SEATTLE, Sep 15, 2003 (BUSINESS WIRE) -- Plum Creek TimberCompany, Inc. (NYSE:PCL) today reiterated its guidance for thirdquarter earnings of $0.23 to $0.28 per share despite expensing $5million, or $0.03 per share, related to fire losses on company landsin western Montana.
During the quarter, the Company experienced fires on approximately45,000 acres, or 0.5 percent, of the Company's timberlands resultingin a $5 million fire loss expense. A significant portion of thestanding timber on the land will be salvaged in the coming months.
The extreme fire risk in the Rockies this season led the Companyto halt timber operations in the region during August. Additionally,unusually wet weather in the southeastern United States reduced accessto timberlands during the quarter. As a result, anticipated harvestlevels are somewhat lower than expected in the Company's Northern andSouthern Resource segments.
Plum Creek is one of the largest land and timber owners in thenation, with over eight million acres of timberlands in major timberproducing regions of the United States and 10 wood productsmanufacturing facilities in the Northwest.
This press release contains forward-looking statements within themeaning of the Private Litigation Reform Act of 1995 as amended. Someof these forward-looking statements can be identified by the use offorward-looking words such as "believes," "expects," "may," "will,""should," "seek," "approximately," "intends," "plans," "estimates," or"anticipates," or the negative of those words or other comparableterminology. The accuracy of such statements is subject to a number ofrisks, uncertainties and assumptions including, but not limited to,the cyclical nature of the forest products industry, our ability toharvest our timber, our ability to execute our acquisition strategy,and various regulatory constraints. These and other risks,uncertainties and assumptions are detailed from time to time in ourfilings with the Securities and Exchange Commission under theSecurities Exchange Act of 1934, as amended, and the Securities Act of1933, as amended. It is likely that if one or more of the risksmaterializes, or if one or more assumptions proves to be incorrect,the current expectations of Plum Creek and its management will not berealized. Forward-looking statements are not guarantees ofperformance, and speak only as of the date made, and neither PlumCreek nor its management undertakes any obligation to update or reviseany forward-looking statements.
SOURCE: Plum Creek Timber Company, Inc.
Plum Creek Timber Company, Inc.
John Hobbs, 1-800-858-5347
Kathy Budinick, 206-467-3620