UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2003
OR
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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805 SW Broadway Street, Suite 1500, Portland, Oregon |
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97205 |
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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
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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
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Common Units |
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30,527,030 |
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(Class) |
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(Outstanding at August 12, 2003) |
1
CROWN PACIFIC PARTNERS, L.P.
FORM 10-Q
INDEX
1
PART I - FINANCIAL INFORMATION
Crown Pacific Partners, L.P.
(Debtor-in-Possession)
Consolidated Statements of
Operations
(In thousands, except unit and per unit data)
(Unaudited)
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For the
Three Months Ended |
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2003 |
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2002 |
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Revenues |
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$ |
73,410 |
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$ |
83,600 |
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Operating costs: |
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Cost of products sold |
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67,859 |
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74,858 |
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Loss (gain) on disposition of assets |
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1,263 |
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(1,429 |
) |
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Selling, general and administrative expenses |
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6,948 |
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6,167 |
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Debt restructuring negotiation costs |
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4,860 |
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— |
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Operating income (loss) |
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(7,520 |
) |
4,004 |
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Interest expense |
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12,068 |
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13,015 |
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Debt restructuring and redemption premium |
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— |
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14,133 |
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Amortization of debt issuance costs |
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640 |
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624 |
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Other income, net |
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(25 |
) |
(187 |
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Loss from continuing operations before reorganization items |
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(20,203 |
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(23,581 |
) |
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Reorganization items: |
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Valuation adjustment on debt issuance costs |
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(218 |
) |
— |
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(218 |
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— |
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Loss before discontinued operations |
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(20,421 |
) |
(23,581 |
) |
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Income (loss) from discontinued operations |
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(482 |
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402 |
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Net loss |
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$ |
(20,903 |
) |
$ |
(23,179 |
) |
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Basic and diluted loss per unit before discontinued operations |
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$ |
(0.66 |
) |
$ |
(0.76 |
) |
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Basic and diluted income (loss) per unit from discontinued operations |
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$ |
(0.02 |
) |
$ |
0.01 |
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Basic and diluted net loss per unit |
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$ |
(0.68 |
) |
$ |
(0.75 |
) |
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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.
(Debtor-in-Possession)
Consolidated Statements of Operations
(In thousands, except unit and per unit data)
(Unaudited)
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For the
Six Months Ended |
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|
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2003 |
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2002 |
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|
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Revenues |
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$ |
152,563 |
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$ |
159,058 |
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Operating costs: |
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Cost of products sold |
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140,418 |
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141,694 |
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Loss (gain) on disposition of assets |
|
784 |
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(7,449 |
) |
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Selling, general and administrative expenses |
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12,946 |
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13,120 |
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Debt restructuring negotiation costs |
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4,860 |
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— |
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Operating income (loss) |
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(6,445 |
) |
11,693 |
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Interest expense |
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24,020 |
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27,221 |
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Debt restructuring and redemption premium |
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— |
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14,133 |
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Amortization of debt issuance costs |
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1,063 |
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1,690 |
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