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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 April 30, 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 May 31, 2005


Page 1


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

   
Three Months Ended
  
Six Months Ended
  
   
April 30
  
April 30
  
(thousands except per share)
  
 2005
  
2004
  
2005
  
2004
  
Net sales
                          
Timber
  
$
52,200
  
$
61,373
  
$
95,567
  
$
95,883
  
Paper and paperboard
    
64,210
    
54,404
    
135,514
    
96,771
  
Converted products
    
107,999
    
97,606
    
217,408
    
190,656
  
     
224,409
    
213,383
    
448,489
    
383,310
  
                           
Cost of products sold, including outward freight
    
179,662
    
173,934
    
368,972
    
329,787
  
Gross profit
    
44,747
    
39,449
    
79,517
    
53,523
  
                           
Selling, administrative and general expenses
    
21,773
    
20,874
    
43,520
    
40,311
  
                           
Operating profit (loss)
                          
Timber
    
26,026
    
31,875
    
45,481
    
45,532
  
Paper and paperboard
   
(48
)
  
(8,962
)
  
(3,352
)
  
(17,639
)
Converted products
   
(3,004
)
  
(4,338
)
  
(6,132
)
  
(14,681
)
     
22,974
    
18,575
    
35,997
    
13,212
  
                           
Interest income
    
56
    
43
    
100
    
79
  
Interest expense
    
(9,345
)
  
(9,355
)
  
(18,674
)
  
(18,975
)
Miscellaneous
    
218
    
175
    
641
    
388
  
Income (loss) before taxes
    
13,903
    
9,438
    
18,064
    
(5,296
)
                           
Provision (benefit) for taxes
                          
Current
    
375
    
95
    
488
    
(53
)
Deferred
    
4,769
   
3,396
    
6,196
   
(1,907
)
     
5,144
    
3,491
    
6,684
    
(1,960
)
                           
Net Income (loss)
  
$
8,759
  
$
5,947
  
$
11,380
  
$
(3,336
)
                           
Earnings per share
                          
Net income (loss)
  
$
0.17
  
$
0.12
  
$
0.22
  
$
(0.07
)
Dividends
    
0.02
    
-
    
0.04
    
-
  
                           
Average shares outstanding in the hands of the public
    
51,077
    
51,077
    
51,077
    
51,077
  

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

 

 
Page 2

CONSOLIDATED BALANCE SHEET

   
 Apr. 30
 
Oct. 31
 
Apr. 30
 
 
 
 2005
 
2004
 
2004
  
(dollars in thousands except per share)
  
 (Unaudited)
 
 
 
(Unaudited)
  
ASSETS
                    
Current assets:
                    
Accounts and notes receivable
  
$
106,389
  
$
111,723
  
$
95,426
  
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
    
17,149
    
21,791
    
17,069
  
Goods in process
    
12,519
    
16,275
    
8,529
  
Raw materials and supplies
    
47,675
    
45,457
    
40,999
  
Other
    
8,471
    
7,800
    
6,726
  
Total current assets
    
190,853
    
201,696
    
167,399
  
Capital assets:
                    
Buildings, machinery and equipment at cost
    
1,837,187
    
1,828,195
    
1,829,095
  
Accumulated depreciation
    
1,168,211
    
1,139,390
    
1,127,120
  
Costs to be depreciated in future years
    
668,976
    
688,805
    
701,975
  
Plant sites at cost