SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
January 24, 2001
- --------------------------------------------------------------------------------
Date of Report (Date of earliest event reported)
INTERNATIONAL PAPER COMPANY
- --------------------------------------------------------------------------------
(Exact name of Registrant as Specified in Its charter)
NEW YORK
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
1-3157 13-0872805
- --------------------------------------------------------------------------------
Commission File Number (IRS Employer Identification No.)
Two Manhattanville Road, Purchase, New York 10577
--------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
914-397-1500
------------
(Registrant's Telephone Number, Including Area Code)
-----------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
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 DIRECTORS.
N/A
Item 5. OTHER EVENTS.
The Company today reported fourth-quarter 2000 earnings before special and
extraordinary items of $145 million ($.28 per share) for the fourth quarter
compared with earnings before special items of $227 million ($.55 per share) for
the fourth quarter of 1999. Third-quarter 2000 earnings were $260 million ($.53
per share) before one-time charges.
For the year, International Paper reported earnings of $969 million ($2.16 per
share) before special and extraordinary items, compared with 1999 full year net
earnings of $551 million ($1.33 per share) before special and extraordinary
items.
Fourth-quarter 2000 net sales were $7.2 billion compared with $6.3 billion for
the same period in 1999. Sales in 2000 of $28.2 billion were up from $24.6
billion in sales for 1999 primarily due to the Champion acquisition.
After special and extraordinary items, the company reported a loss of $371
million ($.85 per share) in the fourth quarter of 2000 compared with a net loss
of $135 million ($.38 per share) in the third quarter of 2000 after special and
extraordinary items. Special and extraordinary items in the fourth quarter
amounted to a loss of $516 million ($1.13 per share) after taxes. This included
charges of $752 million ($466 million after tax) primarily for the shutdown of
excess capacity, a gain of $363 million ($181 million after
taxes and minority interest) primarily for the sale of Bush Boake Allen Inc. and
a loss of $373 million ($231 million after tax) for the impairment of assets
held for sale.
Full year 2000 net earnings after special and extraordinary items were $142
million ($.32 per share). Net earnings for 1999 after special and extraordinary
items were $183 million ($.44 per share).
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
N/A
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(99.1) Press release issued by International Paper dated
January 24, 2001 announcing fourth quarter earnings as well as the merger
synergies with Champion International and the status of the capacity
rationalizations and realignment initiatives.
Item 8. CHANGE IN FISCAL YEAR.
N/A
Item 9. REGULATION FD DISCLOSURE.
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 hereunto duly authorized.
INTERNATIONAL PAPER COMPANY
(Registrant)
DATE: January 24, 2001 By: /s/ Carol M. Samalin
Purchase, New York ______________________
Assistant Secretary
STATEMENT OF DIFFERENCES
The service mark symbol shall be expressed as..............................'sm'