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 |
January 31, 2005 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Year Ended | ||||||||
December 31, 2004 | December 31, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 694 | $ | 664 | ||||
Real Estate | 303 | 124 | ||||||
Manufacturing | 518 | 397 | ||||||
Other | 13 | 11 | ||||||
Total Revenues | 1,528 | 1,196 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 368 | 345 | ||||||
Real Estate | 149 | 77 | ||||||
Manufacturing | 449 | 390 | ||||||
Other | 4 | 4 | ||||||
Total Cost of Goods Sold | 970 | 816 | ||||||
Selling, General and Administrative | 86 | 77 | ||||||
Total Costs and Expenses | 1,056 | 893 | ||||||
Gain on Sale of Other Assets | 5 | -- | ||||||
Operating Income | 477 | 303 | ||||||
Interest Expense, net | 111 | 117 | ||||||
Income before Income Taxes | 366 | 186 | ||||||
Benefit (Provision) for Income Taxes | (27 | ) | 6 | |||||
Income from Continuing Operations | 339 | 192 | ||||||
Gain on Sale of Properties, net of tax | 23 | -- | ||||||
Net Income | $ | 362 | $ | 192 | ||||
Income from Continuing Operations per Share - Basic | $ | 1.85 | $ | 1.05 | ||||
Income from Continuing Operations per Share - Diluted | $ | 1.84 | $ | 1.04 | ||||
Net Income per Share - Basic | $ | 1.97 | $ | 1.05 | ||||
Net Income per Share - Diluted | $ | 1.97 | $ | 1.04 | ||||
Weighted average number of Shares outstanding - Basic | 183.4 | 183.3 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.1 | 183.9 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
December 31, 2004 | December 31, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 181 | $ | 191 | ||||
Real Estate | 23 | 16 | ||||||
Manufacturing | 122 | 105 | ||||||
Other | 1 | 3 | ||||||
Total Revenues | 327 | 315 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 99 | 97 | ||||||
Real Estate | 9 | 12 | ||||||
Manufacturing | 117 | 96 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 226 | 206 | ||||||
Selling, General and Administrative | 24 | 21 | ||||||
Total Costs and Expenses | 250 | 227 | ||||||
Operating Income | 77 | 88 | ||||||
Interest Expense, net | 27 | 31 | ||||||
Income before Income Taxes | 50 | 57 | ||||||
Benefit (Provision) for Income Taxes | -- | (1 | ) | |||||
Income from Continuing Operations | 50 | 56 | ||||||
Gain on Sale of Properties, net of tax | 23 | -- | ||||||
Net Income | $ | 73 | $ | 56 | ||||
Income from Continuing Operations per Share - Basic | $ | 0.28 | $ | 0.31 | ||||
Income from Continuing Operations per Share - Diluted | $ | 0.28 | $ | 0.30 | ||||
Net Income per Share - Basic | $ | 0.40 | $ | 0.31 | ||||
Net Income per Share - Diluted | $ | 0.40 | $ | 0.30 | ||||
Weighted average number of Shares outstanding - Basic | 183.7 | 183.0 | ||||||
Weighted average number of Shares outstanding - Diluted | 184.4 | 183.7 | ||||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
December 31, 2004 | December 31, 2003 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 347 | $ | 267 | ||||
Restricted Advance from Customer | 4 | 3 | ||||||
Accounts Receivable | 40 | 34 | ||||||
Inventories | 71 | 54 | ||||||
Deferred Tax Asset | 10 | 11 | ||||||
Other Current Assets | 27 | 30 | ||||||
499 | 399 | |||||||
Timber and Timberlands - Net | 3,590 | 3,674 | ||||||
Property, Plant and Equipment - Net | 253 | 303 | ||||||
Investment in Grantor Trusts | 29 | 26 | ||||||
Other Assets | 7 | 5 | ||||||
Total Assets | $ | 4,378 | $ | 4,407 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 32 | $ | 33 | ||||
Accounts Payable | 41 | 34 | ||||||
Interest Payable | 28 | 28 | ||||||
Wages Payable | 25 | 23 | ||||||
Taxes Payable | 22 | 15 | ||||||
Deferred Revenue | 16 | 16 | ||||||
Other Current Liabilities | 20 | 13 | ||||||
184 | 162 | |||||||
Long-Term Debt | 1,405 | 1,437 | ||||||
Lines of Credit | 448 | 594 | ||||||
Deferred Tax Liability | 45 | 37 | ||||||
Other Liabilities | 56 | 58 | ||||||
Total Liabilities | 2,138 | 2,288 | ||||||
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) - 185.7 at December 31, 2004 | ||||||||
and 185.1 at December 31, 2003 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,168 | 2,150 | ||||||
Retained Earnings | 111 | 9 | ||||||
Treasury Stock, at cost, Common shares - 2.0 | (43 | ) | (43 | ) | ||||
Other Equity | 2 | 1 | ||||||
Total Stockholders' Equity | 2,240 | 2,119 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,378 | $ | 4,407 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Year Ended | ||||||||
December 31, 2004 | December 31, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 362 | $ | 192 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $9 Lumber Impairment Charge | 114 | 108 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $21 in 2004 and $14 in 2003) | 134 | 66 | ||||||
Deferred Income Taxes | 9 | (7 | ) | |||||
Gain on Sales of Other Assets and Properties | (28 | ) | -- | |||||
Working Capital Changes | 6 | 4 | ||||||
Other | 3 | 9 | ||||||
Net Cash Provided By Operating Activities | 600 | 372 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (70 | ) | (84 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds, Net) | (66 | ) | (162 | ) | ||||
Proceeds from Sale of Other Assets | 46 | -- | ||||||
Other | (1 | ) | (1 | ) | ||||
Net Cash Used In Investing Activities | (91 | ) | (247 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (260 | ) | (257 | ) | ||||
Borrowings of Long-term Debt | -- | 298 | ||||||
Retirement of Long-term Debt | (33 | ) | (33 | ) | ||||
Borrowings on Lines of Credit | 2,147 | 1,922 | ||||||
Repayments on Lines of Credit | (2,295 | ) | (1,997 | ) | ||||
Proceeds from Stock Option Exercises | 12 | 1 | ||||||
Acquisition of Treasury Stock | -- | (43 | ) | |||||
Net Cash Used In Financing Activities | (429 | ) | (109 | ) | ||||
Increase In Cash and Cash Equivalents | 80 | 16 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 267 | 251 | ||||||
End of Period | $ | 347 | $ | 267 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
December 31, 2004 | December 31, 2003 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 73 | $ | 56 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $9 Lumber Impairment Charge in 2004) | 36 | 29 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $1 in 2004 and $5 in 2003) | 7 | 9 | ||||||
Deferred Income Taxes | (3 | ) | 1 | |||||
Gain on Sales of Other Assets and Properties | (23 | ) | -- | |||||
Working Capital Changes | (9 | ) | (24 | ) | ||||
Other | 3 | 5 | ||||||
Net Cash Provided By Operating Activities | 84 | 76 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (21 | ) | (24 | ) | ||||
Timberlands Acquired (Including Tax-Deferred Exchange Proceeds, Net) | (21 | ) | (103 | ) | ||||
Proceeds from Sale of Other Assets | 19 | -- | ||||||
Other | (1 | ) | (1 | ) | ||||
Net Cash Used In Investing Activities | (24 | ) | (128 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (66 | ) | (64 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 476 | 556 | ||||||
Retirement of Long-term Debt and Lines of Credit | (495 | ) | (456 | ) | ||||
Proceeds from Stock Option Exercises | 3 | -- | ||||||
Net Cash Provided by (Used In) Financing Activities | (82 | ) | 36 | |||||
Increase In Cash and Cash Equivalents | (22 | ) | (16 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 369 | 283 | ||||||
End of Period | $ | 347 | $ | 267 | ||||