EXHIBIT 99
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(in thousands, except per share)
Three Months Ended Nine Months Ended
September 30, September 30,
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1994 1993 1994 1993
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Net Sales:
Paper $ 1,091,635 $ 953,769 $ 3,033,364 $ 2,824,916
Wood Products 293,105 291,562 819,454 943,690
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1,384,740 1,245,331 3,852,818 3,768,606
Income From Operations:
Paper 35,945 (21,744) (42,444) (109,631)
Wood Products 60,827 32,036 181,496 190,974
General Corporate Expense (15,749) (8,403) (37,048) (34,147)
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81,023 1,889 102,004 47,196
Interest and debt expense 60,173 54,596 175,601 162,472
Other (income) expense - net (11,004) (3,888) (19,392) 17,552
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Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change 31,854 (48,819) (54,205) (132,828)
Income Taxes (Benefit) (Note 1) 8,737 4,665 (15,238) (28,938)
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Income (Loss) Before Cumulative Effect of
Accounting Change $ 23,117 $ (53,484) $ (38,967) $ (103,890)
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Cumulative Effect of Accounting Change,
Net of Taxes (Note 2) --- --- --- (7,523)
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Net Income (Loss) $ 23,117 $ (53,484) $ (38,967) $ (111,413)
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Earnings (Loss) Per Common Share:
Income (Loss) Before Cumulative Effect of
Accounting Change $ .18 $ (.65) $ (.64) $ (1.34)
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Cumulative Effect of Accounting Change $ --- $ --- $ --- $ (.08)
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Net Income (Loss) $ .18 $ (.65) $ (.64) $ (1.42)
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Note 1: Income Taxes (Benefit) for the three month and nine month periods
ended September 30, 1993 includes a provision of $23 million to
reflect a one-time adjustment to the company's deferred tax liability
for changes in 1993 corporate income tax rates in the United States
and Canada.
Note 2: Cumulative Effect of Accounting Change for the nine month period ended
September 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)
September 30, December 31,
1994 1993
(unaudited)
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ASSETS:
Cash and temporary cash investments $ 90,962 $ 62,850
Receivables - net 534,564 494,426
Inventories 431,885 469,269
Prepaid expenses 30,818 22,818
Deferred income taxes 63,717 65,064
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Total Current Assets 1,151,946 1,114,427
Timber and timberlands - net 1,841,385 1,838,550
Property, plant, and equipment - net 5,635,134 5,802,036
Other assets and deferred charges 354,856 387,756
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Total Assets $8,983,321 $9,142,769
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Current installments of long-term debt $ 80,393 $ 88,052
Short-term bank borrowings 90,617 88,258
Accounts payable and accrued liabilities 582,664 591,153
Income taxes 21,894 4,841
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Total Current Liabilities 775,568 772,304
Long-term debt 3,246,806 3,316,165
Other liabilities 684,784 672,788
Deferred income taxes 1,030,463 1,077,234
Minority interest in subsidiaries 63,210 54,160
Preference stock, $92.50 cumulative series 300,000 300,000
Shareholders' Equity 2,882,490 2,950,118
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Total Liabilities and Shareholders' Equity $8,983,321 $9,142,769
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