EXHIBIT 99.1
CHAMPION INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE)
Three Months Ended Twelve Months Ended
December 31, December 31,
1993 1992 1993 1992
(Unaudited)
Net Sales
Paper $ 992,663 $ 963,649 $ 3,817,579 $ 3,834,585
Wood Products 307,564 273,790 1,251,254 1,091,886
1,300,227 1,237,439 5,068,833 4,926,471
Income From Operations:
Paper (24,143) (16,494) (133,774) (7,490)
Wood Products 57,015 32,391 247,989 125,071
General Corporate Expense (13,676) (13,054) (47,823) (44,210)
19,196 2,843 66,392 73,371
Interest and debt expense 62,186 50,324 224,658 206,295
Other (income) expense -
net (Note 1) (10,142) (9,333) 7,410 (142,516)
Income (Loss) Before Income
Taxes, Extraordinary Item
and Cumulative Effect of
Accounting Changes (32,848) (38,148) (165,676) 9,592
Income Taxes (Benefit) (Note 2) (2,284) (9,226) (31,222) (4,328)
Income (Loss) Before
Extraordinary Item and
Cumulative Effect of
Accounting Changes (30,564) (28,922) (134,454) 13,920
Extraordinary Item -
Loss on Early Retirement
of Debt, Net of Taxes (14,266) ---- (14,266) ----
Cumulative Effect of
Accounting Changes,
Net of Taxes (Note 3) ---- ---- (7,523) (454,314)
Net Income (Loss) $ (44,830) $ (28,922) $ (156,243) $ (440,394)
Earnings (Loss) Per Common Share:
Income (Loss) Before
Extraordinary Item and
Cumulative Effect of
Accounting Changes:
Recurring $ (.35) $ (.56) $ (1.44) $ (1.33)
Non-Recurring (.06) .18 (.31) 1.18
(.41) (.38) (1.75) (.15)
Extraordinary Item -
Loss on Early Retirement
of Debt (.15) --- (.15) ---
Cumulative Effect of
Accounting Changes ---- --- (.08) (4.90)
Net Income (Loss) $ (.56) $ (.38) $ (1.98) $ (5.05)
___________
<FN>
Note 1: Other (income) expense - net for the three month and twelve month periods
ended December 31, 1993 includes non-recurring pre-tax income of $10
million. The three month period ended December 31, 1992 includes non-
recurring pre-tax income of $12 millon. The twelve month period ended
December 31, 1992 includes $148 million in non-recurring pre-tax
income, primarily from the sale of timberlands.
<FN>
Note 2: Income Taxes (Benefit) for the three month and twelve month periods ended
December 31, 1993 includes a provision of $11 million and $34 million,
respectively, to reflect one-time adjustments to the Company's deferred
tax liability.
<FN>
Note 3: Cumulative Effect of Accounting Changes 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. The twelve month period ended December 31, 1992, reflects the
after-tax effect of adopting a new accounting standard for postretirement
benefits other than pensions and a new accounting standard for income taxes.