Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PLUM CREEK TIMBER CO INC | d8k.htm |
| EX-99.1 - PRESS RELEASE OF PLUM CREEK TIMBER COMPANY, INC. ISSUED JANUARY 31, 2011 - PLUM CREEK TIMBER CO INC | dex991.htm |
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 | |||