Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In Millions, Except Per Share Amounts) | Nine Months Ended September 30, | |||||||
2011 | 2010 | |||||||
REVENUES: | ||||||||
Timber | $ | 421 | $ | 429 | ||||
Real Estate | 208 | 181 | ||||||
Manufacturing | 208 | 208 | ||||||
Other | 15 | 16 | ||||||
Total Revenues | 852 | 834 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 327 | 317 | ||||||
Real Estate | 68 | 69 | ||||||
Manufacturing | 190 | 184 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 586 | 571 | ||||||
Selling, General and Administrative | 77 | 70 | ||||||
Total Costs and Expenses | 663 | 641 | ||||||
Other Operating Income (Expense), net | 3 | 9 | ||||||
Operating Income | 192 | 202 | ||||||
Equity Earnings from Timberland Venture | 44 | 44 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 61 | 59 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 43 | 43 | ||||||
Total Interest Expense, net | 104 | 102 | ||||||
Income before Income Taxes | 132 | 144 | ||||||
Provision for Income Taxes | — | 1 | ||||||
Income from Continuing Operations | 132 | 143 | ||||||
Gain on Sale of Properties, net of tax | — | 11 | ||||||
Net Income | $ | 132 | $ | 154 | ||||
PER SHARE AMOUNTS: | ||||||||
Income from Continuing Operations – Basic | $ | 0.81 | $ | 0.88 | ||||
Income from Continuing Operations – Diluted | $ | 0.81 | $ | 0.88 | ||||
Net Income per Share – Basic | $ | 0.81 | $ | 0.95 | ||||
Net Income per Share – Diluted | $ | 0.81 | $ | 0.94 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.9 | 162.2 | ||||||
– Diluted | 162.2 | 162.5 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In Millions, Except Per Share Amounts) | Quarter Ended September 30, | |||||||
2011 | 2010 | |||||||
REVENUES: | ||||||||
Timber | $ | 154 | $ | 145 | ||||
Real Estate | 67 | 39 | ||||||
Manufacturing | 67 | 70 | ||||||
Other | 5 | 5 | ||||||
Total Revenues | 293 | 259 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 119 | 108 | ||||||
Real Estate | 19 | 18 | ||||||
Manufacturing | 62 | 62 | ||||||
Other | — | — | ||||||
Total Cost of Goods Sold | 200 | 188 | ||||||
Selling, General and Administrative | 24 | 20 | ||||||
Total Costs and Expenses | 224 | 208 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 69 | 51 | ||||||
Equity Earnings from Timberland Venture | 14 | 15 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 20 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 34 | 34 | ||||||
Income before Income Taxes | 49 | 32 | ||||||
Benefit for Income Taxes | (1 | ) | — | |||||
Net Income | $ | 50 | $ | 32 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.31 | $ | 0.20 | ||||
Net Income per Share – Diluted | $ | 0.31 | $ | 0.20 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.9 | 161.6 | ||||||
– Diluted | 162.2 | 161.8 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In Millions, Except Per Share Amounts) | September 30, 2011 | December 31, 2010 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 291 | $ | 252 | ||||
Accounts Receivable | 36 | 21 | ||||||
Inventories | 44 | 49 | ||||||
Deferred Tax Asset | 7 | 7 | ||||||
Assets Held for Sale | 34 | 57 | ||||||
Other Current Assets | 15 | 24 | ||||||
427 | 410 | |||||||
Timber and Timberlands, net | 3,443 | 3,405 | ||||||
Property, Plant and Equipment, net | 140 | 146 | ||||||
Equity Investment in Timberland Venture | 189 | 201 | ||||||
Deferred Tax Asset | 8 | 10 | ||||||
Investment in Grantor Trusts (at Fair Value) | 36 | 35 | ||||||
Other Assets | 39 | 44 | ||||||
Total Assets | $ | 4,282 | $ | 4,251 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 395 | $ | 94 | ||||
Line of Credit | 302 | 166 | ||||||
Accounts Payable | 27 | 25 | ||||||
Interest Payable | 26 | 23 | ||||||
Wages Payable | 16 | 23 | ||||||
Taxes Payable | 17 | 12 | ||||||
Deferred Revenue | 33 | 25 | ||||||
Other Current Liabilities | 8 | 7 | ||||||
824 | 375 | |||||||
Long-Term Debt | 1,294 | 1,643 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 80 | 76 | ||||||
Total Liabilities | 2,981 | 2,877 | ||||||
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, Outstanding (net of Treasury Stock) – 161.6 at September 30, 2011 and 161.6 at December 31, 2010 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,258 | 2,243 | ||||||
Retained Earnings (Accumulated Deficit) | (21 | ) | 51 | |||||
Treasury Stock, at Cost, Common Shares – 26.6 at September 30, 2011 and 26.2 at December 31, 2010 | (927 | ) | (911 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (11 | ) | (11 | ) | ||||
Total Stockholders’ Equity | 1,301 | 1,374 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,282 | $ | 4,251 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 132 | $ | 154 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 70 | 72 | ||||||
Basis of Real Estate Sold | 57 | 57 | ||||||
Equity Earnings from Timberland Venture | (44 | ) | (44 | ) | ||||
Distributions from Timberland Venture | 56 | 56 | ||||||
Deferred Income Taxes | 2 | 1 | ||||||
Gain on Sale of Properties and Other Assets | — | (13 | ) | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 14 | 5 | ||||||
Pension Plan Contributions | (3 | ) | (4 | ) | ||||
Working Capital Changes | — | 12 | ||||||
Other | 10 | 16 | ||||||
Net Cash Provided By Operating Activities | 294 | 312 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (43 | ) | (51 | ) | ||||
Timberlands and Minerals Acquired | (88 | ) | — | |||||
Proceeds from Sale of Properties and Other Assets | — | 13 | ||||||
Other | — | 1 | ||||||
Net Cash Used In Investing Activities | (131 | ) | (37 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (204 | ) | (205 | ) | ||||
Borrowings on Line of Credit | 1,097 | 1,505 | ||||||
Repayments on Line of Credit | (961 | ) | (1,505 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (49 | ) | (53 | ) | ||||
Proceeds from Stock Option Exercises | 9 | 2 | ||||||
Acquisition of Treasury Stock | (16 | ) | (51 | ) | ||||
Net Cash Used In Financing Activities | (124 | ) | (307 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 39 | (32 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 252 | 299 | ||||||
End of Period | $ | 291 | $ | 267 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended September 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 50 | $ | 32 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 26 | 24 | ||||||
Basis of Real Estate Sold | 14 | 14 | ||||||
Equity Earnings from Timberland Venture | (14 | ) | (15 | ) | ||||
Distributions from Timberland Venture | 28 | 28 | ||||||
Deferred Income Taxes | (2 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 2 | (1 | ) | |||||
Pension Plan Contributions | (3 | ) | (4 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | 35 | — | ||||||
Other Working Capital Changes | (4 | ) | 19 | |||||
Other | 5 | 8 | ||||||
Net Cash Provided By Operating Activities | 137 | 105 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (15 | ) | (20 | ) | ||||
Timberlands and Minerals Acquired | (76 | ) | — | |||||
Other | — | 1 | ||||||
Net Cash Used In Investing Activities | (91 | ) | (19 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (68 | ) | (69 | ) | ||||
Borrowings on Line of Credit | 542 | 368 | ||||||
Repayments on Line of Credit | (467 | ) | (368 | ) | ||||
Acquisition of Treasury Stock | (15 | ) | — | |||||
Net Cash Used In Financing Activities | (8 | ) | (69 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 38 | 17 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 253 | 250 | ||||||
End of Period | $ | 291 | $ | 267 |
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Nine Months Ended September 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 167 | $ | 162 | ||||
Southern Resources | 266 | 280 | ||||||
Real Estate | 208 | 181 | ||||||
Manufacturing | 208 | 208 | ||||||
Other | 15 | 16 | ||||||
Eliminations | (12 | ) | (13 | ) | ||||
Total Revenues | $ | 852 | $ | 834 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 17 | $ | 12 | ||||
Southern Resources | 55 | 79 | ||||||
Real Estate | 134 | 107 | ||||||
Manufacturing | 12 | 21 | ||||||
Other (A) | 16 | 20 | ||||||
Other Costs and Eliminations, net | (42 | ) | (37 | ) | ||||
Total Operating Income | $ | 192 | $ | 202 |
(A) During the first quarter of 2011, the company received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. During the first quarter of 2010, the company agreed to terminate a land lease, accounted for as an operating lease, for consideration of $5 million from the lessor. The consideration was primarily for the release of mineral rights. These amounts are reported as Other Operating Gain/(Loss) in our Other Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income.
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Quarter Ended September 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 68 | $ | 57 | ||||
Southern Resources | 93 | 93 | ||||||
Real Estate | 67 | 39 | ||||||
Manufacturing | 67 | 70 | ||||||
Other | 5 | 5 | ||||||
Eliminations | (7 | ) | (5 | ) | ||||
Total Revenues | $ | 293 | $ | 259 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 7 | $ | 5 | ||||
Southern Resources | 21 | 25 | ||||||
Real Estate | 46 | 19 | ||||||
Manufacturing | 3 | 7 | ||||||
Other | 5 | 5 | ||||||
Other Costs and Eliminations, net | (13 | ) | (10 | ) | ||||
Total Operating Income | $ | 69 | $ | 51 |
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
2011 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 20 | $ | 19 | $ | 20 | $ | 19 | |||||||||||||
Pulpwood | $/Ton Stumpage | $ | 10 | $ | 9 | $ | 9 | $ | 9 | |||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 69 | $ | 72 | $ | 71 | $ | 70 | |||||||||||||
Pulpwood | $/Ton Delivered | $ | 40 | $ | 40 | $ | 42 | $ | 41 | |||||||||||||
Lumber (1) | $/MBF | $ | 533 | $ | 529 | $ | 493 | $ | 518 | |||||||||||||
Plywood (1) | $/MSF | $ | 371 | $ | 382 | $ | 382 | $ | 378 | |||||||||||||
Fiberboard (1) | $/MSF | $ | 608 | $ | 608 | $ | 607 | $ | 608 | |||||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,286 | 1,126 | 1,289 | 3,701 | |||||||||||||||||
Pulpwood | 1,000 Tons | 1,494 | 1,592 | 1,833 | 4,919 | |||||||||||||||||
Total Harvest | 2,780 | 2,718 | 3,122 | — | 8,620 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 506 | 471 | 661 | 1,638 | |||||||||||||||||
Pulpwood | 1,000 Tons | 478 | 244 | 500 | 1,222 | |||||||||||||||||
Total Harvest | 984 | 715 | 1,161 | — | 2,860 | |||||||||||||||||
Lumber | MBF | 29,250 | 29,654 | 29,979 | 88,883 | |||||||||||||||||
Plywood | MSF | 44,156 | 44,842 | 41,632 | 130,630 | |||||||||||||||||
Fiberboard | MSF | 40,690 | 43,070 | 38,485 | 122,245 | |||||||||||||||||
2010 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 23 | $ | 23 | $ | 23 | $ | 22 | $ | 23 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 13 | $ | 12 | $ | 11 | $ | 10 | $ | 12 | |||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 59 | $ | 66 | $ | 66 | $ | 62 | $ | 63 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 38 | $ | 38 | $ | 39 | $ | 39 | $ | 39 | |||||||||||
Lumber (1) | $/MBF | $ | 501 | $ | 522 | $ | 490 | $ | 514 | $ | 507 | |||||||||||
Plywood (1) | $/MSF | $ | 352 | $ | 397 | $ | 388 | $ | 374 | $ | 378 | |||||||||||
Fiberboard (1) | $/MSF | $ | 588 | $ | 607 | $ | 629 | $ | 598 | $ | 606 | |||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,274 | 1,122 | 1,209 | 1,416 | 5,021 | ||||||||||||||||
Pulpwood | 1,000 Tons | 1,526 | 1,448 | 1,674 | 1,798 | 6,446 | ||||||||||||||||
Total Harvest | 2,800 | 2,570 | 2,883 | 3,214 | 11,467 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 627 | 484 | 537 | 486 | 2,134 | ||||||||||||||||
Pulpwood | 1,000 Tons | 527 | 348 | 517 | 431 | 1,823 | ||||||||||||||||
Total Harvest | 1,154 | 832 | 1,054 | 917 | 3,957 | |||||||||||||||||
Lumber | MBF | 28,791 | 30,813 | 29,305 | 27,181 | 116,090 | ||||||||||||||||
Plywood | MSF | 45,104 | 47,002 | 44,223 | 36,387 | 172,716 | ||||||||||||||||
Fiberboard | MSF | 35,347 | 50,010 | 39,394 | 32,266 | 157,017 |
(1) Represents prices at mill level.
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2011 | ||||||||||||||||||||
1st Qtr (1) | 2nd Qtr (2) | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 2,560 | 2,695 | 11,525 | 16,780 | ||||||||||||||||
Large Non-strategic | 30,295 | — | — | 30,295 | ||||||||||||||||
Conservation | 335 | 59,425 | 370 | 60,130 | ||||||||||||||||
HBU/Recreation | 7,795 | 6,320 | 24,500 | 38,615 | ||||||||||||||||
Development Properties | — | — | 20 | 20 | ||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | ||||||||||||||||
40,985 | 68,440 | 36,415 | 145,840 | |||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,015 | $ | 1,125 | $ | 1,230 | $ | 1,180 | ||||||||||||
Large Non-strategic | $ | 1,405 | $ | — | $ | — | $ | 1,405 | ||||||||||||
Conservation | $ | 1,685 | $ | 1,050 | $ | 1,270 | $ | 1,055 | ||||||||||||
HBU/Recreation | $ | 2,100 | $ | 2,060 | $ | 1,950 | $ | 2,000 | ||||||||||||
Development Properties | $ | — | $ | — | $ | 6,405 | $ | 6,405 | ||||||||||||
Conservation Easements | $ | — | $ | — | $ | 460 | $ | 460 | ||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 2 | $ | 4 | $ | 14 | $ | 20 | ||||||||||||
Large Non-strategic | $ | 43 | $ | — | $ | — | $ | 43 | ||||||||||||
Conservation | $ | 1 | $ | 62 | $ | — | $ | 63 | ||||||||||||
HBU/Recreation | $ | 16 | $ | 13 | $ | 48 | $ | 77 | ||||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Conservation Easements | $ | — | $ | — | $ | 5 | $ | 5 | ||||||||||||
$ | 62 | $ | 79 | $ | 67 | $ | 208 | |||||||||||||
Basis of Real Estate Sold (5) | $ | 19 | $ | 24 | $ | 14 | $ | 57 | ||||||||||||
2010 | ||||||||||||||||||||
1st Qtr (3) | 2nd Qtr | 3rd Qtr | 4th Qtr (4) | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 29,640 | 1,950 | 10,270 | 21,375 | 63,235 | |||||||||||||||
Large Non-strategic | 24,310 | — | — | — | 24,310 | |||||||||||||||
Conservation | 35,120 | 215 | 2,870 | 77,900 | 116,105 | |||||||||||||||
HBU/Recreation | 9,080 | 18,175 | 9,870 | 16,140 | 53,265 | |||||||||||||||
Development Properties | 730 | 60 | — | 55 | 845 | |||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | |||||||||||||||
98,880 | 20,400 | 23,010 | 115,470 | 257,760 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 885 | $ | 1,120 | $ | 1,025 | $ | 1,045 | $ | 970 | ||||||||||
Large Non-strategic | $ | 1,320 | $ | — | $ | — | $ | — | $ | 1,320 | ||||||||||
Conservation | $ | 545 | $ | 1,450 | $ | 1,865 | $ | 1,245 | $ | 1,050 | ||||||||||
HBU/Recreation | $ | 2,125 | $ | 2,210 | $ | 2,335 | $ | 1,950 | $ | 2,140 | ||||||||||
Development Properties | $ | 3,050 | $ | 5,985 | $ | — | $ | 5,535 | $ | 3,415 | ||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | 455 | $ | 455 | ||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 26 | $ | 2 | $ | 11 | $ | 22 | $ | 61 | ||||||||||
Large Non-strategic | $ | 32 | $ | — | $ | — | $ | — | $ | 32 | ||||||||||
Conservation | $ | 19 | $ | — | $ | 5 | $ | 98 | $ | 122 | ||||||||||
HBU/Recreation | $ | 19 | $ | 41 | $ | 23 | $ | 31 | $ | 114 | ||||||||||
Development Properties | $ | 3 | $ | — | $ | — | $ | — | $ | 3 | ||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||
$ | 99 | $ | 43 | $ | 39 | $ | 155 | $ | 336 | |||||||||||
Basis of Real Estate Sold (5) | $ | 32 | $ | 11 | $ | 14 | $ | 75 | $ | 132 |
Plum Creek Timber Company, Inc.
Notes to Land Sale Statistics
(Unaudited)
(1) During the first quarter of 2011, the company sold 30,300 acres of Large Non-strategic lands located in Mississippi for $42.6 million.
(2) During the second quarter of 2011, the company's Conservation sales consisted primarily of 26,800 acres in Arkansas and Louisiana and 31,500 acres in Florida.
(3) During the first quarter of 2010, the company sold 24,000 acres of Large Non-strategic lands located in Louisiana for $32 million. In addition, the company sold two larger Conservation properties totaling 35,000 acres in Wisconsin and Arkansas and an aggregation of 23,000 acres of Small Non-strategic timberlands located primarily in the Lake States region.
(4) During the fourth quarter of 2010, the company sold 69,600 acres in Montana to a conservation buyer for $88.8 million. The sale is presented as a Conservation sale. The transaction included 60,900 acres of Conservation property and 8,700 acres of HBU property.
(5) Includes $13 million in the first quarter of 2011 from a 30,300 acre Large Non-strategic sale in Mississippi, $52 million in the fourth quarter of 2010 from a 69,600 acre Conservation sale in Montana, and $7 million in the first quarter of 2010 for a 24,000 acre Large Non-strategic sale in Louisiana.
Plum Creek Timber Company, Inc.
Debt Maturities Schedule
September 30, 2011
(Unaudited)
Borrowings | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2012: | ||||||||
4th Qtr 2011 | $ | 46 | 7.712 | % | (1) | |||
2nd Qtr 2012 | $ | 350 | — | % | (2) | |||
4th Qtr 2012 | $ | 3 | 8.050 | % | ||||
Annual Maturities through 2014: | ||||||||
2013 | $ | 250 | 6.663 | % | (3) | |||
2014 | $ | 3 | 8.050 | % |
(1) Principal amount composed of senior notes with principal amounts of $3 million, $3 million and $40 million and interest rates of 7.970%, 8.050% and 7.660%, respectively.
(2) Represents the company's term credit agreement. As of September 30, 2011, the interest rate is based on LIBOR plus 0.375%.
(3) Principal amount composed of senior notes with principal amounts of $3 million, $73 million and $174 million and interest rates of 8.050%, 7.760% and 6.180%, respectively.