Crown Pacific reports higher fourth quarter and year end results.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)--Jan. 25, 1996--Crown Pacific Partners L.P. (NYSE NYSE See: New York Stock Exchange :CRO) today reported results for the fourth quarter and fiscal year ended 1995 and declared its fourth quarter 1995 distribution. Fourth quarter 1995 revenues were $89.4 million, which compare to $87.2 million in the 1994 quarter. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $12.4 million and $6.2 million for the fourth quarter 1995 and 1994, respectively. Net income was $4.6 million in the 1995 quarter, which compares to a $3.3 million loss in the 1994 period. Fourth quarter 1995 net income totaled 25 cents per unit. For the year ended Dec. 31, 1995, Crown Pacific reported net income of $17.3 million, or 94 cents per unit, on revenues of $383.4 million. This compares to net income of $3.6 million on revenues of $397.3 million for fiscal 1994. Last year's fourth quarter and year end results included a $4.4 million and $16.2 million charge, respectively, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the predecessor companies' deferred financing costs. Without this extraordinary item, 1994 net income would have been $1.1 million and $19.7 million for the fourth quarter and year end, respectively. The company also announced its fourth quarter 1995 distribution of 51 cents per unit, which will be payable on Feb. 14, 1996, to unitholders of record on Feb. 1, 1996. "We are pleased with our 1995 performance," said Peter W. Stott, president and chief executive officer. "While our annual revenues declined due to a decrease 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 1994 levels, we reported a modest earnings increase and continued to improve our profitability. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: were 12.6 percent for 1995, compared to 11.9 percent in 1994. "We expect little improvement in lumber prices in the near term due to severe winter weather conditions over much of the U.S., which have slowed residential construction activity," Stott continued. "Nonetheless, we remain cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about 1996 as a whole. Declining interest rates should stimulate construction activity and strengthen lumber prices. "In addition, recent positive negotiations between the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of over possible subsidies of Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. lumber exported into the U.S. could result in further improvement for lumber prices in 1996. "These price trends, coupled with our continued commitment to further enhance our current operations, leave Crown Pacific well positioned for improved operating results in the year ahead. In addition, we will continue to pursue acquisition opportunities that enhance cash flow and increase returns to our unitholders." Crown Pacific is a leading integrated timber and forest products manufacturing partnership with extensive timber holdings and numerous conversion facilities located 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 Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). and Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). . Additional news releases may be obtained on the company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the home page at http://www.hnt.com/bizwire/cnn/710.htm. -0-
CROWN PACIFIC PARTNERS, L.P.
Combined Statement of Income
(In thousands)
(unaudited)
For the three months
ended Dec. 31,
1995 1994
Partnership Pre-IPO & Partnership
Revenues $ 89,426 $ 87,210 Operating costs: Cost of products sold/a 71,243 75,447 Selling, general and administrative expenses 5,748 5,541 Operating income 12,435 6,222 Interest expense 8,009 6,296 Amortization of debt issuance costs 134 167 Other expense (income), net (317) (1,284) Income before provision for income taxes 4,609 1,043 Income tax benefit -- (38) Income before extraordinary item 4,609 1,081 Extraordinary item - loss on extinguishment of debt -- (4,369) Net income (loss) 4,609 (3,288) Accretion and income relative to mandatorily redeemable partnership interests -- (1,891) Net income (loss) allocated to partnership and shareholders' interests $4,609 $(5,179) Net income per unit 25 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 owned. The resulting increase in timber volumes reduced
depletion cost for the fourth quarter 1995, by $1.9 million, or
11 cents per unit, and had no impact on cash flow.
CROWN PACIFIC PARTNERS, L.P.
Combined Statement of Income
(In thousands)
For the Year Ended Dec. 31,
1995 1994 1993
Partnership Pre-IPO Pre-IPO
& Partnership
Revenues $383,383 $397,326 $220,586 Operating costs: Cost of products sold/a 313,490 328,882 151,379 Selling, general and administrative expenses 21,653 21,148 10,379 Operating income 48,240 47,296 58,828 Interest expense 31,053 23,894 14,201 Amortization of debt issuance costs 508 2,184 997 Other (income) expense, net (599) (1,034) 3,208 Income before provision for income taxes 17,278 22,252 40,422 Provision for income taxes - 2,514 1,501 Income before extraordinary item 17,278 19,738 38,921 Extraordinary item -- loss on extinguishment of debt - (16,178) - Net income 17,278 3,560 38,921 Accretion and income relative to mandatorily redeemable partnership interests - (8,624) (3,243) Net income (loss) allocated to partnership and shareholders' interests 17,278 (5,064) 35,678 Earnings per unit (pro forma for 1994): Income before extraordinary item 94 cents $1.07 Extraordinary item - (88 cents) Net income per unit 94 cents 19 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 owned. 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 year ended Dec. 31, 1995, by $7.4 million, or 41 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
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion