EXHIBIT 99
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- ------------------
1994 1993 1994 1993
---- ---- ---- ----
(Unaudited) (Unaudited)
Net Sales:
Paper $1,183,431 $ 992,663 $4,216,795 $3,817,579
Wood Products 281,943 307,564 1,101,397 1,251,254
---------- ---------- ---------- ----------
1,465,374 1,300,227 5,318,192 5,068,833
Income From Operations:
Paper 113,331 (24,143) 70,887 (133,774)
Wood Products 60,789 57,015 242,285 247,989
General Corporate Expense (10,124) (13,676) (47,172) (47,823)
---------- ---------- ---------- ----------
163,996 19,196 266,000 66,392
Interest and debt expense 59,485 62,186 235,086 224,658
Other (income) expense - net (Note 1) (37,950) (10,142) (57,342) 7,410
---------- ---------- ---------- ----------
Income (Loss) Before Income Taxes, Extraordinary
Item and Cumulative Effect of Accounting Change 142,461 (32,848) 88,256 (165,676)
Income Taxes (Benefit) (Note 2) 40,189 (2,284) 24,951 (31,222)
---------- ---------- ---------- ----------
Income (Loss) Before Extraordinary Item and Cumulative
Effect of Accounting Change 102,272 (30,564) 63,305 (134,454)
Extraordinary Item - Loss on Early Retirement of Debt,
Net of Taxes --- (14,266) --- (14,266)
Cumulative Effect of Accounting Change, Net of Taxes
(Note 3) --- --- --- (7,523)
---------- ---------- ---------- ----------
Net Income (Loss) $ 102,272 $ (44,830) $ 63,305 $ (156,243)
========== ========== ========== ==========
Earnings (Loss) Per Common Share:
Income (Loss) Before Extraordinary Item and
Cumulative Effect of Accounting Change:
Recurring $ 0.73 $ (.35) $ 0.09 $ (1.44)
Non-Recurring 0.29 (.06) 0.29 (.31)
---------- ---------- ---------- ----------
1.02 (.41) 0.38 (1.75)
Extraordinary Item - Loss on Early Retirement of Debt --- (.15) --- (.15)
Cumulative Effect of Accounting Change --- --- --- (.08)
---------- ---------- ---------- ----------
Net Income (Loss) $ 1.02 $ (.56) $ 0.38 $ (1.98)
========== ========== ========== ==========
Note 1: Other (income) expense - net includes non-recurring pre-tax
income of $34 million for the three month and twelve month
periods ended December 31, 1994 and $10 million for the three
month and twelve month periods ended December 31, 1993.
Note 2: Income Taxes (Benefit) for the three month and twelve month
periods ended December 31, 1994 includes a benefit of $7 million
to reflect one-time adjustments to the company's deferred tax
liability. The three month and twelve month periods ended
December 31, 1993 include a provision of $11 million and $34
million, respectively, to reflect one-time adjustments to the
company's deferred tax liability.
Note 3: Cumulative Effect of Accounting Change for the twelve month
period ended December 31, 1993 reflects the after-tax effect of
adopting, retroactive to January 1, 1993, a new accounting
standard for postemployment benefits.