UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-24976 |
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CROWN PACIFIC PARTNERS, L.P. |
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(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, Suite 1500, Portland, Oregon |
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97205-3339 |
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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. 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
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 7, 2003) |
CROWN PACIFIC PARTNERS, L.P.
FORM 10-Q
INDEX
1
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Crown Pacific Partners, L.P.
(Debtor-in-Posession)
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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$ |
89,253 |
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$ |
86,261 |
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Operating costs: |
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Cost of products sold |
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81,595 |
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78,475 |
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Loss on timber purchase commitments |
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5,651 |
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3,757 |
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Loss on disposal of assets |
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19 |
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1,174 |
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Selling, general and administrative expenses |
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6,012 |
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6,962 |
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Operating loss |
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(4,024 |
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(4,107 |
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Interest expense (excluding contractual interest expense of $11,710 and $0) |
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254 |
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12,482 |
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Amortization of debt issuance costs |
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468 |
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499 |
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Other (income) expense, net |
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(111 |
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22 |
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Loss from continuing operations before reorganization items |
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(4,635 |
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(17,110 |
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Reorganization items: |
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Professional fees |
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(1,720 |
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— |
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Other |
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(264 |
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— |
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(1,984 |
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— |
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Loss before discontinued operations |
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(6,619 |
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(17,110 |
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Income (loss) from discontinued operations |
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(33 |
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366 |
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Net loss |
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$ |
(6,652 |
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$ |
(16,744 |
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Basic and diluted loss per limited partner unit before discontinued operations |
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$ |
(0.10 |
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$ |
(0.55 |
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Basic and diluted income per limited partner unit from discontinued operations |
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$ |
— |
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0.01 |
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Basic and diluted net loss per limited partner unit |
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$ |
(0.10 |
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$ |
(0.54 |
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Weighted average limited partner 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
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For the Nine Months Ended |
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2003 |
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2002 |
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Revenues |
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$ |
241,864 |
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$ |
245,319 |
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Operating costs: |
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Cost of products sold |
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221,600 |
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220,169 |
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Loss on timber purchase commitments |
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6,064 |
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3,757 |
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Gain on sale of assets held for sale |
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— |
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(7,449 |
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Loss on disposition of assets |
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803 |
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1,174 |
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Selling, general and administrative expenses |
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18,957 |
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20,082 |
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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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(10,420 |
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7,586 |
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Interest expense (excluding contractual interest expense of $11,710 and $0) |
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24,274 |
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39,703 |
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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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1,531 |
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2,189 |
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Other income, net |
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(216 |
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(433 |
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Loss from continuing operations before reorganization items |
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(36,009 |
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(48,006 |
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Reorganization items: |
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Professional fees |
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(1,720 |
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— |
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Valuation adjustment on debt issuance costs |
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(218 |
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— |
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Other |
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(264 |
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— |
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(2,202 |
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— |
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Loss before discontinued operations |
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(38,211 |
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(48,006 |
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