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 |
July 25, 2005 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Six Months Ended | ||||||||
June 30, 2005 | June 30, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 392 | $ | 335 | ||||
Real Estate | 104 | 238 | ||||||
Manufacturing | 257 | 256 | ||||||
Other | 5 | 9 | ||||||
Total Revenues | 758 | 838 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 201 | 173 | ||||||
Real Estate | 40 | 124 | ||||||
Manufacturing | 235 | 218 | ||||||
Other | 1 | 3 | ||||||
Total Cost of Goods Sold | 477 | 518 | ||||||
Selling, General and Administrative | 45 | 40 | ||||||
Total Costs and Expenses | 522 | 558 | ||||||
Gain on Sale of Other Assets | -- | 5 | ||||||
Operating Income | 236 | 285 | ||||||
Interest Expense, net | 54 | 56 | ||||||
Income before Income Taxes | 182 | 229 | ||||||
Provision for Income Taxes | 11 | 17 | ||||||
Income from Continuing Operations | 171 | 212 | ||||||
Gain on Sale of Properties, net of tax | 20 | -- | ||||||
Net Income | $ | 191 | $ | 212 | ||||
Net Income from Continuing Operations per Share | ||||||||
- Basic | $ | 0.9 | 3 | $ | 1.1 | 6 | ||
- Diluted | $ | 0.9 | 3 | $ | 1.1 | 5 | ||
Net Income per Share | ||||||||
- Basic | $ | 1.0 | 4 | $ | 1.1 | 6 | ||
- Diluted | $ | 1.0 | 3 | $ | 1.1 | 5 | ||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 183. | 9 | 183. | 2 | ||||
- Diluted | 184. | 6 | 184. | 0 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
June 30, 2005 | June 30, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 192 | $ | 151 | ||||
Real Estate | 36 | 50 | ||||||
Manufacturing | 128 | 134 | ||||||
Other | 2 | 6 | ||||||
Total Revenues | 358 | 341 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 99 | 80 | ||||||
Real Estate | 16 | 38 | ||||||
Manufacturing | 117 | 110 | ||||||
Other | -- | 2 | ||||||
Total Cost of Goods Sold | 232 | 230 | ||||||
Selling, General and Administrative | 24 | 22 | ||||||
Total Costs and Expenses | 256 | 252 | ||||||
Gain on Sale of Other Assets | -- | 5 | ||||||
Operating Income | 102 | 94 | ||||||
Interest Expense, net | 27 | 27 | ||||||
Income before Income Taxes | 75 | 67 | ||||||
Provision for Income Taxes | 6 | 10 | ||||||
Net Income | $ | 69 | $ | 57 | ||||
Net Income per Share | ||||||||
- Basic | $ | 0.37 | $ | 0.31 | ||||
- Diluted | $ | 0.37 | $ | 0.31 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 184.0 | 183.3 | ||||||
- Diluted | 184.6 | 184.0 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
June 30, 2005 | December 31, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 384 | $ | 347 | ||||
Restricted Advance from Customer | 15 | 4 | ||||||
Accounts Receivable | 49 | 40 | ||||||
Like-Kind Exchange Funds Held in Escrow | 44 | 11 | ||||||
Inventories | 62 | 71 | ||||||
Deferred Tax Asset | 11 | 10 | ||||||
Other Current Assets | 18 | 16 | ||||||
583 | 499 | |||||||
Timber and Timberlands - Net | 3,623 | 3,590 | ||||||
Property, Plant and Equipment - Net | 245 | 253 | ||||||
Investment in Grantor Trusts | 29 | 29 | ||||||
Other Assets | 9 | 7 | ||||||
Total Assets | $ | 4,489 | $ | 4,378 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 31 | $ | 32 | ||||
Short-Term Debt | 50 | -- | ||||||
Accounts Payable | 45 | 41 | ||||||
Interest Payable | 28 | 28 | ||||||
Wages Payable | 15 | 25 | ||||||
Taxes Payable | 22 | 22 | ||||||
Deferred Revenue | 35 | 16 | ||||||
Other Current Liabilities | 12 | 20 | ||||||
238 | 184 | |||||||
Long-Term Debt | 1,357 | 1,405 | ||||||
Lines of Credit | 495 | 448 | ||||||
Deferred Tax Liability | 44 | 45 | ||||||
Other Liabilities | 57 | 56 | ||||||
Total Liabilities | 2,191 | 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) - 186.0 at June 30, 2005, | ||||||||
and 185.7 at December 31, 2004 | ||||||||
2 | 2 | |||||||
Additional Paid-In Capital | 2,174 | 2,168 | ||||||
Retained Earnings | 162 | 111 | ||||||
Treasury Stock, at cost, Common shares - 2.0 | (43 | ) | (43 | ) | ||||
Other Equity | 3 | 2 | ||||||
Total Stockholders’ Equity | 2,298 | 2,240 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,489 | $ | 4,378 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Six Months Ended | ||||||||
June 30, 2005 | June 30, 2004 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 191 | $ | 212 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 55 | 51 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $19 in 2004) | 28 | 114 | ||||||
Deferred Income Taxes | (1 | ) | 12 | |||||
Gain on Sales of Properties and Other Assets | (21 | ) | (5 | ) | ||||
Working Capital Changes | (24 | ) | 10 | |||||
Other | -- | (3 | ) | |||||
Net Cash Provided By Operating Activities | 228 | 391 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions (Excluding Timberland Acquisitions) | (28 | ) | (32 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds) | (80 | ) | (39 | ) | ||||
Proceeds from Sales of Properties and Other Assets | ||||||||
(Including Tax-Deferred Exchange Proceeds) | 5 | 27 | ||||||
Net Cash Used In Investing Activities | (103 | ) | (44 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (140 | ) | (128 | ) | ||||
Borrowings under Line of Credit | 1,140 | 1,227 | ||||||
Repayments of Borrowings under Line of Credit | (1,093 | ) | (1,355 | ) | ||||
Proceeds from Issuance of Short-Term Debt | 50 | -- | ||||||
Principal Payments and Retirement of Long-Term Debt | (49 | ) | (32 | ) | ||||
Proceeds from Stock Option Exercises | 4 | 3 | ||||||
Net Cash Used In Financing Activities | (88 | ) | (285 | ) | ||||
Increase In Cash and Cash Equivalents | 37 | 62 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 347 | 267 | ||||||
End of Period | $ | 384 | $ | 329 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
June 30, 2005 | June 30, 2004 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 69 | $ | 57 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 28 | 24 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $3 in 2004) | 10 | 35 | ||||||
Deferred Income Taxes | -- | 5 | ||||||
Gain on Sales of Other Assets | -- | (5 | ) | |||||
Working Capital Changes | 22 | 29 | ||||||
Other | 2 | 3 | ||||||
Net Cash Provided By Operating Activities | 131 | 148 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (18 | ) | (15 | ) | ||||
Timberlands Acquired (Including Tax-Deferred Exchange Proceeds) | (62 | ) | (15 | ) | ||||
Proceeds from Sales of Properties and Other Assets | ||||||||
(Including Tax-Deferred Exchange Proceeds) | 4 | 27 | ||||||
Net Cash Used In Investing Activities | (76 | ) | (3 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (70 | ) | (64 | ) | ||||
Borrowings under Line of Credit | 611 | 621 | ||||||
Repayments of Borrowings under Line of Credit | (564 | ) | (633 | ) | ||||
Proceeds from Issuance of Short-Term Debt | 50 | -- | ||||||
Principal Payments and Retirement of Long-Term Debt | (48 | ) | (29 | ) | ||||
Proceeds from Stock Option Exercises | 1 | 1 | ||||||
Net Cash Used In Financing Activities | (20 | ) | (104 | ) | ||||
Increase In Cash and Cash Equivalents | 35 | 41 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 349 | 288 | ||||||
End of Period | $ | 384 | $ | 329 | ||||