Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PLUM CREEK TIMBER CO INC | a201112318k.htm |
| EX-99.1 - PRESS RELEASE - PLUM CREEK TIMBER CO INC | exhibit99120111231.htm |
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In Millions, Except Per Share Amounts) | Year Ended December 31, | |||||||
2011 | 2010 | |||||||
REVENUES: | ||||||||
Timber | $ | 572 | $ | 569 | ||||
Real Estate | 301 | 336 | ||||||
Manufacturing | 273 | 265 | ||||||
Other | 21 | 20 | ||||||
Total Revenues | 1,167 | 1,190 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 445 | 421 | ||||||
Real Estate | 92 | 148 | ||||||
Manufacturing | 250 | 236 | ||||||
Other | 2 | 2 | ||||||
Total Cost of Goods Sold | 789 | 807 | ||||||
Selling, General and Administrative | 106 | 95 | ||||||
Total Costs and Expenses | 895 | 902 | ||||||
Other Operating Income (Expense), net | 3 | 9 | ||||||
Operating Income | 275 | 297 | ||||||
Equity Earnings from Timberland Venture | 56 | 57 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 81 | 80 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | ||||||
Total Interest Expense, net | 139 | 138 | ||||||
Loss on Extinguishment of Debt | — | (13 | ) | |||||
Income before Income Taxes | 192 | 203 | ||||||
Provision (Benefit) for Income Taxes | (1 | ) | 1 | |||||
Income from Continuing Operations | 193 | 202 | ||||||
Gain on Sale of Properties, net of tax | — | 11 | ||||||
Net Income | $ | 193 | $ | 213 | ||||
PER SHARE AMOUNTS: | ||||||||
Income from Continuing Operations – Basic | $ | 1.19 | $ | 1.25 | ||||
Income from Continuing Operations – Diluted | $ | 1.19 | $ | 1.24 | ||||
Net Income per Share – Basic | $ | 1.19 | $ | 1.31 | ||||
Net Income per Share – Diluted | $ | 1.19 | $ | 1.31 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.7 | 162.1 | ||||||
– Diluted | 162.0 | 162.3 | ||||||
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In Millions, Except Per Share Amounts) | Quarter Ended December 31, | |||||||
2011 | 2010 | |||||||
REVENUES: | ||||||||
Timber | $ | 151 | $ | 140 | ||||
Real Estate | 93 | 155 | ||||||
Manufacturing | 65 | 57 | ||||||
Other | 6 | 4 | ||||||
Total Revenues | 315 | 356 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 118 | 104 | ||||||
Real Estate | 24 | 79 | ||||||
Manufacturing | 60 | 52 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 203 | 236 | ||||||
Selling, General and Administrative | 29 | 25 | ||||||
Total Costs and Expenses | 232 | 261 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 83 | 95 | ||||||
Equity Earnings from Timberland Venture | 12 | 13 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 21 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 15 | 15 | ||||||
Total Interest Expense, net | 35 | 36 | ||||||
Loss on Extinguishment of Debt | — | (13 | ) | |||||
Income before Income Taxes | 60 | 59 | ||||||
Provision (Benefit) for Income Taxes | (1 | ) | — | |||||
Net Income | $ | 61 | $ | 59 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.38 | $ | 0.37 | ||||
Net Income per Share – Diluted | $ | 0.38 | $ | 0.37 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.4 | 161.6 | ||||||
– Diluted | 161.6 | 161.9 | ||||||
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In Millions, Except Per Share Amounts) | December 31, 2011 | December 31, 2010 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 254 | $ | 252 | ||||
Accounts Receivable | 28 | 21 | ||||||
Inventories | 48 | 49 | ||||||
Deferred Tax Asset | 6 | 7 | ||||||
Assets Held for Sale | 103 | 57 | ||||||
Other Current Assets | 15 | 24 | ||||||
454 | 410 | |||||||
Timber and Timberlands, net | 3,377 | 3,405 | ||||||
Property, Plant and Equipment, net | 138 | 146 | ||||||
Equity Investment in Timberland Venture | 201 | 201 | ||||||
Deferred Tax Asset | 17 | 10 | ||||||
Investment in Grantor Trusts (at Fair Value) | 36 | 35 | ||||||
Other Assets | 36 | 44 | ||||||
Total Assets | $ | 4,259 | $ | 4,251 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 352 | $ | 94 | ||||
Line of Credit | 348 | 166 | ||||||
Accounts Payable | 25 | 25 | ||||||
Interest Payable | 26 | 23 | ||||||
Wages Payable | 20 | 23 | ||||||
Taxes Payable | 9 | 12 | ||||||
Deferred Revenue | 27 | 25 | ||||||
Other Current Liabilities | 8 | 7 | ||||||
815 | 375 | |||||||
Long-Term Debt | 1,290 | 1,643 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 108 | 76 | ||||||
Total Liabilities | 2,996 | 2,877 | ||||||
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) – 161.3 at December 31, 2011 and 161.6 at December 31, 2010 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,261 | 2,243 | ||||||
Retained Earnings (Accumulated Deficit) | (28 | ) | 51 | |||||
Treasury Stock, at Cost, Common Shares – 26.9 at December 31, 2011 and 26.2 at December 31, 2010 | (937 | ) | (911 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (35 | ) | (11 | ) | ||||
Total Stockholders’ Equity | 1,263 | 1,374 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,259 | $ | 4,251 | ||||
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Year Ended December 31, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 193 | $ | 213 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 96 | 96 | ||||||
Basis of Real Estate Sold | 77 | 132 | ||||||
Equity Earnings from Timberland Venture | (56 | ) | (57 | ) | ||||
Distributions from Timberland Venture | 56 | 57 | ||||||
Deferred Income Taxes | — | 1 | ||||||
Gain on Sale of Properties and Other Assets | — | (13 | ) | |||||
Loss on Extinguishment of Debt | — | 13 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 11 | 3 | ||||||
Timber Deed Acquired | (5 | ) | — | |||||
Pension Plan Contributions | (3 | ) | (4 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Income Tax Receivable | (1 | ) | 13 | |||||
Other Working Capital Changes | (7 | ) | (17 | ) | ||||
Other | 13 | 12 | ||||||
Net Cash Provided By Operating Activities | 374 | 449 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (70 | ) | (71 | ) | ||||
Timberlands and Minerals Acquired | (101 | ) | — | |||||
Proceeds from Sale of Properties and Other Assets | — | 13 | ||||||
Purchases of Marketable Securities | — | (2 | ) | |||||
Other | — | 2 | ||||||
Net Cash Used In Investing Activities | (171 | ) | (58 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (272 | ) | (272 | ) | ||||
Borrowings on Line of Credit | 1,921 | 1,783 | ||||||
Repayments on Line of Credit | (1,739 | ) | (1,937 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 575 | ||||||
Debt Issuance Costs | — | (7 | ) | |||||
Principal Payments and Retirement of Long-Term Debt | (95 | ) | (531 | ) | ||||
Proceeds from Stock Option Exercises | 10 | 2 | ||||||
Acquisition of Treasury Stock | (26 | ) | (51 | ) | ||||
Net Cash Used In Financing Activities | (201 | ) | (438 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 2 | (47 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 252 | 299 | ||||||
End of Period | $ | 254 | $ | 252 | ||||
Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended December 31, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 61 | $ | 59 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 26 | 24 | ||||||
Basis of Real Estate Sold | 20 | 75 | ||||||
Equity Earnings from Timberland Venture | (12 | ) | (13 | ) | ||||
Distributions from Timberland Venture | — | 1 | ||||||
Deferred Income Taxes | (2 | ) | — | |||||
Loss on Extinguishment of Debt | — | 13 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (3 | ) | (2 | ) | ||||
Timber Deed Acquired | (5 | ) | — | |||||
Working Capital Changes | (8 | ) | (16 | ) | ||||
Other | 3 | (4 | ) | |||||
Net Cash Provided By Operating Activities | 80 | 137 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (27 | ) | (20 | ) | ||||
Timberlands and Minerals Acquired | (13 | ) | — | |||||
Purchases of Marketable Securities | — | (2 | ) | |||||
Other | — | 1 | ||||||
Net Cash Used In Investing Activities | (40 | ) | (21 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (67 | ) | (67 | ) | ||||
Borrowings on Line of Credit | 824 | 278 | ||||||
Repayments on Line of Credit | (778 | ) | (432 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 575 | ||||||
Debt Issuance Costs | — | (7 | ) | |||||
Principal Payments and Retirement of Long-Term Debt | (46 | ) | (478 | ) | ||||
Proceeds from Stock Option Exercises | 1 | — | ||||||
Acquisition of Treasury Stock | (10 | ) | — | |||||
Other | (1 | ) | — | |||||
Net Cash Used In Financing Activities | (77 | ) | (131 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (37 | ) | (15 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 291 | 267 | ||||||
End of Period | $ | 254 | $ | 252 | ||||
Exhibit 99.2
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Year Ended December 31, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 233 | $ | 210 | ||||
Southern Resources | 359 | 377 | ||||||
Real Estate | 301 | 336 | ||||||
Manufacturing | 273 | 265 | ||||||
Other | 21 | 20 | ||||||
Eliminations | (20 | ) | (18 | ) | ||||
Total Revenues | $ | 1,167 | $ | 1,190 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 24 | $ | 13 | ||||
Southern Resources | 74 | 107 | ||||||
Real Estate | 195 | 180 | ||||||
Manufacturing | 15 | 24 | ||||||
Other (A) | 21 | 23 | ||||||
Other Costs and Eliminations, net | (54 | ) | (50 | ) | ||||
Total Operating Income | $ | 275 | $ | 297 | ||||
(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.
Exhibit 99.2
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Quarter Ended December 31, | ||||||||
(In Millions) | 2011 | 2010 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 66 | $ | 48 | ||||
Southern Resources | 93 | 97 | ||||||
Real Estate | 93 | 155 | ||||||
Manufacturing | 65 | 57 | ||||||
Other | 6 | 4 | ||||||
Eliminations | (8 | ) | (5 | ) | ||||
Total Revenues | $ | 315 | $ | 356 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 7 | $ | 1 | ||||
Southern Resources | 19 | 28 | ||||||
Real Estate | 61 | 73 | ||||||
Manufacturing | 3 | 3 | ||||||
Other | 5 | 3 | ||||||
Other Costs and Eliminations, net | (12 | ) | (13 | ) | ||||
Total Operating Income | $ | 83 | $ | 95 | ||||
Exhibit 99.2
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 | $ | 20 | $ | 20 | $ | 19 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 10 | $ | 9 | $ | 9 | $ | 9 | $ | 9 | |||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 69 | $ | 72 | $ | 71 | $ | 67 | $ | 69 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 40 | $ | 40 | $ | 42 | $ | 41 | $ | 41 | |||||||||||
Lumber (1) | $/MBF | $ | 533 | $ | 529 | $ | 493 | $ | 515 | $ | 518 | |||||||||||
Plywood (1) | $/MSF | $ | 371 | $ | 382 | $ | 382 | $ | 379 | $ | 379 | |||||||||||
Fiberboard (1) | $/MSF | $ | 608 | $ | 608 | $ | 607 | $ | 611 | $ | 608 | |||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,286 | 1,126 | 1,289 | 1,268 | 4,969 | ||||||||||||||||
Pulpwood | 1,000 Tons | 1,494 | 1,592 | 1,833 | 1,903 | 6,822 | ||||||||||||||||
Total Harvest | 2,780 | 2,718 | 3,122 | 3,171 | 11,791 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 506 | 471 | 661 | 681 | 2,319 | ||||||||||||||||
Pulpwood | 1,000 Tons | 478 | 244 | 500 | 458 | 1,680 | ||||||||||||||||
Total Harvest | 984 | 715 | 1,161 | 1,139 | 3,999 | |||||||||||||||||
Lumber | MBF | 29,250 | 29,654 | 29,979 | 27,042 | 115,925 | ||||||||||||||||
Plywood | MSF | 44,156 | 44,842 | 41,632 | 41,803 | 172,433 | ||||||||||||||||
Fiberboard | MSF | 40,690 | 43,070 | 38,485 | 37,899 | 160,144 | ||||||||||||||||
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 | ||||||||||||||||
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 | ||||||||||||||||
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.
Exhibit 99.2
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2011 | ||||||||||||||||||||
1st Qtr (1) | 2nd Qtr (2) | 3rd Qtr | 4th Qtr (1) | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 2,560 | 2,695 | 11,525 | 5,385 | 22,165 | |||||||||||||||
Large Non-strategic | 30,295 | — | — | 18,155 | 48,450 | |||||||||||||||
Conservation | 335 | 59,425 | 370 | 7,295 | 67,425 | |||||||||||||||
HBU/Recreation | 7,795 | 6,320 | 24,500 | 8,680 | 47,295 | |||||||||||||||
Development Properties | — | — | 20 | — | 20 | |||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | |||||||||||||||
40,985 | 68,440 | 36,415 | 39,515 | 185,355 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,015 | $ | 1,125 | $ | 1,230 | $ | 1,345 | $ | 1,220 | ||||||||||
Large Non-strategic | $ | 1,405 | $ | — | $ | — | $ | 3,300 | $ | 2,115 | ||||||||||
Conservation | $ | 1,685 | $ | 1,050 | $ | 1,270 | $ | 980 | $ | 1,050 | ||||||||||
HBU/Recreation | $ | 2,100 | $ | 2,060 | $ | 1,950 | $ | 2,100 | $ | 2,015 | ||||||||||
Development Properties | $ | — | $ | — | $ | 6,405 | $ | — | $ | 6,405 | ||||||||||
Conservation Easements | $ | — | $ | — | $ | 460 | $ | — | $ | 460 | ||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 2 | $ | 4 | $ | 14 | $ | 7 | $ | 27 | ||||||||||
Large Non-strategic | $ | 43 | $ | — | $ | — | $ | 60 | $ | 103 | ||||||||||
Conservation | $ | 1 | $ | 62 | $ | — | $ | 7 | $ | 70 | ||||||||||
HBU/Recreation | $ | 16 | $ | 13 | $ | 48 | $ | 19 | $ | 96 | ||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Conservation Easements | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||
$ | 62 | $ | 79 | $ | 67 | $ | 93 | $ | 301 | |||||||||||
Basis of Real Estate Sold (5) | $ | 19 | $ | 24 | $ | 14 | $ | 19 | $ | 76 | ||||||||||
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 | |||||||||||||||
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 | ||||||||||
$ | 99 | $ | 43 | $ | 39 | $ | 155 | $ | 336 | |||||||||||
Basis of Real Estate Sold (5) | $ | 32 | $ | 11 | $ | 14 | $ | 75 | $ | 132 | ||||||||||
Exhibit 99.2
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. During the fourth quarter of 2011, the company sold 18,200 acres of Large Non-strategic lands located in Oregon for $60.0 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.
Exhibit 99.2
Plum Creek Timber Company, Inc.
Debt Maturities Schedule
December 31, 2011
(Unaudited)
Borrowings | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2012: | ||||||||
3rd Qtr 2012 | $ | 350 | — | % | (1) | |||
4th Qtr 2012 | $ | 3 | 8.050 | % | ||||
Annual Maturities through 2014: | ||||||||
2013 | $ | 250 | 6.663 | % | (2) | |||
2014 | $ | 3 | 8.050 | % | ||||
(1) Represents the company's term credit agreement. As of December 31, 2011, the interest rate is based on LIBOR plus 0.375%.
(2) 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.
Exhibit 99.2
Plum Creek Timber Company, Inc.
Acreage Ownership by State
December 31, 2011
(Unaudited)
Alabama | 113,000 | ||
Arkansas | 724,000 | ||
Florida | 520,000 | ||
Georgia | 772,000 | ||
Louisiana | 418,000 | ||
Maine | 883,000 | ||
Michigan | 582,000 | ||
Mississippi | 602,000 | ||
Montana | 899,000 | ||
New Hampshire | 30,000 | ||
North Carolina | 4,000 | ||
Oklahoma | 6,000 | ||
Oregon | 402,000 | ||
South Carolina | 175,000 | ||
Texas | 34,000 | ||
Vermont | 86,000 | ||
Washington | 90,000 | ||
West Virginia | 111,000 | ||
Wisconsin | 188,000 | ||
Total | 6,639,000 | ||