|
|
CONSOLIDATED
STATEMENT OF EARNINGS
For the three-year
period ended December 27, 1998
Dollar amounts in millions except per-share figures
| |
|
|
|
1998
|
1997
|
1996
|
|
| |
Net
sales and revenues |
|
|
|
|
|
| |
|
Weyerhaeuser
|
|
$
9,574
|
$
10,117
|
$
10,105
|
|
| |
|
Real
estate and related assets |
|
1,192
|
1,093
|
1,009
|
|
| |
Total
net sales and revenues |
|
10,766
|
11,210
|
11,114
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Costs
and expenses: |
|
|
|
|
|
|
|
Weyerhaeuser
|
|
|
|
|
|
|
|
|
Cost
of products sold |
|
7,468
|
7,866
|
7,610
|
|
|
|
|
Depreciation,
amortization
and fee stumpage |
|
611
|
616
|
601
|
|
|
|
|
Selling,
general and administrative expenses |
|
649
|
646
|
702
|
|
|
|
|
Research
& development expenses |
|
57
|
56
|
54
|
|
|
|
|
Taxes
other than payroll and income taxes |
|
130
|
142
|
151
|
|
|
|
|
Charge
for closure or disposition of facilities (note 15) |
|
71
|
89
|
--
|
|
|
|
|
Charge
for Year 2000 remediation |
|
42
|
1
|
--
|
|
|
|
|
|
9,028
|
9,416
|
9,118
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Real
estate and related assets: |
|
|
|
|
|
| |
|
Costs
and operating expenses |
|
1,016
|
909
|
726
|
|
| |
|
Depreciation
and amortization |
|
5
|
12
|
16
|
|
| |
|
Selling,
general and administrative expenses |
|
53
|
96
|
173
|
|
| |
|
Taxes
other than payroll and income taxes |
|
8
|
8
|
11
|
|
| |
|
|
1,082
|
1,025
|
926
|
|
| |
Total
costs and expenses |
|
10,110
|
10,441
|
10,044
|
|
| |
Operating
income |
|
656
|
769
|
1,070
|
|
| |
|
|
|
|
|
|
|
Interest
expense and other: |
|
|
|
|
|
|
|
Weyerhaeuser:
|
|
|
|
|
|
|
|
|
Interest
expense incurred |
|
264
|
271
|
273
|
|
|
|
|
Less
interest capitalized |
|
7
|
15
|
21
|
|
|
|
|
Equity
in income (loss) of affiliates
(Note 3) |
|
28
|
(7)
|
5
|
|
|
|
|
Other
income (expense), net (Note 4) |
|
15
|
(10)
|
(63)
|
|
| |
|
|
|
|
|
|
|
|
|
|
Real
estate and related assets: |
|
|
|
|
|
|
|
|
Interest
expense incurred |
|
77
|
110
|
132
|
|
|
|
|
Less
interest capitalized |
|
61
|
69
|
65
|
|
|
|
|
Equity
in income of joint ventures and limited partnerships (Note 3) |
|
14
|
14
|
5
|
|
|
|
|
Other
income, net (Note 4) |
|
23
|
70
|
22
|
|
|
|
Earnings
before income taxes |
|
463
|
539
|
720
|
|
|
|
Income
taxes (Note 5) |
|
169
|
197
|
257
|
|
|
|
Net
earnings |
|
$
294
|
$
342
|
$
463
|
|
| |
|
Per
common share (Note 2): |
|
|
|
|
|
| |
|
|
Basic
net earnings |
|
$
1.48
|
$
1.72
|
$
2.34
|
|
| |
|
|
Diluted
net earnings |
|
$
1.47
|
$
1.72
|
$
2.33
|
|
| |
|
|
Dividends
paid |
|
$
1.60
|
$
1.60
|
$
1.60
|
|
| |
|
|
|
|
|
|
|
|
| |
|
See
notes on pages 57 through 73. |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
