Plum Creek Timber Company, Inc.
999 Third Avenue
Suite 4300
Seattle, Washington 98104
206 467 3600
News Release
For more information contact: | |
For immediate release | Investors: John Hobbs 1-800-858-5347 |
October 20, 2003 | Media: Kathy Budinick 1-206-467-3620 |
Plum Creek Timber Company, Inc. Reports Results for Third
Quarter and Nine Months 2003
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine months Ended | ||||||||
September 30, 2003 | September 30, 2002 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 473 | $ | 481 | ||||
Real Estate | 108 | 79 | ||||||
Manufacturing | 292 | 291 | ||||||
Other | 8 | 5 | ||||||
Total Revenues | 881 | 856 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 248 | 232 | ||||||
Real Estate | 65 | 29 | ||||||
Manufacturing | 294 | 278 | ||||||
Other | 3 | 1 | ||||||
Total Cost of Goods Sold | 610 | 540 | ||||||
Selling, General and Administrative | 56 | 53 | ||||||
Total Costs and Expenses | 666 | 593 | ||||||
Operating Income | 215 | 263 | ||||||
Interest Expense, net | 86 | 77 | ||||||
Income before Income Taxes | 129 | 186 | ||||||
Benefit (Provision) for Income Taxes | 7 | (7 | ) | |||||
Net Income | $ | 136 | $ | 179 | ||||
Net Income per Share - Basic | $ | 0.74 | $ | 0.97 | ||||
Net Income per Share - Diluted | $ | 0.74 | $ | 0.97 | ||||
Weighted average number of Shares outstanding - Basic | 183.4 | 184.7 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.0 | 185.4 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2003 | September 30, 2002 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 158 | $ | 170 | ||||
Real Estate | 28 | 38 | ||||||
Manufacturing | 101 | 101 | ||||||
Other | 3 | 1 | ||||||
Total Revenues | 290 | 310 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 88 | 87 | ||||||
Real Estate | 10 | 11 | ||||||
Manufacturing | 99 | 95 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 198 | 194 | ||||||
Selling, General and Administrative | 20 | 19 | ||||||
Total Costs and Expenses | 218 | 213 | ||||||
Operating Income | 72 | 97 | ||||||
Interest Expense, net | 29 | 25 | ||||||
Income before Income Taxes | 43 | 72 | ||||||
Benefit (Provision) for Income Taxes | 2 | (2 | ) | |||||
Net Income | $ | 45 | $ | 70 | ||||
Net Income per Share - Basic | $ | 0.25 | $ | 0.38 | ||||
Net Income per Share - Diluted | $ | 0.25 | $ | 0.38 | ||||
Weighted average number of Shares outstanding - Basic | 183.0 | 184.8 | ||||||
Weighted average number of Shares outstanding - Diluted | 183.7 | 185.5 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
September 30, 2003 | December 31, 2002 | |||||||
(In Millions) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 281 | $ | 246 | ||||
Restricted Advance from Customer | 16 | 4 | ||||||
Accounts Receivable | 37 | 33 | ||||||
Inventories | 47 | 58 | ||||||
Investment in Grantor Trust | 13 | 10 | ||||||
Deferred Tax Asset | 12 | 11 | ||||||
Other Current Assets | 18 | 16 | ||||||
424 | 378 | |||||||
Timber and Timberlands - Net | 3,584 | 3,599 | ||||||
Property, Plant and Equipment - Net | 303 | 307 | ||||||
Other Assets | 6 | 5 | ||||||
Total Assets | $ | 4,317 | $ | 4,289 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 33 | $ | 33 | ||||
Accounts Payable | 29 | 25 | ||||||
Interest Payable | 37 | 21 | ||||||
Wages Payable | 19 | 23 | ||||||
Taxes Payable | 16 | 11 | ||||||
Deferred Revenue | 31 | 18 | ||||||
Liabilities Associated with Grantor Trust | 13 | 10 | ||||||
Other Current Liabilities | 17 | 14 | ||||||
195 | 155 | |||||||
Long-Term Debt | 1,439 | 1,170 | ||||||
Lines of Credit | 491 | 669 | ||||||
Deferred Tax Liability | 36 | 44 | ||||||
Other Liabilities | 29 | 29 | ||||||
Total Liabilities | 2,190 | 2,067 | ||||||
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 - 300.0, | ||||||||
issued (including Treasury Stock) - 185.0 at September 30, 2003 | ||||||||
and 184.9 at December 31, 2002 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,152 | 2,197 | ||||||
Retained Earnings | 16 | 23 | ||||||
Treasury Stock, at cost, Common shares - 2.0 at | ||||||||
September 30, 2003 | (43 | ) | -- | |||||
Total Stockholders' Equity | 2,127 | 2,222 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,317 | $ | 4,289 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine months Ended | ||||||||
September 30, 2003 | September 30, 2002 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 136 | $ | 179 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Including $4 Loss Related | ||||||||
to Forest Fires) | 79 | 78 | ||||||
Basis of Real Estate Sold (Including $9 Impairment Loss) | 57 | 24 | ||||||
Deferred Income Taxes | (8 | ) | 6 | |||||
Working Capital Changes | 33 | 13 | ||||||
Other | 2 | 6 | ||||||
Net Cash Provided By Operating Activities | 299 | 306 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions (Excluding Tax-Deferred Exchanges) | (94 | ) | (73 | ) | ||||
Timberlands Acquired with Tax-Deferred Exchange Proceeds, Net | (25 | ) | (13 | ) | ||||
Net Cash Used In Investing Activities | (119 | ) | (86 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (193 | ) | (211 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 1,664 | 1,151 | ||||||
Repayments of Long-term Debt and Lines of Credit | (1,574 | ) | (1,100 | ) | ||||
Proceeds from Stock Option Exercises | 1 | 17 | ||||||
Acquisition of Treasury Stock | (43 | ) | -- | |||||
Net Cash Used In Financing Activities | (145 | ) | (143 | ) | ||||
Increase In Cash and Cash Equivalents | 35 | 77 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 246 | 193 | ||||||
End of Period | $ | 281 | $ | 270 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2003 | September 30, 2002 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 45 | $ | 70 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Including $4 Loss | ||||||||
Related to Forest Fires) | 28 | 28 | ||||||
Basis of Real Estate Sold | 8 | 8 | ||||||
Deferred Income Taxes | (3 | ) | 2 | |||||
Working Capital Changes | 28 | 19 | ||||||
Other | 3 | 4 | ||||||
Net Cash Provided By Operating Activities | 109 | 131 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions (Excluding Tax-Deferred Exchanges) | (56 | ) | (35 | ) | ||||
Timberlands Acquired with Tax-Deferred Exchange Proceeds, Net | (8 | ) | (7 | ) | ||||
Net Cash Used In Investing Activities | (64 | ) | (42 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (64 | ) | (106 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 386 | 511 | ||||||
Repayments of Long-term Debt and Lines of Credit | (330 | ) | (465 | ) | ||||
Proceeds from Stock Option Exercises | 1 | 1 | ||||||
Net Cash Used In Financing Activities | (7 | ) | (59 | ) | ||||
Increase In Cash and Cash Equivalents | 38 | 30 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 243 | 240 | ||||||
End of Period | $ | 281 | $ | 270 | ||||