Boise Cascade Reports Steel Drop in Revenue
Boise Cascade Corp. reported 2001 net income of $46.8 million, before non-routine items, compared with $121.3 million before non-routine items, in 2000. Including nonroutine items, the company recorded a 2001 net loss of $42.5 million, compared with earnings of $178.6 million in 2000.
Sales in 2001 were $7.4 billion, compared with $7.8 billion in 2000. The 5% decrease in sales was due primarily to divestitures and a weakening of demand in office products distribution and a decline in product prices in both our paper and building products businesses.
Sales in fourth quarter 2001 were $1.8 billion, a decline from sales of $1.9 billion in fourth quarter 2000. Sales were $1.9 billion in third quarter 2001.
Willamette Reports Numbers for Quarter, Year
Willamette Industries reported financial results for the fourth quarter and full year ended December 31, 2001.
Net earnings for the fourth quarter were $45.6 million, down from 2000 fourth quarter earnings of $86.0 million. Net earnings for the full year 2001 were $248.8 million, down from full year 2000 results of $344.9 million.
Sales for the 2001 fourth quarter were $1.1 billion, and full year sales were $4.5 billion, down slightly from full year 2000 sales of $4.7 billion.
Duane McDougall, president and CEO, said, ``In a difficult market environment and in the face of a hostile takeover attempt, we believe Willamette has again outperformed its peers by a significant margin.''
``While we are hopeful that we will begin to see an economic recovery in the second quarter of 2002, we nevertheless anticipate a challenging year for the industry. That said, Willamette remains well positioned for the long-term, with a dedicated workforce and lean, low-cost facilities operating in a highly efficient integrated structure,'' McDougall concluded.
Rock-Tenn Reports Improved Quarter
Rock-Tenn Company reported net income of $12.2 million for the first fiscal quarter of 2002, a 54 percent increase in net income compared to net income of $7.9 million for the same quarter the previous year.
Net sales for the first quarter were $350.6 million, compared to sales of $345.2 million in the same quarter last year. Net income was $12.2 million the first quarter compared to net income of $4.8 million in the same quarter last year.
Packaging Products segment net sales for the quarter were $194.5 million, compared to net sales of $195.6 million in the same quarter last year. Segment operating income increased 7.4 percent to $11.6 million from $10.8 million in the year ago quarter. Folding carton sales increased more than 2 percent to $147.7 million and operating income increased more than 35 percent in comparison to the first quarter of fiscal 2001.
Merchandising Displays and Corrugated Packaging segment sales in the first quarter rose 25.4 percent to $72.5 million from $57.8 million in the prior year quarter. Operating income in the first quarter of fiscal 2002 increased from $2.8 million to $11.4 million over the same quarter of 2001.
Paperboard segment sales declined 4.9 percent to $125.1 million in the first fiscal quarter from $131.5 million in the same quarter of 2001. Paperboard segment operating income decreased to $6.3 million compared to $10.3 million in the first quarter of 2001.
While shipments at its coated mills increased by 6,600 tons, shipments from specialty mills declined by 10,100 tons due to reduced demand.
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