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FIBREBOARD CORP. CORRECTS PRIOR ANNOUNCEMENT OF FOURTH QUARTER RESULTS

FIBREBOARD CORP. CORRECTS PRIOR ANNOUNCEMENT OF FOURTH QUARTER RESULTS
 CONCORD, Calif., March 31 /PRNewswire/ -- Fibreboard Corp. (AMEX: FBD) today corrected its prior announcement concerning its 1991 fourth quarter results. In announcing comparative results for its 1991 and 1990 fourth quarters, the company's press release incorrectly stated that its net income per share for the 1990 fourth quarter was $.61 per share and its loss from discontinued operations net of income taxes for the period was $.31 per share. The company's actual net income per share for the 1990 fourth quarter was $.42 and its loss from discontinued operations net of income taxes for the period was $.50 per share.
 A corrected consolidated statement of income for Fibreboard Corp. and its subsidiaries follows:
 FIBREBOARD CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (Dollar amounts in thousands except per share)
 Amended Table March 31, 1992
 Quarter Year
 Ended Dec. 31 Ended Dec. 31
 1991 1990 1991 1990
 Net sales $59,967 $53,106 $234,056 $244,609
 Cost of sales 52,375 49,558 206,765 226,444
 Gross margin 7,592 3,548 27,291 18,165
 Other expenses
 Selling &
 administrative 8,197 4,595 23,445 19,334
 Asbestos related costs 20,000 -- 20,000 --
 Unusual items 12,985 (9,816) 13,912 (9,816)
 Income (loss)
 from operations (33,590) 8,769 (30,066) 8,647
 Interest expense,
 net of capitalized
 interest (1,214) (1,528) (5,342) (4,214)
 Interest income 609 846 3,182 3,380
 Income (loss) from
 continuing operations
 before income taxes (34,195) 8,087 (32,226) 7,813
 Income taxes related to
 continuing operations 6,073 (4,489) 4,892 (4,544)
 Income (loss) from
 continuing operations
 before cumulative
 effect of a change in
 accounting principle (28,122) 3,598 (27,334) 3,269
 Cumulative effect of
 change in accounting for
 post retirement benefits
 other than pensions -- -- (1,954) --
 Discontinued operations:
 Loss from operations,
 net of tax (565) (1,950) (3,792) (1,950)
 Anticipated
 loss on disposal (513) -- (10,851) --
 Net income (loss) $(29,200) $1,648 $(43,931) $1,319
 Earnings per share:
 Income (loss) from
 continuing operations
 before accounting
 change $(6.94) $0.92 $(6.84) $0.84
 Cumulative effect of
 accounting change -- -- (0.49) --
 Income (loss) from
 discontinued operations
 net of income taxes (0.27) (0.50) (3.66) (0.50)
 Net income (loss) $(7.21) $0.42 $(10.99) $0.34
 Weighted average shares
 outstanding (thousands) 4,051 3,902 3,997 3,901
 -0- 3/31/92
 /CONTACT: Stephen L. DeMaria of Fibreboard Corp., 510-686-0700/
 (FBD) CO: Fibreboard Corp. ST: California IN: PAP SU: ERN


DG -- SF001 -- 3214 03/31/92 08:01 EST
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Publication:PR Newswire
Date:Mar 31, 1992
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