable rate demand bonds, interest
rates established weekly, 3.96% weighted average during
1997, $10,000,000 payable in 2000, and $6,400,000
payable in 2009..................................... 16,400 16,400 16,400
--------------- ---------------- ----------------
142,390 88,140 89,780
Less current portion.................................. -- -- (340)
--------------- ---------------- ----------------
$142,390 $ 88,140 $ 89,440
--------------- ---------------- ----------------
--------------- ---------------- ----------------
</TABLE>
ITEM 4: INCOME TAXES
The Company's effective income tax rate varied from the U.S. federal
statutory income tax rate for the following reasons:
EXPRESSED IN THOUSANDS
<TABLE>
<CAPTION>
1997 1996 1995
--------- --------- ---------
<S> <C> <C> <C> <C>
U.S. federal statutory income tax rate........................................... $ 15,414 35.0% 35.0% 35.0%
Reversal of excess tax reserves provided in prior years.......................... -- -- (1.8)
Foreign income (losses) at different rates....................................... 381 0.9 1.2 (4.5)
State income taxes, net of federal effect........................................ 1,598 3.6 4.2 6.6
Other items...................................................................... (878) (2.0) (3.2) 2.0
Effective income tax rate........................................................ $ 16,515 37.5% 37.2% 37.3%
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
ITEM 5: THE FOLLOWING DOCUMENTS ARE FILED AS PART OF THIS REPORT:
<TABLE>
<S> <C>
(27)Financial Data Schedules for the year ended December 30, 1995, December 28, 1996,
and January 3, 1998............................................................................. Document 2
</TABLE>
4
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT JANUARY 3, 1998 AND FROM ITS STATEMENT OF
INCOME FOR THE 12 MONTHS ENDED JANUARY 3, 1998. THE INFORMATION PRESENTED
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-03-1998
<PERIOD-START> DEC-29-1996
<PERIOD-END> JAN-03-1998
<CASH> 119,087
<SECURITIES> 40,751
<RECEIVABLES> 55,766
<ALLOWANCES> 397
<INVENTORY> 68,954
<CURRENT-ASSETS> 295,084
<PP&E> 603,693
<DEPRECIATION> 223,207
<TOTAL-ASSETS> 712,104
<CURRENT-LIABILITIES> 75,879
<BONDS> 142,390
0
13,535
<COMMON> 17,807
<OTHER-SE> 210,070
<TOTAL-LIABILITY-AND-EQUITY> 712,104
<SALES> 706,316
<TOTAL-REVENUES> 706,316
<CGS> 513,032
<TOTAL-COSTS> 513,032
<OTHER-EXPENSES> 107,828
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,933
<INCOME-PRETAX> 44,040
<INCOME-TAX> 16,515
<INCOME-CONTINUING> 27,525
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,525
<EPS-PRIMARY> 1.55
<EPS-DILUTED> 1.44
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS RESTATED FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT SEPT. 27, 1997 AND FROM ITS
STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPT. 27, 1997. THE INFORMATION
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-03-1998
<PERIOD-START> DEC-29-1996
<PERIOD-END> SEP-27-1997
<CASH> 96,771
<SECURITIES> 0
<RECEIVABLES> 78,758
<ALLOWANCES> 400
<INVENTORY> 54,739
<CURRENT-ASSETS> 241,313
<PP&E> 591,523
<DEPRECIATION> 212,837
<TOTAL-ASSETS> 664,764
<CURRENT-LIABILITIES> 93,214
<BONDS> 99,790
0
13,584
<COMMON> 17,765
<OTHER-SE> 202,534
<TOTAL-LIABILITY-AND-EQUITY> 664,764
<SALES> 532,569
<TOTAL-REVENUES> 532,569
<CGS> 386,051
<TOTAL-COSTS> 386,051
<OTHER-EXPENSES> 79,778
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,709
<INCOME-PRETAX> 34,417
<INCOME-TAX> 12,907
<INCOME-CONTINUING> 21,510
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21,510
<EPS-PRIMARY> 1.19
<EPS-DILUTED> 1.12
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS RESTATED FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT JUNE 28, 1997 AND FROM ITS
STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 28, 1997. THE INFORMATION
PRESENTED IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-03-1998
<PERIOD-START> DEC-29-1996
<PERIOD-END> JUN-28-1997
<CASH> 70,875
<SECURITIES> 0
<RECEIVABLES> 82,026
<ALLOWANCES> 403
<INVENTORY> 51,649
<CURRENT-ASSETS> 215,687
<PP&E> 580,174
<DEPRECIATION> 202,711
<TOTAL-ASSETS> 636,846
<CURRENT-LIABILITIES> 79,948
<BONDS> 99,790
0
13,650
<COMMON> 17,707
<OTHER-SE> 195,362
<TOTAL-LIABILITY-AND-EQUITY> 636,846
<SALES> 346,993
<TOTAL-REVENUES> 346,993
<CGS> 252,521
<TOTAL-COSTS> 252,521
<OTHER-EXPENSES> 53,623
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,113
<INCOME-PRETAX> 20,749
<INCOME-TAX> 7,781
<INCOME-CONTINUING> 12,968
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,968
<EPS-PRIMARY> .72
<EPS-DILUTED> .67
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS RESTATED FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT MARCH 29, 1997 AND FROM ITS STATEMENT
OF INCOME FOR THE THREE MONTHS ENDED MARCH 29, 1997. THE INFORMATION
PRESENTED IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-03-1998
<PERIOD-START> DEC-29-1996
<PERIOD-END> MAR-29-1997
<CASH> 21,516
<SECURITIES> 0
<RECEIVABLES> 104,313
<ALLOWANCES> 447
<INVENTORY> 51,644
<CURRENT-ASSETS> 188,571
<PP&E> 572,124
<DEPRECIATION> 192,835
<TOTAL-ASSETS> 611,273
<CURRENT-LIABILITIES> 71,474
<BONDS> 88,140
0
13,698
<COMMON> 17,654
<OTHER-SE> 193,758
<TOTAL-LIABILITY-AND-EQUITY> 611,273
<SALES> 161,263
<TOTAL-REVENUES> 161,263
<CGS> 117,923
<TOTAL-COSTS> 117,923
<OTHER-EXPENSES> 25,645
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,549
<INCOME-PRETAX> 8,763
<INCOME-TAX> 3,286
<INCOME-CONTINUING> 5,477
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,477
<EPS-PRIMARY> .30
<EPS-DILUTED> .28
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS RESTATED FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT SEPT. 28, 1996 AND FROM ITS
STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPT. 28, 1996. THE INFORMATION
PRESENTED IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<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> .67
<EPS-DILUTED> .62
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS DATA SCHEDULE CONTAINS RESTATED FINANCIAL INFORMATION EXTRACTED FROM THE TJ
INTERNATIONAL, INC. BALANCE SHEET AT DECEMBER 30, 1995 AND FROM ITS STATEMENT OF
INCOME FOR 12 MONTHS ENDED DECEMBER 30, 1995. THE INFORMATION PRESENTED IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-30-1995
<CASH> 19,715
<SECURITIES> 0
<RECEIVABLES> 29,138
<ALLOWANCES> 384
<INVENTORY> 38,560
<CURRENT-ASSETS> 104,672
<PP&E> 551,548
<DEPRECIATION> 149,069
<TOTAL-ASSETS> 546,310
<CURRENT-LIABILITIES> 51,317
<BONDS> 89,440
0
13,992
<COMMON> 17,132
<OTHER-SE> 179,020
<TOTAL-LIABILITY-AND-EQUITY> 546,310
<SALES> 484,845
<TOTAL-REVENUES> 484,845
<CGS> 376,187
<TOTAL-COSTS> 376,187
<OTHER-EXPENSES> 78,316
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 631
<INCOME-PRETAX> 15,544
<INCOME-TAX> 5,803
<INCOME-CONTINUING> 9,741
<DISCONTINUED> (39,652)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (29,911)
<EPS-PRIMARY> (1.80)
<EPS-DILUTED> (1.80)
</TABLE>
