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 |
July 19, 2004 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Six Months Ended | ||||||||
June 30, 2004 | June 30, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 335 | $ | 315 | ||||
Real Estate | 238 | 80 | ||||||
Manufacturing | 256 | 191 | ||||||
Other | 9 | 5 | ||||||
Total Revenues | 838 | 591 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 173 | 160 | ||||||
Real Estate | 124 | 55 | ||||||
Manufacturing | 218 | 195 | ||||||
Other | 3 | 2 | ||||||
Total Cost of Goods Sold | 518 | 412 | ||||||
Selling, General and Administrative | 40 | 36 | ||||||
Total Costs and Expenses | 558 | 448 | ||||||
Gain on Sale of Other Assets | 5 | -- | ||||||
Operating Income | 285 | 143 | ||||||
Interest Expense, net | 56 | 57 | ||||||
Income before Income Taxes | 229 | 86 | ||||||
Benefit (Provision) for Income Taxes | (17 | ) | 5 | |||||
Net Income | $ | 212 | $ | 91 | ||||
Net Income per Share - Basic | $ | 1.16 | $ | 0.50 | ||||
Net Income per Share - Diluted | $ | 1.15 | $ | 0.49 | ||||
Weighted average number of Shares outstanding - Basic | 183.2 | 183.5 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.0 | 184.1 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
June 30, 2004 | June 30, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 151 | $ | 159 | ||||
Real Estate | 50 | 57 | ||||||
Manufacturing | 134 | 99 | ||||||
Other | 6 | 3 | ||||||
Total Revenues | 341 | 318 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 80 | 79 | ||||||
Real Estate | 38 | 36 | ||||||
Manufacturing | 110 | 99 | ||||||
Other | 2 | 1 | ||||||
Total Cost of Goods Sold | 230 | 215 | ||||||
Selling, General and Administrative | 22 | 19 | ||||||
Total Costs and Expenses | 252 | 234 | ||||||
Gain on Sale of Other Assets | 5 | -- | ||||||
Operating Income | 94 | 84 | ||||||
Interest Expense, net | 27 | 29 | ||||||
Income before Income Taxes | 67 | 55 | ||||||
Benefit (Provision) for Income Taxes | (10 | ) | 3 | |||||
Net Income | $ | 57 | $ | 58 | ||||
Net Income per Share - Basic | $ | 0.31 | $ | 0.32 | ||||
Net Income per Share - Diluted | $ | 0.31 | $ | 0.31 | ||||
Weighted average number of Shares outstanding - Basic | 183.3 | 183.0 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.0 | 183.5 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
June 30, 2004 | December 31, 2003 | |||||||
(In Millions) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 328 | $ | 260 | ||||
Restricted Advance from Customer | 4 | 3 | ||||||
Accounts Receivable | 44 | 34 | ||||||
Inventories | 54 | 54 | ||||||
Investment in Grantor Trust | 12 | 13 | ||||||
Deferred Tax Asset | 11 | 11 | ||||||
Other Current Assets | 18 | 30 | ||||||
471 | 405 | |||||||
Timber and Timberlands - Net | 3,590 | 3,674 | ||||||
Property, Plant and Equipment - Net | 271 | 303 | ||||||
Other Assets | 7 | 5 | ||||||
Total Assets | $ | 4,339 | $ | 4,387 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 32 | $ | 33 | ||||
Accounts Payable | 26 | 27 | ||||||
Interest Payable | 28 | 28 | ||||||
Wages Payable | 16 | 23 | ||||||
Taxes Payable | 24 | 15 | ||||||
Deferred Revenue | 22 | 16 | ||||||
Liabilities Associated with Grantor Trust | 12 | 13 | ||||||
Other Current Liabilities | 23 | 13 | ||||||
183 | 168 | |||||||
Long-Term Debt | 1,408 | 1,437 | ||||||
Lines of Credit | 466 | 594 | ||||||
Deferred Tax Liability | 48 | 37 | ||||||
Other Liabilities | 24 | 32 | ||||||
Total Liabilities | 2,129 | 2,268 | ||||||
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) - 185.3 at June 30, 2004 | ||||||||
and 185.1 at December 31, 2003 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,157 | 2,150 | ||||||
Retained Earnings | 93 | 9 | ||||||
Treasury Stock, at cost, Common shares - 2.0 | (43 | ) | (43 | ) | ||||
Other Equity | 1 | 1 | ||||||
Total Stockholders' Equity | 2,210 | 2,119 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,339 | $ | 4,387 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Six Months Ended | ||||||||
June 30, 2004 | June 30, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 212 | $ | 91 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 51 | 51 | ||||||
Basis of Real Estate Sold(Including Impairment Losses of $19 in 2004 and $9 in 2003) | 114 | 49 | ||||||
Deferred Income Taxes | 12 | (5 | ) | |||||
Gain on Sale of Other Assets | (5 | ) | -- | |||||
Working Capital Changes | 16 | 5 | ||||||
Other | (3 | ) | (1 | ) | ||||
Net Cash Provided By Operating Activities | 397 | 190 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (32 | ) | (38 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds, Net) | (39 | ) | (17 | ) | ||||
Proceeds from Sale of Other Assets | 27 | -- | ||||||
Net Cash Used In Investing Activities | (44 | ) | (55 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (128 | ) | (129 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 1,227 | 1,278 | ||||||
Repayments of Long-term Debt and Lines of Credit | (1,387 | ) | (1,244 | ) | ||||
Proceeds from Stock Option Exercises | 3 | -- | ||||||
Acquisition of Treasury Stock | -- | (43 | ) | |||||
Net Cash Used In Financing Activities | (285 | ) | (138 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 68 | (3 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 260 | 246 | ||||||
End of Period | $ | 328 | $ | 243 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
June 30, 2004 | June 30, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 57 | $ | 58 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 24 | 26 | ||||||
Basis of Real Estate Sold (Including Impairment Losses of $3 in 2004) | 35 | 32 | ||||||
Deferred Income Taxes | 5 | (3 | ) | |||||
Gain on Sale of Other Assets | (5 | ) | -- | |||||
Working Capital Changes | 36 | 28 | ||||||
Other | 3 | 3 | ||||||
Net Cash Provided By Operating Activities | 155 | 144 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (15 | ) | (22 | ) | ||||
Timberlands Acquired (Including Tax-Deferred Exchange Proceeds, Net) | (15 | ) | (16 | ) | ||||
Proceeds from Sale of Other Assets | 27 | -- | ||||||
Net Cash Used In Investing Activities | (3 | ) | (38 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (64 | ) | (64 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 621 | 496 | ||||||
Repayments of Long-term Debt and Lines of Credit | (662 | ) | (503 | ) | ||||
Proceeds from Stock Option Exercises | 1 | -- | ||||||
Net Cash Used In Financing Activities | (104 | ) | (71 | ) | ||||
Increase In Cash and Cash Equivalents | 48 | 35 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 280 | 208 | ||||||
End of Period | $ | 328 | $ | 243 | ||||