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POPE & TALBOT ANNOUNCES FIRST-QUARTER 1992 SALES, EARNINGS

 POPE & TALBOT ANNOUNCES FIRST-QUARTER 1992 SALES, EARNINGS
 PORTLAND, Ore, April 15 /PRNewswire/ -- Pope & Talbot Inc. (NYSE: POP) today announced sales and income for 1992's first quarter. Net income was $103,000, or 1 cent per common share, compared with a restated loss of $4,318,000, or 37 cents per share, in 1991's first quarter. Revenues for the quarter of $127,142,000 were 4 percent below the year-earlier quarter.
 Last year's first quarter was restated to include a charge of $6,467,000, or 56 cents per share, for the adoption of FAS No. 106, "Employers' Accounting for Postretirement Benefits other than Pensions." The charge represented the liability for such items as of Jan. 1, 1991.
 A nicely profitable quarter in wood products and a small profit in consumer products slightly more than offset a loss in market pulp plus general corporate costs and interest expense. Lumber prices are sharply higher this year, as demand has been strong and sawmill capacity is constrained by availability of logs.
 Tissue markets remained unusually price competitive, but disposable diaper markets were normal. Pulp markets firmed during the quarter. However, pulp prices remained below levels needed for profitable operations. Importantly, the small consolidated profit was a substantial improvement from 1991's fourth quarter in which a loss of 76 cents per share was incurred. This loss included about 25 cents per share of one-time charges.
 Peter T. Pope, chairman, president and chief executive officer, was optimistic as he looked forward into the second quarter. Comments were made that he expects improvement during the quarter in each of the company's product lines: lumber, tissue, disposable diapers and market pulp. He concluded his comments by stating, "We cannot predict how rapidly earnings will recover, but the business outlook is favorable."
 Pope & Talbot Inc. is a publicly held, Portland-based paper, pulp and wood products company traded on the New York Stock Exchange. Pope & Talbot was founded in 1849 and has operations throughout the United States and in Canada.
 POPE & TALBOT INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share)
 Quarter ended March 31: 1992 1991
 Revenues:
 Wood products $ 49,457 $ 42,297
 Pulp and paper products 77,685 89,769
 Total 127,142 132,066
 Costs and expenses:
 Cost of sales 119,112 120,981
 Selling, general and administrative 6,720 6,538
 Interest 1,104 1,109
 Total 126,936 128,628
 Income before income taxes and cumulative
 effect of accounting change 206 3,438
 Income tax provision 103 1,289
 Income before cumulative effect of
 accounting change 103 2,149
 Cumulative effect of accounting change -
 net of tax -- (6,467)
 Net income (loss) $ 103 $ (4,318)
 Net income (loss) per common share:
 Primary $ 0.01 $ (0.37)
 Fully diluted $ 0.01 $ (0.37)
 Segment information:
 Operating profit (loss):
 Wood products $ 3,784 $ (1,973)
 Pulp and paper products (714) 8,195
 Total 3,070 6,222
 Interest expense (1,104) (1,109)
 General corporate expense (1,760) (1,675)
 Income before income taxes and cumulative
 effect of accounting change $ 206 $ 3,438
 POPE & TALBOT INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 March 31: 1992 1991
 Assets:
 Current assets $115,487 $124,624
 Properties 215,641 209,902
 Other assets 9,447 11,375
 Total $340,575 $345,901
 Liabilities and stockholders' equity:
 Current liabilities $ 45,739 $ 46,918
 Postretirement benefits and other 17,139 14,833
 6 percent convertible subordinated
 debentures 40,000 40,000
 Other long-term debt 44,000 31,415
 Deferred taxes 9,841 12,664
 Total liabilities 156,899 145,830
 Stockholders' equity 183,676 200,071
 Total $340,575 $345,901
 -0- 4/15/92
 /CONTACT: C. Lamadrid of Pope & Talbot, 503-228-9161/
 (POP) CO: Pope & Talbot Inc. ST: Oregon IN: PAP SU: ERN


SC-JH -- SE002 -- 8622 04/15/92 11:02 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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