Plum Creek Timber (PCL) 8-K Results of Operations and Financial Condition

Exhibit 99.2 Supplemental Financial Information

PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	Year Ended
	December 31, 2005		December 31, 2004
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	764	$	694
Real Estate		292		303
Manufacturing		504		518
Other		16		13
Total Revenues		1,576		1,528
Costs and Expenses:
Cost of Goods Sold:
Timber		418		368
Real Estate		152		149
Manufacturing		463		449
Other		3		4
Total Cost of Goods Sold		1,036		970
Selling, General and Administrative		92		86
Total Costs and Expenses		1,128		1,056
Gain on Sale of Other Assets		--		5
Operating Income		448		477
Interest Expense, net		109		111
Income before Income Taxes		339		366
Provision for Income Taxes		8		27
Income from Continuing Operations		331		339
Gain on Sale of Properties, net of tax		23		23
Net Income	$	354	$	362
Income from Continuing Operations per Share
- Basic	$	1.80	$	1.85
- Diluted	$	1.79	$	1.84
Net Income per Share
- Basic	$	1.92	$	1.97
- Diluted	$	1.92	$	1.97
Weighted Average Number of Shares Outstanding
- Basic		184.0		183.4
- Diluted		184.6		184.1

PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	Quarter Ended
	December 31, 2005		December 31, 2004
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	192	$	181
Real Estate		72		23
Manufacturing		121		122
Other		6		1
Total Revenues		391		327
Costs and Expenses:
Cost of Goods Sold:
Timber		110		99
Real Estate		47		9
Manufacturing		114		117
Other		1		1
Total Cost of Goods Sold		272		226
Selling, General and Administrative		24		24
Total Costs and Expenses		296		250
Operating Income		95		77
Interest Expense, net		29		27
Income before Income Taxes		66		50
Provision for Income Taxes		2		--
Income from Continuing Operations		64		50
Gain on Sale of Properties, net of tax		3		23
Net Income	$	67	$	73
Income from Continuing Operations per Share
- Basic	$	0.34	$	0.28
- Diluted	$	0.34	$	0.28
Net Income per Share
- Basic	$	0.36	$	0.40
- Diluted	$	0.36	$	0.40
Weighted Average Number of Shares Outstanding
- Basic		184.0		183.7
- Diluted		184.6		184.4

PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	December 31, 2005			December 31, 2004
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	369		$	347
Restricted Advance from Customer		23			4
Accounts Receivable		44			40
Like-Kind Exchange Funds Held in Escrow		30			11
Inventories		75			71
Deferred Tax Asset		17			10
Other Current Assets		16			16
		574			499
Timber and Timberlands - Net		3,961			3,595
Property, Plant and Equipment - Net		234			248
Investment in Grantor Trusts		26			29
Other Assets		17			7
Total Assets	$	4,812		$	4,378
LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	161		$	32
Short-Term Debt		50			--
Accounts Payable		45			41
Interest Payable		30			28
Wages Payable		25			25
Taxes Payable		18			22
Deferred Revenue		35			16
Other Current Liabilities		11			20
		375			184
Long-Term Debt		1,524			1,405
Lines of Credit		495			448
Deferred Tax Liability		39			45
Other Liabilities		54			56
Total Liabilities		2,487			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) - 186.2 at December 31, 2005,
and 185.7 at December 31, 2004		2			2
Additional Paid-In Capital		2,181			2,168
Retained Earnings		186			111
Treasury Stock, at cost, Common Shares - 2.0		(44	)		(43	)
Other Equity		--			2
Total Stockholders' Equity		2,325			2,240
Total Liabilities and Stockholders' Equity	$	4,812		$	4,378

PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Year Ended
	December 31, 2005			December 31, 2004
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	354		$	362
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization(Includes $2 Loss Related to      Hurricane in 2005 and $9 Lumber Mill Impairment Charge in 2004)		113			114
Basis of Real Estate Sold(Includes Impairment Losses of $1 in 2005 and      $21 in 2004)		124			134
Deferred Income Taxes		(13	)		9
Gain on Sales of Properties and Other Assets		(24	)		(28	)
Working Capital Changes		(36	)		(12	)
Other		(2	)		3
Net Cash Provided By Operating Activities		516			582
Cash Flows From Investing Activities:
Capital Expenditures(Excluding Timberland Acquisitions)		(89	)		(70	)
Timberlands Acquired		(501	)		(66	)
Proceeds from Sales of Properties and Other Assets
(Including Tax-Deferred Exchange Proceeds)		29			46
Other		(2	)		(1	)
Net Cash Used In Investing Activities		(563	)		(91	)
Cash Flows From Financing Activities:
Dividends		(279	)		(260	)
Borrowings under Line of Credit		2,468			2,147
Repayments of Borrowings under Line of Credit		(2,421	)		(2,295	)
Proceeds from Issuance of Short-Term Debt		50			--
Proceeds from Issuance of Long-Term Debt		297			--
Principal Payments and Retirement of Long-Term Debt		(53	)		(33	)
Proceeds from Stock Option Exercises		9			12
Acquisition of Treasury Stock		(1	)		--
Other		(1	)		--
Net Cash Provided by (Used In) Financing Activities		69			(429	)
Increase In Cash and Cash Equivalents		22			62
Cash and Cash Equivalents:
Beginning of Year		347			285
End of Year	$	369		$	347

PLUM CREEK TIMBER COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Quarter Ended
	December 31, 2005			December 31, 2004
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	67		$	73
Adjustments to Reconcile Net Income to
Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization (Includes $9 million Lumber Mill
Impairment Charge in 2004)		28			36
Basis of Real Estate Sold(Includes Impairment Losses of $1 in 2004)		42			7
Deferred Income Taxes		(8	)		(3	)
Gain on Sales of Other Assets		(2	)		(23	)
Working Capital Changes *		30			4
Other		(3	)		3
Net Cash Provided By Operating Activities		154			97
Cash Flows From Investing Activities:
Capital Expenditures(Excluding Timberland Acquisitions)		(36	)		(21	)
Timberlands Acquired *		(383	)		(34	)
Proceeds from Sales of Properties and Other Assets
(Including Tax-Deferred Exchange Proceeds)		2			19
Other		(1	)		(1	)
Net Cash Used In Investing Activities		(418	)		(37	)
Cash Flows From Financing Activities:
Dividends		(70	)		(66	)
Borrowings under Line of Credit		662			476
Repayments of Borrowings under Line of Credit		(668	)		(495	)
Proceeds from Issuance of Long-Term Debt		297			--
Principal Payments and Retirement of Long-Term Debt		(2	)		--
Proceeds from Stock Option Exercises		5			3
Net Cash Provided by (Used In) Financing Activities		224			(82	)
Decrease In Cash and Cash Equivalents		(40	)		(22	)
Cash and Cash Equivalents:
Beginning of Period		409			369
End of Period	$	369		$	347

* - During the fourth quarter of 2005, the company concluded that proceeds received from a like-kind exchange should be reflected as an investment activity under "Timberlands Acquired" in the period in which the proceeds were reinvested in timberland assets. Prior to the fourth quarter, the company reflected like-kind exchange proceeds as an investment activity under "Timberlands Acquired" in the quarter in which the company concluded that it was probable that the proceeds would be successfully reinvested in timberland assets. For the quarter ended December 31, 2005, "Working Capital Changes" and "Timberlands Acquired" includes $65 million of like-kind exchange proceeds that were reinvested in timberland assets, which was previously reported in the Cash Flow Statement for the nine months ended September 30, 2005. Prior year amounts have been reclassified to conform to this year's presentation. This change in presentation does not affect net income or operating income for any period, nor does it affect any amounts in the statement of cash flows for the years ended December 31, 2005 and 2004.

Plum Creek Timber Company, Inc. Segment Data (Unaudited)
	Twelve Months 2005			Twelve Months 2004
	(In Millions)
Revenues:
Northern Resources	$	347		$	325
Southern Resources		501			459
Real Estate		292			303
Manufacturing		504			518
Other		16			13
Eliminations		(84	)		(90	)
Total Revenues	$	1,576		$	1,528
Operating Costs and Expenses:
Northern Resources	$	245		$	225
Southern Resources		280			252
Real Estate		152			151
Manufacturing		474			460
Other		3			4
Other Costs and Eliminations		(26	)		(36	)
Total Costs and Expenses	$	1,128		$	1,056
Operating Income (Loss)
Northern Resources	$	102		$	100
Southern Resources		221			207
Real Estate		140			152
Manufacturing		30			58
Other		13			9
Other Costs and Eliminations		(58	)		(54	)
Gain on Sale of Other Assets		--			5
Total Operating Income	$	448		$	477

Plum Creek Timber Company, Inc. Segment Data (Unaudited)
	Fourth Quarter 2005			Fourth Quarter 2004
	(In Millions)
Revenues:
Northern Resources	$	98		$	83
Southern Resources		119			121
Real Estate		72			23
Manufacturing		121			122
Other		6			1
Eliminations		(25	)		(23	)
Total Revenues	$	391		$	327
Operating Costs and Expenses:
Northern Resources	$	71		$	58
Southern Resources		70			67
Real Estate		47			11
Manufacturing		117			121
Other		1			1
Other Costs and Eliminations		(10	)		(8	)
Total Costs and Expenses	$	296		$	250
Operating Income (Loss)
Northern Resources	$	27		$	25
Southern Resources		49			54
Real Estate		25			12
Manufacturing		4			1
Other		5			--
Other Costs and Eliminations		(15	)		(15	)
Total Operating Income	$	95		$	77

Plum Creek Timber Company, Inc. Selected Operating Statistics Unaudited)
		2005
		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$         38	$         38	$         36	$       37	$         37
Pulpwood	$/Ton Stumpage	$           9	$           9	$           8	$         7	$           8
Northern Resources
Sawlog	$/Ton Delivered	$         76	$         77	$         79	$       77	$         77
Pulpwood	$/Ton Delivered	$         37	$         37	$         39	$       38	$         38
Lumber (1)	$/MBF	$       483	$       459	$       440	$     435	$       454
Plywood (1)	$/MSF	$       419	$       422	$       418	$     444	$       425
Fiberboard (1)	$/MSF	$       449	$       458	$       441	$     434	$       446
Sales Volume
Southern Resources
Sawlog	1,000 Tons	1,899	1,899	1,553	1,624	6,975
Pulpwood	1,000 Tons	1,592	1,825	1,690	1,696	6,803
Total Harvest		3,491	3,724	3,243	3,320	13,778
Northern Resources
Sawlog	1,000 Tons	906	774	898	1,011	3,589
Pulpwood	1,000 Tons	499	319	467	529	1,814
Total Harvest		1,405	1,093	1,365	1,540	5,403
Lumber	MBF	102,857	105,028	103,099	96,003	406,987
Plywood	MSF	75,483	75,235	76,692	71,115	298,525
Fiberboard	MSF	61,806	61,843	62,231	62,407	248,287

(1) Represents prices at mill level.

		2004
		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Sales Realization	Units
Southern Resources
Sawlog	$/Ton Stumpage	$         37	$         36	$         36	$       36	$         36
Pulpwood	$/Ton Stumpage	$           9	$           8	$           8	$         7	$           8
Northern Resources
Sawlog	$/Ton Delivered	$         70	$         72	$         80	$       78	$         75
Pulpwood	$/Ton Delivered	$         34	$         34	$         35	$       36	$         35
Lumber (1)	$/MBF	$       452	$       514	$       532	$     473	$       473
Plywood (1)	$/MSF	$       427	$       482	$       483	$     444	$       459
Fiberboard (1)	$/MSF	$       379	$       415	$       436	$     440	$       418
Sales Volume
Southern Resources
Sawlog	1,000 Tons	1,719	1,488	1,670	1,761	6,638
Pulpwood	1,000 Tons	1,587	1,512	1,834	1,757	6,690
Total Harvest		3,306	3,000	3,504	3,518	13,328
Northern Resources
Sawlog	1,000 Tons	1,089	715	856	855	3,515
Pulpwood	1,000 Tons	534	301	436	452	1,723
Total Harvest		1,623	1,016	1,292	1,307	5,238
Lumber	MBF	102,373	100,174	103,671	99,763	405,981
Plywood	MSF	80,487	77,236	78,896	71,373	307,992
Fiberboard	MSF	61,437	65,053	64,100	55,610	246,200

(1) Represents prices at mill level.