UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(Mark One) |
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2002
OR
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-24976
CROWN PACIFIC PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
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93-1161833 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer Identification No.) |
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121 SW Morrison Street, Suite 1500, Portland, Oregon |
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97204 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: 503-274-2300 |
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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.
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Yes ý |
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No o |
Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.
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Common Units |
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30,527,030 |
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(Class) |
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(Outstanding at November 12, 2002) |
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CROWN PACIFIC PARTNERS, L.P.
FORM 10-Q
INDEX
1
Crown Pacific Partners, L.P.
Consolidated Statement of Operations
(In thousands, except unit and per unit data)
(Unaudited)
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For the Three Months Ended |
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2002 |
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2001 |
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Revenues |
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$ |
120,940 |
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$ |
163,926 |
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Operating costs: |
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Cost of products sold |
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115,204 |
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153,639 |
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Loss on disposal of assets |
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1,174 |
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— |
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Selling, general and administrative expenses |
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8,303 |
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9,101 |
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Operating (loss) income |
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(3,741 |
) |
1,186 |
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Interest expense |
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12,482 |
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15,294 |
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Amortization of debt issuance costs |
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499 |
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955 |
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Other loss (income), net |
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22 |
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(2,199 |
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Net loss |
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$ |
(16,744 |
) |
$ |
(12,864 |
) |
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Net loss per unit |
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$ |
(0.54 |
) |
$ |
(0.42 |
) |
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Weighted average units outstanding |
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30,527,030 |
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30,527,030 |
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See accompanying Notes to Consolidated Financial Statements.
2
Crown Pacific Partners, L.P.
Consolidated Statement of Operations
(In thousands, except unit and per unit data)
(Unaudited)
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For the Nine Months Ended |
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2002 |
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2001 |
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(as restated) |
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Revenues |
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$ |
377,935 |
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$ |
468,903 |
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Operating costs: |
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Cost of products sold |
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351,125 |
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427,937 |
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Gain on sale of assets held for sale |
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(7,449 |
) |
— |
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Loss on disposal of assets |
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1,174 |
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— |
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Selling, general and administrative expenses |
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24,348 |
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27,782 |
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Operating income |
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8,737 |
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13,184 |
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Interest expense |
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39,703 |
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46,821 |
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Debt restructuring and redemption premium |
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14,133 |
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— |
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Amortization of debt issuance costs |
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2,189 |
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1,928 |
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Other income, net |
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(433 |
) |
(2,490 |
) |
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Net loss |
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$ |
(46,855 |
) |
$ |
(33,075 |
) |
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Net loss per unit |
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$ |
(1.52 |
) |
$ |
(1.07 |
) |
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Weighted average units outstanding |
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30,527,030 |
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30,519,799 |
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Note: 2001 amounts have been restated to reflect a change in accounting from the Last-in, First-out (LIFO) to the average method of costing inventory.
See accompanying Notes to Consolidated Financial Statements.
3
Crown Pacific Partners, L.P.
(In thousands, except unit data)
(Unaudited)
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September 30, |
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December 31, |
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(as restated) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
2,324 |
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$ |
9,219 |
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Restricted cash |
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15,337 |
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— |
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Accounts receivable, net of allowances of $1,752 and $1,000 |
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67,845 |
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85,120 |
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Notes receivable |
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4,094 |
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7,194 |
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Inventories |
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34,717 |
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33,626 |
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Deposits on timber cutting contracts |
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1,908 |
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1,441 |
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Prepaid and other current assets |
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4,432 |
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3,177 |
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Property held for sale |
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4,219 |
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184,405 |
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Total current assets |
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134,876 |
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324,182 |
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Property, plant and equipment, net of accumulated depreciation of $40,805 and $29,541 |
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54,973 |
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55,756 |
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Timber, timberlands and roads, net |
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419,631 |
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433,183 |
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Goodwill |
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34,272 |
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34,272 |
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