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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For quarter ended January 31, 2005
   
Commission File No. 0-1370
 
Longview Fibre Company
(Exact name of registrant as specified in its charter)


Washington
91-0298760
(State or other jurisdiction of
(I.R.S. employer
Incorporation or organization)
Identification No.)
   
300 Fibre Way, Longview, Washington
98632
(Address of principal executive offices)
(Zip Code)
   
(360) 425-1550
(Registrant's telephone number including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No ____

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes X No ___

51,076,567 Common Shares were outstanding as of February 28, 2005

 

 
Page 1
 
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

   
Three Months Ended
  
   
January 31
  
(thousands except per share)
  
 2005
  
2004
  
Net sales
           
Timber
  
$
43,367
  
$
34,510
  
Paper and paperboard
    
71,304
    
42,367
  
Converted products
    
109,409
    
93,050
  
     
224,080
    
169,927
  
               
Cost of products sold, including outward freight
    
188,214
    
155,853
  
Gross profit
    
35,866
    
14,074
  
               
Selling, administrative and general expenses
    
21,747
    
19,437
  
               
Operating profit (loss)
              
Timber
    
19,455
    
13,657
  
Paper and paperboard
   
(2,873
)
  
(8,677
)
Converted products
   
(2,463
)
  
(10,343
)
     
14,119
    
(5,363
)
               
Interest income
    
44
    
36
  
Interest expense
    
(9,329
)
  
(9,620
)
Miscellaneous
    
423
    
213
  
Income (loss) before taxes
    
5,257
    
(14,734
)
               
Provision (benefit) for taxes
              
Current
    
142
    
(148
)
Deferred
    
1,803
   
(5,303
)
     
1,945
    
(5,451
)
               
Net Income (loss)
  
$
3,312
  
$
(9,283
)
               
Earnings per share
              
Net income (loss)
  
$
0.06
  
$
(0.18
)
               
Average shares outstanding in the hands of the public
    
51,077
    
51,077
  

The accompanying notes are an integral part of these financial statements.
 
 
 
 
Page 2

CONSOLIDATED BALANCE SHEET

   
 Jan. 31
  
Oct. 31
  
Jan. 31
  
   
 2005
  
2004
  
2004
  
(dollars in thousands except per share)
  
 (Unaudited)
      
(Unaudited)
  
ASSETS
               
Current assets:
               
Accounts and notes receivable
  
$
108,652
  
$
111,723
  
$
84,205
  
Allowance for doubtful accounts
    
1,350
    
1,350
    
1,350
  
Inventories, at lower cost or market; costs are based on last-in,
                   
first-out method except for supplies at current averages
                    
Finished goods
    
18,186
    
21,791
    
15,820
  
Goods in process
    
11,886
    
16,275
    
9,160
  
Raw materials and supplies
    
46,920
    
45,457
    
39,215
  
Other
    
8,980
    
7,800
    
8,864
  
Total current assets
    
193,274
    
201,696
    
155,914
  
Capital assets:
                    
Buildings, machinery and equipment at cost
    
1,832,588
    
1,828,195
    
1,819,667
  
Accumulated depreciation
    
1,153,093
    
1,139,390
    
1,111,677
  
Costs to be depreciated in future years
    
679,495
    
688,805
    
707,990
  
Plant sites at cost
    
3,549
    
3,549
    
3,549
  
     
683,044
    
692,354
    
711,539
  
Timber at cost less depletion
    
196,304
    
196,440
    
186,032
  
Roads at cost less amortization
    
8,557
    
8,631
    
8,378
  
Timberlands at cost
    
24,598
    
24,598
    
20,671
  
     
229,459
    
229,669
    
215,081
  
Total capital assets
    
912,503
    
922,023
    
926,620
  
Pension and other assets
    
147,488
    
147,211
    
148,728
  
   
$
1,253,265
  
$
1,270,930
  
$
1,231,262
  

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
               
Payable to bank resulting from checks in transit
  
$
8,255
  
$
12,370
  
$
6,401
  
Accounts payable
    
56,067
    
66,063
    
44,574
  
Short-term borrowings
    
20,000
    
10,000
    
15,000
  
Payrolls payable
    
16,946
    
15,897
    
14,869
  
Other taxes payable
    
9,173
    
9,100
    
8,702
  
Current installments of long-term debt
    
-
    
30,000
    
30,000
  
Total current liabilities
    
110,441
    
143,430
    
119,546
  
Long-term debt
    
452,179
    
442,148
    
463,526
  
Deferred taxes - net
    
206,586
    
204,783
    
190,107
  
Other liabilities
    
38,115
    
36,915
    
35,059
  
Shareholders' equity:
                    
Preferred stock; authorized 2,000,000 shares
    
-
    
-
    
-
  
Common stock, ascribed value $1.50 per share; authorized 150,000,000 shares; issued 51,076,567 shares
    
76,615
    
76,615
    
76,615
  
Additional paid-in capital
    
3,306
    
3,306
    
3,306
  
Retained earnings
    
366,023
    
363,733
    
343,103
  
Total shareholders' equity
    
445,944
    
443,654
    
423,024
  
   
$
1,253,265
  
$
1,270,930
  
$
1,231,262
  

The accompanying notes are an integral part of the financial statements.
 
 

 
Page 3

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

   
Three Months Ended
  
   
January 31
  
(thousands)
  
 2005
  
2004
  
Cash provided by (used for) operations:
           
Net income (loss)
  
$
3,312
  
$
(9,283
)
Charges to income (loss) not requiring cash:
              
Depreciation
    
17,619
    
17,908
  
Depletion and amortization
    
2,790
    
1,333
  
Deferred taxes - net