Crown Pacific announces first distribution to common unitholders and first quarter 1995 earnings.PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--April 25, 1995--Crown Pacific Partners L.P. (NYSE NYSE See: New York Stock Exchange :CRO) today announced its first cash distribution to unitholders and results for the first quarter 1995. The Partnership will pay its initial distribution of 56.5 cents per unit on May 15, 1995, to unitholders of record on May 5, 1995. This initial distribution consists of the planned minimum quarterly distribution of 51 cents per unit, as well as an additional 5.5 cents per unit related to the 10 day period between the initial public offering of units, Dec. 22, 1994, and Dec. 31, 1994. "We are pleased to declare our first quarterly cash distribution as a publicly traded partnership Publicly Traded Partnership A limited partnership that also has interests traded in the equity securities market. Notes: This is also known as a master limited partnership. See also: Master Limited Partnership, Partnership, Public Company ," said Peter W. Stott, president and chief executive officer. "This distribution reflects our commitment to provide our unitholders a solid return on their investment in Crown Pacific." For the three months ended March 31, 1995, Crown Pacific reported revenues of $97.8 million, compared to $115.9 million for the same period a year ago. Net income for the first quarter of 1995 was $4.1 million (22 cents per unit), compared with first quarter 1994 earnings of $15.3 million. Commenting on the quarter, Stott noted, "Revenues and earnings were lower in the 1995 quarter primarily due to a 16 percent decline in lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to prices from the record highs recorded in the first quarter 1994. Despite the decline in lumber prices, operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was a healthy $20.5 million for the first quarter 1995." Stott further noted, "The decline in lumber prices was primarily caused by lower demand resulting from the interest rate increases that began in February February: see month. 1994. The residential lumber markets continue to feel the greatest impact of the higher interest rates and as a result remain the weakest portion of our business. Domestic and export log markets have improved from fourth quarter 1994 levels due to increased demand from pulp and paper manufacturers and Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. countries, respectively. Also, prices for the premium appearance grade pine lumber produced at our central Oregon Central Oregon is a geographical region lying near the center of the U.S. state of Oregon. It is commonly considered to include Deschutes, Jefferson, and Crook counties. Primary cities in Central Oregon are La Pine, Sunriver, Bend, Redmond, Madras, and Prineville. facilities have strengthened from fourth quarter 1994 levels." In the first quarter 1995, the company completed the update of its timber inventory system to reflect the 3.4 billion board feet of timber it owns. The resulting increase in timber volumes reduced depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able cost for the first quarter by $2.1 million or 11 cents per unit and had no impact on cash flow. Crown Pacific is a leading timber and forest products manufacturing partnership. The partnership owns or controls more than 575,000 acres of timberland, representing 3.4 billion board feet of timber inventory and has operations in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , Washington Idaho and Montana. -0-
Crown Pacific Partners, L.P.
Combined Statement of Income
(Unaudited, In Thousands)
For the Three Months
Ended March 31,
1995 1994
Company Predecessor
Revenues $97,834 $115,907 Operating costs: Cost of products sold/a 80,307 87,032 Selling, general and administrative expenses 5,997 5,082 Operating income 11,530 23,793 Interest expense 7,522 5,867 Amortization of debt issuance costs 116 933 Other (income) expense, net (224) 27 Income before provision for income taxes 4,116 16,966 Provision for income taxes -- 1,645 Net income 4,116 15,321 Accretion and income relative to mandatorily redeemable partnership interests -- 2,163 Net income allocated to partnership and shareholders' interests $4,116 $13,158 Net income per unit 22 cents /a In the first quarter 1995, the company completed the update of its timber inventory system to reflect the 3.4 billion board feet of timber it owns. The resulting increase in timber volumes reduced depletion cost for the first quarter by $2.1 million, or 11 cents per unit, and had no impact on cash flow. CONTACT: Crown Pacific Kelly E. Lang Lang language LANG Louisiana Army National Guard Lang Langobardian (linguistics) LANG Los Angeles Newspaper Guild , 503/274-2300 or Harris Massey Herinckx Fletcher Fletcher may refer to one of the following: Ideas and companies
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