EXHIBIT 99
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in thousands, except per share)
Three Months Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Net Sales:
Paper $ 981,721 $ 945,312 $1,941,729 $1,871,147
Wood Products 260,237 310,987 526,349 652,128
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1,241,958 1,256,299 2,468,078 2,523,275
Income From Operations:
Paper (38,423) (35,981) (78,390) (87,889)
Wood Products 56,386 64,711 120,669 158,938
General Corporate Expense (13,791) (13,169) (21,298) (25,742)
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4,172 15,561 20,981 45,307
Interest and debt expense 58,890 54,303 115,427 107,876
Other (income) expense - net (8,627) (1,506) (8,387) 21,440
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Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change (46,091) (37,236) (86,059) (84,009)
Income Taxes (Benefit) (14,993) (14,894) (23,975) (33,603)
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Income (Loss) Before Cumulative Effect of
Accounting Change $ (31,098) $ (22,342) $ (62,084) $ (50,406)
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Cumulative Effect of Accounting Change,
Net of Taxes (Note 1) --- --- --- (7,523)
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Net Income (Loss) $ (31,098) $ (22,342) $ (62,084) $ (57,929)
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Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ (.41) $ (.31) $ (.82) $ (.69)
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Cumulative Effect of Accounting Change $ --- $ --- $ --- $ (.08)
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Net Income (Loss) $ (.41) $ (.31) $ (.82) $ (.77)
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Note 1: Cumulative Effect of Accounting Change for the six month period ended
June 30, 1993 reflects the after-tax effect of adopting, retroactive to
January 1, 1993, a new accounting standard for postemployment benefits.
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
June 30, December 31,
1994 1993
(unaudited)
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ASSETS:
Cash and temporary cash investments $ 95,980 $ 62,850
Receivables - net 516,714 494,426
Inventories 446,876 469,269
Prepaid expenses 30,536 22,818
Deferred income taxes 64,099 65,064
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Total Current Assets 1,154,205 1,114,427
Timber and timberlands - net 1,830,996 1,838,550
Property, plant, and equipment - net 5,688,056 5,802,036
Other assets and deferred charges 357,940 387,756
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Total Assets $9,031,197 $9,142,769
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 90,272 $ 88,052
Short-term bank borrowings 112,174 88,258
Accounts payable and accrue
liabilities 544,601 591,153
Income taxes 12,224 4,841
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Total Current Liabilities 759,271 772,304
Long-term debt 3,355,778 3,316,165
Other liabilities 672,506 672,788
Deferred income taxes 1,030,833 1,077,234
Minority interest in subsidiaries 57,591 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,855,218 2,950,118
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Total Liabilities and Shareholders' Equity $9,031,197 $9,142,769
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