Home | Annual Report Home | Investor Relations | News Releases

1998 Annual Report

FINANCIAL HIGHLIGHTS
Dollars in millions, except per share data 1998 1997 1996

Net sales $ 3,469 $ 2,936 $ 3,087

Income (loss) from operations (64) 175 332

Interest expense, net (247) (196) (198)

Income (loss) before extraordinary item
   and cumulative effect of accounting change
(184) 1 117

 
Basic earnings per share

   Income (loss) before extraordinary item
      and cumulative effect of accounting change
$ (1.48) $ .01 $ 1.05

   Net income (loss) (1.61) .01 1.01

   Weighted average shares outstanding (in millions) 124 111 111

 
Diluted earnings per share

   Income (loss) before extraordinary item
      and cumulative effect of accounting change
$ (1.48) $ .01 $ 1.04

   Net income (loss) (1.61) .01 1.00

   Weighted average shares outstanding (in millions) 124 111 112

 
Net cash from operating activities $ 129 $ 88 $ 380

Capital investments and acquisitions 287 191 129

 
Financial position at year-end

   Net working capital $ 635 $ 71 $ 34

   Property, plant, equipment, and timberland, net 5,772 1,788 1,720

   Total assets 11,631 2,771 2,688

   Long-term debt, less current maturities 6,428 2,025 1,934

   Stockholders' equity (deficit) 1,634 (374) (375)

Number of employees 38,000 15,800 15,800