PORTLAND, Ore., March 11 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
will change its accounting estimates relating to depreciation, beginning with
the first quarter 1999 earnings report.
The estimated service lives for much of Willamette's machinery and
equipment will be extended approximately five years. This change was based
upon a study conducted by the Company's engineering department, a comparison
of Willamette's policies to typical industry practices and the effect of
Willamette's extensive capital investments which have resulted in a mix of
assets with longer productive lives due to advances in technology.
Willamette Industries' management estimates this change will increase net
income in 1999 by approximately $57,000,000, or $0.52 per share.
Willamette Industries is a vertically integrated forest products company
with 100 manufacturing facilities in the United States, Europe and Mexico.
The Company manufactures building materials, fine paper products and
packaging. Willamette owns over 1.7 million acres.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and uncertainties and
actual results could differ materially from those projected. Such risks and
uncertainties include, but are not limited to, the effect of general economic
conditions; the level of new housing starts and remodeling activity; the
availability and terms of financing for construction; competitive factors,
including pricing pressures; the cost and availability of wood fiber; the
effect of natural disasters on the Company's timberlands; construction delays;
risk of non-performance by third parties; and the impact of environmental
regulations and the construction and other costs associated with complying
with such regulations. Please refer to Willamette Industries' Securities and
Exchange Commission filings for further information.
NOTE: A full copy of this release and other company news is available at
http://www.wii.com or by fax at 800-758-5804 - code 971763.
SOURCE Willamette Industries, Inc.
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Related links:
http://www.wii.com
Company News On-Call:
http://www.prnewswire.com/comp/971763.html or fax,
800-758-5804, ext. 971763
CONTACT:
E. Jane Sinnema of Willamette Industries,
Inc., 503-721-8642
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