SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 18, 1994
BOWATER INCORPORATED
(Exact name of registrant as specified in its charter)
DELAWARE 1-8712 62-0721803
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
55 EAST CAMPERDOWN WAY
P.O. BOX 1028
GREENVILLE, SC 29602
(Address of principal executive offices; zip code)
Registrant's telephone number, including area code: 803 271-7733
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
On January 18, 1994, Bowater Incorporated (the Company) issued a press
release that announced its 1993 fourth quarter and year-end results and included
the following:
Bowater Incorporated (NYSE-BOW) today reported net income for the
fourth quarter of 1993 of $4.9 million, or $.12 per share, on sales of
$340.4 million. Included in the quarter's results were a pre-tax gain of
$48.9 million ($30.6 million, or $.84 per share, after tax) on the sale of
approximately 68,000 acres of non-strategic land holdings and a charge of
$10.0 million before tax ($6.3 million, or $.17 per share, after tax) for
costs related to companywide personnel reductions.
The net loss for the same quarter last year was $20.9 million, or $.59
per share on sales of $363.2 million.
For the twelve months of 1993, Bowater incurred a net loss of $64.5
million, or $1.84 per share, on sales of $1.35 billion. This compares to a
loss before accounting changes of $92.9 million, or $2.64 per share, on
sales of $1.36 billion for 1992. After accounting changes, the net loss for
1992 was $82.0 million, or $2.34 per share.
(Please see attached tables)
SUMMARY CONSOLIDATED FINANCIAL INFORMATION
(UNAUDITED, IN 000'S EXCEPT PER SHARE DATA)
QUARTER ENDED TWELVE MONTHS ENDED
DEC. 31, DEC. 31, DEC. 31, DEC. 31,
1993 1992 1993 1992
Net sales (1)........................................................... $340,388 $363,173 $1,353,684 $1,360,818
Operating loss.......................................................... $(19,792) $(12,468) $ (63,332) $ (74,108)
Income (loss) before taxes, minority interests and changes in accounting
principles............................................................ $ 5,364 $(38,262) $ (109,036) $ (171,954)
Income (loss) before changes in accounting principles................... $ 4,887 $(20,891) $ (64,499) $ (92,868)
Changes in accounting principles........................................ -- -- -- 10,911
Net income (loss)....................................................... $ 4,887 $(20,891) $ (64,499) $ (81,957)
Earnings (loss) per share: (2)
Before changes in accounting principles............................... $ .12(3) $ (.59) $ (1.84)(4) $ (2.64)(5)
Changes in accounting principles...................................... -- -- -- .30
$ .12 $ (.59) $ (1.84) $ (2.34)
Average shares outstanding.............................................. 36,427 36,264 36,368 36,141
SEGMENT INFORMATION:
NET SALES: (1)
Pulp, Paper and Related Products
Newsprint............................................................. $148,042 $182,768 $ 607,588 $ 662,171
Directory and uncoated specialties.................................... 48,664 32,395 203,432 124,677
Coated paper.......................................................... 79,933 78,441 316,193 296,119
Pulp.................................................................. 28,087 36,224 98,861 136,424
Lumber, stumpage and other products................................... 31,138 21,914 103,099 79,507
335,864 351,742 1,329,173 1,298,898
Communication papers.................................................... 45,843 52,273 191,769 207,523
Distribution costs...................................................... (33,926) (35,677) (142,413) (133,051)
Eliminations............................................................ (7,393) (5,165) (24,845) (12,552)
$340,388 $363,173 $1,353,684 $1,360,818
OPERATING LOSS:
Pulp, paper and related products........................................ $(12,371) $ (7,174) $ (32,759) $ (46,138)
Communication papers.................................................... 569 22 (6,419) (2,277)
Corporate expenses...................................................... (7,990) (5,316) (24,154) (25,693)
$(19,792) $(12,468) $ (63,332) $ (74,108)
(1) Net of distribution costs. Prior year amounts have been reclassified.
(2) Calculation of earnings (loss) per common share is after dividend
requirement of the LIBOR preferred stock.
(3) Includes a $(.17) charge for corporate restructuring and $.84 for gain on
real property sales.
(4) Includes $(.34) for GNP/corporate restructuring, $(.16) for increase in
deferred tax liabilities and $.90 for gain on real property sales.
(5) Includes a $(.09) charge for corporate restructuring and a non-recurring
charge for equipment write-off of $(.21).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOWATER INCORPORATED
By: /s/ Robert C. Lancaster
Name: Robert C. Lancaster
Title: Senior Vice President
and
Chief Financial Officer
Date: January 18, 1994