Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PLUM CREEK TIMBER CO INC | d8k.htm |
| EX-99.1 - PRESS RELEASE - PLUM CREEK TIMBER CO INC | dex991.htm |
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 | ||||||
| COSTS AND 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 | ||||||
| COSTS AND 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)
| (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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|
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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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|
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| Total Liabilities |
2,906 | 2,877 | ||||||
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|
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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)
| 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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|
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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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|
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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 |
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| 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) |
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| 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. |