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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, Br6XASeiJZQjOJhSccLGdDtE8Qfo9jqhzlm/u8r7eI4J6l7pTWD7zvymnkSNlP1k p6NCAesPC+XaHcMoe2wrzg==
0000950134-03-006256.txt : 200304230000950134-03-006256.hdr.sgml : 2003042320030423080128ACCESSION NUMBER:0000950134-03-006256CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:20CONFORMED PERIOD OF REPORT:20030423ITEM INFORMATION:Financial statements and exhibitsITEM INFORMATION:Regulation FD DisclosureFILED AS OF DATE:20030423
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:TEMPLE INLAND INCCENTRAL INDEX KEY:0000731939STANDARD INDUSTRIAL CLASSIFICATION:PAPERBOARD MILLS [2631]IRS NUMBER:751903917STATE OF INCORPORATION:DEFISCAL YEAR END:1230
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-08634FILM NUMBER:03659065
BUSINESS ADDRESS:STREET 1:1300 MOPAC EXPRESSWAY SOUTHCITY:AUSTINSTATE:TXZIP:78746BUSINESS PHONE:5124348000
MAIL ADDRESS:STREET 1:1300 MOPAC EXPRESSWAY SOUTHCITY:AUSTINSTATE:TXZIP:78746
8-K1d05084e8vk.htmFORM 8-K
e8vk
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April23, 2003
(Date of earliest event reported)
TEMPLE-INLAND INC.
Delaware 001-08634
75-1903917
(State or Other Jurisdiction
of Incorporation) (Commission
File Number)
(IRS Employer
Identification No.)
1300 South MoPac Expressway, Austin, Texas 78746
(Address of Principal Executive Offices)
(512)434-5800
(Registrants telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item7. Exhibits.Item9. RegulationFD Disclosure.SIGNATUREEXHIBIT INDEXEX-99.1 Presentation Materials
Table of Contents
Item7. Exhibits.
(c) Exhibits.
99.1 Presentation materials of Kenneth M. Jastrow, II, ChiefExecutive Officer of Temple-Inland Inc., used in Mr.Jastrowsconference call on April23, 2003, discussing the Companys earningsfor the quarter ended March29, 2003.
Item9. RegulationFD Disclosure.
On April23, 2003, Kenneth M. Jastrow, II, Chief Executive Officer ofTemple-Inland Inc., participated in a conference call discussing the Companysearnings for the quarter ended March29, 2003. Copies of the presentationmaterials used by Mr.Jastrow are furnished as exhibit 99.1 of this report.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.
TEMPLE-INLAND INC.
Date: April23, 2003 By:
/s/ M. Richard Warner
Name: M. Richard Warner
Title: Vice President and Chief Administrative Officer
Table of Contents
EXHIBIT INDEX
Exhibit Description Page
99.1 Presentation materials of Kenneth M. Jastrow, II, ChiefExecutive Officer of Temple-Inland Inc., used in Mr.Jastrows conference call on April23, 2003, discussing theCompanys earnings for the quarter ended March29, 2003.
4
EX-99.13d05084exv99w1.htmEX-99.1 PRESENTATION MATERIALS
exv99w1
EXHIBIT 99.1
New York Breakfast Meeting
April 23, 2003
1
This presentation contains forward-looking statements that involverisks and uncertainties. The actual results achieved by Temple-Inlandmay differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences includegeneral economic, market, or business conditions; the opportunities(or lack thereof) that may be presented to and pursued by Temple-Inland and its subsidiaries; competitive actions by other companies;changes in laws or regulations; the accuracy of certain judgments andestimates concerning the integration of Gaylord into the operations ofthe company; the accuracy of certain judgments and estimatesconcerning the company's consolidation and supply chain initiatives;and other factors, many of which are beyond the control of Temple-Inland and its subsidiaries.
April 23, 2003
2
First Quarter Results
Income $ (18)* $ 4** $ 19
EPS $ (0.32)* $ 0.08** $ 0.36
Operating Income
Corrugated Packaging $ (4) $ 22 $ 13
Building Products $ (9) $ 10 $ 6
Financial Services $ 39 $ 34 $ 56
1st Qtr 1st Qtr 4th Qtr
2003 2002 2002
TIN
* Results for 2003 include unusual charges totaling $0.11 per share after-tax, consisting of special
charges of $0.10 per share and the effect of an accounting change of $0.01 per share
** Results for first quarter 2002 include unusual charges totaling $0.30 per share after-tax, consisting
of special charges of $0.08 per share and the effect of an accounting change of $0.22 per share
3
Corrugated Packaging
Energy
Energy costs up $22 million vs. 1st qtr. 2002,and up $14 million vs. 4th qtr. 2002
Energy costs currently below 1st qtr. 2003average
Pension
Quarterly pension expense up $7 million vs. 1stqtr. 2002 and 4th qtr. 2002
1st Qtr 1st Qtr 4th Qtr
2003 2002 2002
$ (4) $ 22 $ 13
4
Operating income
(millions)
Corrugated Packaging (Cont'd)
Price
Average box price down $12/ton vs. 1st qtr. 2002,and down $3/ton vs. 4th qtr. 2002
Price increase for linerboard of $35/ton
Volume
Box shipments down 3% vs. 1st qtr. 2002 (pro-forma combined shipments of the corrugatedpackaging group and Gaylord), but up 2% vs. 4thqtr. 2002
Modest seasonal pick-up in March/April
5
Corrugated Packaging (Cont'd)
OCC
OCC prices up $14/ton vs. 1st qtr. 2002, but down$5/ton vs. 4th qtr. 2002
OCC prices began to rise in March; anticipated tocontinue to increase in 2nd qtr.
Integration/Mill Performance
Beginning in 2003, integration level providesopportunity for mill system to remain fully loadedfrom internal demand
Mill performance and reliability improving
6
Corrugated Packaging (Cont'd)
Downtime
Excluding maintenance, downtime in 1st qtr. 2003was 46,000 tons
23,000 tons from production interruptions
23,000 tons from mix issues (principallymedium vs. liner)
7
Building Products
Energy
Energy costs up $3 million vs. 1st qtr. 2002, andup $4 million vs. 4th qtr. 2002
Pension
Pension expense up $2 million vs. 1st qtr. 2002and 4th qtr. 2002
8
1st Qtr 1st Qtr 4th Qtr
2003 2002 2002
$ (9) $ 10 $ 6
Operating income
(millions)
Building Products (Cont'd)
Lumber
Average price down $25 vs. 1st qtr. 2002, but up $11vs. 4th qtr. 2002
Volume up 14% vs. 1st qtr. 2002, and up 6% vs. 4thqtr. 2002
9
Building Products (Cont'd)
Particleboard
Average price down $18 vs. 1st qtr. 2002, and down$3 vs. 4th qtr. 2002
Volume down 3% vs. 1st qtr. 2002, but up 2% vs. 4thqtr. 2002
Mt. Jewett particleboard plant indefinitely shutdowndue to weak market conditions
10
Building Products (Cont'd)
MDF
Average price flat vs. 1st qtr. 2002, but down $11 vs.4th qtr. 2002
Volume down 4% vs. 1st qtr. 2002, but up 7% vs. 4thqtr. 2002
Clarion MDF plant temporarily shutdown due to weakmarket conditions
11
Building Products (Cont'd)
Gypsum
Average price down $3 vs. 1st qtr. 2002, and down$5 vs. 4th qtr. 2002
Volume down 7% vs. 1st qtr. 2002, and down 5% vs.4th qtr. 2002
Price increase implemented in March/April andanother price increase announced for mid-May
12
Building Products (Cont'd)
High-Value Land Sales
$1 million in high-value land sales in 1st qtr. 2003vs. $8 million in 1st qtr. 2002 and $5 million in 4thqtr. 2002
Land sales anticipated to be $2 to $5 million perquarter for balance of 2003
13
Financial Services
Loan Portfolio
Rebalanced to include higher percentage ofsingle-family, adjustable-rate mortgage assets
Costs
Benefits from cost reduction initiatives realized
Provision for Loan Losses
Returned to normalized levels in 1st qtr. 2003
1st Qtr 1st Qtr 4th Qtr
2003 2002 2002
$ 39 $ 34 $ 56
Operating income
(millions)
14
Gaylord Synergies
(Millions)
Corp. Overhead $ 30 $ 30 Closed corporate office
Eliminated 85 positions
Div. Overhead $ 5 $ 5 Eliminated 47 positions
Rationalization $ 8 $ 16 Closed 3 box plants
of Box Plants Eliminated 300 positions
IT Reduction - $ 6 Close Gaylord IT op's.
Eliminate 22 positions
$ 43 $ 57
Supply Chain $ 13 - Synergies being realized
Sales Leverage $ 4 - throughout entire
company
Total $ 60 $ 57
Projected Actual Synergies Synergies Comment
15
Sale of Gaylord Non-Core Assets
S&G Packaging Sold $ 47
Mid-America Packaging/Pine Sold $ 38
Bluff Mill
Tulsak and other assets Sold $ 15
Gaylord Chemical
Total $ 100
Asset Status Proceeds
(Millions)
16
TIN Initiatives
Project TIP (Transformation - Innovation - Performance)
Move of corrugated packaging operation to Austin
Consolidation of administrative functions anddevelopment of shared services concept
Coordinated effort on supply chain issues involvingpurchasing and transportation
$60 million in annual cost savings
$35 million from consolidation and shared services
$25 million from supply chain (purchasing andtransportation)
Review of entire supply chain
Headcount reduction
17
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