Printer Friendly

WILLAMETTE ANNOUNCES IMPROVED ANNUAL EARNINGS

 PORTLAND, Ore., Jan. 22 /PRNewswire/ -- Willamette Industries' (NASDAQ-NMS: WMTT) today announced that unaudited results show 1992 earnings of $81.6 million or $1.52 per share, up 69 percent from the $.90 per share reported in 1991.
 Fourth quarter earnings were $13.2 million or $.24 per share, down 20 percent from the final quarter of 1991 and down 35 percent from the third quarter of 1992.
 Sales for 1992 were $2.4 billion, up 18 percent from 1991.
 Willamette's chief executive officer, William Swindells, said that the company's disappointing results during the fourth quarter were largely attributable to continuing weakness in pulp and paper markets. Some of the effect of weak paper markets was offset by operating improvements at Willamette's newest primary mills, the pulp and fine paper mill and the medium density fiberboard plant in Marlboro County. However, despite some operating improvement at the Penntech specialty fine paper mill, it is still failing to show a profit, Swindells said.
 Exceptional strength in lumber and plywood prices produced excellent operating profits, but these were moderated by seasonal vacations and a month-long shutdown at the company's Dodson, La., to complete modernization of the facility.
 The company sees some signs of strengthening in demand for unbleached packaging papers, although no price improvement is evident yet. Recent price increase announcements by most manufacturers of uncoated free sheet may indicate improving markets for bleached grades. Lumber and plywood prices, buoyed by a timber supply crisis in the West, have continued to strengthen in the first quarter of 1993.
 "As we look forward to 1993, the company expects improving business conditions paralleling improvements in the economy," Swindells said.
 Willamette Industries, Inc. is an integrated, domestic forest products company with 91 plants and mills and over 1.2 million acres of timberland.
 WILLAMETTE INDUSTRIES, INC.
 FINANCIAL HIGHLIGHTS
 1992 1991
 Quarter Ended Dec. 31
 Share Earns $ .24 $ .30
 Sales 596,694,000 543,485,000
 Earnings Before Taxes 19,286,000 24,264,000
 Net Earnings 13,249,000 15,215,000
 Average Shares Outstanding 54,754,000 50,962,000
 1992 1991
 Twelve Months Ended Dec. 31
 Share Earns $ 1.52 $ .90
 Sales 2,372,396,000 2,004,501,000
 Earnings Before Taxes 129,452,000 73,609,000
 Net Earnings 81,552,000 45,809,000
 Average Shares Outstanding 53,788,000 50,962,000
 -0- 1/22/93
 /CONTACT: J.A. Parsons, executive vice president and CFO of Willamette Industries, 503-273-5635/
 (WMTT)


CO: Willamette Industries, Inc. ST: Oregon IN: PAP SU: ERN

PS -- NY019 -- 7835 01/22/93 10:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1993
Words:429
Previous Article:SPECTRUM INFORMATION TECHNOLOGIES, INC. NAMES ANDREW MIGLIORINI PRESIDENT OF SPECTRUM CELLULAR SUBSIDIARY
Next Article:AIR EXPRESS INTERNATIONAL CORPORATION COMMENCES PUBLIC OFFERING
Topics:


Related Articles
WILLAMETTE INDUSTRIES ANNOUNCES 1991 EARNINGS
WILLAMETTE INDUSTRIES RELEASES EARNINGS
WILLAMETTE INDUSTRIES, INC. ANNOUNCES SECOND QUARTER EARNINGS
WILLAMETTE INDUSTRIES ANNOUNCES IMPROVED EARNINGS
WILLAMETTE INDUSTRIES ANNOUNCES IMPROVED THIRD QUARTER EARNINGS
WILLAMETTE INDUSTRIES ANNOUNCES RECORD EARNINGS
WILLAMETTE INDUSTRIES REPORTS THIRD QUARTER EARNINGS
Willamette Industries Announces Third Quarter Earnings
Willamette Industries Reports Quarterly Earnings
Willamette Industries Reports Fourth Quarter Earnings.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters