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FIBREBOARD REPORTS RECORD SECOND QUARTER EARNINGS

 CONCORD, Calif., July 14 /PRNewswire/ -- Fibreboard Corp. (AMEX:FBD) today reported record second quarter net income of $3.4 million, or 78 cents per share (77 cents fully diluted), on sales of $65.0 million, for the quarter ended June 30, 1993, a 25-percent increase over last year's record performance of $2.7 million, or 66 cents per share, on sales of $59.9 million.
 For the first six months of 1993, Fibreboard reported a 20-percent increase in net income to $9.8 million, or $2.25 per share ($2.23 fully diluted), on sales of $139.9 million compared to net income of $8.2 million, or $2.01 per share, on sales of $130.8 million in the same period of 1992.
 Wood Products reported operating profit of $6.9 million on sales of $49.6 million for the second quarter, down from last year's record operating profit of $7.6 million on sales of $47.2 million, largely as a result of increased log costs. Although demand softened during the quarter, especially in California, lumber prices continued strong, but lower than the peak level reached in March 1993. Fibreboard's timber supply remains secure through 1993 at slightly higher costs than in prior years.
 Industrial Insulation Products reported operating profit of $1.3 million on sales of $12.4 million for the second quarter compared with operating profit of $1.3 million on sales of $11.7 million for the same period last year.
 Resort Operations improved significantly over 1992 with a reduced end of ski season loss of $639,000 on sales of $3.0 million as compared with a loss of $1.3 million on sales of $1.1 million a year ago. Improved revenues and operating performance resulted from an effective marketing program and heavy snowfalls that extended the ski season into early May. The previously announced acquisition of Sierra-at-Tahoe occurred at the beginning of the third quarter and was not reflected in second quarter results.
 John D. Roach, Fibreboard's chairman and chief executive officer, said, "The excellent performance of the Wood Products and Industrial Products Groups, despite the market conditions that they faced during the quarter, reflects the aggressive management actions initiated in earlier quarters.
 "Timber supply remains an integral and challenging part of our wood products business. While our timber supply is secure into 1994, we continue to give top priority to obtaining timber for the balance of next year and extending the volume of timber under contract for future periods.
 "Northstar-at-Tahoe experienced its most profitable ski season since the resort opened in 1972. Record performance was achieved in virtually every profit center of the resort. Northstar's share of the Tahoe area ski market increased, and we believe that Northstar has the best momentum of any ski resort in California. We are also pleased to have added a second ski facility, Sierra-at-Tahoe, to our Resort Operations Group. The mid-year timing of this acquisition will enable us to prepare the ski facility for operation prior to the start of the 1993-94 ski season," Roach concluded.
 Fibreboard Corp., headquartered in Concord, manufactures lumber, hardwood plywood, moulding and millwork, agricultural container components, precision-molded industrial insulation and fireproofing materials. Its Resort Operation Group owns and operates Northstar-at- Tahoe, an all-season resort featuring skiing, golfing and a conference center, and Sierra-at-Tahoe, a day ski facility, both located in the Sierra Nevada mountains of California.
 FIBREBOARD CORP. AND SUBSIDIARIES
 Summary of Sales and Earnings
 (Unaudited, dollar amounts in thousands except per share)
 Quarter Six Months
 Ended June 30: 1993 1992 1993 1992
 Net Sales $ 65,021 $ 59,944 $139,915 $130,804
 Income before taxes 5,713 4,641 16,594 14,102
 Net income 3,370 2,692 9,790 8,179
 Earnings per share --
 fully diluted 0.77 0.66 2.23 2.01
 Summary of Operations
 Sales and Earnings
 Sales by Quarter
 1st 2nd Year to Date
 1993 $74,894 $65,021 $139,915
 1992 70,860 59,944 130,804
 Net Income by Quarter
 1st 2nd Year to Date
 1993 $ 6,420 $ 3,370 $ 9,790
 1992 5,487 2,692 8,179
 Earnings Per Share (fully diluted) by Quarter
 1st 2nd Year to Date
 1993 $ 1.47 $ 0.77 $ 2.23
 1992 1.35 0.66 2.01
 Sales and Operating Profit
 By Major Product Groups (Unaudited)
 Quarter Six Months
 Ended June 30: 1993 1992 1993 1992
 Outside sales
 Wood products $ 49,624 $ 47,192 $ 96,653 $ 92,767
 Insulation products 12,357 11,673 25,208 23,718
 Resort operations 3,040 1,079 18,054 14,319
 Total $ 65,021 $ 59,944 $139,915 $130,804
 Segment profit
 Wood products
 operations $ 6,895 $ 7,642 $ 13,262 $ 12,930
 Insulation products
 operations 1,285 1,308 2,676 2,457
 Resort operations (639) (1,263) 4,833 3,739
 Total Operations $ 7,541 $ 7,687 20,771 $ 19,126
 Unallocated expense (1,730) (2,649) (5,031) (5,313)
 Interest expense (635) (1,074) (1,516) (2,376)
 Interest and other
 income 537 677 2,370 2,665
 Income before taxes $ 5,713 $ 4,641 $ 16,594 $ 14,102
 Consolidated Statements of Income
 (Unaudited, dollar amounts in thousands except per share)
 Quarter Six Months
 Ended June 30: 1993 1992 1993 1992
 Net sales $ 65,021 $ 59,944 $139,915 $130,804
 Cost of sales 54,404 49,750 112,557 106,331
 Gross Margin 10,617 10,194 27,358 24,473
 Selling and
 administrative
 expenses 4,806 5,156 11,618 10,660
 Income from operations 5,811 5,038 15,740 13,813
 Interest expense (635) (1,074) (1,516) (2,376)
 Interest and other income 537 677 2,370 2,665
 Income before income
 taxes 5,713 4,641 16,594 14,102
 Income taxes (2,343) (1,949) (6,804) (5,923)
 Net income $ 3,370 $ 2,692 $ 9,790 $ 8,179
 Earnings per share:
 Primary $ 0.78 $ 0.66 $ 2.25 $ 2.01
 Fully diluted 0.77 0.66 2.23 2.01
 Common equivalent
 shares (thousands)
 (Weighted average)
 Primary 4,340 4,088 4,350 4,074
 Fully Diluted 4,352 4,088 4,389 4,074
 -0- 7/14/93
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700/
 (FBD)


CO: Fibreboard Corp. ST: California IN: PAP SU: ERN

GT -- SF008 -- 1193 07/14/93 08:02 EDT
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Date:Jul 14, 1993
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