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 25, 2004 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine Months Ended | ||||||||
September 30, 2004 | September 30, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 513 | $ | 473 | ||||
Real Estate | 280 | 108 | ||||||
Manufacturing | 396 | 292 | ||||||
Other | 12 | 8 | ||||||
Total Revenues | 1,201 | 881 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 269 | 248 | ||||||
Real Estate | 140 | 65 | ||||||
Manufacturing | 332 | 294 | ||||||
Other | 3 | 3 | ||||||
Total Cost of Goods Sold | 744 | 610 | ||||||
Selling, General and Administrative | 62 | 56 | ||||||
Total Costs and Expenses | 806 | 666 | ||||||
Gain on Sale of Other Assets | 5 | -- | ||||||
Operating Income | 400 | 215 | ||||||
Interest Expense, net | 84 | 86 | ||||||
Income before Income Taxes | 316 | 129 | ||||||
Benefit (Provision) for Income Taxes | (27 | ) | 7 | |||||
Net Income | $ | 289 | $ | 136 | ||||
Net Income per Share - Basic | $ | 1.57 | $ | 0.74 | ||||
Net Income per Share - Diluted | $ | 1.57 | $ | 0.74 | ||||
Weighted average number of Shares outstanding - Basic | 183.3 | 183.4 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.1 | 184.0 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2004 | September 30, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 178 | $ | 158 | ||||
Real Estate | 42 | 28 | ||||||
Manufacturing | 140 | 101 | ||||||
Other | 3 | 3 | ||||||
Total Revenues | 363 | 290 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 96 | 88 | ||||||
Real Estate | 16 | 10 | ||||||
Manufacturing | 114 | 99 | ||||||
Other | -- | 1 | ||||||
Total Cost of Goods Sold | 226 | 198 | ||||||
Selling, General and Administrative | 22 | 20 | ||||||
Total Costs and Expenses | 248 | 218 | ||||||
Operating Income | 115 | 72 | ||||||
Interest Expense, net | 28 | 29 | ||||||
Income before Income Taxes | 87 | 43 | ||||||
Benefit (Provision) for Income Taxes | (10 | ) | 2 | |||||
Net Income | $ | 77 | $ | 45 | ||||
Net Income per Share - Basic | $ | 0.42 | $ | 0.25 | ||||
Net Income per Share - Diluted | $ | 0.42 | $ | 0.25 | ||||
Weighted average number of Shares outstanding - Basic | 183.5 | 183.0 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.2 | 183.7 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
September 30, 2004 | December 31, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 363 | $ | 260 | ||||
Restricted Advance from Customer | 15 | 3 | ||||||
Accounts Receivable | 44 | 34 | ||||||
Inventories | 61 | 54 | ||||||
Investment in Grantor Trust | 12 | 13 | ||||||
Deferred Tax Asset | 11 | 11 | ||||||
Other Current Assets | 31 | 30 | ||||||
537 | 405 | |||||||
Timber and Timberlands - Net | 3,578 | 3,674 | ||||||
Property, Plant and Equipment - Net | 265 | 303 | ||||||
Other Assets | 7 | 5 | ||||||
Total Assets | $ | 4,387 | $ | 4,387 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 32 | $ | 33 | ||||
Accounts Payable | 26 | 27 | ||||||
Interest Payable | 36 | 28 | ||||||
Wages Payable | 21 | 23 | ||||||
Taxes Payable | 34 | 15 | ||||||
Deferred Revenue | 31 | 16 | ||||||
Liabilities Associated with Grantor Trust | 12 | 13 | ||||||
Other Current Liabilities | 20 | 13 | ||||||
212 | 168 | |||||||
Long-Term Debt | 1,407 | 1,437 | ||||||
Lines of Credit | 466 | 594 | ||||||
Deferred Tax Liability | 49 | 37 | ||||||
Other Liabilities | 26 | 32 | ||||||
Total Liabilities | 2,160 | 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) - 185.6 at September 30, 2004 | ||||||||
and 185.1 at December 31, 2003 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,163 | 2,150 | ||||||
Retained Earnings | 104 | 9 | ||||||
Treasury Stock, at cost, Common shares - 2.0 | (43 | ) | (43 | ) | ||||
Other Equity | 1 | 1 | ||||||
Total Stockholders' Equity | 2,227 | 2,119 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,387 | $ | 4,387 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine Months Ended | ||||||||
September 30, 2004 | September 30, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 289 | $ | 136 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $4 Loss Related to Forest | ||||||||
Fires in 2003) | 78 | 79 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $20 in 2004 and $9 in 2003) | 127 | 57 | ||||||
Deferred Income Taxes | 12 | (8 | ) | |||||
Gain on Sale of Other Assets | (5 | ) | -- | |||||
Working Capital Changes | 16 | 33 | ||||||
Other | -- | 2 | ||||||
Net Cash Provided By Operating Activities | 517 | 299 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (49 | ) | (60 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds, Net) | (45 | ) | (59 | ) | ||||
Proceeds from Sale of Other Assets | 27 | -- | ||||||
Net Cash Used In Investing Activities | (67 | ) | (119 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (194 | ) | (193 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 1,671 | 1,664 | ||||||
Repayments of Long-term Debt and Lines of Credit | (1,833 | ) | (1,574 | ) | ||||
Proceeds from Stock Option Exercises | 9 | 1 | ||||||
Acquisition of Treasury Stock | -- | (43 | ) | |||||
Net Cash Used In Financing Activities | (347 | ) | (145 | ) | ||||
Increase In Cash and Cash Equivalents | 103 | 35 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 260 | 246 | ||||||
End of Period | $ | 363 | $ | 281 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2004 | September 30, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 77 | $ | 45 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $4 Loss Related to Forest | ||||||||
Fires in 2003) | 27 | 28 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $1 in 2004) | 13 | 8 | ||||||
Deferred Income Taxes | -- | (3 | ) | |||||
Working Capital Changes | -- | 28 | ||||||
Other | 3 | 3 | ||||||
Net Cash Provided By Operating Activities | 120 | 109 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (17 | ) | (22 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds, Net) | (6 | ) | (42 | ) | ||||
Net Cash Used In Investing Activities | (23 | ) | (64 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (66 | ) | (64 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 444 | 386 | ||||||
Repayments of Long-term Debt and Lines of Credit | (446 | ) | (330 | ) | ||||
Proceeds from Stock Option Exercises | 6 | 1 | ||||||
Net Cash Used In Financing Activities | (62 | ) | (7 | ) | ||||
Increase In Cash and Cash Equivalents | 35 | 38 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 328 | 243 | ||||||
End of Period | $ | 363 | $ | 281 | ||||