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 24, 2006 | Media: Kathy Budinick 1-206-467-3620 |
PLUM CREEK TIMBER COMPANY, INC. |
Quarter Ended | ||||||||
March 31, 2006 | March 31, 2005 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 214 | $ | 200 | ||||
Real Estate | 61 | 68 | ||||||
Manufacturing | 134 | 129 | ||||||
Other | 5 | 3 | ||||||
Total Revenues | 414 | 400 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 121 | 102 | ||||||
Real Estate | 16 | 24 | ||||||
Manufacturing | 123 | 118 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 261 | 245 | ||||||
Selling, General and Administrative | 26 | 21 | ||||||
Total Costs and Expenses | 287 | 266 | ||||||
Operating Income | 127 | 134 | ||||||
Interest Expense, net | 31 | 27 | ||||||
Income before Income Taxes | 96 | 107 | ||||||
Provision for Income Taxes | 4 | 5 | ||||||
Income from Continuing Operations | 92 | 102 | ||||||
Gain on Sale of Properties, net of tax | -- | 20 | ||||||
Net Income Before Cumulative Effect of Accounting Change | 92 | 122 | ||||||
Cumulative Effect of Accounting Change, net of tax | 2 | -- | ||||||
Net Income | $ | 94 | $ | 122 | ||||
Income from Continuing Operations per Share | ||||||||
- Basic | $ | 0.5 | 0 | $ | 0.5 | 6 | ||
- Diluted | $ | 0.5 | 0 | $ | 0.5 | 6 | ||
Net Income per Share | ||||||||
- Basic | $ | 0.5 | 1 | $ | 0.6 | 7 | ||
- Diluted | $ | 0.5 | 1 | $ | 0.6 | 6 | ||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 184. | 2 | 183. | 9 | ||||
- Diluted | 184. | 7 | 184. | 5 |
PLUM CREEK TIMBER COMPANY, INC. |
March 31, 2006 | December 31, 2005 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 419 | $ | 369 | ||||
Restricted Advance from Customer | 32 | 23 | ||||||
Accounts Receivable | 50 | 44 | ||||||
Like-Kind Exchange Funds Held in Escrow | 1 | 30 | ||||||
Inventories | 78 | 75 | ||||||
Deferred Tax Asset | 17 | 17 | ||||||
Other Current Assets | 16 | 16 | ||||||
613 | 574 | |||||||
Timber and Timberlands - Net | 3,942 | 3,961 | ||||||
Property, Plant and Equipment - Net | 229 | 234 | ||||||
Investment in Grantor Trusts | 26 | 26 | ||||||
Other Assets | 16 | 17 | ||||||
Total Assets | $ | 4,826 | $ | 4,812 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 232 | $ | 161 | ||||
Short-Term Debt | 50 | 50 | ||||||
Accounts Payable | 36 | 45 | ||||||
Interest Payable | 41 | 30 | ||||||
Wages Payable | 11 | 25 | ||||||
Taxes Payable | 19 | 18 | ||||||
Deferred Revenue | 42 | 35 | ||||||
Other Current Liabilities | 13 | 11 | ||||||
444 | 375 | |||||||
Long-Term Debt | 1,452 | 1,524 | ||||||
Lines of Credit | 495 | 495 | ||||||
Deferred Tax Liability | 40 | 39 | ||||||
Other Liabilities | 47 | 54 | ||||||
Total Liabilities | 2,478 | 2,487 | ||||||
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) - 186.4 at March 31, 2006, | ||||||||
and 186.2 at December 31, 2005 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,186 | 2,181 | ||||||
Retained Earnings | 206 | 186 | ||||||
Treasury Stock, at cost, Common Shares - 2.0 | (44 | ) | (44 | ) | ||||
Other Equity | (2 | ) | -- | |||||
Total Stockholders' Equity | 2,348 | 2,325 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,826 | $ | 4,812 | ||||
PLUM CREEK TIMBER COMPANY, INC. |
Quarter Ended | ||||||||
March 31, 2006 | March 31, 2005 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 94 | $ | 122 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 31 | 27 | ||||||
Basis of Real Estate Sold | 10 | 18 | ||||||
Deferred Income Taxes | 1 | (1 | ) | |||||
Gain on Sale of Properties | -- | (21 | ) | |||||
Working Capital Changes | 9 | (64 | ) | |||||
Other | (5 | ) | (2 | ) | ||||
Net Cash Provided By Operating Activities | 140 | 79 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures(Excluding Timberland Acquisitions) | (17 | ) | (10 | ) | ||||
Other | -- | 1 | ||||||
Net Cash Used In Investing Activities | (17 | ) | (9 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (74 | ) | (70 | ) | ||||
Borrowings on Line of Credit | 663 | 529 | ||||||
Repayments on Line of Credit | (663 | ) | (529 | ) | ||||
Proceeds from Stock Option Exercises | 2 | 3 | ||||||
Other | (1 | ) | (1 | ) | ||||
Net Cash Used In Financing Activities | (73 | ) | (68 | ) | ||||
Increase In Cash and Cash Equivalents | 50 | 2 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 369 | 347 | ||||||
End of Period | $ | 419 | $ | 349 | ||||