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FIBREBOARD CORP. REPORTS SIGNIFICANTLY IMPROVED FIRST QUARTER RESULTS

 FIBREBOARD CORP. REPORTS SIGNIFICANTLY IMPROVED
 FIRST QUARTER RESULTS
 Record Pre-Tax Operating Profit Achieved
 By Wood Products Group and Resort Operations
 CONCORD, Calif., April 13 /PRNewswire/ -- Fibreboard Corp. (AMEX: FBD) today reported that net income for the first quarter ended March 31, 1992 was $5.5 million, or $1.35 per share, on sales of $70.9 million. This is a significant improvement over last year's first quarter net loss of $4.1 million, or $1.04 per share, on sales of $54.9 million in the first quarter of 1991. Record Pre-Tax Operating Profit in Two of Three Business Groups
 Record pre-tax operating profit was achieved by the Wood Products Group and Resort Operations. Pre-tax operating profit of the Wood Products Group was $5.3 million on sales of $45.6 million, compared to a pre-tax operating loss of $1.3 million on sales of $31.2 million in 1991. The dramatic improvement in Wood Products Group first quarter results reflects increased orders, selective sales price increases, improved lumber grade recovery and continuing benefits of a restructuring that occurred in late 1991. The Resort Operations (Northstar-at-Tahoe) first quarter pre-tax operating profit was $5.0 million on sales of $13.2 million, compared to pre-tax operating profit of $1.5 million on sales of $9.1 million in the first quarter of 1991. Improved resort operations


results arose primarily from improved snowfall, new management's aggressive marketing programs and stringent cost control.
 Pre-tax operating profit of the Industrial Insulation Products Group was $1.1 million on sales of $12.0 million, compared to $2.1 million on sales of $14.6 in 1991. Sales and margin declines reflect reduced overall demand for molded insulation and reduced prices for metal products.
 Commenting on the results, Fibreboard Chairman and Chief Executive Officer John Roach stated, "We are pleased by the record setting first quarter results of Fibreboard's Wood Products Group and Resort Operations. We believe that the recent company-wide restructuring has helped to position Fibreboard to capitalize on improved pricing in wood products and increased snowfall for our resort operation.
 "Wood products benefitted from continued strong lumber prices and further efficiencies resulting from the restructuring and management consolidation actions of the past six months. Northstar's new marketing oriented resort management capitalized on the improved but still slightly lower-than-normal snowfall in the Sierra to surpass its previous quarterly earnings record. With respect to our Industrial Insulation Products Group, we found it necessary to implement some partial production curtailments to align output more closely with decreased market demand for molded industrial insulation products," Roach continued.
 Roach cautioned, however, that these record setting results are not indicative of the entire year because Fibreboard's businesses are both seasonal and cyclical, particularly the resort operation which generates a substantial portion of its annual earnings in the first quarter of each year. Outlook
 Fibreboard previously announced its management believes that within three years the Wood Products Group, Industrial Insulation Products Group and Resort Operations have the potential to achieve $14 to $19 million, $6 to $8 million and $3 to $5 million, respectively, of pre-tax operating profit, before general corporate and interest expenses.
 "All of Fibreboard's core businesses are cyclical, but are driven by different elements of the economy. Consequently, we cannot assume that all of our businesses will achieve their potential simultaneously. We therefore believe that Fibreboard, on a consolidated basis, has the potential within three years to achieve $15 to $20 million in pre-tax income," Roach concluded.
 Fibreboard cautioned that the earnings potential of its core businesses is based on conditions and assumptions affecting each of its businesses as described in Fibreboard's 1991 Form 10-K Annual Report. Therefore, there can be no assurance that Fibreboard's potential can or will be achieved.
 Fibreboard Corp., headquartered in Concord, manufactures lumber, hardwood plywood, moulding and millwork, agricultural container components, precision molded industrial insulation and fireproofing materials. It also owns and operates Northstar-at-Tahoe, a ski resort and year-round vacation and conference center in California.
 FIBREBOARD CORP. AND SUBSIDIARIES
 Summary of Sales and Earnings (Unaudited)
 (Dollar Amounts in Thousands Except Per Share)
 Quarter
 Ended Mar. 31,
 1992 1991
 Net sales $70,860 $54,889
 Income (loss) from continuing
 operations before taxes 9,461 (341)
 Income (loss) from continuing
 operations before cumulative effect of
 a change in accounting principles 5,487 (570)
 Income (loss) per share from continuing
 operations before accounting change 1.35 (.14)
 Summary of Continuing Operations
 SALES AND EARNINGS
 Sales by Quarter
 1st 2nd 3rd 4th Year
 1991 $54,889 $57,279 $61,921 $59,967 $234,056
 1992 70,860
 Earnings by Quarter (A)
 1st 2nd 3rd 4th Year
 1991 $ (570) $ 1,185 $ 173 $(28,122)(B) $(27,334)(B)
 1992 5,487
 Earnings Per Share by Quarter (A)
 1st 2nd 3rd 4th Year
 1991 $(.14) $ .30 $ .04 $(6.94)(B) $(6.84)(B)
 1992 1.35
 1991 Adjustments:
 (A) Before impact of a change in accounting principle and discontinued operations.
 (B) Includes charges of $20 million for asbestos-related costs, and $13.9 million of unusual items.
 FIBREBOARD CORP. AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (Dollar Amounts in Thousands Except Per Share)
 Quarter
 Ended Mar., 31
 1992 1991
 Net sales $70,860 $54,889
 Cost of sales 56,581 49,820
 Gross Margin 14,279 5,069
 Selling and administrative expenses 5,504 5,035
 Income from operations 8,775 34
 Interest expense (1,302) (1,495)
 Interest and other income 1,988 1,120
 Income (loss) from continuing
 operations before income taxes 9,461 (341)
 Income taxes related to
 continuing operations (3,974) (229)
 Income (loss) from continuing
 operations before cumulative
 effect of a change in accounting
 principle 5,487 (570)
 Cumulative effect of change
 in accounting for post
 retirement benefits other
 than pensions -- (1,954)
 Loss from discontinued operations, net of tax -- (1,569)
 Net income (loss) $ 5,487 $(4,093)
 Earnings per share:
 Income (loss) from continuing
 operations before accounting
 change $ 1.35 $ (.14)
 Cumulative effect of
 accounting change (.50)
 Income (loss) from discontinued
 operations net of income taxes -- (.40)
 Net income (loss) $ 1.35 $ (1.04)
 Weighted average shares outstanding (thousands) 4,059 3,939
 FIBREBOARD CORP. AND SUBSIDIARIES
 Sales and Operating Profit
 By Major Product Groups (Unaudited)
 (Dollar Amounts in Thousands)
 Quarter
 Ended Mar. 31,
 1992 1991
 Outside sales
 Wood products $45,575 $31,158
 Insulation products 12,045 14,582
 Resort operations 13,240 9,149
 $70,860 $54,889
 Segment profit
 Wood products $ 5,288 $(1,331)
 Insulation products 1,149 2,087
 Resort operations 5,002 1,525
 11,439 2,281
 Unallocated expense (2,664) (2,247)
 Interest expense (1,302) (1,495)
 Interest and other income 1,988 1,120
 Income (loss) from continuing
 operations before taxes $ 9,461 $ (341)
 -0- 4/13/92
 /CONTACT: Stephen L. DeMaria of Fibreboard Corp., 510-686-0700/
 (FBD) CO: Fibreboard Corp. ST: California IN: PAP SU: ERN


MM -- SF005 -- 7543 04/13/92 08:07 EDT
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Date:Apr 13, 1992
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