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 |
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For the quarterly period ended June 30, 2004 |
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OR |
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o 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.
(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 |
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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
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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 6, 2004) |
CROWN PACIFIC PARTNERS, L.P.
FORM 10-Q
INDEX
1
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 June 30, |
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2004 |
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2003 |
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Revenues |
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$ |
106,836 |
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$ |
60,179 |
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Operating costs: |
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Cost of products sold |
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87,009 |
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55,313 |
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Loss on disposal of assets |
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— |
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1,269 |
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Selling, general and administrative expenses |
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5,309 |
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6,220 |
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Operating income (loss) |
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14,518 |
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(2,623 |
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Interest expense (excluding contractual interest expense of $12,875 and $0) |
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180 |
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12,068 |
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Amortization of debt issuance costs |
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752 |
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640 |
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Other income, net |
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(289 |
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(25 |
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Income (loss) from operations before reorganization items |
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13,875 |
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(15,306 |
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Reorganization items: |
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Professional fees |
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(1,382 |
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(4,860 |
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Impairment of assets |
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(216 |
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— |
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Other |
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(286 |
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(218 |
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(1,884 |
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(5,078 |
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Income (loss) before discontinued operations |
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11,991 |
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(20,384 |
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Loss on discontinued operations (including gain (loss) on disposal of ($1,198) and $4) |
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(1,081 |
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(519 |
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Net income (loss) |
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$ |
10,910 |
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(20,903 |
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Basic and diluted loss per limited partner unit before discontinued operations |
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$ |
— |
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$ |
(0.66 |
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Basic and diluted loss per limited partner unit from discontinued operations |
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— |
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(0.02 |
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Basic and diluted net loss per limited partner unit |
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$ |
— |
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$ |
(0.68 |
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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 June 30, |
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2004 |
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2003 |
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Revenues |
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$ |
189,383 |
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$ |
126,291 |
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Operating costs: |
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Cost of products sold |
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156,519 |
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115,819 |
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(Gain) loss on disposal of assets |
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(18 |
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794 |
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Selling, general and administrative expenses |
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10,713 |
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11,567 |
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Operating income (loss) |
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22,169 |
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(1,889 |
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Interest expense (excluding contractual interest expense of $25,611 and $0) |
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448 |
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24,020 |
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Amortization of debt issuance costs |
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1,220 |
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1,063 |
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Other income, net |
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(343 |
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(154 |
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Income (loss) from operations before reorganization items |
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20,844 |
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(26,818 |
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Reorganization items: |
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Professional fees |
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(3,397 |
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(4,860 |
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Impairment of assets |
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(216 |
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— |
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Other |
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(394 |
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(218 |
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(4,007 |
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(5,078 |
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Income (loss) before discontinued operations |
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16,837 |
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(31,896 |
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Loss on discontinued operations (including gain (loss) on disposal of ($1,198) and $4) |
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(602 |
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(5,522 |
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