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POPE & TALBOT WILL REPORT LOSS FOR FOURTH QUARTER AND FOR 1991

 POPE & TALBOT WILL REPORT LOSS FOR FOURTH QUARTER AND FOR 1991
 PORTLAND, Ore., Jan. 16 /PRNewswire/ -- Pope & Talbot (NYSE: POP) today announced that it will report a loss for both the fourth quarter and the full year 1991. Final results will be reported later in January, and will show a loss in the range of $8.7 million to $9.3 million, or (76 cents) to (80 cents) per share, for the quarter, and a loss in the range of $11.5 million to $12 million, or ($1.00) to ($1.04) per share, for the year.
 Included in the fourth quarter results are after-tax charges totalling approximately $2.4 million, or (20 cents) per share, related to the sale of a facility at Aiken, S.C., the write-off of two tissue machines at the company's Wisconsin paper mills and several other smaller items. Diaper equipment from the Aiken plant was moved to other facilities in 1989. The two tissue machines were small, relatively inefficient, and produced tissue that did not meet increased quality standards.
 Pope & Talbot will adopt Financial Accounting Standard (FAS) No. 106, which deals with accounting for post-retirement health care benefits in 1991. Included in the full year estimate is an after-tax charge of $6.5 million or (56 cents) per share as of Jan. 1, 1991 which will be retroactively reflected in the results of the first quarter of 1991. FAS 106 requires the future benefits be written off or recognized as a liability no later than 1993. Rather than amortize the past-service liability over future years, Pope & Talbot chose to take the full charge in 1991.
 Fourth quarter operations were hurt by weak pulp prices, seasonally slow demand and pricing for lumber, and surprisingly low demand and prices for the company's private label tissue products. Pulp prices were 10 percent lower than for the third quarter of 1991. Also, the pulp mill at Halsey, Ore. operated at less than capacity. About ten days of downtime were taken late in December on all of the company's tissue machines. Six of eight machines were started up on Jan. 2, and have been operating at capacity since then.
 Peter T. Pope, chairman, president and chief executive officer, stated, "These are difficult times for our industry, with many companies reporting losses for the quarter just ended." He continued, "The outlook is for
improvement this year, led by a recovery in housing and lumber markets. Pope & Talbot has the financial strength," Pope concluded, "to weather these tough times and to participate fully in the coming economic recovery."
 Pope & Talbot Inc., is a publicly held, Portland, Ore.-based paper, pulp and wood products company traded on the New York Stock Exchange. The company was founded in 1849 and has operations throughout the United States and Canada.
 -O- 1/16/92
 /CONTACT: C. Lamadrid of Pope & Talbot, 503-228-9161/
 (POP) CO: Pope & Talbot ST: Oregon IN: PAP SU: ERP


RR-JH -- SE004 -- 0492 01/16/92 11:52 EST
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Publication:PR Newswire
Date:Jan 16, 1992
Words:495
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