Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - PLUM CREEK TIMBER CO INC | dex991.htm |
| 8-K - CURRENT REPORT ON FORM 8-K - PLUM CREEK TIMBER CO INC | d8k.htm |
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Nine Months Ended | ||||||||
| September 30, 2010 |
September 30, 2009 |
|||||||
| (In Millions, Except Per Share Amounts) | ||||||||
| Revenues: |
||||||||
| Timber |
$ | 429 | $ | 414 | ||||
| Real Estate |
181 | 419 | ||||||
| Manufacturing |
208 | 189 | ||||||
| Other |
16 | 14 | ||||||
| Total Revenues |
834 | 1,036 | ||||||
| Costs and Expenses: |
||||||||
| Cost of Goods Sold: |
||||||||
| Timber |
317 | 326 | ||||||
| Real Estate |
69 | 179 | ||||||
| Manufacturing |
184 | 205 | ||||||
| Other |
1 | 1 | ||||||
| Total Cost of Goods Sold |
571 | 711 | ||||||
| Selling, General and Administrative |
70 | 75 | ||||||
| Total Costs and Expenses |
641 | 786 | ||||||
| Other Operating Income (Expense), net |
9 | — | ||||||
| Operating Income |
202 | 250 | ||||||
| Equity Earnings from Timberland Venture |
44 | 43 | ||||||
| Interest Expense, net: |
||||||||
| Interest Expense (Debt Obligations to Unrelated Parties) |
59 | 69 | ||||||
| Interest Expense (Note Payable to Timberland Venture) |
43 | 43 | ||||||
| Total Interest Expense, net |
102 | 112 | ||||||
| Gain on Extinguishment of Debt |
— | 1 | ||||||
| Income before Income Taxes |
144 | 182 | ||||||
| (Benefit) Provision for Income Taxes |
1 | (26 | ) | |||||
| Income From Continuing Operations |
143 | 208 | ||||||
| Gain on Sale of Properties, net of tax |
11 | — | ||||||
| Net Income |
$ | 154 | $ | 208 | ||||
| Per Share Amounts: |
||||||||
| Income From Continuing Operations - Basic |
$ | 0.88 | $ | 1.27 | ||||
| Income From Continuing Operations - Diluted |
$ | 0.88 | $ | 1.27 | ||||
| Net Income per Share - Basic |
$ | 0.95 | $ | 1.27 | ||||
| Net Income per Share - Diluted |
$ | 0.94 | $ | 1.27 | ||||
| Weighted Average Number of Shares Outstanding |
||||||||
| - Basic |
162.2 | 163.5 | ||||||
| - Diluted |
162.5 | 163.6 | ||||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Quarter Ended | ||||||||
| September 30, 2010 |
September 30, 2009 |
|||||||
| (In Millions, Except Per Share Amounts) | ||||||||
| Revenues: |
||||||||
| Timber |
$ | 145 | $ | 152 | ||||
| Real Estate |
39 | 73 | ||||||
| Manufacturing |
70 | 65 | ||||||
| Other |
5 | 4 | ||||||
| Total Revenues |
259 | 294 | ||||||
| Costs and Expenses: |
||||||||
| Cost of Goods Sold: |
||||||||
| Timber |
108 | 120 | ||||||
| Real Estate |
18 | 51 | ||||||
| Manufacturing |
62 | 65 | ||||||
| Other |
— | — | ||||||
| Total Cost of Goods Sold |
188 | 236 | ||||||
| Selling, General and Administrative |
20 | 20 | ||||||
| Total Costs and Expenses |
208 | 256 | ||||||
| Other Operating Income (Expense), net |
— | — | ||||||
| Operating Income |
51 | 38 | ||||||
| Equity Earnings from Timberland Venture |
15 | 14 | ||||||
| Interest Expense, net: |
||||||||
| Interest Expense (Debt Obligations to Unrelated Parties) |
20 | 22 | ||||||
| Interest Expense (Note Payable to Timberland Venture) |
14 | 14 | ||||||
| Total Interest Expense, net |
34 | 36 | ||||||
| Income before Income Taxes |
32 | 16 | ||||||
| Benefit for Income Taxes |
— | (3 | ) | |||||
| Net Income |
$ | 32 | $ | 19 | ||||
| Per Share Amounts: |
||||||||
| Net Income per Share - Basic |
$ | 0.20 | $ | 0.12 | ||||
| Net Income per Share - Diluted |
$ | 0.20 | $ | 0.12 | ||||
| Weighted Average Number of Shares Outstanding |
||||||||
| - Basic |
161.6 | 162.8 | ||||||
| - Diluted |
161.8 | 162.9 | ||||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2010 |
December 31, 2009 |
|||||||
| (In Millions, Except Per Share Amounts) | ||||||||
| ASSETS | ||||||||
| Current Assets: |
||||||||
| Cash and Cash Equivalents |
$ | 267 | $ | 299 | ||||
| Accounts Receivable |
31 | 24 | ||||||
| Taxes Receivable |
1 | 15 | ||||||
| Inventories |
46 | 46 | ||||||
| Deferred Tax Asset |
7 | 6 | ||||||
| Assets Held for Sale |
99 | 115 | ||||||
| Other Current Assets |
18 | 14 | ||||||
| 469 | 519 | |||||||
| Timber and Timberlands, net |
3,436 | 3,487 | ||||||
| Property, Plant and Equipment, net |
148 | 156 | ||||||
| Equity Investment in Timberland Venture |
189 | 201 | ||||||
| Deferred Tax Asset |
12 | 14 | ||||||
| Investment in Grantor Trusts (at Fair Value) |
32 | 33 | ||||||
| Other Assets |
35 | 38 | ||||||
| Total Assets |
$ | 4,321 | $ | 4,448 | ||||
| LIABILITIES | ||||||||
| Current Liabilities: |
||||||||
| Current Portion of Long-Term Debt |
$ | 51 | $ | 55 | ||||
| Line of Credit |
320 | — | ||||||
| Accounts Payable |
32 | 32 | ||||||
| Interest Payable |
34 | 25 | ||||||
| Wages Payable |
16 | 20 | ||||||
| Taxes Payable |
20 | 14 | ||||||
| Deferred Revenue |
28 | 16 | ||||||
| Other Current Liabilities |
10 | 21 | ||||||
| 511 | 183 | |||||||
| Long-Term Debt |
1,577 | 1,625 | ||||||
| Line of Credit |
— | 320 | ||||||
| Note Payable to Timberland Venture |
783 | 783 | ||||||
| Other Liabilities |
79 | 71 | ||||||
| Total Liabilities |
2,950 | 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 September 30, 2010, and 162.8 at December 31, 2009 |
2 | 2 | ||||||
| Additional Paid-In Capital |
2,241 | 2,233 | ||||||
| Retained Earnings |
59 | 110 | ||||||
| Treasury Stock, at cost, Common Shares - 26.2 at September 30, 2010, and 24.8 at December 31, 2009 |
(911 | ) | (860 | ) | ||||
| Accumulated Other Comprehensive Income (Loss) |
(20 | ) | (19 | ) | ||||
| Total Stockholders’ Equity |
1,371 | 1,466 | ||||||
| Total Liabilities and Stockholders’ Equity |
$ | 4,321 | $ | 4,448 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Nine Months Ended | ||||||||
| September 30, 2010 |
September 30, 2009 |
|||||||
| (In Millions) | ||||||||
| Cash Flows From Operating Activities: |
||||||||
| Net Income |
$ | 154 | $ | 208 | ||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
||||||||
| Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009) |
72 | 85 | ||||||
| Basis of Real Estate Sold |
57 | 139 | ||||||
| Equity Earnings from Timberland Venture |
(44 | ) | (43 | ) | ||||
| Distributions from Timberland Venture |
56 | 53 | ||||||
| Deferred Income Taxes |
1 | (21 | ) | |||||
| Gain on Sales of Properties and Other Assets |
(13 | ) | — | |||||
| Deferred Revenue from Long-Term Gas Leases (Net of Amortization) |
5 | (5 | ) | |||||
| Pension Plan Contributions |
(4 | ) | (8 | ) | ||||
| Working Capital Changes Impacting Cash Flow: |
||||||||
| Like-Kind Exchange Funds |
— | 48 | ||||||
| Income Tax Receivable |
14 | 17 | ||||||
| Other Working Capital Changes |
(2 | ) | 12 | |||||
| Other |
16 | 7 | ||||||
| Net Cash Provided By Operating Activities |
312 | 492 | ||||||
| Cash Flows From Investing Activities: |
||||||||
| Capital Expenditures (Excluding Timberland Acquisitions) |
(51 | ) | (45 | ) | ||||
| Timberlands Acquired |
— | (1 | ) | |||||
| Proceeds from Sales of Properties and Other Assets |
13 | 1 | ||||||
| Other |
1 | (1 | ) | |||||
| Net Cash Used In Investing Activities |
(37 | ) | (46 | ) | ||||
| Cash Flows From Financing Activities: |
||||||||
| Dividends |
(205 | ) | (207 | ) | ||||
| Borrowings on Line of Credit |
1,505 | 695 | ||||||
| Repayments on Line of Credit |
(1,505 | ) | (662 | ) | ||||
| Principal Payments and Retirement of Long-Term Debt |
(53 | ) | (203 | ) | ||||
| Proceeds from Stock Option Exercises |
2 | — | ||||||
| Acquisition of Treasury Stock |
(51 | ) | (87 | ) | ||||
| Net Cash Used In Financing Activities |
(307 | ) | (464 | ) | ||||
| Increase (Decrease) In Cash and Cash Equivalents |
(32 | ) | (18 | ) | ||||
| Cash and Cash Equivalents: |
||||||||
| Beginning of Period |
299 | 369 | ||||||
| End of Period |
$ | 267 | $ | 351 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Quarter Ended | ||||||||
| September 30, 2010 |
September 30, 2009 |
|||||||
| (In Millions) | ||||||||
| Cash Flows From Operating Activities: |
||||||||
| Net Income |
$ | 32 | $ | 19 | ||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
||||||||
| Depreciation, Depletion and Amortization |
24 | 28 | ||||||
| Basis of Real Estate Sold |
14 | 21 | ||||||
| Equity Earnings from Timberland Venture |
(15 | ) | (14 | ) | ||||
| Distribution from Timberland Venture |
28 | 28 | ||||||
| Deferred Revenue from Long-Term Gas Leases (Net of Amortization) |
(1 | ) | (1 | ) | ||||
| Pension Plan Contributions |
(4 | ) | (8 | ) | ||||
| Working Capital Changes Impacting Cash Flow: |
||||||||
| Other Working Capital Changes |
19 | 20 | ||||||
| Other |
8 | 5 | ||||||
| Net Cash Provided By Operating Activities |
105 | 98 | ||||||
| Cash Flows From Investing Activities: |
||||||||
| Capital Expenditures (Excluding Timberland Acquisitions) |
(20 | ) | (17 | ) | ||||
| Timberlands Acquired |
— | (1 | ) | |||||
| Other |
1 | — | ||||||
| Net Cash Used In Investing Activities |
(19 | ) | (18 | ) | ||||
| Cash Flows From Financing Activities: |
||||||||
| Dividends |
(69 | ) | (69 | ) | ||||
| Borrowings on Line of Credit |
368 | 264 | ||||||
| Repayments on Line of Credit |
(368 | ) | (206 | ) | ||||
| Principal Payments and Retirement of Long-Term Debt |
— | (65 | ) | |||||
| Net Cash Used In Financing Activities |
(69 | ) | (76 | ) | ||||
| Increase (Decrease) In Cash and Cash Equivalents |
17 | 4 | ||||||
| Cash and Cash Equivalents: |
||||||||
| Beginning of Period |
250 | 347 | ||||||
| End of Period |
$ | 267 | $ | 351 | ||||
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
| Nine Months 2010 |
Nine Months 2009 |
|||||||
| (In Millions) | ||||||||
| Revenues: |
||||||||
| Northern Resources |
$ | 162 | $ | 155 | ||||
| Southern Resources |
280 | 266 | ||||||
| Real Estate |
181 | 419 | ||||||
| Manufacturing |
208 | 189 | ||||||
| Other |
16 | 14 | ||||||
| Eliminations |
(13 | ) | (7 | ) | ||||
| Total Revenues |
$ | 834 | $ | 1,036 | ||||
| Operating Income (Loss) |
||||||||
| Northern Resources |
$ | 12 | $ | (2 | ) | |||
| Southern Resources |
79 | 64 | ||||||
| Real Estate |
107 | 234 | ||||||
| Manufacturing |
21 | (23 | ) | |||||
| Other (A) |
20 | 13 | ||||||
| Other Costs and Eliminations, net |
(37 | ) | (36 | ) | ||||
| Total Operating Income |
$ | 202 | $ | 250 | ||||
| (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)
| Third Quarter 2010 |
Third Quarter 2009 |
|||||||
| (In Millions) | ||||||||
| Revenues: |
||||||||
| Northern Resources |
$ | 57 | $ | 63 | ||||
| Southern Resources |
93 | 94 | ||||||
| Real Estate |
39 | 73 | ||||||
| Manufacturing |
70 | 65 | ||||||
| Other |
5 | 4 | ||||||
| Eliminations |
(5 | ) | (5 | ) | ||||
| Total Revenues |
$ | 259 | $ | 294 | ||||
| Operating Income (Loss) |
||||||||
| Northern Resources |
$ | 5 | $ | 3 | ||||
| Southern Resources |
25 | 21 | ||||||
| Real Estate |
19 | 20 | ||||||
| Manufacturing |
7 | (1 | ) | |||||
| Other |
5 | 4 | ||||||
| Other Costs and Eliminations, net |
(10 | ) | (9 | ) | ||||
| Total Operating Income |
$ | 51 | $ | 38 | ||||
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
| 2010 | 2009 | |||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||||||||||
| Sales Realization |
Units | |||||||||||||||||||||||||||||||||||||
| Southern Resources |
||||||||||||||||||||||||||||||||||||||
| Sawlog |
$/Ton Stumpage | $ | 23 | $ | 23 | $ | 23 | $ | 23 | $ | 24 | $ | 22 | $ | 22 | $ | 21 | $ | 22 | |||||||||||||||||||
| Pulpwood |
$/Ton Stumpage | $ | 13 | $ | 12 | $ | 11 | $ | 12 | $ | 11 | $ | 9 | $ | 9 | $ | 10 | $ | 10 | |||||||||||||||||||
| Northern Resources |
||||||||||||||||||||||||||||||||||||||
| Sawlog |
$/Ton Delivered | $ | 59 | $ | 66 | $ | 66 | $ | 63 | $ | 57 | $ | 50 | $ | 56 | $ | 56 | $ | 55 | |||||||||||||||||||
| Pulpwood |
$/Ton Delivered | $ | 38 | $ | 38 | $ | 39 | $ | 38 | $ | 43 | $ | 38 | $ | 38 | $ | 38 | $ | 40 | |||||||||||||||||||
| Lumber (1) |
$/MBF | $ | 501 | $ | 522 | $ | 490 | $ | 505 | $ | 374 | $ | 340 | $ | 448 | $ | 477 | $ | 397 | |||||||||||||||||||
| Plywood (1) |
$/MSF | $ | 352 | $ | 397 | $ | 388 | $ | 379 | $ | 362 | $ | 353 | $ | 361 | $ | 352 | $ | 357 | |||||||||||||||||||
| Fiberboard (1) |
$/MSF | $ | 588 | $ | 607 | $ | 629 | $ | 608 | $ | 601 | $ | 593 | $ | 596 | $ | 599 | $ | 597 | |||||||||||||||||||
| Sales Volume |
||||||||||||||||||||||||||||||||||||||
| Southern Resources |
||||||||||||||||||||||||||||||||||||||
| Sawlog |
1,000 Tons | 1,274 | 1,122 | 1,209 | 3,605 | 942 | 1,217 | 1,250 | 993 | 4,402 | ||||||||||||||||||||||||||||
| Pulpwood |
1,000 Tons | 1,526 | 1,448 | 1,674 | 4,648 | 1,487 | 1,849 | 2,014 | 1,649 | 6,999 | ||||||||||||||||||||||||||||
| Total Harvest |
2,800 | 2,570 | 2,883 | 8,253 | 2,429 | 3,066 | 3,264 | 2,642 | 11,401 | |||||||||||||||||||||||||||||
| Northern Resources |
||||||||||||||||||||||||||||||||||||||
| Sawlog |
1,000 Tons | 627 | 484 | 537 | 1,648 | 525 | 371 | 632 | 609 | 2,137 | ||||||||||||||||||||||||||||
| Pulpwood |
1,000 Tons | 527 | 348 | 517 | 1,392 | 613 | 397 | 691 | 567 | 2,268 | ||||||||||||||||||||||||||||
| Total Harvest |
1,154 | 832 | 1,054 | 3,040 | 1,138 | 768 | 1,323 | 1,176 | 4,405 | |||||||||||||||||||||||||||||
| Lumber |
MBF | 28,791 | 30,813 | 29,305 | 88,909 | 35,123 | 60,371 | 40,590 | 28,428 | 164,512 | ||||||||||||||||||||||||||||
| Plywood |
MSF | 45,104 | 47,002 | 44,223 | 136,329 | 35,439 | 40,729 | 41,479 | 37,271 | 154,918 | ||||||||||||||||||||||||||||
| Fiberboard |
MSF | 35,347 | 50,010 | 39,394 | 124,751 | 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 | YTD | 1st Qtr (2) | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||||||||||||
| Acres Sold |
||||||||||||||||||||||||||||||||||||
| Small Non-strategic |
29,640 | 1,950 | 10,270 | 41,860 | 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 | 38,205 | 113,355 | 3,895 | 43,695 | 4,910 | 165,855 | |||||||||||||||||||||||||||
| HBU/Recreation |
9,080 | 18,175 | 9,870 | 37,125 | 2,180 | 10,955 | 10,440 | 26,700 | 50,275 | |||||||||||||||||||||||||||
| Development Properties |
730 | 60 | — | 790 | 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 | |||||||||||||||||||||||||||
| 98,880 | 20,400 | 23,010 | 142,290 | 118,685 | 83,875 | 60,195 | 34,215 | 296,970 | ||||||||||||||||||||||||||||
| Price per Acre |
||||||||||||||||||||||||||||||||||||
| Small Non-strategic |
$ | 885 | $ | 1,120 | $ | 1,025 | $ | 930 | $ | 1,330 | $ | 900 | $ | 970 | $ | 855 | $ | 950 | ||||||||||||||||||
| Large Non-strategic |
$ | 1,320 | — | — | $ | 1,320 | — | $ | 650 | — | — | $ | 650 | |||||||||||||||||||||||
| Conservation |
$ | 545 | $ | 1,450 | $ | 1,865 | $ | 650 | $ | 2,225 | $ | 1,705 | $ | 350 | $ | 1,280 | $ | 1,690 | ||||||||||||||||||
| HBU/Recreation |
$ | 2,125 | $ | 2,210 | $ | 2,335 | $ | 2,225 | $ | 3,420 | $ | 2,200 | $ | 2,115 | $ | 2,200 | $ | 2,235 | ||||||||||||||||||
| Development Properties |
$ | 3,050 | $ | 5,985 | — | $ | 3,270 | $ | 4,075 | $ | 13,650 | $ | 9,190 | $ | 7,485 | $ | 5,520 | |||||||||||||||||||
| Conservation Easements |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Revenue, ($ millions) |
||||||||||||||||||||||||||||||||||||
| Small Non-strategic |
$ | 26 | $ | 2 | $ | 11 | $ | 39 | $ | 2 | $ | 9 | $ | 5 | $ | 2 | $ | 19 | ||||||||||||||||||
| Large Non-strategic |
$ | 32 | — | — | $ | 32 | — | $ | 38 | — | — | $ | 38 | |||||||||||||||||||||||
| Conservation |
$ | 19 | — | $ | 5 | $ | 25 | $ | 252 | $ | 7 | $ | 15 | $ | 6 | $ | 280 | |||||||||||||||||||
| HBU/Recreation |
$ | 19 | $ | 40 | $ | 23 | $ | 82 | $ | 7 | $ | 24 | $ | 22 | $ | 59 | $ | 112 | ||||||||||||||||||
| Development Properties |
$ | 2 | — | — | $ | 3 | $ | 6 | — | $ | 5 | — | $ | 12 | ||||||||||||||||||||||
| Conservation Easements |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| $ | 99 | $ | 43 | $ | 39 | $ | 181 | $ | 268 | $ | 78 | $ | 48 | $ | 67 | $ | 461 | |||||||||||||||||||
| Revenue from Non-Cash |
— | — | — | — | — | — | $ | 25 | — | $ | 25 | |||||||||||||||||||||||||
| Basis of Real Estate Sold (4) |
$ | 32 | $ | 11 | $ | 14 | $ | 57 | $ | 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 1st quarter of 2009 we 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. |
| (3) | During the 3rd quarter of 2009 we 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. |
| (4) | Includes $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
September 30, 2010
(UNAUDITED)
| Borrowings (1) | ||||||||
| Principal | Weighted Avg. Interest Rate |
|||||||
| Quarterly Maturities through 2011: |
||||||||
| 4th Qtr 2010 |
$ | 3 | 8.050 | % | ||||
| 1st Qtr 2011 |
$ | 49 | 7.830 | % | ||||
| 4th Qtr 2011 |
$ | 259 | 7.713 | % (2) | ||||
| Annual Maturities through 2014: |
||||||||
| 2012 |
$ | 603 | — | (3) | ||||
| 2013 |
$ | 250 | 6.663 | % (4) | ||||
| 2014 |
$ | 3 | 8.050 | % | ||||
| (1) | Does not include repayments on the company’s $750 million revolving line of credit due in 2011. |
| (2) | Principal amount composed of senior notes with principal amounts of $40 million, $3 million and $216 million and interest rates of 7.970%, 8.050% and 7.660% , respectively. |
| (3) | Includes $600 million of maturities for the company’s two term credit agreements and senior notes with principal of $3 million and an interest rate of 8.050%. The interest rate on the $350 million term credit agreement is currently based on LIBOR plus 0.45%. The interest rate on the $250 million term credit agreement is currently based on LIBOR plus 1.00%. |
| (4) | 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. |