Item 1. BUSINESS
O'Sullivan Corporation ("O'Sullivan" or the "Corporation") is a Virginia corporation originally organized in 1896 as O'Sullivan Rubber Company. In 1932 the Corporation was moved to Winchester, Virginia. In 1970 the corporate name was changed from O'Sullivan Rubber Corporation to O'Sullivan Corporation to acknowledge the increasing importance of plastics manufacturing to the Corporation's operations.
Subsequent to the Corporation's name change through the early 1990's, the Corporation concentrated on expansion of its plastics manufacturing operations, both calendering and injection-molding. The expansion was accomplished by adding additional capacity within the Corporation and the acquisition or creation of several subsidiaries to gain facilities in other regions of the United States. In 1986, the Corporation divested itself of its rubber operations.
In 1994, the Corporation sold the injection-molding operations portion of its plastics products segment. The sale involved primarily the inventories and fixed assets of the Corporation associated with injection-molding operations and the stock of a subsidiary corporation also involved in injection-molding operations. The sale was for approximately $50 million net of certain liabilities assumed by the purchaser. The disposal of this portion of the Corporation's operations has been treated as a discontinued operation in the accompanying financial statements.
In 1992, the Corporation created a subsidiary, Melnor Inc. ("Melnor"), to acquire substantially all the assets of a corporation engaged in the water sprinkler and lawn and garden business.
The Corporation's activities are now conducted in two business segments: (i) calendered plastics products which manufactures calendered plastics products for the automotive and specialty plastics manufacturing industries and (ii) lawn and garden consumer products which is involved with the manufacture and distribution of a wide range of lawn and garden products.
For financial information with respect to industry segments, see "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 13 of "Notes to Consolidated Financial Statements" included elsewhere in this Form 10-K.
PLASTICS PRODUCTS BUSINESS
The Corporation's Plastics Products segment manufactures calendered plastics products for the automotive and specialty plastics manufacturing industries. Calendered plastics products manufactured include vinyl sheeting for vehicular dashboard pads and door panels, swimming pool liners and covers, notebook binders, luggage, upholstered furniture, golf bags, floor tile, pond liners, protective clothing, mine curtains, boat and automobile windows and medical grade materials. The Plastics Products segment products are sold in markets in which there is competition from many plastic manufacturers, both domestic and foreign. While no single competitor offers all of the products produced by this segment, there are
many competitors for any single product. Major competitors include; Canadian General Tower, Gencorp Inc., Achilles USA Inc., Nanya Plastics Corporation, Intex Plastics Corporation, Borden, Inc. and HPG International, Inc.
Distribution of the segment's products is by direct sales to other manufacturers.
The normal production backlog of the Plastic Products segment is approximately thirty to forty-five days. The Corporation has various long- term contracts totaling several million dollars applicable to this segment, but such contracts are not considered as firm orders until production releases are received from customers. The business of the segment is not seasonal.
All essential raw materials are readily available to the Plastics Products segment. For critical raw materials, secondary sources of supply are available if required. Major suppliers of raw materials to this segment include the following companies; Geon Company, Occidental Chemical, Aristech Chemicals, Witco Corporation, Goodyear Tire and Rubber Company, Penn Colors and Toray.
This segment of the Corporation possesses significant technology in the compounding, formulation and manufacture of its products.
A significant customer of the Plastics Products segment accounting for ten percent or more of the segment's 1995 sales was Ford Motor Company.
CONSUMER PRODUCTS BUSINESS
The Corporation's Consumer Products segment has as a primary activity the manufacture, assembly, sale and distribution of lawn and garden products. The products produced and sold by this segment include; oscillating, rotary and traveling sprinklers, hose storage units, watering timers, aqua guns, air spray tanks and snow shovels. Secondary product lines representing less than ten percent of sales volumes include humidification systems and buy-sell distribution of ceiling fans and thermostats. The products of its segment are sold in markets in which there is intense competition from many lawn and garden products suppliers. While it is believed that no one competitor offers the array of products offered by the segment, there are numerous competitors for specific products. Major competitors include; Rain Bird Corporation, Suncast Company, Gilmour Corporation and Nelson Company.
All essential raw materials utilized by this segment are readily available. Some raw materials are obtained from foreign sources and can be obtained from secondary sources, if necessary. Purchased components are generally designs that are readily available from several suppliers. Major suppliers to this segment include; Computime, Ltd., Stax Ltd., Landen Enterprises, Eurotec De Mexico, S.A. DE C.V., Montoi, S.A. DE C.V., and CPC of Vermont.
The business in which this segment is involved is highly seasonal in nature. Lawn and garden products are traditionally shipped to distribution and retail outlets beginning in late-December or early-January and continuing through the following May.
This segment holds many patents and trademarks for products produced and sold. However, due to the rapidly changing nature of the segment's business activity, the Corporation does not believe that the patents and trademarks have any significant long-term value or provide any material benefit to the long-term success of the segment's business operations.
Home Depot, Inc. was the only customer of the Consumer Products segment accounting for ten percent or more of the segment's sales for 1995.
GENERAL
The Corporation anticipates no material effects on the capital expenditures, earnings or competitive position of the Corporation's businesses from the enactment or adoption of federal, state or local environmental regulations. The Corporation has several ongoing environmental programs, including recycling, waste reduction and environmental audits. The Corporation also has proactive dialogues with federal and state environmental agencies to insure continuing compliance with environmental regulations.
The Corporation and its Subsidiaries currently have approximately 1,100 employees.
The Corporation and its Subsidiaries are not engaged in any material transactions with customers or suppliers located outside North America.
Item 2.

Item 2. PROPERTIES
The Corporation owns approximately 663,000 square feet of manufacturing, warehouse and office space on approximately 123 acres in Winchester, Virginia; 76,000 square feet of manufacturing, warehouse and office space on approximately six acres in Lebanon, Pennsylvania; 110,000 square feet of manufacturing and warehouse space on approximately five acres in Newton Upper Falls, Massachusetts; 85,000 square feet of manufacturing and warehouse space on approximately thirteen acres in Yerington, Nevada; 82,000 square feet of manufacturing, warehouse and office space in Brantford, Ontario, Canada.
The Corporation leases 29,250 square feet of warehouse space in St. Louis, Missouri; 10,000 square feet of warehouse space in Yerington, Nevada and 347,000 square feet of manufacturing, warehouse and office space in Moonachie, New Jersey. Operations formerly housed in the New Jersey location were substantially relocated to Winchester, Virginia during 1995. The Corporation also has sales offices located in Chicago, Illinois and Bloomfield Hills, Michigan.
Management of the Corporation believes that unused capacity existed in both segments of the Corporation's operations during 1995. Percentage utilization of the Corporation's facilities is difficult to accurately measure due to the Corporation's policy of adding facilities as required by business conditions.
Item 3.

Item 3. LEGAL PROCEEDINGS
As of December 31, 1995, the Corporation and its Subsidiaries had no material proceedings pending to which the corporations were a party or of which any of their property was the subject.
Item 4.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were voted upon during the fourth quarter of 1995.
EXECUTIVE OFFICERS OF THE REGISTRANT
See information provided under Part III, item 10, included in this Form 10-K.
PART II
Item 5.

Item 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SHAREHOLDER MATTERS
The principal market in which the Corporation's common stock is traded is the American Stock Exchange. The stock is traded under the symbol OSL.
The quarterly price range of common stock and the quarterly dividends per share for 1995 and 1994 are included as part of Note 19 of "Notes to Consolidated Financial Statements" included elsewhere in this Form 10-K.
At December 31, 1995 the number of owners of the Corporation's common stock was 3,000.
No change is anticipated regarding the Corporation's dividend policy.
There are no restrictions on the payment of dividends at the current time.
Item 6.

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS 1995 VERSUS 1994
Consolidated net sales from continuing operations for 1995 were $209.7 million compared to $195.0 million for 1994. Consolidated net income from continuing operations for 1995 was $14.0 million, $ .85 per share, compared to $11.0 million, $ .67 per share, for 1994.
Income tax expense for continuing operations was $9.6 million for 1995 compared to $7.1 million for 1994. The increase is due to higher pre-tax income and an increase in the Corporation's effective tax rate from 39.4% for 1994 to 40.7% for 1995. The increase in the effective tax rate is primarily due to charges for state income taxes.
Other income increased by $929 thousand over 1994. The increase was primarily due to additional interest income generated from investment of funds received from the sale of the Corporation's Gulfstream Division. Interest expense declined by approximately $750 thousand. The reduction in interest expense was a result of the payoff in December, 1994 of several debt instruments utilizing a portion of the funds received from the 1994 sale of the Gulfstream Division.
Plastics Products Segment
Net sales for the Plastics Products segment were $169.5 million for 1995 as compared to $149.4 million for 1994. The 1995 net sales represent an increase of $20.1 million or 13.4%. Approximately 70% of the sales increase was from automotive-related products. The sales increase in the automotive-related component of this segment was substantially a result of product mix changes to shipments of products with greater incremental prices. Competitive pressures in both automotive and industrial sales components of this segment continue to preclude unit price increases except for negotiated pass-throughs of raw material price increases. Approved increases frequently lag several months behind increased costs incurred by the Corporation.
The gross margin for this segment improved to 20.3% in 1995 from 18.7% in 1994. The margin improvement is a result of higher sales volumes and reductions in variable manufacturing expenses.
Operating income for the segment increased by $7.8 million for the year from $21.6 million for 1994 to $29.4 million for 1995. The increase is primarily a result of the volume sales increases experienced in 1995 aided by the improvements in gross margin and the significant reduction in selling expenses.
Selling expenses for this segment were $4.9 million or 2.9% as a percent of net sales for 1995, compared to $6.2 million or 4.2% as a percent of net sales for 1994. The reduction in selling expenses is a result of consolidations made within the selling area following the disposal of the Corporation's Gulfstream Division in December of 1994 along with a significant reduction in charges for doubtful accounts. General and
administrative expenses were $5.7 million or 3.4% of net sales for 1995, compared to $5.2 million or 3.5% of net sales for 1994.
Management anticipates continuing sales volume increases for the Plastics Products segment in 1996 due to increased market share rather than an increase in the economy. Automotive-related products will likely provide the greatest opportunity for increased sales.
Consumer Products Segment
Net sales for the Consumer Products segment were $40.2 million for 1995 compared to $45.5 million for 1994. The 1995 sales represent a decrease of $5.3 million. Changes in customer purchasing patterns and dramatically unfavorable weather conditions during 1995 caused sales to fall considerably below sales levels expected by management.
This segment experienced a significant decline in its gross margin for 1995 as compared to 1994. The gross margin declined from 22.3% to 17.9%. The decline was due to excess rework costs for purchased components, increases in raw material prices over those anticipated and excess freight costs for product deliveries from off-shore sources. Operating income for this segment decreased by $3.1 million for 1995. The decrease can be directly attributed to the substantial sales volume reductions experienced by this segment during 1995.
Selling and warehousing expenses were $5.3 million for 1995 and $5.9 million for 1994. These amounts represent 13.0% and 12.9% of sales for 1995 and 1994, respectively. The dollar decrease in these costs is a result of lower sales commission and advertising costs that are directly related to sales volumes. General and administrative expenses for this segment were $2.4 million for 1995 and $2.1 million for 1994. During 1995 this segment incurred charges of $756 thousand in connection with the relocation of US operations.
Management expects improved results for this segment in 1996 due to significant cost containment, productivity improvements and new product introductions.
RESULTS OF OPERATIONS 1994 VERSUS 1993
Consolidated net sales from continuing operations for 1994 of $195.0 million were an increase of $21.7 million or 12.5% over 1993 net sales of $173.3 million. Consolidated net income from continuing operations for 1994 was $11.0 million , $ .67 per share, compared to $10.4 million, $ .63 per share for 1993.
Income tax expense for continuing operations was $7.1 million for 1994 and $6.9 million for 1993. The effective tax rate fell slightly from 1993 (from 40.1% to 39.4%) due to a reduced level of state income tax expense.
Other income was substantially unchanged from 1993 to 1994. Interest expense for 1994 declined by $66 thousand. In December, 1994 the Corporation used a portion of the funds received from the sale of the Gulfstream Division to retire several debt instruments. The full effect of the debt reduction, in the form of reduced interest expense, was realized in 1995.
Plastics Products Segment
Net sales for the Plastics Products segment increased by 12.5% from $132.8 million in 1993 to $149.4 million in 1994. Sales increases experienced by this segment were primarily volume related since competitive and contractual restrictions prohibited significant price increases during 1994.
The gross profit margin for the segment declined to 18.6% for 1994 from 20.8% for 1993. The margin was adversely affected by raw material prices and mixed compound costs that increased at a rate greater than could be recovered through pass throughs to customers and start up costs associated with new and improved flexible vinyl sheeting compounds associated with new programs to be launched in 1995.
Operating income for this segment declined by $1.5 million or 6.3% in 1994. The decline was a result of the factors described in the preceding paragraph along with increases in selling costs described below.
Selling expenses for 1994 were $6.2 million, 4.2% as a percent of sales and $5.0 million, 3.8% as a percent of sales for 1993. The major cause of the increased expense for 1994 was a substantial increase in charges for doubtful accounts resulting from the financial failure of two customers of the industrial component of the Plastics Product segment. General and administrative expenses were $5.2 million or 3.5% of net sales for 1994 and $4.7 million or 3.5% for 1993.
Consumer Products Segment
Net sales for the Consumer Products segment were $45.5 million for 1994, an increase of $5.0 million or 12.4% over net sales of $40.5 million for 1993. Net sales increases for 1994 were primarily due to volume increases for products sold to the markets served. Unit price increases were negligible for the period due to competitive market pressures.
The gross profit margin for this segment improved during 1994 from 20.4% to 22.3%. Operating efficiency improvements during 1994 were primarily responsible for the improved margin.
Operating income for this segment improved by $2.2 million for 1994. The increase was a result primarily of the 12.4% net sales increase for the year. Also contributing to the increase were the improvements in the gross margin and reductions in general and administrative costs.
Selling and warehousing expenses were $5.9 million for 1994 and $5.7 million for 1993. The expenses represented 12.9% and 14.1% of net sales for 1994 and 1993, respectively. General and administrative costs for the segment were $2.1 million or 4.6% of net sales for 1994 and $2.5 million or
6.3% of net sales for 1993. The improvement in this area can be directly attributed to reductions in administrative personnel with resulting reductions in salaries, benefits and other associated overhead expense.
DISCONTINUED OPERATIONS
On December 2, 1994 the Corporation sold the portion of its business identified as the Gulfstream Division. The assets sold consisted primarily of those assets included with the former injection-molding part of the Plastics Products segment. Those assets were the inventories and property, plant and equipment of the injection-molding operations along with the capital stock of Capital Plastics of Ohio, Inc., a subsidiary also involved in the injection-molding business. Additional information regarding discontinued operations is included with footnote number 16 of these financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Net cash flow for 1995 was approximately $700 thousand. Cash flows from operating activities were $16.8 million for 1995. Increases in inventories of both segments of the Corporation during 1995 were the major factor in the minimal net cash flow for the year. Throughout 1995 the Plastics Product segment increased certain elements of its inventories to enhance machine utilization and to meet requirements for the launch of various automotive-related production programs. The Consumer Products segment experienced increased inventory levels due to changes in customer purchasing patterns and reductions in customer demand due to weather- related causes.
Capital expenditures for property, plant and equipment for 1995 were $10.2 million compared to $8.8 million for 1994. 1996 capital expenditures are projected to be comparable to 1995. At December 31, 1995, the majority of the projected outlay was uncommitted. Presently, the Corporation has unused capacity in both business operating segments. Future capital expenditures for the Corporation would be to provide additional capacity or modernize equipment to meet customer demands for new or improved products or production processes.
Total corporate debt was $1.7 million at both December 31, 1995 and 1994. The Corporation has in place a $35 million line of credit that expires in June, 1997. At December 31, 1995 the line of credit was unused except for a $850 thousand letter of credit commitment.
The Corporation's Board of Directors has authorized the repurchase of up to 800 thousand shares of the Corporation's common stock as market conditions permit.
Management of the Corporation believes that net cash flow from operating activities, along with available financing capabilities will be adequate to meet the Corporation's funding requirements for 1996.
Item 8.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None
PART III
Item 10.

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
For information with respect to the Corporation's Directors and Director nominees, see pages 3 through 6 of the Corporation's definitive Proxy Statement dated March 29, 1996 which pages are incorporated herein by reference.
Executive Officers of the Registrant
The names, ages of and positions of the executive officers of O'Sullivan Corporation as December 31, 1995 are listed below. All officers are elected by the Board of Directors for a one year term. There are no family relationships among officers or any other arrangement or understanding between any officer and any other person pursuant to which the officer was elected.
Served As Name Age Office Officer Since - --------------------- ---- --------------------- ------------- James T. Holland 55 President 1976 C. Bryant Nickerson 49 Secretary & Treasurer 1986 Phillip S. Griffin 57 Vice President 1975 John S.Campbell 45 Vice President 1986
Mr. Holland has served in the following capacities for the Corporation; Treasurer, 1976-1979, Vice President and Treasurer, 1979-1984, Executive vice President and Chief Operating Officer, 1984-1986, President and Chief Operating Officer, 1986-1995, President and Chief Executive Officer, 1995- Present.
Mr. Nickerson has been employed by the Corporation since 1973 serving in various capacities within the corporate financial area. He has served as Controller and Treasurer and Chief Accounting Officer before being elected as Secretary, Treasurer and Chief Financial Officer in 1995.
Mr. Griffin has served the Corporation in various capacities in sales, manufacturing and corporate management since 1968. He has served as a Vice President since 1975 and also serves as the President of Melnor Inc., a subsidiary of the Corporation.
Mr. John S. Campbell has served as a Vice President since 1986. He has been employed by the Corporation since 1973 and has been involved in both the sales and manufacturing operations of the calendered plastics products business of the Corporation.
Other Officers of the Registrant Served As Name Age Office Officer Since - --------------------- ---- --------------------- ------------- William O. Bauserman 52 Vice President 1987 Ewen A. Campbell 48 Vice President 1993 Dee S. Johnston 59 Vice President 1992 Michael J. Meissner 56 Vice President 1995 James L. Tremoulis 42 Vice President 1986 Robert C. Westfall 53 Vice President 1979
Mr. Bauserman has been employed by the Corporation since 1968 and has served as a Vice President since 1987. Mr. Bauserman has been employed in various capacities within the data processing and management information services areas during his tenure with the Corporation.
Mr. Ewen A. Campbell has an extensive background in chemistry and plastics compounding. He has been employed by the Corporation since 1991 in the areas of compounding and research and development activities. He has served as a Vice President since 1993. Mr. Ewen Campbell and Mr. John Campbell are not related.
Mrs. Johnston has been employed by the Corporation since 1976 and has served as a Vice president since 1992. Mrs. Johnston has been involved in all phases of the Corporation's purchasing function during her employment.
Mr. Meissner has been employed by the Corporation since 1995. Prior to that time he was employed by and was a principal with a business that served as a manufacturers' representative to the automotive industry for the Corporation.
Mr. Tremoulis has served in various capacities in the sales area for calendered plastics products since his employment by the Corporation in 1980. He was elected as a Vice President in 1986.
Mr. Westfall has been employed by the Corporation since 1965. He was a chemist, the Quality Control Director and a Plant Manager for the Corporation prior to being elected as a Vice President of Research and Development in 1979.
Item 11.

Item 11. EXECUTIVE COMPENSATION
See Pages 6 through 10 of the Corporation's Proxy Statement dated March 29, 1996, which pages are incorporated herein by reference.
Item 12.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
See Pages 3 through 6 of the Corporation's Proxy Statement dated March 29, 1996, which pages are incorporated herein by reference.
Item 13.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There were no transactions during 1995 that would be applicable for disclosure under this item.
PART IV
Item 14.

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a). (1) Financial Statements Page
Included in Part II, Item 8, of this report:
Report of Independent Auditors 37
Consolidated Balance Sheets at December 31, 1995 and 1994 12
Consolidated Statements of Income for the Years Ended December 31, 1995, 1994 and 1993 13-14
Consolidated Statements of Cash Flows for the Years Ended December 31, 1995, 1994 and 1993 15-16
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 1995, 1994 and 1993 17-18
Consolidated Notes to Financial Statements 19-36
(a). (2) Financial Statement Schedules
Included in part IV of this report:
Report of Independent Auditors on Financial Statement Schedule 43
Schedule II - Valuation and Qualifying Accounts and Reserves for the Years Ended December 31, 1995, 1994 and 1993 44
(a). (3) Exhibits 3.1 O'Sullivan Corporation Amended and Restated Articles of Incorporation, including the Articles of Amendment, dated April 30, 1985, filed with the State Corporation Commission of Virginia on May 6, 1985, adopted by shareholders of O'Sullivan Corporation at the annual meeting held April 30, 1985. (Incorporated by reference to the March 31, 1985, Quarterly Report on Form 10-Q of the Corporation.)
3.2 O'Sullivan Corporation Bylaws as amended to January 29, 1985. (Incorporated by reference to the March 31, 1985, Quarterly Report on Form 10-Q of the Corporation.)
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (continued)
Page 3.3 O'Sullivan Corporation Amended and Restated Articles of Incorporation dated April 29, 1989, filed with the State Corporation Commission dated April 29, 1989, adopted by shareholders of O'Sullivan Corporation at the annual meeting held April 25, 1989. (Incorporated by reference to the March 31, 1989 Quarterly Report on Form 10-Q of the Corporation.)
10. Compensatory arrangement with executive officers of the registrant. See Pages 9 and 10 of the Corporation's Proxy Statement dated March 29, 1996 which pages are incorporated herein by reference.
21. Subsidiaries of the Registrant - filed herewith.
23. Consent of Independent Auditors - filed herewith.
24. Powers of Attorney - filed herewith.
27. Financial Data Schedule - filed herewith.
99.1 The O'Sullivan Corporation 1995 Stock Option Plan filed as exhibit 99.1 to the Corporation's Form S-8 registration statement (Registration Number 033-58895) filed with the Commission on April 28, 1995 and incorporated herein by reference.
99.2 The O'Sullivan Corporation 1995 Outside Directors Stock Option Plan filed as exhibit 99.2 to the Corporation's Form S-8 registration statement (Registration Number 033-58895) filed with the Commission on April 28, 1995 and incorporated herein by reference.
99.3 1985 Incentive Stock Option Plan. Amended and Restated as of July 27, 1993. (Incorporated by reference to the Annual report on form 10-K for the Year Ended December 31, 1994.)
(b). Reports on Form 8-K
There were no reports filed on Form 8-K for the quarter ended December 31, 1995.
(c). Index to Exhibits. 47
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENT SCHEDULE
To the Shareholders and Board of Directors of the O'Sullivan Corporation
The examination referred to in our opinion dated February 2, 1996 of the consolidated financial statements as of December 31, 1995 and 1994 and for the three years ended December 31 ,1995, 1994 and 1993 included the related supplemental financial schedule as listed in Item 14(a) 2, which, when considered in relation to the basis financial statements, present fairly in all material respects the information shown therein.
/s/ YOUNT, HYDE & BARBOUR, P.C.
O'SULLIVAN CORPORATION AND SUBSIDIARIES Schedule II VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 1995, 1994 and 1993
Column A Column B Column C Column D Column E - ---------- ---------- ----------------------------- ----------- ---------- Additions ----------------------------- (1) (2) (3) Balance Charged Charged Additions Balance at to costs to From at Beginning and Other Business End Description of Year Expense Accounts Acquisition Deductions of Year - ---------- ---------- ---------- ------- ------- ----------- ---------- 1995: Allowance for Doubtful Accounts $ 884,467 $ 439,480 $ -- -- $ -- -- $ 425,299(B)$ 898,648 ========== ========== ======= ======= ========== ========== 1994: Allowance for Doubtful Accounts $1,133,793 $1,138,617 $ -- -- $ -- -- $1,387,943(B)$ 884,467 ========== ========== ======= ======= ========== ========== 1993: Allowance for Doubtful Accounts $1,804,676 $ 209,719 $ -- -- $27,013(A)$ 907,615(B)$1,133,793 ========== ========== ======= ======= ========== ==========
Note (A) - Allowance for doutful accounts established at acquisition date for businesses acquired in 1993.
Note (B) - Write-offs of uncollectible accounts, net of recoveries. Column D for 1994 also includes a reduction of $27,013 for a bad debt allowance pertaining to a subsidiary disposed of during 1994.
SIGNATURES
Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange Act of 1934 ,the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
March 26, 1996 O'SULLIVAN CORPORATION - -------------- By: /s/ C.Bryant Nickerson Date -------------------------- C. Bryant Nickerson Secretary, Treasurer and Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the following persons on behalf of the Registrant and in the capacities indicated on the dates given.
Arthur H. Bryant, II * March 26, 1996 - ------------------------ -------------- Arthur H. Bryant, II Chairman and Director Date
/s/ James T. Holland March 26, 1996 - ------------------------ -------------- James T. Holland President, Chief Executive Date Officer and Director
/s/ C. Bryant Nickerson March 26, 1996 - ------------------------ -------------- C. Bryant Nickerson Secretary, Treasurer and Date Chief Financial Officer
John J. Armstrong * March 26, 1996 - ------------------------ -------------- John J. Armstrong Director Date
C. Hugh Bloom * March 26, 1996 - ------------------------ -------------- C. Hugh Bloom Director Date
Magalen O. Bryant * March 26, 1996 - ------------------------ -------------- Magalen O. Bryant Director Date
Robert L. Burrus, Jr. * March 26, 1996 - ------------------------ -------------- Robert L. Burrus, Jr. Director Date
Max C. Chapman, Jr. * March 26, 1996 - ------------------------ -------------- Max C. Chapman, Jr. Director Date
R. Michael McCullough * March 26, 1996 - ------------------------ -------------- R. Michael McCullough Director Date
Stephen P. Munn * March 26, 1996 - ------------------------ -------------- Stephen P. Munn Director Date
* By: /s/ James T. Holland --------------------- James T. Holland Attorney-In-Fact
EXHIBIT INDEX
Page 21. Subsidiaries of the Registrant 48
23. Consent of Experts 49
24. Powers of Attorney 50-57
27. Financial Data Schedule 58


Item 1. Business
General
Champion International Corporation was incorporated under the laws of the State of New York on April 28, 1937. References to the "Company" include Champion International Corporation and its subsidiaries at December 31, 1995, unless the context otherwise requires.
The Company is one of the leading domestic manufacturers of paper for business communications, commercial printing, publications and newspapers. In addition, the Company has significant market pulp, plywood and lumber manufacturing operations and owns or controls approximately 5,300,000 acres of timberlands in the United States. The Company's Canadian and Brazilian subsidiaries also own or control significant timber resources supporting their operations.
The Company's business segments are paper and wood products. See Note 14 of "Notes to Financial Statements" on pages 52 and 53 of the Company's Annual Report to Shareholders for the fiscal year ended December 31, 1995 (the "Company's 1995 Annual Report"), which Note is incorporated by reference herein, for information concerning the Company's business segments and operations in different geographic areas for 1993, 1994 and 1995.
Paper
See the "Paper Net Sales" table on page 32 of the Company's 1995 Annual Report, which table is incorporated by reference herein, for information concerning the net sales to unaffiliated customers of the various products of the paper business for 1993, 1994 and 1995.
Printing and Writing Papers
The printing and writing papers business manufactures and sells printing and writing papers, bleached paperboard and pulp. The principal domestic manufacturing properties of this operation consist of integrated pulp and paper mills at Courtland, Alabama; Canton, North Carolina; and Pensacola, Florida; and a paper mill at Hamilton, Ohio. As of December 31, 1995, these mills had an annual capacity of approximately 1,944,000 tons of pulp and 2,113,000 tons of printing and writing papers and bleached paperboard.
Most of the pulp produced by the printing and writing papers business is used in its own paper mills; approximately 6%, produced at the Pensacola and Courtland mills, was sold in the open market in 1995. A portion of the fiber requirements of this business also is supplied by other Company pulp mills, and approximately 4% of its fiber requirements in 1995 were purchased from third- party suppliers.
Uncoated papers produced by the printing and writing papers business are used for computer forms, copier paper and envelope papers. Coated papers are used in catalogs, magazines, brochures, labels and annual reports.
In 1995, 63% of this operation's bleached paperboard production was used by the Company's DairyPak unit, which converts polyethylene-coated paperboard into milk and juice cartons and ovenable packaging. The balance either was sold to independent purchasers, primarily for conversion to cups, or was exported.
The Company leases substantial portions of the Courtland mill under 14 long- term net leases which expire between 2007 and 2029. Each of these leases provides for rental payments over its term sufficient to pay interest on and to retire the industrial development or pollution control revenue bonds issued in connection with the financing of the property subject to such lease. The Company is required to purchase, or has the option to purchase, the property subject to each such lease for a nominal sum at the time the related bonds are retired.
The Company leases a printing facility at the Athens, Georgia DairyPak plant until 2015. The lease provides for rental payments over its term sufficient to pay interest on and to retire the industrial development revenue bonds issued to finance the acquisition of that facility. The Company has the option to purchase the facility for a nominal sum at the time the bonds are retired.
The domestic printing and writing papers business and the publication papers business jointly maintain 16 sales offices in various parts of the United States, as well as an order services office in Hamilton, Ohio, for the sale of their products to direct purchasers and through paper merchants. Certain of these sales offices are shared with the newsprint and kraft operations.
Champion Papel e Celulose Ltda., a 99.78%-owned subsidiary ("Champion Papel"), is a major integrated manufacturer of pulp and printing and writing papers in Brazil with net sales to unaffiliated customers of $404,083,000 in 1995. As of December 31, 1995, its mill had an annual capacity of approximately 338,000 tons of pulp and 381,000 tons of paper. In addition to being a leading supplier of printing and writing papers in Brazil, Champion Papel exports a substantial portion of its paper production.
Publication Papers
The publication papers business manufactures and sells coated and uncoated publication papers and pulp. The manufacturing properties of this operation consist of integrated pulp and paper mills at Bucksport, Maine; Deferiet, New York; Quinnesec, Michigan; and Sartell, Minnesota. As of December 31, 1995, these mills had an annual capacity of approximately 874,000 tons of pulp and 1,292,000 tons of publication papers.
A significant portion of the fiber requirements of the publication papers business is supplied by its own mills. In addition, a portion of its fiber requirements is supplied by other Company pulp mills, and approximately 29% of its fiber requirements in 1995 were purchased from third-party suppliers.
The Company manufactures pulp for sale in the open market at the Quinnesec mill. In 1995, approximately 53% of the pulp production of this mill, or 215,000 tons, was sold in the open market through the Company's headquarters in Stamford, Connecticut, as well as a sales office in Appleton, Wisconsin. The balance was used in the production of paper at the Quinnesec mill and at the Company's printing and writing papers mills.
The Company's publication papers are used primarily for consumer magazines, direct mail catalogs, directories, textbooks and coupons. Sales are made to direct purchasers and through paper merchants and brokers from the 16 sales offices jointly maintained by the publication papers operation and the printing and writing papers operation, and from the Hamilton, Ohio order services office.
The Company leases the building which houses one of the paper machines at the Sartell mill until 2008. Thereafter, the Company has options to renew the lease for five terms of five years each. The Company also has the option to purchase the building at its then-current market value at the end of the initial term in 2008 or at the end of each five-year renewal term.
Newsprint
The newsprint business manufactures and sells newsprint, directory paper, groundwood specialties and pulp. The manufacturing properties of this operation consist of integrated pulp and paper mills at Lufkin and Sheldon, Texas. As of December 31, 1995, these mills had an annual capacity of approximately 1,126,000 tons of pulp (which includes 165,000 tons of recycled pulp) and 971,000 tons of newsprint, directory paper and groundwood specialties.
Most of the newsprint operation's pulp production is used in its own paper mills; approximately 4%, produced at the Sheldon mill, was sold in the open market in 1995.
A portion of the newsprint produced by the Company is sold in the Southwest, Southeast and Midwest, and the balance is exported. In general, sales are made directly to publishers and printers through five sales offices, three of which are shared with the printing and writing papers and publication papers operations, and one order services office.
Pulp
For information concerning market pulp produced at the Pensacola and Courtland mills, see the section captioned "Printing and Writing Papers" above; for information concerning market pulp produced at the Quinnesec mill, see the section captioned "Publication Papers" above; and for information concerning market pulp produced at the Sheldon mill, see the section captioned "Newsprint" above.
Weldwood of Canada Limited, a Canadian subsidiary in which the Company has approximately 84% ownership ("Weldwood"), manufactures bleached softwood kraft pulp at its mill in Hinton, Alberta, Canada. As of December 31, 1995, this mill had an annual capacity of approximately 452,000 tons. In 1995, approximately 29% of the mill's pulp production was used in the Company's own publication papers and printing and writing papers mills. The balance was sold in the open market through the Company's headquarters in Stamford, Connecticut, a Company sales office in Appleton, Wisconsin and a Weldwood sales office in Bad Homburg, Germany.
Cariboo Pulp & Paper Company, a joint venture owned equally by Weldwood and Daishowa-Marubeni International Limited, operates a bleached softwood kraft pulp mill in Quesnel, British Columbia, Canada. As of December 31, 1995, this mill had an annual capacity of approximately 353,000 tons. In 1995, approximately 23% of Weldwood's 50% share of the mill's pulp production was used in the Company's own publication papers and printing and writing papers mills. The balance of Weldwood's share was sold in the open market through the Company's headquarters in Stamford, Connecticut, a Company sales office in Appleton, Wisconsin and a Weldwood sales office in Bad Homburg, Germany.
While certain of the Company's mills purchase pulp in the open market, the Company and Weldwood overall are net sellers of pulp. In 1995, the Company and Weldwood in the aggregate produced approximately 861,000 tons of pulp for sale to unaffiliated purchasers, while the Company used approximately 291,000 tons of pulp purchased from third-party suppliers, resulting in net market pulp of approximately 570,000 tons.
Kraft
The Company produces pulp, unbleached linerboard and kraft paper for multiwall and grocery bags at its mill in Roanoke Rapids, North Carolina. As of December 31, 1995, this mill had an annual capacity to produce approximately 499,000 tons of pulp, 376,000 tons of linerboard and 130,000 tons of kraft paper. All of this mill's pulp production is used at the mill. In addition, approximately 6% of its fiber requirements in 1995 were purchased from third- party suppliers. The linerboard and kraft paper produced at the Roanoke Rapids mill are sold to converters through three sales offices, two of which are shared with the printing and writing papers and publication papers operations, and one order services office.
Paper Distribution Operation
Nationwide Papers, a unit of the Company, is a distributor of paper and paper products. Its marketing operations are carried out through 30 wholesale warehouse facilities in 19 states. In addition, Nationwide Papers operates a facility which converts rolls of bleached paperboard into sheets for sale primarily to textile, apparel and furniture producers. In 1995, approximately 74% of its sales were attributable to merchandise purchased from numerous manufacturers other than the Company. However, Nationwide Papers is not dependent on any single supplier for such merchandise.
Wood Products
The Company is a major producer of plywood and lumber. The Company's wood products business is conducted through its domestic wood products operations and through the wood products operations of Weldwood.
The principal wood products manufacturing facilities operated by the Company and by Weldwood are summarized under Item 2

Item 2. Properties
In 1995, the Company's domestic and foreign manufacturing facilities operated at approximately full capacity.
Reference is made to Item 1 of this Report for information concerning the general character, adequacy and capacity of the principal plants, timber properties and other materially important physical properties of the Company. The following lists show the location, nature and ownership of the Company's principal plants. None of these plants is subject to a mortgage and, except as indicated, all are owned in fee.
Paper
Printing and Writing Papers
(a) Integrated pulp and printing and writing papers mills:
(i) Courtland, Alabama/1/; (ii) Canton, North Carolina; (iii) Pensacola, Florida; and (iv) Mogi Guacu, Brazil.
(b) The Company operates a printing and writing papers mill in Hamilton, Ohio.
(c) The Company operates a plant in Waynesville, North Carolina which applies polyethylene coating to bleached paperboard and which also converts roll stock into cut-size paper.
(d) The Company operates five plants which convert polyethylene-coated paperboard into milk and juice cartons and one plant which converts polyethylene-coated paperboard into ovenable packaging. All of these plants are located in the United States/2/.
Publication Papers
(e) Integrated pulp and publication papers mills:
(i) Bucksport, Maine; (ii) Deferiet, New York; (iii) Quinnesec, Michigan; and (iv) Sartell, Minnesota/3/.
Newsprint
(f) Integrated pulp and newsprint mills:
(i) Lufkin, Texas; and (ii) Sheldon, Texas.
_________________________ /1/For Courtland, Alabama mill lease information, see Item 1 - "Paper" of this Report. /2/For lease information regarding one of these plants, located in Athens, Georgia, see Item 1 - "Paper" of this Report. /3/For Sartell, Minnesota mill lease information, see Item 1 - "Paper" of this Report.
Pulp
(g) The Company's printing and writing papers mills in Pensacola, Florida and Courtland, Alabama, publication papers mill in Quinnesec, Michigan and newsprint mill in Sheldon, Texas also produce market pulp.
(h) Weldwood operates a pulp mill in Hinton, Alberta, Canada and owns 50% of a joint venture which operates a pulp mill in Quesnel, British Columbia, Canada.
Kraft
(i) The Company operates an integrated pulp, unbleached linerboard and kraft paper mill in Roanoke Rapids, North Carolina.
Wood Products
(a) The Company operates three softwood plywood plants in the United States.
(b) Weldwood operates two softwood plywood plants in Canada. One of these plants is located on leased land.
(c) Weldwood operates one hardwood plywood plant, in Canada, which Weldwood has agreed to sell as discussed above in the section captioned "Wood Products".
(d) The Company operates five softwood lumber mills in the United States.
(e) Weldwood operates three softwood lumber mills in Canada. One of these mills is located on leased land.
(f) Each of Babine Forest Products Company and Houston Forest Products Company, joint ventures in which Weldwood has an interest, operates a mill for the production of softwood lumber in Canada. One of these mills is located on leased land.
(g) Weldwood operates one waferboard plant, in Canada, which Weldwood has agreed to sell as discussed above in the section captioned "Wood Products".
Item 3.

Item 3. Legal Proceedings
On November 9, 1992, an action was brought against the Company in the Circuit Court for Baldwin County, Alabama, on behalf of a class consisting of all persons who own land along Perdido Bay in Florida and Alabama. The action originally sought $500 million in compensatory and punitive damages for personal injury, intentional infliction of emotional distress and diminution in property value allegedly resulting from the purported discharge of hazardous substances, including dioxin, from the Company's Pensacola, Florida mill into Eleven Mile Creek, which flows into Perdido Bay. However, in February 1994, the plaintiffs reduced their demand to not more than $50,000 for each class member, and in June 1994, the personal injury claims were dismissed. It is anticipated that the class, which was certified by the court in June 1994, will consist of approximately 2,000 members. The Company and the plaintiffs have entered into an agreement dated March 13, 1996 to settle the action, pursuant to which the Company would pay $5 million to the plaintiffs. The settlement is subject to court approval.
In February 1994, the Company received a notice of violation from the Texas Natural Resources Conservation Commission ("TNRCC") alleging unauthorized air emissions from the Company's Sheldon, Texas mill. The notice of violation alleged several violations, all but two of which have been resolved without penalty. In October 1995, the Company received a letter from the Enforcement Division of the TNRCC stating that it has recommended to the TNRCC Litigation Support Division that the two remaining violations be settled for a penalty of $470,400. The letter
notes that the Company may receive a credit against the recommended penalty if the Company undertakes an environmental project in Texas. The Company currently is considering whether to accept the proposed settlement and is discussing with the TNRCC possible environmental projects and the amount of the credit.
The Company also is involved in other legal and administrative proceedings and claims of various types. While any litigation contains an element of uncertainty, management, based upon the opinion of the Company's General Counsel, presently believes that the outcome of each such proceeding or claim which is pending or known to be threatened (including the actions described above), or all of them combined, will not have a material adverse effect on the Company.
Item 4.

Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Executive Officers of the Registrant/1/
John A. Ball (age 67) is a Senior Vice President of the Company, a position which he has held since March 1983. He has responsibility for corporate and marketing communications, governmental affairs, public affairs and facilities services.
L. Scott Barnard (age 53) is an Executive Vice President of the Company, a position which he has held since August 1992. He has responsibility for sales and marketing for the printing and writing papers and publication papers businesses. From February 1989 to August 1992, he was Vice President-Sales and Marketing for the printing and writing papers and publication papers businesses.
William H. Burchfield (age 60) is an Executive Vice President of the Company, a position which he has held since November 1982. He has responsibility for the domestic printing and writing papers business.
Mark V. Childers (age 43) is Senior Vice President-Organizational Development and Human Resources of the Company, a position which he has held since August 1992. From June 1991 to August 1992, he was Vice President-Organizational Development Project of the Company. From August 1988 to June 1991, he was Manager-Organizational Development at the Lufkin, Texas mill.
Richard J. Diforio, Jr. (age 60) is a Senior Vice President of the Company, a position which he has held since November 1992. He has responsibility for environmental, health and safety affairs. From September 1990 to November 1992, he was Vice President-Environment, Health and Safety of the Company.
Joe K. Donald (age 53) is an Executive Vice President of the Company, a position which he has held since August 1989. He has responsibility for the publication papers business.
Mark A. Fuller, Jr. (age 63) is an Executive Vice President of the Company, a position which he has held since August 1980. He has responsibility for the Company's overall marketing program as well as for Nationwide Papers, Champion Export, pulp sales, and sales of wood chemicals and by-products.
Marvin H. Ginsky (age 65) is Senior Vice President and General Counsel of the Company. He was elected a Senior Vice President in May 1981. He has been the General Counsel since 1973.
L.C. Heist (age 64) is President and Chief Operating Officer and a director of the Company, positions which he has held since December 1987. _______________________________ /1/The term of office for each executive officer expires at the Annual Meeting of the Board of Directors of the Company scheduled to be held on May 16, 1996.
Frank Kneisel (age 58) is Senior Vice President-Finance of the Company, a position which he has held since January 1995. From November 1975 to December 1994, he was Treasurer of the Company. From May 1981 to December 1994, he was a Vice President.
Burton G. MacArthur, Jr. (age 49) is an Executive Vice President of the Company, a position which he has held since January 1990. He has responsibility for the newsprint and kraft business.
Kenwood C. Nichols (age 56) is Vice Chairman and a director of the Company, positions which he has held since August 1989. He has been the principal accounting officer of the Company since July 1983. He also has responsibility for internal audit, corporate analysis, tax affairs, management information services, mineral resources, corporate security and the Company's real estate subsidiaries.
Richard E. Olson (age 58) is an Executive Vice President of the Company, a position which he has held since December 1987. He has responsibility for engineering, technology, manufacturing support and major projects.
Richard L. Porterfield (age 49) is an Executive Vice President of the Company, a position which he has held since August 1992. He heads the forest products unit, which consists of domestic timberlands operations and the domestic wood products business. From January 1990 to August 1992, he was Senior Vice President- Organizational Development and Human Resources of the Company.
Andrew C. Sigler (age 64) is Chairman of the Board of Directors and Chief Executive Officer of the Company. He was elected Chairman of the Board effective January 1, 1979. He has served as Chief Executive Officer since 1974 and has been a director since 1973.
PART II
Item 5.

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Company had 20,902 record holders of its Common Stock as of February 29, 1996.
The Company's Common Stock is traded on the New York Stock Exchange.
Restrictions on the ability of the Company to pay cash dividends are included in several of the Company's debt instruments and the Company's Restated Certificate of Incorporation. At December 31, 1995, the most restrictive of these limitations required the Company to maintain tangible net worth (as defined below) of at least $2.53 billion. As a result of this requirement, such amount is unavailable for the payment of dividends. Approximately $1.1 billion of tangible net worth at December 31, 1995 was free of such restrictions. Tangible net worth is defined as shareholders' equity minus goodwill, unamortized debt discount and other like intangibles, all determined on a consolidated basis for the Company.
For information concerning the high and low sales prices of the Company's Common Stock for each quarterly period during the last two years and the amount of dividends paid on the Company's Common Stock in each quarterly period during the last two years, see the section on the inside back cover of the Company's 1995 Annual Report captioned "Common Stock Prices and Dividends Paid". Said section is incorporated by reference herein.
Item 6.

Item 6. Selected Financial Data
There is incorporated by reference herein the table on pages 64 and 65 of the Company's 1995 Annual Report captioned "Eleven-Year Selected Financial Data".
Item 7.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
There is incorporated by reference herein the section on pages 57 to 63 of the Company's 1995 Annual Report captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations".
There is incorporated by reference herein the first paragraph of the section captioned "Legal Proceedings" in Part I of this Report, which updates certain information set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations".
Item 8.

Item 8. Financial Statements and Supplementary Data
There is incorporated by reference herein the sections of the Company's 1995 Annual Report captioned "Consolidated Income", "Consolidated Retained Earnings", "Consolidated Balance Sheet", "Consolidated Cash Flows", "Notes to Financial Statements" and "Report of Independent Public Accountants", which sections are on pages 37, 38, 39, 40, 41 to 55 and 56, respectively, of the Company's 1995 Annual Report.
Item 9.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
PART III
Item 10.

Item 10. Directors and Executive Officers of the Registrant
See the section captioned "Executive Officers of the Registrant" under Part I of this Report for information concerning the Company's executive officers.
For information concerning the directors of the Company, see the sections therein captioned "The Board of Directors -The Nominees", "Information on the Nominees and Directors", and "Committees" in the Company's definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 16, 1996. Said sections are incorporated by reference herein.
Item 11.

Item 11. Executive Compensation
There is incorporated by reference herein from the Company's definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 16, 1996 the sections therein captioned "The Board of Directors-Directors' Compensation"; and "Executive Compensation-Summary Compensation Table", "Option/SAR Grant Table", "Option/SAR Exercise and Year-End Values Table", "Pension Plan Table", and "Employment and Severance Agreements".
Item 12.

Item 12. Security Ownership of Certain Beneficial Owners and Management
There is incorporated by reference herein from the Company's definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 16, 1996 the sections therein captioned "Principal Shareholders" and "Stock Ownership by Nominees, Directors and Named Executive Officers".
Item 13.

Item 13. Certain Relationships and Related Transactions
There is incorporated by reference herein from the Company's definitive Proxy Statement for the Annual
Meeting of Shareholders scheduled to be held on May 16, 1996 the section therein captioned "Transactions".
PART IV
Item 14.

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Financial Statements. The following Consolidated Financial Statements of Champion International Corporation and Subsidiaries, Notes to Financial Statements and Report of Independent Public Accountants are incorporated by reference herein from the Company's 1995 Annual Report:
(b) Financial Statement Schedules. All Financial Statement Schedules have been omitted since the information is not applicable, is not required or is included in the Consolidated Financial Statements or Notes to Financial Statements listed under section (a) of this Item 14.
(c) Exhibits. Each Exhibit is listed according to the number assigned to it in the Exhibit Table of Item 601 of Regulation S-K. The Exhibit numbers preceded by an asterisk (*) indicate Exhibits physically filed with this Annual Report on Form 10-K. All other Exhibit numbers indicate Exhibits filed by incorporation by reference herein. Exhibit numbers 10.1 through 10.35, which are preceded by a plus sign (+), are management contracts or compensatory plans or arrangements.
Exhibit Number Description - -------------- -----------
3.1 Restated Certificate of Incorporation of the Company, filed in the State of New York on October 20, 1986 (filed by incorporation by reference to Exhibit 3.1 to the Company's Form 10-K for the fiscal year ended December 31, 1986, Commission File No. 1-3053).
3.2 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on July 18, 1988 (filed by incorporation by reference to Exhibit 4.1 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
3.3 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on December 6, 1989 (filed by incorporation by reference to Exhibit 4.1 to the Company's Form 8-K dated December 14, 1989, Commission File No. 1-3053).
3.4 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on December 21, 1989 (filed by incorporation by reference to Exhibit 3.4 to the Company's Form 10-K for the fiscal year ended December 31, 1989, Commission File No. 1-3053).
3.5 By-Laws of the Company (filed by incorporation by reference to Exhibit 3(ii).1 to the Company's Form 10-Q for the quarter ended March 31, 1993, Commission File No. 1-3053).
4 Letter agreement dated March 29, 1991 of the Company to furnish to the Commission upon request copies of certain instruments with respect to long-term debt (filed by incorporation by reference to Exhibit 4 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.1 Champion International Corporation 1986 Management Incentive Program, consisting of the 1986 Stock Option Plan and the 1986 Contingent Compensation Plan (filed by incorporation by reference to Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1986, Commission File No. 1-3053).
+10.2 Amendment to Champion International Corporation 1986 Management Incentive Program (filed by incorporation by reference to Exhibit 10.1 to the Company's Form 10-Q for the quarter ended March 31, 1993, Commission File No. 1-3053).
+10.3 Champion International Corporation Supplemental Retirement Income Plan (filed by incorporation by reference to Exhibit 10.7 to the Company's Form 10-K for the fiscal year ended December 31, 1989, Commission File No. 1-3053).
+10.4 Amendment dated as of January 1, 1994 to Champion International Corporation Supplemental Retirement Income Plan (filed by incorporation by reference to Exhibit 10.6 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.5 Champion International Corporation Nonqualified Supplemental Savings Plan (filed by incorporation by reference to Exhibit 10.2 to the Company's Form 10-Q for the quarter ended September 30, 1994, Commission File No. 1-3053).
+10.6 Supplemental Retirement and Death Payments Agreement dated as of August 1, 1964, as amended by letter agreement dated January 9, 1965, between the Company and Mr. Sigler (filed by incorporation by reference to Exhibit 10.8 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.7 Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987, providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.8 Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Sigler providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 19.2 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.9 Amendment dated as of April 21, 1988 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to
Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
+10.10 Amendment dated as of August 18, 1988 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.10 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.11 Amendment dated as of August 18, 1988 to Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Sigler (filed by incorporation by reference to Exhibit 10.11 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.12 Amendment dated as of September 19, 1991 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.12 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.13 Amendment dated as of November 17, 1994 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.14 Agreement dated November 17, 1994 between the Company and Mr. Sigler relating to post-employment consulting services (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.15 Agreement dated as of August 18, 1988 between the Company and Mr. Heist providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 10.17 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.16 Agreement Relating to Legal Expenses dated August 18, 1988 between the Company and Mr. Heist providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.18 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.17 Amendment dated as of September 19, 1991 to Agreement dated as of August 18, 1988 between the Company and Mr. Heist (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.18 Agreement dated as of October 18, 1990 between the Company and Mr. Nichols providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.19 Agreement Relating to Legal Expenses dated October 18, 1990 between the Company and Mr. Nichols providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.17 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.20 Amendment dated as of September 19, 1991 to Agreement dated as of October 18, 1990 between the Company and Mr. Nichols (filed by incorporation by reference to Exhibit 10.18 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.21 Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield providing certain severance arrangements (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1987, Commission File No. 1-3053).
+10.22 Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Burchfield providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1987, Commission File No. 1-3053).
+10.23 Amendment dated as of April 21, 1988 to Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield (filed by incorporation by reference to Exhibit 19.5 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
+10.24 Amendment dated as of September 19, 1991 to Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield (filed by incorporation by reference to Exhibit 10.22 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.25 Agreement dated as of August 18, 1988 between the Company and Mr. Olson providing certain severance arrangements (filed by incorporation by reference to Exhibit 10.23 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.26 Agreement Relating to Legal Expenses dated August 18, 1988 between the Company and Mr. Olson providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.24 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.27 Amendment dated as of September 19, 1991 to Agreement dated as of August 18, 1988 between the Company and Mr. Olson (filed by incorporation by reference to Exhibit 10.28 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.28 Trust Agreement dated as of February 19, 1987 between the Company and Fleet National Bank of Connecticut securing certain payments under the contracts listed as Exhibit Numbers 10.7 through 10.27, among others, following a change in control of the Company (filed by incorporation by reference to Exhibit 19.11 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.29 Amendment dated as of August 18, 1988 to Trust Agreement dated as of February 19, 1987 between the Company and Fleet National Bank of Connecticut (filed by incorporation by reference to Exhibit 10.29 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.30 Champion International Corporation Executive Life Insurance Plan (filed by incorpor-
ation by reference to Exhibit 10.27 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.31 Amendment dated as of January 1, 1994 to Champion International Corporation Executive Life Insurance Plan (filed by incorporation by reference to Exhibit 10.33 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.32 Extract from the minutes of the meeting of the Board of Directors of the Company held on October 18, 1979 relating to the $50,000 of group term life insurance provided by the Company for non- employee directors (filed by incorporation by reference to Exhibit 10.28 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.33 Resolutions of the Board of Directors of the Company adopted on September 19, 1991 relating to the compensation of directors (filed by incorporation by reference to Exhibit 19 to the Company's Form 10-Q for the quarter ended September 30, 1991, Commission File No. 1-3053).
+10.34 Resolutions of the Board of Directors of the Company adopted on August 18, 1994 relating to the compensation of directors (filed by incorporation by reference to Exhibit 10.1 to the Company's Form 10-Q for the quarter ended September 30, 1994, Commission File No. 1-3053).
+10.35 Retirement Plan for Outside Directors (filed by incorporation by reference to Exhibit 19 to the Company's Form 10-Q for the quarter ended September 30, 1992, Commission File No. 1-3053).
*11 Schedule showing calculation of primary earnings per common share and fully diluted earnings per common share.
*13 Portions of the Company's 1995 Annual Report which are specifically incorporated by reference herein.
*21 List of significant subsidiaries of the Company.
*23.1 Opinion and Consent of the Senior Vice President and General Counsel of the Company.
*23.2 Consent of Arthur Andersen LLP.
*24 Power of Attorney relating to the execution and filing of this Annual Report on Form 10-K and all amendments hereto.
*27 Financial Data Schedule.
(d) Reports on Form 8-K. The Company filed a Current Report on Form 8-K dated October 9, 1995 reporting the issuance of a press release announcing certain unaudited consolidated financial results of the Company for the three months and nine months ended September 30, 1995, with the consolidated statement of income for the three months and nine months ended September 30, 1995 and September 30, 1994 and consolidated balance sheet as of September 30, 1995 and December 31, 1994 as exhibits thereto. The Company filed a Current Report on Form 8-K dated November 7, 1995 reporting the sale of $200,000,000 principal amount of the Company's 7.35% Debentures due November 1, 2025, pursuant to the Company's shelf registration statement (No. 33-51217).
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 29th day of March, 1996.
CHAMPION INTERNATIONAL CORPORATION (Registrant)
By /s/ Lawrence A. Fox ------------------------------- (Lawrence A. Fox) Vice President and Secretary
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
A power of attorney authorizing Lawrence A. Fox, Marvin H. Ginsky and Andrew C. Sigler and each of them to sign this Report and all amendments hereto as attorneys-in-fact for officers and directors of the registrant is filed as Exhibit 24 hereto.
EXHIBIT INDEX
Each Exhibit is listed according to the number assigned to it in the Exhibit Table of Item 601 of Regulation S-K. The Exhibit numbers preceded by an asterisk (*) indicate Exhibits physically filed with this Annual Report on Form 10-K. All other Exhibit numbers indicate Exhibits filed by incorporation by reference herein. Exhibit numbers 10.1 through 10.35, which are preceded by a plus sign (+), are management contracts or compensatory plans or arrangements.
Exhibit Number Description - -------------- -----------
3.1 Restated Certificate of Incorporation of the Company, filed in the State of New York on October 20, 1986 (filed by incorporation by reference to Exhibit 3.1 to the Company's Form 10-K for the fiscal year ended December 31, 1986, Commission File No. 1-3053).
3.2 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on July 18, 1988 (filed by incorporation by reference to Exhibit 4.1 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
3.3 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on December 6, 1989 (filed by incorporation by reference to Exhibit 4.1 to the Company's Form 8-K dated December 14, 1989, Commission File No. 1-3053).
3.4 Certificate of Amendment of Restated Certificate of Incorporation of the Company, filed in the State of New York on December 21, 1989 (filed by incorporation by reference to Exhibit 3.4 to the Company's Form 10-K for the fiscal year ended December 31, 1989, Commission File No. 1-3053).
3.5 By-Laws of the Company (filed by incorporation by reference to Exhibit 3(ii).1 to the Company's Form 10-Q for the quarter ended March 31, 1993, Commission File No. 1-3053).
4 Letter agreement dated March 29, 1991 of the Company to furnish to the Commission upon request copies of certain instruments with respect to long-term debt (filed by incorporation by reference to Exhibit 4 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.1 Champion International Corporation 1986 Management Incentive Program, consisting of the 1986 Stock Option Plan and the 1986 Contingent Compensation Plan (filed by incorporation by reference to Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1986, Commission File No. 1-3053).
+10.2 Amendment to Champion International Corporation 1986 Management Incentive Program (filed by incorporation by reference to Exhibit 10.1 to the Company's Form 10-Q for the quarter ended March 31, 1993, Commission File No. 1-3053).
+10.3 Champion International Corporation Supplemental Retirement Income Plan (filed by incorporation by reference to Exhibit 10.7 to the Company's Form 10-K for the fiscal year ended December 31, 1989, Commission File No. 1-3053).
+10.4 Amendment dated as of January 1, 1994 to Champion International Corporation Supplemental Retirement Income Plan (filed by incorporation by reference to Exhibit 10.6 to the Company's Form 10-K for the fiscal year ended December 31, 1994,
Exhibit Number Description - -------------- -----------
Commission File No. 1-3053).
+10.5 Champion International Corporation Nonqualified Supplemental Savings Plan (filed by incorporation by reference to Exhibit 10.2 to the Company's Form 10-Q for the quarter ended September 30, 1994, Commission File No. 1-3053).
+10.6 Supplemental Retirement and Death Payments Agreement dated as of August 1, 1964, as amended by letter agreement dated January 9, 1965, between the Company and Mr. Sigler (filed by incorporation by reference to Exhibit 10.8 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.7 Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987, providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.8 Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Sigler providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 19.2 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.9 Amendment dated as of April 21, 1988 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 19.1 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
+10.10 Amendment dated as of August 18, 1988 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.10 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.11 Amendment dated as of August 18, 1988 to Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Sigler (filed by incorporation by reference to Exhibit 10.11 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.12 Amendment dated as of September 19, 1991 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.12 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.13 Amendment dated as of November 17, 1994 to Restated Agreement between the Company and Mr. Sigler, as amended as of February 19, 1987 (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.14 Agreement dated November 17, 1994 between the Company and Mr. Sigler relating to post-employment consulting services (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
Exhibit Number Description - -------------- -----------
+10.15 Agreement dated as of August 18, 1988 between the Company and Mr. Heist providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 10.17 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.16 Agreement Relating to Legal Expenses dated August 18, 1988 between the Company and Mr. Heist providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.18 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.17 Amendment dated as of September 19, 1991 to Agreement dated as of August 18, 1988 between the Company and Mr. Heist (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.18 Agreement dated as of October 18, 1990 between the Company and Mr. Nichols providing certain employment, severance and retirement arrangements (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.19 Agreement Relating to Legal Expenses dated October 18, 1990 between the Company and Mr. Nichols providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.17 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.20 Amendment dated as of September 19, 1991 to Agreement dated as of October 18, 1990 between the Company and Mr. Nichols (filed by incorporation by reference to Exhibit 10.18 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.21 Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield providing certain severance arrangements (filed by incorporation by reference to Exhibit 10.15 to the Company's Form 10-K for the fiscal year ended December 31, 1987, Commission File No. 1-3053).
+10.22 Agreement Relating to Legal Expenses dated February 19, 1987 between the Company and Mr. Burchfield providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.16 to the Company's Form 10-K for the fiscal year ended December 31, 1987, Commission File No. 1-3053).
+10.23 Amendment dated as of April 21, 1988 to Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield (filed by incorporation by reference to Exhibit 19.5 to the Company's Form 10-Q for the quarter ended June 30, 1988, Commission File No. 1-3053).
+10.24 Amendment dated as of September 19, 1991 to Agreement dated as of February 19, 1987 between the Company and Mr. Burchfield (filed by incorporation by reference to Exhibit 10.22 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
Exhibit Number Description - -------------- -----------
+10.25 Agreement dated as of August 18, 1988 between the Company and Mr. Olson providing certain severance arrangements (filed by incorporation by reference to Exhibit 10.23 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.26 Agreement Relating to Legal Expenses dated August 18, 1988 between the Company and Mr. Olson providing reimbursement of certain legal expenses following a change in control of the Company (filed by incorporation by reference to Exhibit 10.24 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.27 Amendment dated as of September 19, 1991 to Agreement dated as of August 18, 1988 between the Company and Mr. Olson (filed by incorporation by reference to Exhibit 10.28 to the Company's Form 10-K for the fiscal year ended December 31, 1991, Commission File No. 1-3053).
+10.28 Trust Agreement dated as of February 19, 1987 between the Company and Fleet National Bank of Connecticut securing certain payments under the contracts listed as Exhibit Numbers 10.7 through 10.27, among others, following a change in control of the Company (filed by incorporation by reference to Exhibit 19.11 to the Company's Form 10-Q for the quarter ended June 30, 1987, Commission File No. 1-3053).
+10.29 Amendment dated as of August 18, 1988 to Trust Agreement dated as of February 19, 1987 between the Company and Fleet National Bank of Connecticut (filed by incorporation by reference to Exhibit 10.29 to the Company's Form 10-K for the fiscal year ended December 31, 1988, Commission File No. 1-3053).
+10.30 Champion International Corporation Executive Life Insurance Plan (filed by incorporation by reference to Exhibit 10.27 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.31 Amendment dated as of January 1, 1994 to Champion International Corporation Executive Life Insurance Plan (filed by incorporation by reference to Exhibit 10.33 to the Company's Form 10-K for the fiscal year ended December 31, 1994, Commission File No. 1-3053).
+10.32 Extract from the minutes of the meeting of the Board of Directors of the Company held on October 18, 1979 relating to the $50,000 of group term life insurance provided by the Company for non- employee directors (filed by incorporation by reference to Exhibit 10.28 to the Company's Form 10-K for the fiscal year ended December 31, 1990, Commission File No. 1-3053).
+10.33 Resolutions of the Board of Directors of the Company adopted on September 19, 1991 relating to the compensation of directors (filed by incorporation by reference to Exhibit 19 to the Company's Form 10-Q for the quarter ended September 30, 1991, Commission File No. 1-3053).
+10.34 Resolutions of the Board of Directors of the Company adopted on August 18, 1994 relating to the compensation of directors (filed by incorporation by reference to Exhibit 10.1 to the Company's Form 10-Q for the quarter ended September 30, 1994, Commission File No. 1-3053).
Exhibit Number Description - -------------- -----------
+10.35 Retirement Plan for Outside Directors (filed by incorporation by reference to Exhibit 19 to the Company's Form 10-Q for the quarter ended September 30, 1992, Commission File No. 1-3053).
*11 Schedule showing calculation of primary earnings per common share and fully diluted earnings per common share.
*13 Portions of the Company's 1995 Annual Report which are specifically incorporated by reference herein.
*21 List of significant subsidiaries of the Company.
*23.1 Opinion and Consent of the Senior Vice President and General Counsel of the Company.
*23.2 Consent of Arthur Andersen LLP.
*24 Power of Attorney relating to the execution and filing of this Annual Report on Form 10-K and all amendments hereto.
*27 Financial Data Schedule.