EXHIBIT 99
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in thousands, except per share)
Three Months Ended
March 31,
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1994 1993
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Net Sales:
Paper $ 960,008 $ 925,835
Wood Products 266,112 341,141
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1,226,120 1,266,976
Income From Operations:
Paper (39,967) (51,908)
Wood Products 64,283 94,227
General Corporate Expense (7,507) (12,573)
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16,809 29,746
Interest and debt expense 56,537 53,573
Other (income) expense 240 22,946
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Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change (39,968) (46,773)
Income Taxes (Benefit) (8,982) (18,709)
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Income (Loss) Before Cumulative Effect of
Accounting Change $ (30,986) $ (28,064)
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Cumulative Effect of Accounting Change,
Net of Taxes (Note 1) --- (7,523)
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Net Income (Loss) $ (30,986) $ (35,587)
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Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ (.41) $ (.38)
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Cumulative Effect of Accounting Change $ --- $ (.08)
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Net Income (Loss) $ (.41) $ (.46)
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Note 1: Cumulative Effect of Accounting Change for the three month period ended
March 31, 1993 reflects the after-tax effect of adopting, retroactive to
January 1, 1993, a new accounting standard for postemployment benefits.
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
March 31, December 31,
1994 1993
(unaudited)
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ASSETS:
Cash and temporary cash investments $ 92,208 $ 62,850
Receivables - net 494,813 494,426
Inventories 483,497 469,269
Prepaid expenses 27,580 22,818
Deferred income taxes 64,847 65,064
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Total Current Assets 1,162,945 1,114,427
Timber and timberlands - net 1,836,531 1,838,550
Property, plant, and equipment - net 5,734,928 5,802,036
Other assets and deferred charges 363,613 387,756
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Total Assets $ 9,098,017 $ 9,142,769
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 84,928 $ 88,052
Short-term bank borrowings 105,718 88,258
Accounts payable and accrued liabilities 566,431 591,153
Income taxes 5,449 4,841
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Total Current Liabilities 762,526 772,304
Long-term debt 3,363,104 3,316,165
Other liabilities 668,705 672,788
Deferred income taxes 1,051,974 1,077,234
Minority interest in subsidiaries 54,487 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,897,221 2,950,118
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Total Liabilities and Shareholders' Equity $ 9,098,017 $ 9,142,769
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