EXHIBIT 99
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CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share)
Three Months Ended Twelve Months Ended
December 31, December 31,
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1995 1994 1995 1994
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(Unaudited) (Unaudited)
Net Sales:
Paper $ 1,515,865 $ 1,183,431 $ 6,007,158 $ 4,216,795
Wood Products 225,053 281,943 964,880 1,101,397
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$ 1,740,918 $ 1,465,374 $ 6,972,038 $ 5,318,192
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Income from Operations:
Paper 367,486 113,331 1,364,786 70,887
Wood Products 26,521 60,789 137,329 242,285
General Corporate Expense (9,497) (10,124) (72,625) (47,172)
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384,510 163,996 1,429,490 266,000
Interest and debt expense 53,777 59,485 226,016 235,086
Other (income) expense - net (Note 1) 2,199 (37,950) (33,089) (57,342)
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Income Before Income Taxes 328,534 142,461 1,236,563 88,256
Income Taxes 111,040 40,189 464,728 24,951
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Net income $ 217,494 $ 102,272 $ 771,835 $ 63,305
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Earnings Per Common Share: (Note 2)
Primary $ 2.26 $ 1.02 $ 8.01 $ 0.38
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Fully Diluted $ 2.26 $ 1.02 $ 7.67 $ 0.38
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Note 1: Other (income) expense -- net for the twelve months ended December 31,
1995 includes gains of $89 million from the sales of certain operations
in Canada and charges of $68 million primarily for the writedown of
certain U.S. paper and wood products assets. The three months and twelve
months ended December 31, 1994 includes a gain of $16 million from the
sale of certain assets and income of $19 million from a refund due on
countervailing duties on lumber exports from Canada into the United
States in prior years.
Note 2: Earnings per share was calculated for each three month and twelve month
period on a stand-alone basis. On June 22, 1995 the company purchased
all 7,894,737 shares of Common Stock that were issued on that date upon
conversion of the $92.50 Convertible Preference Stock. On June 27, 1995
the company called all $149,893,000 of its 6 1/2% Convertible
Subordinated Debentures due April 15, 2011 for redemption on August 8,
1995. Virtually all of the Debentures were converted into an aggregate
of 4,309,070 shares of common stock during the third quarter. The
company purchased an additional 3,186,000 shares of common stock at
various times during 1995. As a result of all of these transactions, the
sum of the earnings per share for the four quarters of 1995 does not
equal the earnings per share for the twelve months ended December 31,
1995.