SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 24, 2001
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(Date of earliest event report)
WEYERHAEUSER COMPANY
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(Exact name of registrant as specified in charter)
Washington 1-4825 91-0470860
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
Federal Way, Washington 98063-9777
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(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(253) 924-2345
Item 5. Other Events
On January 24, 2001, Weyerhaeuser Company issued a press release stating the
following:
"FEDERAL WAY, Wash.-Weyerhaeuser Company (NYSE: WY) today announced
fourth-quarter earnings of $194 million, or 88 cents per share. This compares
with $174 million, or 79 cents per share, for the same period last year.
Net sales for the fourth quarter were $4 billion compared with $3.6 billion last
year.
For the year, Weyerhaeuser reported earnings of $840 million, or $3.72 per
share, compared with $527 million, or $2.56 per share, in 1999. Net sales for
the year were a record $16 billion due to improved pulp and paper markets
and the additions of the MacMillan Bloedel and Trus Joist operations. This
compares with net sales of $12.8 billion the prior year.
The 2000 earnings include a nonrecurring item related to a nationwide settlement
of hardboard siding claims. Earnings before this charge were $922 million,
or $4.08 per share. Net earnings before nonrecurring items in 1999 were
$681 million, or $3.31 per share. Results for 2000 reflect 53 weeks of
operations compared with 52 weeks in 1999.
'Our results reflect the quality and commitment of Weyerhaeuser people to take
the steps necessary to create a global leader in our industry while
maintaining their focus on safety and our customers,' said Steven R. Rogel,
chairman, president and chief executive officer. 'I'm particularly proud that
we have produced these results while successfully integrating more than
13,000 employees from MacMillan Bloedel and Trus Joist into our company.'
'As we ended the year, market conditions were mixed for our product lines,'
Rogel continued. 'Our outlook for the first quarter remains cautious as we
are seeing signs of a slower domestic economy and weaker Asian markets. However,
lower interest rates should help maintain the current level of housing starts
throughout the year. The company's focus in 2001 will remain on improving
operational efficiencies, streamlining delivery of internal support services and
continuing to capture the synergies of the MacMillan Bloedel and Trus Joist
acquisitions.'
Results by segment for the fourth quarter were:
. Timberlands-Operating earnings were $139 million compared with $143 million
for the same quarter last year. The performance of the sector strengthened
during the fourth quarter after being hurt by lower harvest levels and weaker
domestic log markets during the third quarter. The normal seasonal
improvement in timber harvest contributed to fourth quarter results. The
company expects earnings from Timberlands in the first quarter 2001 to be
down slightly from fourth quarter 2000 results.
. Wood Products-Operating earnings were $19 million. This compares with $107
million for fourth quarter 1999. Prices in the fourth quarter remained weak,
continuing a trend begun in the second quarter. In response to market
conditions, Weyerhaeuser's wood products operations took significant downtime
or adjusted operating schedules during the fourth quarter. Demand and pricing
for engineered wood products, however, remained strong as they had throughout
the year. Weyerhaeuser believes earnings from Wood Products will remain soft
in the first quarter.
. Pulp, Paper and Packaging-Operating earnings for fourth quarter were $263
million compared with $130 million last year. Improved operating efficiencies
produced strong results despite extensive market-related downtime taken during
the quarter. Market conditions for most products were stable during the early
part of the quarter, but weakened in December. Earnings for the Pulp, Paper
and Packaging sector in the first quarter of 2001 are expected to be somewhat
lower when compared to fourth quarter 2000.
. Real estate and related assets-Operating earnings were $78 million compared
with $43 million the same quarter in 1999. Strong housing markets in the
sector's operating areas, along with improving margins, contributed to the
increase in earnings compared to the previous year. At year-end, these
housing markets remained strong, but the company expects earnings will be
seasonally lower in the first quarter.
Weyerhaeuser also announced:
. Synergies from the MacMillan Bloedel and Trus Joist acquisitions totaled $139
million during 2000-well ahead of the projected first-year synergies of $100
million.
. Fourth quarter charges associated with transition costs related to the
integration of MacMillan Bloedel and Trus Joist totaled $13 million. For
2000, the company incurred $56 million in charges associated with the
integration.
. The company repurchased 16.2 million shares between February and August.
As previously announced on Nov. 29, 2000, Weyerhaeuser commenced a tender offer
to acquire all of the outstanding shares of Willamette Industries for $48 per
share in cash. The tender offer is scheduled to expire on Feb. 1, 2001 at
5 p.m. EST, unless otherwise extended.
Weyerhaeuser will hold a conference call on Jan. 24 to discuss results of the
fourth quarter at 8:30 a.m. PST (11:30 a.m. EST). To access the conference
call, listeners calling from within North America should dial 1-877-461-2816 at
least 15 minutes prior to the start of the conference. Those wishing to access
the call from outside North America should dial 1-416-695-5261. Replays of the
call will be available for 48 hours following completion of the live call and
can be accessed at 1-888-509-0082 within North America and at 1-416-695-9765
from outside North America. The call may also be accessed through
Weyerhaeuser's Internet site at www.weyerhaeuser.com and clicking on the "Listen
to our conference call" link.
Weyerhaeuser Company, one of the world's largest integrated forest products
companies, was incorporated in 1900. In 2000, sales were $16 billion. It has
offices or operations in 17 countries, with customers worldwide. Weyerhaeuser
is principally engaged in the growing and harvesting of timber; the manufacture,
distribution and sale of forest products; and real estate construction,
development and related activities. Additional information about Weyerhaeuser's
businesses, products and practices is available at www.weyerhaeuser.com.
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This news release contains statements concerning the company's future results
and performance that are forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The accuracy of such
statements is subject to a number of risks, uncertainties and assumptions that
may cause actual results to differ materially from those projected, including,
but not limited to, the effect of general economic conditions, including the
level of interest rates and housing starts; market demand for the company's
products, which may be tied to the relative strength of various US business
segments; performance of the company's manufacturing operations; the types of
logs harvested in the company's logging operations; the level of competition
from foreign producers; the effect of forestry, land use, environmental and
other governmental regulations; and the risk of losses from fires, floods and
other natural disasters. The company is also a large exporter and is affected
by changes in economic activity in Europe and Asia, particularly Japan, and by
changes in currency exchange rates, particularly the relative value of the US
dollar and the Euro, and restrictions on international trade. These and other
factors that could cause or contribute to actual results differing materially
from such forward looking statements are discussed in greater detail in the
company's Securities and Exchange Commission filings."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEYERHAEUSER COMPANY
By /s/ K.J. Stancato
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Its: Vice President and Controller
Date: January 26, 2001