Exhibit 99.1
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 |
April 25, 2005 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. |
Quarter Ended | ||||||||
March 31, 2005 | March 31, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 200 | $ | 184 | ||||
Real Estate | 68 | 188 | ||||||
Manufacturing | 129 | 122 | ||||||
Other | 3 | 3 | ||||||
Total Revenues | 400 | 497 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 102 | 93 | ||||||
Real Estate | 24 | 86 | ||||||
Manufacturing | 118 | 108 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 245 | 288 | ||||||
Selling, General and Administrative | 21 | 18 | ||||||
Total Costs and Expenses | 266 | 306 | ||||||
Operating Income | 134 | 191 | ||||||
Interest Expense, net | 27 | 29 | ||||||
Income before Income Taxes | 107 | 162 | ||||||
Provision for Income Taxes | 5 | 7 | ||||||
Income from Continuing Operations | 102 | 155 | ||||||
Gain on Sale of Properties, net of tax | 20 | -- | ||||||
Net Income | $ | 122 | $ | 155 | ||||
Income from Continuing Operations per Share - Basic | $ | 0.5 | 6 | $ | 0.8 | 5 | ||
Income from Continuing Operations per Share - Diluted | $ | 0.5 | 6 | $ | 0.8 | 4 | ||
Net Income per Share - Basic | $ | 0.6 | 7 | $ | 0.8 | 5 | ||
Net Income per Share - Diluted | $ | 0.6 | 6 | $ | 0.8 | 4 | ||
Weighted Average Number of Shares Outstanding - Basic | 183. | 9 | 183. | 2 | ||||
Weighted Average Number of Shares Outstanding - Diluted | 184. | 5 | 184. | 0 | ||||
PLUM CREEK TIMBER COMPANY, INC. |
March 31, 2005 | December 31, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 349 | $ | 347 | ||||
Restricted Advance from Customer | 24 | 4 | ||||||
Accounts Receivable | 45 | 40 | ||||||
Like-Kind Exchange Funds Held in Escrow | 45 | 11 | ||||||
Inventories | 70 | 71 | ||||||
Deferred Tax Asset | 11 | 10 | ||||||
Other Current Assets | 18 | 16 | ||||||
562 | 499 | |||||||
Timber and Timberlands - Net | 3,578 | 3,590 | ||||||
Property, Plant and Equipment - Net | 247 | 253 | ||||||
Investment in Grantor Trusts | 29 | 29 | ||||||
Other Assets | 10 | 7 | ||||||
Total Assets | $ | 4,426 | $ | 4,378 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 32 | $ | 32 | ||||
Accounts Payable | 29 | 41 | ||||||
Interest Payable | 36 | 28 | ||||||
Wages Payable | 12 | 25 | ||||||
Taxes Payable | 23 | 22 | ||||||
Deferred Revenue | 34 | 16 | ||||||
Other Current Liabilities | 12 | 20 | ||||||
178 | 184 | |||||||
Long-Term Debt | 1,404 | 1,405 | ||||||
Lines of Credit | 448 | 448 | ||||||
Deferred Tax Liability | 44 | 45 | ||||||
Other Liabilities | 54 | 56 | ||||||
Total Liabilities | 2,128 | 2,138 | ||||||
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, | ||||||||
issued (including Treasury Stock) - 185.9 at March 31, 2005, | ||||||||
and 185.7 at December 31, 2004 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,174 | 2,168 | ||||||
Retained Earnings | 163 | 111 | ||||||
Treasury Stock, at cost, Common shares - 2.0 | (43 | ) | (43 | ) | ||||
Other Equity | 2 | 2 | ||||||
Total Stockholders' Equity | 2,298 | 2,240 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,426 | $ | 4,378 | ||||
PLUM CREEK TIMBER COMPANY, INC. |
Quarter Ended | ||||||||
March 31, 2005 | March 31, 2004 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 122 | $ | 155 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 27 | 27 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $16 in 2004) | 18 | 79 | ||||||
Deferred Income Taxes | (1 | ) | 7 | |||||
Gain on Sales of Properties | (21 | ) | -- | |||||
Working Capital Changes | (46 | ) | (19 | ) | ||||
Other | (2 | ) | (6 | ) | ||||
Net Cash Provided By Operating Activities | 97 | 243 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (10 | ) | (17 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds, Net) | (18 | ) | (24 | ) | ||||
Other | 1 | -- | ||||||
Net Cash Used In Investing Activities | (27 | ) | (41 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (70 | ) | (64 | ) | ||||
Borrowings of Long-term Debt and Lines of Credit | 529 | 606 | ||||||
Retirements of Long-term Debt and Lines of Credit | (530 | ) | (725 | ) | ||||
Proceeds from Stock Option Exercises | 3 | 2 | ||||||
Net Cash Used In Financing Activities | (68 | ) | (181 | ) | ||||
Increase In Cash and Cash Equivalents | 2 | 21 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 347 | 267 | ||||||
End of Period | $ | 349 | $ | 288 | ||||