1 UNITED STATES SECURITIES AND EXCHANGE COMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT - SEPTEMBER 22, 2000 COMMISSION FILE NUMBER 1-6780 RAYONIER INC. Incorporated in the State of North Carolina I.R.S. Employer Identification Number 13-2607329 50 North Laura Street, Jacksonville, Florida 32202 (Principal Executive Office) Telephone Number: (904) 357-9100
2 RAYONIER INC. TABLE OF CONTENTS PAGE Item 5. Other Events 1 Item 7. Financial Statements and Exhibits 1 Signature 1 Exhibit Index 2 i
3 ITEM 5. OTHER EVENTS Incorporated by reference is a news release issued by the Registrant two weeks ago on September 22, 2000, attached as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS See Exhibit Index on Page 2. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. RAYONIER INC. (Registrant) BY /s/ George C. Kay ---------------------- George C. Kay Vice President and Corporate Controller October 6, 2000 1
4 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION LOCATION - ----------- ----------- -------- 99.1 News Release issued Filed herewith September 22, 2000 2
1 EXHIBIT 99.1 FOR RELEASE AT 4:15 P.M. For further information FRIDAY, SEPTEMBER 22, 2000 Media Contact: Jay A. Fredericksen 904-357-9106 Investor Contact: Parag Bhansali 904-357-9155 RAYONIER LOWERS EARNINGS ESTIMATE --------------------------------- JACKSONVILLE, FL September 22, 2000 -- Rayonier (NYSE:RYN) said today its third quarter earnings will be below the First Call consensus estimate due to a slowing U.S. economy and a strong dollar which has resulted in lower wood products' prices, reduced demand for timber, and foreign exchange translation losses. Fourth quarter results also are expected to be affected. The Company said demand remains strong for its specialty pulp products, although the appreciated U.S. dollar may delay or preclude a fourth quarter price increase for its fluff pulps. Rayonier said third quarter earnings could be 5 to 7 cents per share below the September 22 First Call consensus estimate of 49 cents per share, with the earnings shortfall from operations partially offset by a lower effective tax rate due to the favorable resolution of outstanding tax issues and an improved current year tax provision. The Company plans to issue its third quarter earnings' announcement on October 23 after the market closes. Rayonier is a global supplier of specialty pulps, timber and wood products. The company has 2.4 million acres of timber in the U.S. and New Zealand. About half of Rayonier's sales are to international customers in 60 countries. Comments about market trends, anticipated earnings, price changes and other future activities are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The following important factors, 3
2 among others, could cause actual results to differ materially from those expressed in the forward-looking statements: changes in global market trends; interest rate and currency movements; fluctuations in demand for specialty chemical cellulose and fluff pulps, export and domestic logs, and wood products; the impact of such market factors on the Company's timber sales in the U.S. and New Zealand; adverse weather conditions; changes in production costs for wood products and for specialty pulps, particularly for raw materials such as wood and chemicals; and governmental policies and regulations affecting the environment, import and export controls and taxes. For further information about Rayonier, visit the company's web site at www.rayonier.com. Complimentary copies of Rayonier press releases and other financial documents are available by mail or fax by calling 1-800-RYN-7611. # # # 4