Plum Creek Legacy News Releases
Plum Creek Timber Company, Inc. Reports Results for Second Quarter 2012
Jul 30, 2012
SEATTLE--(BUSINESS WIRE)--Jul. 30, 2012--
Earnings for the first six months of 2012 were
Adjusted EBITDA, a non-GAAP measure of operating performance, for the first six months of 2012 was
“Earnings in our timber and manufacturing businesses improved over the past year,” said
Review of Operations
The Northern Resources segment reported operating income of
Operating income in the Southern Resources segment was
The Manufacturing segment reported
Outlook
Business conditions in most of the company’s business segments have improved slowly over the past year. The company expects a slow pace of recovery to continue through the remainder of the year.
The company expects its full-year harvest to approximate 17.5 million tons, including approximately 700,000 tons from our recent timber deed acquisition. This is at the high end of the company’s original harvest projection of 16.5 to 17.5 million tons for 2012. The increase is comprised of pulpwood, primarily the result of increased yields from the thinning of young timber stands.
During the third quarter, harvests in the Northern Resources segment are expected to increase seasonally from their second quarter low while the Southern harvest is expected to be similar to the second quarter’s level.
Third quarter Real Estate segment sales are expected to be between
Manufacturing results are expected to decline slightly from the second quarter’s level.
“Our operations are performing well and we look forward to continued growth in the second half of the year, but believe a stronger recovery in the nation’s economy is more likely in 2013,” continued Holley. “We’re maintaining our earnings guidance for the year at
“We continue to manage the company to maximize the long-term value of our shareholders’ investment. To accomplish this, nothing is more important than continued disciplined capital allocation. We will continue to evaluate all our opportunities to maximize shareholder value through share repurchase, debt reduction, or timberland acquisition; whatever creates the most value for our shareholders,” concluded Holley.
Earnings Conference Call and Supplemental Information
Plum Creek will hold a conference call today,
Investors without Internet access should dial 1-800-572-9852 at least 10 minutes prior to the start of the call, referencing Plum Creek’s earnings conference call. Those wishing to access the call from outside
Supplemental financial information for Plum Creek operations, including statistical data and reconciliations to non-GAAP measures is available in the Investors section of Plum Creek’s website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.plumcreek.com&esheet=50358359&lan=en-US&anchor=www.plumcreek.com&index=2&md5=73e71b8224ee23695426eb97f5f5253a.
Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 6.5 million acres of timberlands in major timber producing regions of
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seek," "approximately," "intends," "plans," "estimates," or "anticipates," or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the cyclical nature of the forest products industry, our ability to harvest our timber, our ability to execute our acquisition strategy, the market for and our ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better uses, and various regulatory constraints. These and other risks, uncertainties and assumptions are detailed from time to time in our filings with the
PLUM CREEK TIMBER COMPANY, INC. | |||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||
(UNAUDITED) | |||||||
(In Millions, Except Per Share Amounts) | Six Months Ended June 30, | ||||||
2012 | 2011 | ||||||
REVENUES: | |||||||
Timber | $ | 312 | $ | 267 | |||
Real Estate | 147 | 141 | |||||
Manufacturing | 161 | 141 | |||||
Other | 11 | 10 | |||||
Total Revenues | 631 | 559 | |||||
COSTS AND EXPENSES: | |||||||
Cost of Goods Sold: | |||||||
Timber | 244 | 208 | |||||
Real Estate | 84 | 49 | |||||
Manufacturing | 143 | 128 | |||||
Other | 1 | 1 | |||||
Total Cost of Goods Sold | 472 | 386 | |||||
Selling, General and Administrative | 55 | 53 | |||||
Total Costs and Expenses | 527 | 439 | |||||
Other Operating Income (Expense), net | 1 | 3 | |||||
Operating Income | 105 | 123 | |||||
Equity Earnings from Timberland Venture | 28 | 30 | |||||
Interest Expense, net: | |||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 40 | 41 | |||||
Interest Expense (Note Payable to Timberland Venture) | 29 | 29 | |||||
Total Interest Expense, net | 69 | 70 | |||||
Income before Income Taxes | 64 | 83 | |||||
Provision (Benefit) for Income Taxes | (1 | ) | 1 | ||||
Net Income | $ | 65 | $ | 82 | |||
PER SHARE AMOUNTS: | |||||||
Net Income per Share – Basic | $ | 0.40 | $ | 0.51 | |||
Net Income per Share – Diluted | $ | 0.40 | $ | 0.50 | |||
Weighted-Average Number of Shares Outstanding | |||||||
– Basic | 161.4 | 161.9 | |||||
– Diluted | 161.7 | 162.2 | |||||
PLUM CREEK TIMBER COMPANY, INC. | |||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||
(UNAUDITED) | |||||||
(In Millions, Except Per Share Amounts) | Quarter Ended June 30, | ||||||
2012 | 2011 | ||||||
REVENUES: | |||||||
Timber | $ | 157 | $ | 126 | |||
Real Estate | 47 | 79 | |||||
Manufacturing | 85 | 74 | |||||
Other | 5 | 5 | |||||
Total Revenues | 294 | 284 | |||||
COSTS AND EXPENSES: | |||||||
Cost of Goods Sold: | |||||||
Timber | 123 | 101 | |||||
Real Estate | 16 | 27 | |||||
Manufacturing | 73 | 67 | |||||
Other | 1 | 1 | |||||
Total Cost of Goods Sold | 213 | 196 | |||||
Selling, General and Administrative | 27 | 25 | |||||
Total Costs and Expenses | 240 | 221 | |||||
Other Operating Income (Expense), net | 1 | — | |||||
Operating Income | 55 | 63 | |||||
Equity Earnings from Timberland Venture | 15 | 16 | |||||
Interest Expense, net: | |||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 19 | 20 | |||||
Interest Expense (Note Payable to Timberland Venture) | 15 | 15 | |||||
Total Interest Expense, net | 34 | 35 | |||||
Income before Income Taxes | 36 | 44 | |||||
Provision (Benefit) for Income Taxes | — | — | |||||
Net Income | $ | 36 | $ | 44 | |||
PER SHARE AMOUNTS: | |||||||
Net Income per Share – Basic | $ | 0.22 | $ | 0.27 | |||
Net Income per Share – Diluted | $ | 0.22 | $ | 0.27 | |||
Weighted-Average Number of Shares Outstanding | |||||||
– Basic | 161.5 | 162.0 | |||||
– Diluted | 161.7 | 162.3 | |||||
PLUM CREEK TIMBER COMPANY, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(UNAUDITED) | ||||||||
June 30, | December 31, | |||||||
(In Millions, Except Per Share Amounts) | 2012 | 2011 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 260 | $ | 254 | ||||
Accounts Receivable | 36 | 28 | ||||||
Inventories | 46 | 48 | ||||||
Deferred Tax Asset | 6 | 6 | ||||||
Assets Held for Sale | 76 | 103 | ||||||
Other Current Assets | 15 | 15 | ||||||
439 | 454 | |||||||
Timber and Timberlands, net | 3,431 | 3,377 | ||||||
Property, Plant and Equipment, net | 131 | 138 | ||||||
Equity Investment in Timberland Venture | 201 | 201 | ||||||
Deferred Tax Asset | 18 | 17 | ||||||
Investment in Grantor Trusts (at Fair Value) | 37 | 36 | ||||||
Other Assets | 37 | 36 | ||||||
Total Assets | $ | 4,294 | $ | 4,259 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 176 | $ | 352 | ||||
Line of Credit | 451 | 348 | ||||||
Accounts Payable | 24 | 25 | ||||||
Interest Payable | 26 | 26 | ||||||
Wages Payable | 11 | 20 | ||||||
Taxes Payable | 13 | 9 | ||||||
Deferred Revenue | 36 | 27 | ||||||
Other Current Liabilities | 8 | 8 | ||||||
745 | 815 | |||||||
Long-Term Debt | 1,467 | 1,290 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 97 | 108 | ||||||
Total Liabilities | 3,092 | 2,996 | ||||||
Commitments and Contingencies | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred Stock, $0.01 Par Value, Authorized Shares – 75.0, Outstanding – None | — | — | ||||||
Common Stock, $0.01 Par Value, Authorized Shares – 300.6, Outstanding (net of Treasury Stock) – 161.5 at June 30, 2012 and 161.3 at December 31, 2011 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,269 | 2,261 | ||||||
Retained Earnings (Accumulated Deficit) | (99 | ) | (28 | ) | ||||
Treasury Stock, at Cost, Common Shares – 26.9 at June 30, 2012 and 26.9 at December 31, 2011 | (938 | ) | (937 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (32 | ) | (35 | ) | ||||
Total Stockholders’ Equity | 1,202 | 1,263 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,294 | $ | 4,259 | ||||
PLUM CREEK TIMBER COMPANY, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
Six Months Ended June 30, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 65 | $ | 82 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 56 | 44 | ||||||
Basis of Real Estate Sold | 75 | 43 | ||||||
Equity Earnings from Timberland Venture | (28 | ) | (30 | ) | ||||
Distributions from Timberland Venture | 28 | 28 | ||||||
Deferred Income Taxes | (1 | ) | 4 | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (5 | ) | 12 | |||||
Timber Deed Acquired | (98 | ) | — | |||||
Pension Plan Contributions | (7 | ) | — | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | (35 | ) | |||||
Other Working Capital Changes | (2 | ) | 4 | |||||
Other | 6 | 5 | ||||||
Net Cash Provided By Operating Activities | 89 | 157 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (35 | ) | (28 | ) | ||||
Timberlands and Minerals Acquired | (13 | ) | (12 | ) | ||||
Other | (1 | ) | — | |||||
Net Cash Used In Investing Activities | (49 | ) | (40 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (136 | ) | (136 | ) | ||||
Borrowings on Line of Credit | 1,129 | 555 | ||||||
Repayments on Line of Credit | (1,026 | ) | (494 | ) | ||||
Debt Issuance Costs | (3 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | — | (49 | ) | |||||
Proceeds from Stock Option Exercises | 3 | 9 | ||||||
Acquisition of Treasury Stock | (1 | ) | (1 | ) | ||||
Net Cash Used In Financing Activities | (34 | ) | (116 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 6 | 1 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 254 | 252 | ||||||
End of Period | $ | 260 | $ | 253 | ||||
PLUM CREEK TIMBER COMPANY, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(UNAUDITED) | ||||||||
Quarter Ended June 30, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 36 | $ | 44 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 29 | 22 | ||||||
Basis of Real Estate Sold | 12 | 24 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | (16 | ) | ||||
Deferred Income Taxes | — | 1 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (3 | ) | 5 | |||||
Pension Plan Contributions | (7 | ) | — | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | (35 | ) | |||||
Other Working Capital Changes | 28 | 34 | ||||||
Other | 3 | 2 | ||||||
Net Cash Provided By Operating Activities | 83 | 81 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (17 | ) | (16 | ) | ||||
Timberlands and Minerals Acquired | (11 | ) | (12 | ) | ||||
Net Cash Used In Investing Activities | (28 | ) | (28 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (68 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 370 | 310 | ||||||
Repayments on Line of Credit | (370 | ) | (298 | ) | ||||
Proceeds from Stock Option Exercises | — | 2 | ||||||
Net Cash Used In Financing Activities | (68 | ) | (54 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (13 | ) | (1 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 273 | 254 | ||||||
End of Period | $ | 260 | $ | 253 | ||||
PLUM CREEK TIMBER COMPANY, INC. | ||||||||||
SEGMENT DATA | ||||||||||
(UNAUDITED) | ||||||||||
Six Months Ended June 30, | ||||||||||
(In Millions) | 2012 | 2011 | ||||||||
Revenues: | ||||||||||
Northern Resources | $ | 120 | $ | 99 | ||||||
Southern Resources | 202 | 173 | ||||||||
Real Estate | 147 | 141 | ||||||||
Manufacturing | 161 | 141 | ||||||||
Other | 11 | 10 | ||||||||
Eliminations | (10 | ) | (5 | ) | ||||||
Total Revenues | $ | 631 | $ | 559 | ||||||
Operating Income (Loss): | ||||||||||
Northern Resources | $ | 10 | $ | 10 | ||||||
Southern Resources | 43 | 34 | ||||||||
Real Estate | 59 | 88 | ||||||||
Manufacturing | 13 | 9 | ||||||||
Other (A) | 9 | 11 | ||||||||
Other Costs and Eliminations, net | (29 | ) | (29 | ) | ||||||
Total Operating Income | $ | 105 | $ | 123 | ||||||
Adjusted EBITDA by Segment: (B) | ||||||||||
Northern Resources | $ | 23 | $ | 21 | ||||||
Southern Resources | 76 | 58 | ||||||||
Real Estate | 135 | 132 | ||||||||
Manufacturing | 20 | 15 | ||||||||
Other | 9 | 11 | ||||||||
Other Costs and Eliminations, net | (29 | ) | (28 | ) | ||||||
Total | $ | 234 | $ | 209 | ||||||
(A) | During the first six months of 2011, the company received a payment of $2 million for | |||||||||
the settlement of a dispute that related to certain mineral rights. This amount is | ||||||||||
reported as Other Operating Gain/(Loss) in our Other Segment and is included in Other | ||||||||||
Operating Income (Expense), net in the Consolidated Statements of Income. | ||||||||||
(B) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of | |||||||||
Adjusted EBITDA to operating income and net cash provided by operating activities. | ||||||||||
PLUM CREEK TIMBER COMPANY, INC. | ||||||||||
SEGMENT DATA | ||||||||||
(UNAUDITED) | ||||||||||
Quarter Ended June 30, | ||||||||||
(In Millions) | 2012 | 2011 | ||||||||
Revenues: | ||||||||||
Northern Resources | $ | 56 | $ | 44 | ||||||
Southern Resources | 105 | 84 | ||||||||
Real Estate | 47 | 79 | ||||||||
Manufacturing | 85 | 74 | ||||||||
Other | 5 | 5 | ||||||||
Eliminations | (4 | ) | (2 | ) | ||||||
Total Revenues | $ | 294 | $ | 284 | ||||||
Operating Income (Loss): | ||||||||||
Northern Resources | $ | 4 | $ | 3 | ||||||
Southern Resources | 22 | 15 | ||||||||
Real Estate | 29 | 50 | ||||||||
Manufacturing | 9 | 5 | ||||||||
Other | 4 | 4 | ||||||||
Other Costs and Eliminations, net | (13 | ) | (14 | ) | ||||||
Total Operating Income | $ | 55 | $ | 63 | ||||||
Adjusted EBITDA by Segment: (A) | ||||||||||
Northern Resources | $ | 10 | $ | 8 | ||||||
Southern Resources | 40 | 27 | ||||||||
Real Estate | 42 | 75 | ||||||||
Manufacturing | 12 | 8 | ||||||||
Other | 4 | 4 | ||||||||
Other Costs and Eliminations, net | (13 | ) | (13 | ) | ||||||
Total | $ | 95 | $ | 109 | ||||||
(A) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of | |||||||||
Adjusted EBITDA to operating income and net cash provided by operating activities. | ||||||||||
Plum Creek Timber Company, Inc |
Segment Data - Adjusted EBITDA |
Reconciliation of Operating Income and Net Cash |
Provided by Operating Activities |
(Unaudited) |
We define Adjusted EBITDA as earnings from continuing operations, excluding equity method earnings, and before interest, taxes, depreciation, depletion, amortization, and basis in lands sold. Adjusted EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (U.S. GAAP) and the items excluded from Adjusted EBITDA are significant components of our consolidated financial statements.
We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.
A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:
Six Months Ended June 30, 2012 (In Millions) | ||||||||||||||||
Depreciation, Depletion | Basis of Real | Adjusted | ||||||||||||||
Operating Income | and Amortization | Estate Sold | EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 10 | $ | 13 | $ | — | $ | 23 | ||||||||
Southern Resources | 43 | 33 | — | 76 | ||||||||||||
Real Estate | 59 | 1 | 75 | 135 | ||||||||||||
Manufacturing | 13 | 7 | — | 20 | ||||||||||||
Other | 9 | — | — | 9 | ||||||||||||
Other Costs and Eliminations | (30 | ) | — | — | (30 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 105 | $ | 54 | $ | 75 | $ | 234 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Interest Expense | (69 | ) | ||||||||||||||
(Provision) / Benefit for Income Taxes | 1 | |||||||||||||||
Equity Earnings from Timberland Venture | 28 | |||||||||||||||
Net Income | $ | 65 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 89 | ||||||||||||||
Interest Expense | 69 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Working Capital Changes | 2 | |||||||||||||||
Distribution from Timberland Venture | (28 | ) | ||||||||||||||
Deferred Income Taxes | 1 | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 5 | |||||||||||||||
Timber Deed Acquired | 98 | |||||||||||||||
Pension Plan Contributions | 7 | |||||||||||||||
Other | (6 | ) | ||||||||||||||
Adjusted EBITDA | $ | 234 | ||||||||||||||
Six Months Ended June 30, 2011 (In Millions) | ||||||||||||||||
Depreciation, Depletion | Basis of Real | Adjusted | ||||||||||||||
Operating Income | and Amortization | Estate Sold | EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 10 | $ | 11 | $ | — | $ | 21 | ||||||||
Southern Resources | 34 | 24 | — | 58 | ||||||||||||
Real Estate | 88 | 1 | 43 | 132 | ||||||||||||
Manufacturing | 9 | 6 | — | 15 | ||||||||||||
Other | 11 | — | — | 11 | ||||||||||||
Other Costs and Eliminations | (30 | ) | 1 | — | (29 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 123 | $ | 43 | $ | 43 | $ | 209 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Interest Expense | (70 | ) | ||||||||||||||
(Provision) / Benefit for Income Taxes | (1 | ) | ||||||||||||||
Equity Earnings from Timberland Venture | 30 | |||||||||||||||
Net Income | $ | 82 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 157 | ||||||||||||||
Interest Expense | 70 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | 1 | |||||||||||||||
Working Capital Changes | 31 | |||||||||||||||
Distribution from Timberland Venture | (28 | ) | ||||||||||||||
Deferred Income Taxes | (4 | ) | ||||||||||||||
Deferred Revenue from Long-Term Gas Leases | (12 | ) | ||||||||||||||
Other | (5 | ) | ||||||||||||||
Adjusted EBITDA | $ | 209 | ||||||||||||||
(1) Includes reconciling items not allocated to segments for financial reporting purposes. | ||||||||||||||||
Quarters Ended June 30, 2012 (In Millions) | ||||||||||||||||
Depreciation, Depletion | Basis of Real | Adjusted | ||||||||||||||
Operating Income | and Amortization | Estate Sold | EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 4 | $ | 6 | $ | — | $ | 10 | ||||||||
Southern Resources | 22 | 18 | — | 40 | ||||||||||||
Real Estate | 29 | 1 | 12 | 42 | ||||||||||||
Manufacturing | 9 | 3 | — | 12 | ||||||||||||
Other | 4 | — | — | 4 | ||||||||||||
Other Costs and Eliminations | (14 | ) | — | — | (14 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 55 | $ | 28 | $ | 12 | $ | 95 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Interest Expense | (34 | ) | ||||||||||||||
(Provision) / Benefit for Income Taxes | — | |||||||||||||||
Equity Earnings from Timberland Venture | 15 | |||||||||||||||
Net Income | $ | 36 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 83 | ||||||||||||||
Interest Expense | 34 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Working Capital Changes | (28 | ) | ||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 3 | |||||||||||||||
Pension Plan Contributions | 7 | |||||||||||||||
Other | (3 | ) | ||||||||||||||
Adjusted EBITDA | $ | 95 | ||||||||||||||
Quarters Ended June 30, 2011 (In Millions) | ||||||||||||||||
Depreciation, Depletion | Basis of Real | Adjusted | ||||||||||||||
Operating Income | and Amortization | Estate Sold | EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 3 | $ | 5 | $ | — | $ | 8 | ||||||||
Southern Resources | 15 | 12 | — | 27 | ||||||||||||
Real Estate | 50 | 1 | 24 | 75 | ||||||||||||
Manufacturing | 5 | 3 | — | 8 | ||||||||||||
Other | 4 | — | — | 4 | ||||||||||||
Other Costs and Eliminations | (14 | ) | 1 | — | (13 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 63 | $ | 22 | $ | 24 | $ | 109 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) / Benefit for Income Taxes | — | |||||||||||||||
Equity Earnings from Timberland Venture | 16 | |||||||||||||||
Net Income | $ | 44 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 81 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Working Capital Changes | 1 | |||||||||||||||
Deferred Income Taxes | (1 | ) | ||||||||||||||
Deferred Revenue from Long-Term Gas Leases | (5 | ) | ||||||||||||||
Other | (2 | ) | ||||||||||||||
Adjusted EBITDA | $ | 109 | ||||||||||||||
(1) Includes reconciling items not allocated to segments for financial reporting purposes. | ||||||||||||||||
Click Here for 2nd Quarter 2012 Financial Supplements (in PDF)
Source:
Plum Creek Timber Company, Inc.
Investors: John Hobbs, 1-800-858-5347
Media: Kathy Budinick, 1-888-467-3751