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 |
October 24, 2005 | Media: Kathy Budinick 1-206-467-3620 |
Plum Creek Timber Company, Inc. Reports Higher Third |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine Months Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 572 | $ | 513 | ||||
Real Estate | 220 | 280 | ||||||
Manufacturing | 383 | 396 | ||||||
Other | 10 | 12 | ||||||
Total Revenues | 1,185 | 1,201 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 308 | 269 | ||||||
Real Estate | 105 | 140 | ||||||
Manufacturing | 349 | 332 | ||||||
Other | 2 | 3 | ||||||
Total Cost of Goods Sold | 764 | 744 | ||||||
Selling, General and Administrative | 68 | 62 | ||||||
Total Costs and Expenses | 832 | 806 | ||||||
Gain on Sale of Other Assets | -- | 5 | ||||||
Operating Income | 353 | 400 | ||||||
Interest Expense, net | 80 | 84 | ||||||
Income before Income Taxes | 273 | 316 | ||||||
Provision for Income Taxes | 6 | 27 | ||||||
Income from Continuing Operations | 267 | 289 | ||||||
Gain on Sale of Properties, net of tax | 20 | -- | ||||||
Net Income | $ | 287 | $ | 289 | ||||
Income from Continuing Operations per Share | ||||||||
- Basic | $ | 1.45 | $ | 1.57 | ||||
- Diluted | $ | 1.45 | $ | 1.57 | ||||
Net Income per Share | ||||||||
- Basic | $ | 1.56 | $ | 1.57 | ||||
- Diluted | $ | 1.56 | $ | 1.57 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 183.9 | 183.3 | ||||||
- Diluted | 184.6 | 184.1 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 180 | $ | 178 | ||||
Real Estate | 116 | 42 | ||||||
Manufacturing | 126 | 140 | ||||||
Other | 5 | 3 | ||||||
Total Revenues | 427 | 363 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 107 | 96 | ||||||
Real Estate | 65 | 16 | ||||||
Manufacturing | 114 | 114 | ||||||
Other | 1 | -- | ||||||
Total Cost of Goods Sold | 287 | 226 | ||||||
Selling, General and Administrative | 23 | 22 | ||||||
Total Costs and Expenses | 310 | 248 | ||||||
Operating Income | 117 | 115 | ||||||
Interest Expense, net | 26 | 28 | ||||||
Income before Income Taxes | 91 | 87 | ||||||
Benefit (Provision) for Income Taxes | 5 | (10 | ) | |||||
Net Income | $ | 96 | $ | 77 | ||||
Net Income per Share | ||||||||
- Basic | $ | 0.52 | $ | 0.42 | ||||
- Diluted | $ | 0.52 | $ | 0.42 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 184.0 | 183.5 | ||||||
- Diluted | 184.6 | 184.2 |
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
September 30, 2005 | December 31, 2004 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 409 | $ | 347 | ||||
Restricted Advance from Customer | 38 | 4 | ||||||
Accounts Receivable | 45 | 40 | ||||||
Like-Kind Exchange Funds Held in Escrow | 10 | 11 | ||||||
Inventories | 67 | 71 | ||||||
Deferred Tax Asset | 11 | 10 | ||||||
Other Current Assets | 19 | 16 | ||||||
599 | 499 | |||||||
Timber and Timberlands - Net | 3,670 | 3,590 | ||||||
Property, Plant and Equipment -- Net | 242 | 253 | ||||||
Investment in Grantor Trusts | 24 | 29 | ||||||
Other Assets | 9 | 7 | ||||||
Total Assets | $ | 4,544 | $ | 4,378 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 31 | $ | 32 | ||||
Short-Term Debt | 50 | -- | ||||||
Accounts Payable | 44 | 41 | ||||||
Interest Payable | 35 | 28 | ||||||
Wages Payable | 21 | 25 | ||||||
Taxes Payable | 23 | 22 | ||||||
Deferred Revenue | 57 | 16 | ||||||
Other Current Liabilities | 12 | 20 | ||||||
273 | 184 | |||||||
Long-Term Debt | 1,356 | 1,405 | ||||||
Lines of Credit | 501 | 448 | ||||||
Deferred Tax Liability | 40 | 45 | ||||||
Other Liabilities | 52 | 56 | ||||||
Total Liabilities | 2,222 | 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 September 30, 2005, | ||||||||
and 185.7 at December 31, 2004 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,175 | 2,168 | ||||||
Retained Earnings | 189 | 111 | ||||||
Treasury Stock, at cost, Common Shares - 2.0 | (44 | ) | (43 | ) | ||||
Other Equity | -- | 2 | ||||||
Total Stockholders' Equity | 2,322 | 2,240 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,544 | $ | 4,378 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Nine Months Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 287 | $ | 289 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $2 Loss Related to Hurricane in 2005) | 85 | 78 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $20 in 2004) | 82 | 127 | ||||||
Deferred Income Taxes | (5 | ) | 12 | |||||
Gain on Sales of Properties and Other Assets | (22 | ) | (5 | ) | ||||
Working Capital Changes | (1 | ) | 15 | |||||
Other | 1 | -- | ||||||
Net Cash Provided By Operating Activities | 427 | 516 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (53 | ) | (49 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds) | (183 | ) | (45 | ) | ||||
Proceeds from Sales of Properties and Other Assets | ||||||||
(Including Tax-Deferred Exchange Proceeds) | 27 | 27 | ||||||
Other | (1 | ) | -- | |||||
Net Cash Used In Investing Activities | (210 | ) | (67 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (209 | ) | (194 | ) | ||||
Borrowings under Line of Credit | 1,806 | 1,671 | ||||||
Repayments of Borrowings under Line of Credit | (1,753 | ) | (1,799 | ) | ||||
Proceeds from Issuance of Short-Term Debt | 50 | -- | ||||||
Principal Payments and Retirement of Long-Term Debt | (51 | ) | (34 | ) | ||||
Proceeds from Stock Option Exercises | 4 | 9 | ||||||
Acquisition of Treasury Stock | (1 | ) | -- | |||||
Other | (1 | ) | -- | |||||
Net Cash Used In Financing Activities | (155 | ) | (347 | ) | ||||
Increase In Cash and Cash Equivalents | 62 | 102 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 347 | 267 | ||||||
End of Period | $ | 409 | $ | 369 | ||||
PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
---|---|---|---|---|---|---|---|---|
Quarter Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 96 | $ | 77 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization(Includes $2 Loss Related to Hurricane in 2005) | 30 | 27 | ||||||
Basis of Real Estate Sold(Includes Impairment Losses of $1 in 2005 and 2004) | 54 | 13 | ||||||
Deferred Income Taxes | (4 | ) | -- | |||||
Gain on Sales of Other Assets | (1 | ) | -- | |||||
Working Capital Changes | 23 | 5 | ||||||
Other | 1 | 3 | ||||||
Net Cash Provided By Operating Activities | 199 | 125 | ||||||
Cash Flows From Investing Activities: | ||||||||
Property Additions(Excluding Timberland Acquisitions) | (25 | ) | (17 | ) | ||||
Timberlands Acquired(Including Tax-Deferred Exchange Proceeds) | (103 | ) | (6 | ) | ||||
Proceeds from Sales of Properties and Other Assets | ||||||||
(Including Tax-Deferred Exchange Proceeds) | 22 | -- | ||||||
Other | (1 | ) | -- | |||||
Net Cash Used In Investing Activities | (107 | ) | (23 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (69 | ) | (66 | ) | ||||
Borrowings under Line of Credit | 666 | 444 | ||||||
Repayments of Borrowings under Line of Credit | (660 | ) | (444 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (2 | ) | (2 | ) | ||||
Proceeds from Stock Option Exercises | -- | 6 | ||||||
Acquisition of Treasury Stock | (1 | ) | -- | |||||
Other | (1 | ) | -- | |||||
Net Cash Used In Financing Activities | (67 | ) | (62 | ) | ||||
Increase In Cash and Cash Equivalents | 25 | 40 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 384 | 329 | ||||||
End of Period | $ | 409 | $ | 369 | ||||