FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from____________ to _________________
Commission file number: 0-7574
WAUSAU-MOSINEE PAPER CORPORATION
(Exact name of registrant as specified in charter)
WISCONSIN 39-0690900
(State of incorporation) (I.R.S Employer Identification Number)
1244 KRONENWETTER DRIVE
MOSINEE, WISCONSIN 54455-9099
(Address of principal executive office)
Registrant's telephone number, including area code: 715-693-4470
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 Exchange
Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such report), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No
The number of common shares outstanding at April 30, 2000 was
51,416,691.
WAUSAU-MOSINEE PAPER CORPORATION
AND SUBSIDIARIES
INDEX
PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of
Income Three Months Ended
March 31, 2000 (unaudited)
and March 31, 1999 (unaudited) 1
Condensed Consolidated Balance
Sheets, March 31, 2000 (unaudited)
and December 31, 1999 (derived from
audited financial statements) 2
Condensed Consolidated Statements
of Cash Flows, Three Months
Ended March 31, 2000 (unaudited)
and March 31, 1999 (unaudited) 3
Notes to Condensed Consolidated
Financial Statements 3-6
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations 7-10
Item 3. Quantitative and Qualitative Disclosures
about Market Risk 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 6. Exhibits and Reports on Form 8-K 12-14
PART I. FINANCIAL INFORMATION
(i)
ITEM 1. FINANCIAL STATEMENTS
Wausau-Mosinee Paper Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
($ thousands, except per share data
- unaudited) 2000 1999
NET SALES $ 243,606 $226,441
Cost of products sold 214,765 187,778
Restructuring charge-inventory 599 0
Total cost of sales 215,364 187,778
GROSS PROFIT 28,242 38,663
Selling and administrative expenses 19,818 13,532
Restructuring charge-other 24,401 0
Total 44,219 13,532
OPERATING PROFIT (LOSS) (15,977) 25,131
Interest expense (3,705) (2,518)
Other income/expense, net 61 (9)
EARNINGS (LOSS) BEFORE INCOME TAXES (19,621) 22,604
Provision (credit) for income taxes (6,700) 8,500
NET EARNINGS (LOSS) ($ 12,921) $14,104
NET EARNINGS (LOSS) PER SHARE BASIC ($ 0.25) $ 0.27
NET EARNINGS (LOSS) PER SHARE
DILUTED ($ 0.25) $ 0.26
Weighted average shares
outstanding-basic 51,416,691 53,188,197
Weighted average shares
outstanding-diluted 51,464,389 53,325,864
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Wausau-Mosinee Paper Corporation
CONSOLIDATED BALANCE SHEETS
($ thousands*) MARCH 31, December 31,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 11,073 $ 5,397
Receivables, net 89,981 73,977
Refundable income taxes 2,059 1,638
Inventories 156,678 155,822
Deferred income taxes 23,094 14,747
Other current assets 2,018 730
Total current assets 284,903 252,311
Property, plant and equipment, net 651,001 653,823
Other assets 33,259 30,328
TOTAL ASSETS $969,163 $936,462
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt 232 230
Accounts payable 71,547 63,876
Accrued and other liabilities 70,015 47,383
Total current liabilities 141,794 111,489
Long-term debt 232,291 220,476
Deferred income taxes 105,183 103,386
Postretirement benefits 60,193 58,885
Pension 34,523 35,019
Other liabilities 14,341 13,447
Total liabilities 588,325 542,702
Stockholders' equity 380,838 393,760
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $969,163 $936,462
<FN>
*The consolidated balance sheet at March 31, 2000 is unaudited. The
December 31, 1999 consolidated balance sheet is derived from audited
financial statements.
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Wausau-Mosinee Paper Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
($ thousands - unaudited) 2000 1999
Net cash provided by operating activities $ 5,142 $ 11,011
Capital expenditures (7,195) (16,382)
Borrowings under credit agreements 11,874 28,955
Dividends paid (4,113) (3,753)
Purchase of company stock 0 (19,047)
Proceeds on sale of property, plant and
equipment 24 76
Other investing and financing activities (56) 432
Net increase in cash $ 5,676 $ 1,292
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. The accompanying condensed financial statements, in the opinion
of management, reflect all adjustments which are normal and
recurring in nature and which are necessary for a fair
statement of the results for the periods presented. Some
adjustments involve estimates which may require revision in
subsequent interim periods or at year-end. In all regards, the
financial statements have been presented in accordance with
generally accepted accounting principles. Refer to notes to
the financial statements which appear in the Annual Report on
Form 10-K for the year ended December 31, 1999, for the
company's accounting policies which are pertinent to these
statements.
Note 2. The Company recorded a pretax restructuring charge of $25.0
million in the first quarter of 2000 in the Specialty Paper
Group segment to cover shutdown and asset disposition costs
associated with the closure of a paper manufacturing facility
in Middletown, Ohio. The shutdown includes $3.6 million in
hourly and salaried severance cost and the asset disposition
cost includes $21.4 million in related asset write-downs and
disposition costs.
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Note 3. Net income includes expenses, or credits, for stock-based
incentive plans calculated by using the average price of the
company's stock at the close of the reporting period as if all
plans had been exercised on that day. For the three months
ended March 31, 2000, these plans resulted in after-tax expense
of $651,000 or $0.01 per share, compared to after-tax income of
$1,438,000 or $0.03 per share for the same period last year.
Note 4. Accounts receivable consisted of the following:
($ thousands) MARCH 31, December 31,
2000 1999
Customer Accounts $93,047 $82,592
Misc. Notes and Accounts Receivable 5,834 2,670
98,881 85,262
Less: Allowances for Discounts,
Doubtful Accounts and Pending Credits 8,900 11,285
Receivables, Net $89,981 $73,977
Note 5. The various components of inventories were as follows:
($ thousands) MARCH 31, December 31,
2000 1999
Raw Materials and Supplies $ 88,044 $ 87,551
Finished Goods and Work in Process 95,188 93,370
Subtotal 183,232 180,921
Less: LIFO Reserve ( 26,554) ( 25,099)
Net inventories $156,678 $155,822
Note 6. The accumulated depreciation on fixed assets was $490,653,000
as of March 31, 2000 and $477,391,000 as of December 31, 1999.
The provision for depreciation, amortization and depletion for
the three months ended March 31, 2000 and March 31, 1999 was
$14,583,000 and $12,698,000, respectively.
Note 7. Certain legal proceedings are described under Part II, Item 1
of this report.
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Note 8. Interim Segment Information
FACTORS USED TO IDENTIFY REPORTABLE SEGMENTS
The Company's operations are classified into three principal reportable
segments, the Specialty Paper Group, the Printing & Writing Group and
the Towel & Tissue Group, each providing different products. Separate
management of each segment is required because each business unit is
subject to different marketing, production and technology strategies.
PRODUCTS FROM WHICH REVENUE IS DERIVED
The Specialty Paper Group produces specialty papers at its
manufacturing facilities in Rhinelander, Wisconsin; Mosinee, Wisconsin;
Jay, Maine; and Middletown, Ohio (facility closing May 15, 2000). The
Printing & Writing Group produces a broad line of premium printing and
writing grades at manufacturing facilities in Brokaw, Wisconsin and
Groveton, New Hampshire. The Printing & Writing Group also includes
two converting facilities which produce wax-laminated roll wrap and
related specialty finishing and packaging products and a converting
facility which converts printing and writing grades. The Towel &
Tissue Group markets a complete line of towel, tissue, soap and
dispensing systems for the "away-from-home" market. The Towel &
Tissue Group operates a paper mill in Middletown, Ohio and a converting
facility in Harrodsburg, Kentucky.
RECONCILIATIONS
The following are reconciliations to corresponding totals in the
accompanying consolidated financial statements:
Three Months
Ended March 31,
($ in thousands-unaudited) 2000 1999
Net sales external customers
Specialty Paper $109,845 $100,242
Printing & Writing 94,913 91,236
Towel & Tissue 38,848 34,963
$243,606 $226,441
Net sales intersegment
Specialty Paper $ 885 $ 3,314
Printing & Writing 1,885 310
Towel & Tissue 2 15
$ 2,772 $ 3,639
Operating profit(loss)(unaudited)
Specialty Paper $ 3,682 $ 8,626
Specialty Paper-restructuring
charge(Note 1) (25,000) 0
Total Specialty Paper (21,318) 8,626
Printing & Writing 7,316 10,960
Towel & Tissue 3,985 5,433
Total reportable segment
Operating profit(loss) (10,017) 25,019
Corporate & eliminations (5,960) 112
Interest expense (3,705) (2,518)
Other income/expense 61 ( 9)
Earnings(Loss) before income taxes ($19,621) $ 22,604
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($ in thousands-unaudited) MARCH 31, December 31,
2000 1999
Segment Assets
Specialty Paper $408,748 $396,624
Printing & Writing 311,258 309,507
Towel & Tissue 185,252 183,103
Corporate & Unallocated* 63,905 47,228
$969,163 $936,462
<FN>
*Industry segment assets do not include intersegment accounts
receivable, cash, deferred tax assets and certain other assets
which are not identifiable with industry segments.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS*
RESULTS OF OPERATIONS
NET SALES
For the three months ended March 31, 2000, net sales for the company
were $243.6 million, an increase of 8% over last year's first quarter
net sales of $226.4 million. Selling prices were up for all Groups
with increases ranging from 4 to 6%. Total tons shipped were 207,000
tons and increased by 1% or 2,000 tons company-wide over the first
quarter of 1999.
The Specialty Paper Group's net sales increased 10% in the first
quarter of 2000 compared to the first quarter of 1999. This
increase was due to increased selling prices and tons shipped.
Total tons shipped were 93,500 tons in the first quarter of 2000
compared to 90,800 tons last year. The order backlogs in the Specialty
Paper Group were 26,000 tons as of March 31, 2000.
First quarter net sales in the Printing & Writing Group increased 4%
from the comparable quarter in 1999. Shipments were 84,300 tons and
were 3% lower than in 1999. Shipments were lower due mainly to the
sale of the school papers business on January 2, 2000. School papers
business shipments were approximately 3,600 ton in the first quarter of
1999. While shipments were lower, selling prices increased
approximately 5% over the first quarter of 1999. Improved selling
prices and product mix offset any losses due to volume and resulted
in overall increased sales.
Net sales for the first quarter of 2000 increased 11% over the first
quarter of 1999 for the Towel & Tissue Group. Shipments increased to
29,200 tons and represented a new record for first quarter sales.
Selling prices also increased by approximately 6% in the first quarter
of 2000 compared to the first quarter last year.
GROSS PROFIT
Gross profit for the three months ended March 31, 2000 was $28.2
million or 11.6% of net sales, compared to last year's gross profit
of $38.7 million or 17.1% of net sales. The decline in gross profit
margin quarter over quarter is principally due to raw material costs
increasing at a greater rate than product selling prices. Pulp costs
have increased by approximately $140 per ton while wastepaper prices
have more than doubled from quarter to quarter. While wastepaper
prices have recently stabilized, pulp costs increased by approximately
$40 per ton on April 1, 2000. Increasing raw material costs continue to
keep pressure on gross profit margins and will negatively impact the
Company's gross profit if the increased costs are not recovered through
higher selling prices.
The Specialty Paper Group's gross profit margin decreased from 13.4% of
net sales in 1999 to 8.1% this year. The Rhinelander mill experienced
a small amount of downtime in the first quarter of 2000 compared to no
downtime in the first quarter of 1999. Total Group production was
94,000 tons in the first quarter of 2000 compared to 96,000 tons in
1999.
* Matters discussed in this report with respect to the Company's
expectations are forward-looking statements that involve risks
and uncertainties. See "Information Concerning Forward-Looking
Statements."
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Paper mill paper inventories at March 31, 2000 were approximately
33,000 tons and had increased 3% over the level at March 31, 1999.
Customer order backlogs have remained stable quarter over quarter.
The Printing & Writing Group's gross profit for the first quarter of
2000 was 13.1% of net sales compared to 17.8% of net sales in the same
period last year. Total production for the paper mills was down 2,000
tons or 3% in the first quarter of 2000 compared to last year's first
quarter. Operational issues, which have since been corrected at both
mill sites, were the main cause for the production declines. The Group
also sold the school paper business on January 2, 2000 and is
renovating that site to a converting support facility for the fine
paper business. Inventory levels and customer backlogs have remained
similar quarter over quarter for the ongoing businesses.
The gross profit for the Towel & Tissue Group was 18.6% for the three
months ended March 31, 2000 compared to 24.7% last year's first
quarter. Shipments increased by 6% to an all time first quarter
record of 29,200 tons. Increased raw material costs, mainly
wastepaper, was the principal factor for the margin decline. The
increase in raw material costs far exceeded the increase gains in
volume and product selling prices. Inventory levels of finished
products increased by 2,000 tons and should be reduced during the
second and third quarters as business seasonally increases. Customer
order backlogs have remained relatively constant quarter over quarter.
SELLING AND ADMINISTRATIVE EXPENSES
Selling and administrative expenses, excluding the first quarter 2000
restructuring charge discussed below, were $19.8 million in the first
quarter of 2000, compared to $13.5 million last year. Expense for
incentive compensation programs based on the market price of the
Company's stock was $1.0 million in 2000, compared to income of $2.3
million for the same period a year ago. In addition, an expense of
$2.7 million was recorded for the first quarter of 2000 for costs
associated with the resignation of the Company's President and Chief
Executive Officer. These two items accounted for $6.1 million of the
change in expenses quarter over quarter.
RESTRUCTURING CHARGE
In March of 2000, the Company announced the planned closure of its Sorg
facility on May 15, 2000. In accordance with the closure, the Company
recorded a pre-tax restructuring charge of $25.0 million in the first
quarter of 2000. This charge was classified as $24.4 million in
operating expenses and $0.6 million in cost of sales. The closure
costs include $3.6 million in hourly and salaried severance cost and
$21.4 million in related asset write-downs and disposition costs.
CAPITAL RESOURCES AND LIQUIDITY
CASH PROVIDED BY OPERATIONS
For the three months ended March 31, 2000, cash provided by operations
was $5.1 million compared to $11.0 million in the first quarter of the
last year. Reduced operational earnings offset by the change in the
non cash
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charges principally account for the change in cash flow quarter over
quarter.
CAPITAL EXPENDITURES
Capital expenditures totaled $7.2 million for the first quarter ended
March 31, 2000, compared to $16.4 million for the same period last
year.
During the first three months of 2000, the Rhinelander mill spent $6.2
million on the High Performance Liner (HPL) project. The HPL project
is on schedule and is expected to be completed in September of 2000.
FINANCING
Total current and long-term debt increased for the three months ended
March 31, 2000 to $232.5 million. The increase in total debt from
December 1999 is due in part from capital expenditures and dividends
paid.
Interest expense was $3.7 million in the first quarter of 2000 compared
to $2.5 million in the same period of 1999. The increase in interest
expense is the result of higher funded debt levels in 2000 compared to
1999 and an increase in interest rates from last year.
Cash provided by operations and the borrowing capacity are expected to
meet capital needs and dividends. The company has approximately $125
million of borrowings available from existing bank facilities as of
March 31, 2000.
COMMON STOCK REPURCHASE
In April, 2000, the Board of Directors increased the number of shares
covered by its August, 1998 stock repurchase authorization by 2,571,000
shares. This brought the total remaining authority to 2,788,000 shares
as of April 20, 2000. There were no stock repurchases in the first
quarter of 2000 compared to 1,335,326 shares in the first quarter of
1999.
DIVIDENDS
A dividend declared in December, 1999, of $.08 per share was paid
February 14, 2000 to shareholders of record as of January 31, 2000.
At the April 20, 2000 meeting, the Board of Directors approved a 6%
increase in the cash dividend. The quarterly cash dividend of $.085
per share is payable May 17, 2000 to stockholders of record as of May
3, 2000.
INFORMATION CONCERNING FORWARD LOOKING STATEMENTS
This report contains certain of management's expectations and other
forward-looking information regarding the Company pursuant to the safe-
harbor provisions of the Private Securities Litigation Reform Act of
1995. While the Company believes that these forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and all such statements involve risk and
uncertainties that could cause actual results to differ materially from
those contemplated in this report. The assumptions, risks and
uncertainties relating to the
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forward-looking statements in this report include general economic and
business conditions, changes in the prices of raw materials,
competitive pricing in the markets served by the Company as a result
of economic conditions or overcapacity in the industry, manufacturing
problems at Company facilities and various other matters. These and
other assumptions, risks and uncertainties are described under the
caption "Cautionary Statement Regarding Forward-Looking Information" in
Item 1 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1999, and, from time to time, in the Company's other
filings with the Securities and Exchange Commission.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no material change in the information provided in
response to Item 7A of the Company's Form 10-K for the year ended
December 31, 1999.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
RECENT DEVELOPMENTS CONCERNING ANTITRUST LITIGATION.
In March and April, 2000, the Company entered into settlement
agreements with the Attorneys General of the States of Florida,
New York, Maryland, and West Virginia concerning the litigation which
began in 1997, when the Attorney Generalof the State of Florida filed a
civil complaint in the United States District Court for the Northern
District of Florida against ten manufacturers of commercial sanitary
paper products, including the Company's wholly owned subsidiary, Bay
West Paper Corporation. The lawsuit alleged a conspiracy to fix prices
of commercial sanitary paper products starting at least as early as
1993. The settlement agreements provide for the Company to make cash
payments and provide certain Bay West towel and tissue products. The
cost of the settlements is not material to the Company.
The federal lawsuit filed by the Attorney General of the State of
Kansas is proceeding as do numerous class action suits which were
filed by private direct purchasers of commercial sanitary paper
products in various federal district courts throughout the country.
In addition, other indirect purchasers of sanitary commercial paper
products have filed class action lawsuits in various state courts
alleging a conspiracy to fix prices under state antitrust laws. No
class has been certified in the state actions. In March, 2000, the
plaintiff in the indirect purchaser suit filed in Wisconsin agreed to
dismiss its claims and class certification was denied to the plaintiff
in an indirect purchaser claim brought in Minnesota state court.
Proceedings in the remaining actions are in various stages. In the
opinion of management, the Company has not violated any antitrust laws.
The Company is vigorously defending these claims.
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required by Item 601 of Regulation S-K
The following exhibits are filed with the Securities and Exchange
Commission as part of this report:
Exhibit
NUMBER DESCRIPTION
3.1 Restated Articles of Incorporation, as amended
October 21, 1998 (incorporated by reference to
Exhibit 3.1 to the Company's Current Report on
Form 8-K dated October 21, 1998)
3.2 Restated Bylaws, as amended December 17, 1997
(incorporated by reference to Exhibit 4.2 to
the Company's Registration Statement on Form S-8
dated December 17, 1997)
4.1 Rights Agreement, dated as of October 21,
1998, between the Company and Harris Trust and
Savings Bank, including the Form of Restated
Articles of Incorporation as Exhibit A and the
Form of Rights Certificate as Exhibit B
(incorporated by reference to Exhibit 4.1 to
the Company's Current Report on Form 8-K dated
October 21, 1998)
4.2 Summary of Rights to Purchase Preferred Shares,
Exhibit C to Rights Agreement filed as Exhibit
4.1 hereto (incorporated by reference to
Exhibit 4.2 to the Company's Registration
Statement on Form 8-A, filed on October 29,
1998)
4.3 $138,500,000 Note Purchase Agreement dated
August 31, 1999 (incorporated by reference to
Exhibit 4.3 to the Company's Quarterly
Report on Form 10-Q for the quarterly period
ended September 30, 1999)
4.4 $200,000,000 Revolving Credit Agreement dated
December 10, 1999 among Registrant and Bank of
America, N.A., Bank One, NA, M&I Marshall &
Ilsley Bank, and Harris Trust and Savings Bank
(incorporated by reference to Exhibit 4.4 to
the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1999)
10.1 Supplemental Retirement Plan, as last amended
March 4, 1999 (incorporated by reference to
Exhibit 10.1 to the Company's Annual Report on
Form 10-K for the fiscal year ended December
31, 1998)*
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10.2 1988 Stock Appreciation Rights Plan, as last
amended March 4, 1999 (incorporated by
reference to Exhibit 10.4 to the Company's
Annual Report on Form 10-K for the fiscal year
ended December 31, 1998)*
10.3 1988 Management Incentive Plan, as last
amended March 4, 1999 (incorporated by
reference to Exhibit 10.5 to the Company's
Annual Report on Form 10-K for the fiscal year
ended December 31, 1998)*
10.4 1990 Stock Appreciation Rights Plan, as last
amended March 4, 1999 (incorporated by
reference to Exhibit 10.6 to the Company's
Annual Report on Form 10-K for the fiscal year
ended December 31, 1998)*
10.5 Deferred Compensation Agreement dated July 1,
1994, as last amended March 4, 1999
(incorporated by reference to Exhibit 10.7 to
the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1998)*
10.6 1991 Employee Stock Option Plan, as last amended
March 4, 1999 (incorporated by reference to Exhibit
10.8 to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1998)*
10.7 1991 Dividend Equivalent Plan, as last amended March
4, 1999 (incorporated by reference to Exhibit 10.9
to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1998)*
10.8 Supplemental Retirement Benefit Plan dated January
16, 1992, as last amended March 4, 1999
(incorporated by reference to Exhibit 10.10 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1998)*
10.9 Directors' Deferred Compensation Plan, as last
amended March 4, 1999 (incorporated by reference to
Exhibit 10.11 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
1998)*
10.10 Directors Retirement Benefit Policy, as amended
April 16, 1998 (incorporated by reference to Exhibit
10.12 to the Company's Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 1998)*
10.11 Mosinee Paper Corporation 1985 Executive Stock
Option Plan, as last amended March 4, 1999
(incorporated by reference to Exhibit 10.14 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1998)*
10.12 Mosinee Paper Corporation 1988 Stock Appreciation
Rights Plan, as last amended March 4, 1999
(incorporated by reference to
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Exhibit 10.15 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1998)*
10.13 Mosinee Paper Corporation Supplemental Retirement
Benefit Agreement dated November 15, 1991, as last
amended March 4, 1999 (incorporated by reference to
Exhibit 10.18 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1998)*
10.14 Mosinee Paper Corporation 1994 Executive Stock
Option Plan, as last amended March 4, 1999
(incorporated by reference to Exhibit 10.19 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1998)*
10.15 Incentive Compensation Plan for Executive Officers
(1998) (incorporated by reference to Exhibit 10.20
to the Company's Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 1998)*
10.16 1999 Incentive Compensation Plan for Executive
Officers (incorporated by reference to Exhibit 10.21
to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1998)*
10.17 2000 Incentive Compensation Plan for Executive
Officers (incorporated by reference to Exhibit 10.17
to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1999)
10.22 Former President and CEO Severance Agreement
21.1 Subsidiaries (incorporated by reference to Exhibit
21.1 to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1998)
27.1 Financial Data Schedule (filed electronically only)
*Executive compensation plans or arrangements. All plans are sponsored
or maintained by the Company unless otherwise noted.
(b) Reports on Form 8-K:
None
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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 thereunto duly authorized.
WAUSAU-MOSINEE PAPER CORPORATION
May 12, 2000 GARY P. PETERSON
Gary P. Peterson
Senior Vice President-Finance,
Secretary and Treasurer
(On behalf of the Registrant and as
Principal Financial Officer)
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EXHIBIT INDEX
TO
FORM 10-Q
OF
WAUSAU-MOSINEE PAPER CORPORATION
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. '232.102(d))
Exhibit 10.22 Former President and CEO Severance Agreement
Exhibit 27.1 Financial Data Schedule