Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Six Months Ended June 30, | ||||||||
(In Millions, Except Per Share Amounts) | 2011 | 2010 | ||||||
REVENUES: | ||||||||
Timber | $ | 267 | $ | 284 | ||||
Real Estate | 141 | 142 | ||||||
Manufacturing | 141 | 138 | ||||||
Other | 10 | 11 | ||||||
Total Revenues | 559 | 575 | ||||||
COSTSAND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 208 | 209 | ||||||
Real Estate | 49 | 51 | ||||||
Manufacturing | 128 | 122 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 386 | 383 | ||||||
Selling, General and Administrative | 53 | 50 | ||||||
Total Costs and Expenses | 439 | 433 | ||||||
Other Operating Income (Expense), net | 3 | 9 | ||||||
Operating Income | 123 | 151 | ||||||
Equity Earnings from Timberland Venture | 30 | 29 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 41 | 39 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 29 | 29 | ||||||
Total Interest Expense, net | 70 | 68 | ||||||
Income before Income Taxes | 83 | 112 | ||||||
Provision for Income Taxes | 1 | 1 | ||||||
Income from Continuing Operations | 82 | 111 | ||||||
Gain on Sale of Properties, net of tax | — | 11 | ||||||
Net Income | $ | 82 | $ | 122 | ||||
PER SHARE AMOUNTS: | ||||||||
Income from Continuing Operations - Basic | $ | 0.51 | $ | 0.68 | ||||
Income from Continuing Operations - Diluted | $ | 0.50 | $ | 0.68 | ||||
Net Income per Share - Basic | $ | 0.51 | $ | 0.75 | ||||
Net Income per Share - Diluted | $ | 0.50 | $ | 0.75 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
- Basic | 161.9 | 162.6 | ||||||
- Diluted | 162.2 | 162.8 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended June 30, | ||||||||
(In Millions, Except Per Share Amounts) | 2011 | 2010 | ||||||
REVENUES: | ||||||||
Timber | $ | 126 | $ | 133 | ||||
Real Estate | 79 | 43 | ||||||
Manufacturing | 74 | 78 | ||||||
Other | 5 | 4 | ||||||
Total Revenues | 284 | 258 | ||||||
COSTSAND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 101 | 100 | ||||||
Real Estate | 27 | 16 | ||||||
Manufacturing | 67 | 68 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 196 | 185 | ||||||
Selling, General and Administrative | 25 | 21 | ||||||
Total Costs and Expenses | 221 | 206 | ||||||
Other Operating Income (Expense), net | — | 4 | ||||||
Operating Income | 63 | 56 | ||||||
Equity Earnings from Timberland Venture | 16 | 15 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 19 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 15 | 15 | ||||||
Total Interest Expense, net | 35 | 34 | ||||||
Income before Income Taxes | 44 | 37 | ||||||
Provision for Income Taxes | — | 2 | ||||||
Net Income | $ | 44 | $ | 35 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share - Basic | $ | 0.27 | $ | 0.21 | ||||
Net Income per Share - Diluted | $ | 0.27 | $ | 0.21 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
- Basic | 162.0 | 162.3 | ||||||
- Diluted | 162.3 | 162.5 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
00000000 | 00000000 | |||||||
(In Millions, Except Per Share Amounts) | June 30, 2011 | December 31, 2010 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 253 | $ | 252 | ||||
Accounts Receivable | 33 | 21 | ||||||
Like-Kind Exchange Funds Held in Escrow | 35 | — | ||||||
Inventories | 43 | 49 | ||||||
Deferred Tax Asset | 7 | 7 | ||||||
Assets Held for Sale | 39 | 57 | ||||||
Other Current Assets | 16 | 24 | ||||||
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426 | 410 | |||||||
Timber and Timberlands, net | 3,383 | 3,405 | ||||||
Property, Plant and Equipment, net | 142 | 146 | ||||||
Equity Investment in Timberland Venture | 203 | 201 | ||||||
Deferred Tax Asset | 6 | 10 | ||||||
Investment in Grantor Trusts (at Fair Value) | 38 | 35 | ||||||
Other Assets | 42 | 44 | ||||||
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Total Assets | $ | 4,240 | $ | 4,251 | ||||
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LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 395 | $ | 94 | ||||
Line of Credit | 227 | 166 | ||||||
Accounts Payable | 31 | 25 | ||||||
Interest Payable | 26 | 23 | ||||||
Wages Payable | 12 | 23 | ||||||
Taxes Payable | 14 | 12 | ||||||
Deferred Revenue | 36 | 25 | ||||||
Other Current Liabilities | 8 | 7 | ||||||
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749 | 375 | |||||||
Long-Term Debt | 1,293 | 1,643 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 81 | 76 | ||||||
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Total Liabilities | 2,906 | 2,877 | ||||||
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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) – 162.0 at June 30, 2011 and 161.6 at December 31, 2010 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,256 | 2,243 | ||||||
Retained Earnings (Accumulated Deficit) | (3 | ) | 51 | |||||
Treasury Stock, at Cost, Common Shares – 26.2 at June 30, 2011 and 26.2 at December 31, 2010 | (912 | ) | (911 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (9 | ) | (11 | ) | ||||
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Total Stockholders’ Equity | 1,334 | 1,374 | ||||||
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Total Liabilities and Stockholders’ Equity | $ | 4,240 | $ | 4,251 | ||||
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PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
00000000 | 00000000 | |||||||
Six Months Ended June 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 82 | $ | 122 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 44 | 48 | ||||||
Basis of Real Estate Sold | 43 | 43 | ||||||
Equity Earnings from Timberland Venture | (30 | ) | (29 | ) | ||||
Distributions from Timberland Venture | 28 | 28 | ||||||
Deferred Income Taxes | 4 | 1 | ||||||
Gain on Sale of Properties and Other Assets | — | (13 | ) | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 12 | 6 | ||||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | (35 | ) | — | |||||
Other Working Capital Changes | 4 | (7 | ) | |||||
Other | 5 | 8 | ||||||
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Net Cash Provided By Operating Activities | 157 | 207 | ||||||
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CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (28 | ) | (31 | ) | ||||
Timberlands and Minerals Acquired | (12 | ) | — | |||||
Proceeds from Sale of Properties and Other Assets | — | 13 | ||||||
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Net Cash Used In Investing Activities | (40 | ) | (18 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (136 | ) | (136 | ) | ||||
Borrowings on Line of Credit | 555 | 1,137 | ||||||
Repayments on Line of Credit | (494 | ) | (1,137 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (49 | ) | (53 | ) | ||||
Proceeds from Stock Option Exercises | 9 | 2 | ||||||
Acquisition of Treasury Stock | (1 | ) | (51 | ) | ||||
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Net Cash Used In Financing Activities | (116 | ) | (238 | ) | ||||
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Increase (Decrease) In Cash and Cash Equivalents | 1 | (49 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 252 | 299 | ||||||
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End of Period | $ | 253 | $ | 250 | ||||
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PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended June 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 44 | $ | 35 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 22 | 24 | ||||||
Basis of Real Estate Sold | 24 | 11 | ||||||
Equity Earnings from Timberland Venture | (16 | ) | (15 | ) | ||||
Deferred Income Taxes | 1 | — | ||||||
Gain on Sale of Properties and Other Assets | — | (2 | ) | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 5 | (2 | ) | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | (35 | ) | — | |||||
Other Working Capital Changes | 34 | 25 | ||||||
Other | 2 | 2 | ||||||
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Net Cash Provided By Operating Activities | 81 | 78 | ||||||
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CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (16 | ) | (18 | ) | ||||
Timberlands and Minerals Acquired | (12 | ) | — | |||||
Proceeds from Sale of Properties and Other Assets | — | 2 | ||||||
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Net Cash Used In Investing Activities | (28 | ) | (16 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (68 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 310 | 569 | ||||||
Repayments on Line of Credit | (298 | ) | (569 | ) | ||||
Proceeds from Stock Option Exercises | 2 | 2 | ||||||
Acquisition of Treasury Stock | — | (50 | ) | |||||
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Net Cash Used In Financing Activities | (54 | ) | (116 | ) | ||||
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Increase (Decrease) In Cash and Cash Equivalents | (1 | ) | (54 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 254 | 304 | ||||||
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End of Period | $ | 253 | $ | 250 | ||||
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Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Six Months Ended June 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 99 | $ | 105 | ||||
Southern Resources | 173 | 187 | ||||||
Real Estate | 141 | 142 | ||||||
Manufacturing | 141 | 138 | ||||||
Other | 10 | 11 | ||||||
Eliminations | (5 | ) | (8 | ) | ||||
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Total Revenues | $ | 559 | $ | 575 | ||||
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Operating Income (Loss): | ||||||||
Northern Resources | $ | 10 | $ | 7 | ||||
Southern Resources | 34 | 54 | ||||||
Real Estate | 88 | 88 | ||||||
Manufacturing | 9 | 14 | ||||||
Other(A) | 11 | 15 | ||||||
Other Costs and Eliminations, net | (29 | ) | (27 | ) | ||||
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Total Operating Income | $ | 123 | $ | 151 | ||||
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(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 June 30, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 44 | $ | 46 | ||||
Southern Resources | 84 | 89 | ||||||
Real Estate | 79 | 43 | ||||||
Manufacturing | 74 | 78 | ||||||
Other | 5 | 4 | ||||||
Eliminations | (2 | ) | (2 | ) | ||||
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Total Revenues | $ | 284 | $ | 258 | ||||
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Operating Income (Loss): | ||||||||
Northern Resources | $ | 3 | $ | 3 | ||||
Southern Resources | 15 | 24 | ||||||
Real Estate | 50 | 26 | ||||||
Manufacturing | 5 | 10 | ||||||
Other | 4 | 4 | ||||||
Other Costs and Eliminations, net | (14 | ) | (11 | ) | ||||
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Total Operating Income | $ | 63 | $ | 56 | ||||
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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 | $ | 19 | |||||||||||||||
Pulpwood | $/Ton Stumpage | $ | 10 | $ | 9 | $ | 9 | |||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 69 | $ | 72 | $ | 70 | |||||||||||||||
Pulpwood | $/Ton Delivered | $ | 40 | $ | 40 | $ | 40 | |||||||||||||||
Lumber (1) | $/MBF | $ | 533 | $ | 529 | $ | 531 | |||||||||||||||
Plywood(1) | $/MSF | $ | 371 | $ | 382 | $ | 377 | |||||||||||||||
Fiberboard(1) | $/MSF | $ | 608 | $ | 608 | $ | 608 | |||||||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,286 | 1,126 | 2,412 | ||||||||||||||||||
Pulpwood | 1,000 Tons | 1,494 | 1,592 | 3,086 | ||||||||||||||||||
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Total Harvest | 2,780 | 2,718 | — | — | 5,498 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 506 | 471 | 977 | ||||||||||||||||||
Pulpwood | 1,000 Tons | 478 | 244 | 722 | ||||||||||||||||||
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Total Harvest | 984 | 715 | — | — | 1,699 | |||||||||||||||||
Lumber | MBF | 29,250 | 29,654 | 58,904 | ||||||||||||||||||
Plywood | MSF | 44,156 | 44,842 | 88,998 | ||||||||||||||||||
Fiberboard | MSF | 40,690 | 43,070 | 83,760 | ||||||||||||||||||
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 | ||||||||||||||||
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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 | ||||||||||||||||
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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 | 5,255 | |||||||||||||||||
Large Non-strategic | 30,295 | — | 30,295 | |||||||||||||||||
Conservation | 335 | 59,425 | 59,760 | |||||||||||||||||
HBU/Recreation | 7,795 | 6,320 | 14,115 | |||||||||||||||||
Development Properties | — | — | — | |||||||||||||||||
Conservation Easements | n/a | n/a | n/a | |||||||||||||||||
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40,985 | 68,440 | 109,425 | ||||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,015 | $ | 1,125 | $ | 1,070 | ||||||||||||||
Large Non-strategic | $ | 1,405 | $ | — | $ | 1,405 | ||||||||||||||
Conservation | $ | 1,685 | $ | 1,050 | $ | 1,055 | ||||||||||||||
HBU/Recreation | $ | 2,100 | $ | 2,060 | $ | 2,080 | ||||||||||||||
Development Properties | $ | — | $ | — | $ | — | ||||||||||||||
Conservation Easements | $ | — | $ | — | $ | — | ||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 2 | $ | 4 | $ | 6 | ||||||||||||||
Large Non-strategic | $ | 43 | $ | — | $ | 43 | ||||||||||||||
Conservation | $ | 1 | $ | 62 | $ | 63 | ||||||||||||||
HBU/Recreation | $ | 16 | $ | 13 | $ | 29 | ||||||||||||||
Development Properties | $ | — | $ | — | $ | — | ||||||||||||||
Conservation Easements | $ | — | $ | — | $ | — | ||||||||||||||
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$ | 62 | $ | 79 | $ | 141 | |||||||||||||||
Basis of Real Estate Sold(5) | $ | 19 | $ | 24 | $ | 43 | ||||||||||||||
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 | |||||||||||||||
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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 | ||||||||||
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$ | 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
June 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 June 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. |