Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2010 | December 31, 2009 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 569 | $ | 545 | ||||
Real Estate | 336 | 486 | ||||||
Manufacturing | 265 | 245 | ||||||
Other | 20 | 18 | ||||||
Total Revenues | 1,190 | 1,294 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 421 | 431 | ||||||
Real Estate | 148 | 200 | ||||||
Manufacturing | 236 | 257 | ||||||
Other | 2 | 1 | ||||||
Total Cost of Goods Sold | 807 | 889 | ||||||
Selling, General and Administrative | 95 | 106 | ||||||
Total Costs and Expenses | 902 | 995 | ||||||
Other Operating Income (Expense), net | 9 | — | ||||||
Operating Income | 297 | 299 | ||||||
Equity Earnings from Timberland Venture | 57 | 55 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 80 | 89 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | ||||||
Total Interest Expense, net | 138 | 147 | ||||||
Loss on Extinguishment of Debt | (13 | ) | (2 | ) | ||||
Income before Income Taxes | 203 | 205 | ||||||
Provision (Benefit) for Income Taxes | 1 | (31 | ) | |||||
Income from Continuing Operations | 202 | 236 | ||||||
Gain on Sale of Properties, net of tax | 11 | — | ||||||
Net Income | $ | 213 | $ | 236 | ||||
Per Share Amounts: | ||||||||
Income from Continuing Operations - Basic | $ | 1.25 | $ | 1.45 | ||||
Income from Continuing Operations - Diluted | $ | 1.24 | $ | 1.44 | ||||
Net Income per Share - Basic | $ | 1.31 | $ | 1.45 | ||||
Net Income per Share - Diluted | $ | 1.31 | $ | 1.44 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 162.1 | 163.3 | ||||||
- Diluted | 162.3 | 163.4 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended | ||||||||
December 31, 2010 | December 31, 2009 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 140 | $ | 131 | ||||
Real Estate | 155 | 67 | ||||||
Manufacturing | 57 | 56 | ||||||
Other | 4 | 4 | ||||||
Total Revenues | 356 | 258 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 104 | 105 | ||||||
Real Estate | 79 | 21 | ||||||
Manufacturing | 52 | 52 | ||||||
Other | 1 | — | ||||||
Total Cost of Goods Sold | 236 | 178 | ||||||
Selling, General and Administrative | 25 | 31 | ||||||
Total Costs and Expenses | 261 | 209 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 95 | 49 | ||||||
Equity Earnings from Timberland Venture | 13 | 12 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 21 | 20 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 15 | 15 | ||||||
Total Interest Expense, net | 36 | 35 | ||||||
Loss on Extinguishment of Debt | (13 | ) | (3 | ) | ||||
Income before Income Taxes | 59 | 23 | ||||||
Benefit for Income Taxes | — | (5 | ) | |||||
Net Income | $ | 59 | $ | 28 | ||||
Per Share Amounts: | ||||||||
Net Income per Share - Basic | $ | 0.37 | $ | 0.17 | ||||
Net Income per Share - Diluted | $ | 0.37 | $ | 0.17 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 161.6 | 162.8 | ||||||
- Diluted | 161.9 | 163.0 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31, 2010 | December 31, 2009 | |||||||
(In Millions, Except Per Share | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 252 | $ | 299 | ||||
Accounts Receivable | 21 | 24 | ||||||
Taxes Receivable | 2 | 15 | ||||||
Inventories | 49 | 46 | ||||||
Deferred Tax Asset | 7 | 6 | ||||||
Assets Held for Sale | 57 | 115 | ||||||
Other Current Assets | 22 | 14 | ||||||
410 | 519 | |||||||
Timber and Timberlands, net | 3,405 | 3,487 | ||||||
Property, Plant and Equipment, net | 146 | 156 | ||||||
Equity Investment in Timberland Venture | 201 | 201 | ||||||
Deferred Tax Asset | 10 | 14 | ||||||
Investment in Grantor Trusts (at Fair Value) | 35 | 33 | ||||||
Other Assets | 44 | 38 | ||||||
Total Assets | $ | 4,251 | $ | 4,448 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 94 | $ | 55 | ||||
Line of Credit | 166 | 320 | ||||||
Accounts Payable | 25 | 32 | ||||||
Interest Payable | 23 | 25 | ||||||
Wages Payable | 23 | 20 | ||||||
Taxes Payable | 12 | 14 | ||||||
Deferred Revenue | 25 | 16 | ||||||
Other Current Liabilities | 7 | 21 | ||||||
375 | 503 | |||||||
Long-Term Debt | 1,643 | 1,625 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 76 | 71 | ||||||
Total Liabilities | 2,877 | 2,982 | ||||||
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 December 31, 2010, and 162.8 at December 31, 2009 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,243 | 2,233 | ||||||
Retained Earnings | 51 | 110 | ||||||
Treasury Stock, at cost, Common Shares - 26.2 at December 31, 2010, and 24.8 at December 31, 2009 | (911 | ) | (860 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (11 | ) | (19 | ) | ||||
Total Stockholders’ Equity | 1,374 | 1,466 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,251 | $ | 4,448 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2010 | December 31, 2009 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 213 | $ | 236 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009) | 96 | 109 | ||||||
Basis of Real Estate Sold | 132 | 155 | ||||||
Equity Earnings from Timberland Venture | (57 | ) | (55 | ) | ||||
Distributions from Timberland Venture | 57 | 53 | ||||||
Deferred Income Taxes | 1 | (14 | ) | |||||
Gain on Sales of Properties and Other Assets | (13 | ) | — | |||||
Loss on Extinguishment of Debt | 13 | 2 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 3 | (6 | ) | |||||
Pension Plan Contributions | (4 | ) | (10 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | 48 | ||||||
Income Tax Receivable | 13 | 8 | ||||||
Other Working Capital Changes | (17 | ) | 5 | |||||
Other | 12 | 9 | ||||||
Net Cash Provided By Operating Activities | 449 | 540 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (71 | ) | (61 | ) | ||||
Timberlands Acquired | — | (1 | ) | |||||
Proceeds from Sales of Properties and Other Assets | 13 | 1 | ||||||
Purchases of Marketable Securities | (2 | ) | (3 | ) | ||||
Other | 2 | — | ||||||
Net Cash Used In Investing Activities | (58 | ) | (64 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (272 | ) | (275 | ) | ||||
Borrowings on Line of Credit | 1,783 | 1,073 | ||||||
Repayments on Line of Credit | (1,937 | ) | (984 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 575 | — | ||||||
Debt Issuance Costs | (7 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (531 | ) | (273 | ) | ||||
Proceeds from Stock Option Exercises | 2 | — | ||||||
Acquisition of Treasury Stock | (51 | ) | (87 | ) | ||||
Net Cash Used In Financing Activities | (438 | ) | (546 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (47 | ) | (70 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 299 | 369 | ||||||
End of Period | $ | 252 | $ | 299 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended | ||||||||
December 31, 2010 | December 31, 2009 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 59 | $ | 28 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 24 | 24 | ||||||
Basis of Real Estate Sold | 75 | 16 | ||||||
Equity Earnings from Timberland Venture | (13 | ) | (12 | ) | ||||
Distributions from Timberland Venture | 1 | — | ||||||
Deferred Income Taxes | — | 7 | ||||||
Loss on Extinguishment of Debt | 13 | 3 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (1 | ) | ||||
Pension Plan Contributions | — | (2 | ) | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Income Tax Receivable | (1 | ) | (9 | ) | ||||
Other Working Capital Changes | (15 | ) | (7 | ) | ||||
Other | (4 | ) | 1 | |||||
Net Cash Provided By Operating Activities | 137 | 48 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (16 | ) | ||||
Proceeds from Sales of Properties and Other Assets | — | 1 | ||||||
Purchases of Marketable Securities | (2 | ) | (3 | ) | ||||
Other | 1 | — | ||||||
Net Cash Used In Investing Activities | (21 | ) | (18 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (67 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 278 | 378 | ||||||
Repayments on Line of Credit | (432 | ) | (322 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 575 | — | ||||||
Debt Issuance Costs | (7 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (478 | ) | (70 | ) | ||||
Net Cash Used In Financing Activities | (131 | ) | (82 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (15 | ) | (52 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 267 | 351 | ||||||
End of Period | $ | 252 | $ | 299 | ||||
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Twelve Months 2010 | Twelve Months 2009 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 210 | $ | 212 | ||||
Southern Resources | 377 | 347 | ||||||
Real Estate | 336 | 486 | ||||||
Manufacturing | 265 | 245 | ||||||
Other | 20 | 18 | ||||||
Eliminations | (18 | ) | (14 | ) | ||||
Total Revenues | $ | 1,190 | $ | 1,294 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 13 | $ | (3 | ) | |||
Southern Resources | 107 | 81 | ||||||
Real Estate | 180 | 278 | ||||||
Manufacturing | 24 | (23 | ) | |||||
Other(A) | 23 | 17 | ||||||
Other Costs and Eliminations, net | (50 | ) | (51 | ) | ||||
Total Operating Income | $ | 297 | $ | 299 | ||||
(A) | During the first quarter of 2010, the company agreed to terminate a land lease for consideration of $5 million from the lessor. The land lease had been accounted for as an operating lease. The $5 million consideration is reported as Other Operating Gain/(Loss) in our Other Segment since the consideration was primarily for the release of mineral rights. The $5 million is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. |
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Fourth Quarter 2010 | Fourth Quarter 2009 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 48 | $ | 57 | ||||
Southern Resources | 97 | 81 | ||||||
Real Estate | 155 | 67 | ||||||
Manufacturing | 57 | 56 | ||||||
Other | 4 | 4 | ||||||
Eliminations | (5 | ) | (7 | ) | ||||
Total Revenues | $ | 356 | $ | 258 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 1 | $ | (1 | ) | |||
Southern Resources | 28 | 17 | ||||||
Real Estate | 73 | 44 | ||||||
Manufacturing | 3 | — | ||||||
Other | 3 | 4 | ||||||
Other Costs and Eliminations, net | (13 | ) | (15 | ) | ||||
Total Operating Income | $ | 95 | $ | 49 | ||||
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
2010 | 2009 | |||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 23 | $ | 23 | $ | 23 | $ | 22 | $ | 23 | $ | 24 | $ | 22 | $ | 22 | $ | 21 | $ | 22 | |||||||||||||||||||||
Pulpwood | $/Ton Stumpage | $ | 13 | $ | 12 | $ | 11 | $ | 10 | $ | 12 | $ | 11 | $ | 9 | $ | 9 | $ | 10 | $ | 10 | |||||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 59 | $ | 66 | $ | 66 | $ | 62 | $ | 63 | $ | 57 | $ | 50 | $ | 56 | $ | 56 | $ | 55 | |||||||||||||||||||||
Pulpwood | $/Ton Delivered | $ | 38 | $ | 38 | $ | 39 | $ | 39 | $ | 39 | $ | 43 | $ | 38 | $ | 38 | $ | 38 | $ | 40 | |||||||||||||||||||||
Lumber (1) | $/MBF | $ | 501 | $ | 522 | $ | 490 | $ | 514 | $ | 507 | $ | 374 | $ | 340 | $ | 448 | $ | 477 | $ | 397 | |||||||||||||||||||||
Plywood (1) | $/MSF | $ | 352 | $ | 397 | $ | 388 | $ | 374 | $ | 378 | $ | 362 | $ | 353 | $ | 361 | $ | 352 | $ | 357 | |||||||||||||||||||||
Fiberboard (1) | $/MSF | $ | 588 | $ | 607 | $ | 629 | $ | 598 | $ | 606 | $ | 601 | $ | 593 | $ | 596 | $ | 599 | $ | 597 | |||||||||||||||||||||
Sales Volume | ||||||||||||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,274 | 1,122 | 1,209 | 1,416 | 5,021 | 942 | 1,217 | 1,250 | 993 | 4,402 | |||||||||||||||||||||||||||||||
Pulpwood | 1,000 Tons | 1,526 | 1,448 | 1,674 | 1,798 | 6,446 | 1,487 | 1,849 | 2,014 | 1,649 | 6,999 | |||||||||||||||||||||||||||||||
Total Harvest | 2,800 | 2,570 | 2,883 | 3,214 | 11,467 | 2,429 | 3,066 | 3,264 | 2,642 | 11,401 | ||||||||||||||||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 627 | 484 | 537 | 486 | 2,134 | 525 | 371 | 632 | 609 | 2,137 | |||||||||||||||||||||||||||||||
Pulpwood | 1,000 Tons | 527 | 348 | 517 | 431 | 1,823 | 613 | 397 | 691 | 567 | 2,268 | |||||||||||||||||||||||||||||||
Total Harvest | 1,154 | 832 | 1,054 | 917 | 3,957 | 1,138 | 768 | 1,323 | 1,176 | 4,405 | ||||||||||||||||||||||||||||||||
Lumber | MBF | 28,791 | 30,813 | 29,305 | 27,181 | 116,090 | 35,123 | 60,371 | 40,590 | 28,428 | 164,512 | |||||||||||||||||||||||||||||||
Plywood | MSF | 45,104 | 47,002 | 44,223 | 36,387 | 172,716 | 35,439 | 40,729 | 41,479 | 37,271 | 154,918 | |||||||||||||||||||||||||||||||
Fiberboard | MSF | 35,347 | 50,010 | 39,394 | 32,266 | 157,017 | 34,044 | 32,802 | 34,282 | 30,964 | 132,092 |
(1) | Represents prices at mill level. |
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
1st Qtr (1) | 2nd Qtr | 3rd Qtr | 4th Qtr (2) | YTD | 1st Qtr (3) | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||
Acres Sold | ||||||||||||||||||||||||||||||||||||||||
Small Non-strategic | 29,640 | 1,950 | 10,270 | 21,375 | 63,235 | 1,665 | 9,840 | 5,545 | 2,570 | 19,620 | ||||||||||||||||||||||||||||||
Large Non-strategic | 24,310 | — | — | — | 24,310 | — | 59,160 | — | — | 59,160 | ||||||||||||||||||||||||||||||
Conservation | 35,120 | 215 | 2,870 | 77,900 | 116,105 | 113,355 | 3,895 | 43,695 | 4,910 | 165,855 | ||||||||||||||||||||||||||||||
HBU/Recreation | 9,080 | 18,175 | 9,870 | 16,140 | 53,265 | 2,180 | 10,955 | 10,440 | 26,700 | 50,275 | ||||||||||||||||||||||||||||||
Development Properties | 730 | 60 | — | 55 | 845 | 1,485 | 25 | 515 | 35 | 2,060 | ||||||||||||||||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
98,880 | 20,400 | 23,010 | 115,470 | 257,760 | 118,685 | 83,875 | 60,195 | 34,215 | 296,970 | |||||||||||||||||||||||||||||||
Price per Acre | ||||||||||||||||||||||||||||||||||||||||
Small Non-strategic | $ | 885 | $ | 1,120 | $ | 1,025 | $ | 1,045 | $ | 970 | $ | 1,330 | $ | 900 | $ | 970 | $ | 855 | $ | 950 | ||||||||||||||||||||
Large Non-strategic | $ | 1,320 | — | — | — | $ | 1,320 | — | $ | 650 | — | — | $ | 650 | ||||||||||||||||||||||||||
Conservation | $ | 545 | $ | 1,450 | $ | 1,865 | $ | 1,245 | $ | 1,050 | $ | 2,225 | $ | 1,705 | $ | 350 | $ | 1,280 | $ | 1,690 | ||||||||||||||||||||
HBU/Recreation | $ | 2,125 | $ | 2,210 | $ | 2,335 | $ | 1,950 | $ | 2,140 | $ | 3,420 | $ | 2,200 | $ | 2,115 | $ | 2,200 | $ | 2,235 | ||||||||||||||||||||
Development Properties | $ | 3,050 | $ | 5,985 | — | $ | 5,535 | $ | 3,415 | $ | 4,075 | $ | 13,650 | $ | 9,190 | $ | 7,485 | $ | 5,520 | |||||||||||||||||||||
Conservation Easements | — | — | — | $ | 455 | $ | 455 | — | — | — | — | — | ||||||||||||||||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||||||||||||||||||||||
Small Non-strategic | $ | 26 | $ | 2 | $ | 11 | $ | 22 | $ | 61 | $ | 2 | $ | 9 | $ | 5 | $ | 2 | $ | 19 | ||||||||||||||||||||
Large Non-strategic | $ | 32 | — | — | — | $ | 32 | — | $ | 38 | — | — | $ | 38 | ||||||||||||||||||||||||||
Conservation | $ | 19 | — | $ | 5 | $ | 97 | $ | 122 | $ | 252 | $ | 7 | $ | 15 | $ | 6 | $ | 280 | |||||||||||||||||||||
HBU/Recreation | $ | 19 | $ | 40 | $ | 23 | $ | 31 | $ | 114 | $ | 7 | $ | 24 | $ | 22 | $ | 59 | $ | 112 | ||||||||||||||||||||
Development Properties | $ | 2 | — | — | — | $ | 3 | $ | 6 | — | $ | 5 | — | $ | 12 | |||||||||||||||||||||||||
Conservation Easements | — | — | — | $ | 4 | $ | 4 | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 99 | $ | 43 | $ | 39 | $ | 155 | $ | 336 | $ | 268 | $ | 78 | $ | 48 | $ | 67 | $ | 461 | |||||||||||||||||||||
Revenue from Non-Cash Exchange (4) | — | — | — | — | — | — | — | $ | 25 | — | $ | 25 | ||||||||||||||||||||||||||||
Basis of Real Estate Sold(5) | $ | 32 | $ | 11 | $ | 14 | $ | 75 | $ | 132 | $ | 89 | $ | 29 | $ | 21 | $ | 16 | $ | 155 |
(1) | 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. |
(2) | 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. |
(3) | During the first quarter of 2009 the company sold 112,000 acres in Montana to a conservation buyer for $250 million. The sale is presented as a Conservation sale. The transaction included 56,000 acres of Conservation property, 10,000 acres of Small Non-strategic property, 45,000 acres of HBU/Recreation property, and 1,000 acres of Development property. |
(4) | During the third quarter of 2009 the company completed a non-cash exchange with the State of Washington. We relinquished 20,600 acres, in King County, in exchange for 37 parcels containing more than 6,000 acres in nine counties. |
(5) | Includes $52 million in the fourth quarter of 2010 from a 69,600 acre conservation sale in Montana, $7 million in the first quarter of 2010 for a 24,000 acre Large Non-strategic sale in Louisiana, $16 million in the second quarter of 2009 for a 59,000 acre Large Non-strategic sale in Wisconsin and $85 million in the first quarter of 2009 for a 112,000 acre Conservation sale in Montana. |
PLUM CREEK TIMBER COMPANY, INC.
DEBT MATURITIES SCHEDULE
December 31, 2010
(UNAUDITED)
Borrowings | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2011: | ||||||||
1st Qtr 2011 | $ | 49 | 7.830 | % | ||||
4th Qtr 2011 | $ | 46 | 7.712 | %(1) | ||||
Annual Maturities through 2014: | ||||||||
2012 | $ | 353 | — | (2) | ||||
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) | Includes $350 million for the company's term credit agreement, interest rate currently based on LIBOR plus 0.45% and senior notes with principal of $3 million and an interest rate of 8.050%. |
(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. |
Plum Creek Timber Company, Inc
Acreage Ownership by State
(Unaudited)
December 31, 2010 | ||||
Alabama | 98,000 | |||
Arkansas | 747,000 | |||
Florida | 582,000 | |||
Georgia | 742,000 | |||
Louisiana | 427,000 | |||
Maine | 883,000 | |||
Michigan | 588,000 | |||
Mississippi | 641,000 | |||
Montana | 901,000 | |||
New Hampshire | 30,000 | |||
North Carolina | 4,000 | |||
Oklahoma | 6,000 | |||
Oregon | 426,000 | |||
South Carolina | 173,000 | |||
Texas | 34,000 | |||
Vermont | 86,000 | |||
Washington | 95,000 | |||
West Virginia | 111,000 | |||
Wisconsin | 197,000 | |||
Total | 6,771,000 | |||