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basic
earnings per common share
(before nonrecurring items)
dollars
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We were becoming more focused.
Through steps taken since 1990, we have evolved to a company that
basically does three things. We grow trees. We convert them into
wood and paper products. And we develop selected timberland properties
for higher and better uses. This has allowed us to focus our capital
on sustaining our core businesses. We were maintaining a
strong balance sheet. Despite difficult market conditions
the past two years, we remain comfortably within our target range
of 35 to 45 percent of debt to total capital and have one of the
best credit ratings in our industry. We had, and continue to have,
one of the best-performing stocks
in our industry.
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Our total shareholder return since 1991 ranks second among our
peer group.* Our return on net assets has been in the top quartile
of our industry since 1992—a leadership position we’re committed
to improving even further.
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But we want to do more than outperform our industry peer group.
We want to excel in manufacturing. We want to operate more safely
than anyone else—inside or outside of our industry. We want to be
an outstanding investment opportunity.
>
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*
Boise Cascade, Bowater, Champion International, Georgia-Pacific, International
Paper, Louisiana-Pacific, MacMillian Bloedel, Potlatch, Smurfit-Stone,
Temple-Inland, Union Camp, Westvaco, Willamette.
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