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FIBREBOARD REPORTS STRONG THIRD QUARTER EARNINGS

 WALNUT CREEK, Calif., Oct. 13 /PRNewswire/ -- Fibreboard Corp. (AMEX: FBD) today reported third quarter net income of $1.19 million, or $0.27 per share ($0.26 per share fully diluted), on sales of $59.1 million, for the quarter ended Sept. 30, 1993. Quarterly results were up slightly over the third quarter of 1992 when Fibreboard earned $1.17 million, or $0.28 per share, on sales of $54.5 million.
 Fibreboard's net income for the first nine months of 1993 increased 17 percent to $10.98 million, or $2.48 per share ($2.41 per share fully diluted), on sales of $199.1 million. Last year's nine month net income was $9.35 million or $2.28 per share on sales of $185.3 million.
 John D. Roach, Fibreboard's chairman and chief executive officer, said, "The inherently seasonal nature of our resort and wood products operations focuses management's attention on annual profitability. Consequently, we are pleased with the 17 percent improvement in reported income through September in view of recent pressures on wood product margins and stagnant markets for insulation products. Both these businesses have maintained solid profitability and strong cash flow contributions throughout 1993.
 "Northstar-at-Tahoe's record performance in the first quarter of 1993 and improvements in summer operations validate our strategic decision to buy the Sierra-at-Tahoe ski operation as well as make further operating facility investments at Northstar. We expect a strong first quarter 1994 contribution from these seasonally oriented operations," Roach continued.
 "Overall results for the third quarter included several non- operating adjustments. Significant actions include the sale of the closed Roxboro, North Carolina, manufacturing facility for a $669,000 pre-tax gain. This was partially offset by a $578,000 non-cash expense arising out of accelerated vesting of performance-linked stock options. In addition, as part of an overall program to bring accounting practices more in line with general industry standards, we adjusted remaining depreciable lives of certain fixed assets resulting in a quarterly reduction in pre-tax depreciation expense of approximately $678,000. This favorable impact will be reflected in all future earnings statements," Roach concluded.
 Fibreboard's proposed asbestos personal injury settlement announced Aug. 30, 1993, continues to progress with execution of definitive agreements expected in the near future.
 Fibreboard Corp., whose headquarters will soon move to Walnut Creek, owns more than 80,000 acres of timberland in the Sierra Nevada mountains and manufactures lumber, hardwood plywood, moulding and millwork, agricultural container components, precision molded industrial insulation and fireproofing materials. Its Resort Operations 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 CORPORATION AND SUBSIDIARIES
 SUMMARY OF SALES AND EARNINGS (UNAUDITED)
 (Dollar Amounts in Thousands Except Per Share)
 Quarter Nine Months
 Ended Sept. 30 Ended Sept. 30
 1993 1992 1993 1992
 Net Sales $59,136 $54,497 $199,051 $185,301
 Income before taxes 2,012 2,442 18,606 16,544
 Net income 1,188 1,168 10,978 9,347
 Earnings per share
 Primary 0.27 0.28 2.48 2.28
 Fully diluted 0.26 0.28 2.41 2.28
 Common equivalent shares (thousands)
 (Weighted average)
 Primary 4,477 4,127 4,420 4,092
 Fully Diluted 4,538 4,127 4,556 4,092
 SUMMARY OF OPERATIONS
 SALES AND EARNINGS BY QUARTER
 1st 2nd 3rd Year to Date
 Sales 1993 $ 74,894 $ 65,021 $59,136 $199,051
 1992 70,860 59,944 54,497 185,301
 Net Income 1993 $ 6,420 $ 3,370 $ 1,188 $ 10,978
 1992 5,487 2,692 1,168 9,347
 Earnings Per
 Share 1993 $ 1.47 $ 0.77 $ 0.26 $ 2.41
 (fully
 diluted) 1992 1.35 0.66 0.28 2.28
 SALES AND OPERATING PROFIT
 BY MAJOR PRODUCT GROUPS (UNAUDITED)
 Quarter Nine Months
 Ended Sept. 30 Ended Sept. 30
 1993 1992 1993 1992
 Outside sales
 Wood products $ 45,268 $ 39,994 $141,921 $132,761
 Insulation
 products 11,303 12,081 36,511 35,799
 Resort
 operations 2,565 2,422 20,619 16,741
 Total $ 59,136 $ 54,497 $199,051 $185,301
 Segment profit (loss)
 Wood products
 operations $ 2,142 $ 2,675 $ 15,404 $ 15,605
 Insulation products
 operations 1,582 1,878 4,258 4,335
 Resort operations (425) (497) 4,408 3,242
 Total Operations $ 3,299 $ 4,056 $ 24,070 $ 23,182
 Unallocated expense (1,465) (2,023) (6,496) (7,336)
 Interest expense (979) (884) (2,495) (3,260)
 Interest and other
 income 1,157 1,293 3,527 3,958
 Income before taxes$ 2,012 $ 2,442 $ 18,606 $ 16,544
 FIBREBOARD CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 (Dollar Amounts in Thousands Except Per Share)
 Quarter Nine Months
 Ended Sept. 30 Ended Sept. 30
 1993 1992 1993 1992
 Net sales $ 59,136 $ 54,497 $199,051 $185,301
 Cost of sales 52,743 48,100 165,300 154,431
 Gross Margin 6,393 6,397 33,751 30,870
 Selling and administrative
 expenses 4,559 4,364 16,177 15,024
 Income from operations 1,834 2,033 17,574 15,846
 Interest expense (979) (884) (2,495) (3,260)
 Interest and other
 income 1,157 1,293 3,527 3,958
 Income before income
 taxes 2,012 2,442 18,606 16,544
 Income taxes (824) (1,274) (7,628) (7,197)
 Net income $ 1,188 $ 1,168 $ 10,978 $ 9,347
 Earnings per share:
 Primary $ 0.27 $ 0.28 $ 2.48 $ 2.28
 Fully diluted 0.26 0.28 2.41 2.28
 Common equivalent shares (thousands)
 (Weighted average)
 Primary 4,477 4,127 4,420 4,092
 Fully Diluted 4,538 4,127 4,556 4,092
 -0- 10/13/93
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700/
 (FBD)


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

TM -- SF005 -- 1467 10/13/93 07:56 EDT
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Date:Oct 13, 1993
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