DELAWARE | 1-10239 | 91-1912863 | ||
(State of Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
999 Third Avenue, Suite 4300 Seattle, Washington | 98104-4096 | |
(Address of Principal Executive Offices) | (Zip Code) |
(206) 467-3600 |
Registrant's Telephone Number, including area code |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14.d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release of Plum Creek Timber Company, Inc. issued January 28, 2013, reporting results of operations for the quarter and year ended December 31, 2012. |
99.2 | Supplemental Financial and Statistical Information for the quarter and year ended December 31, 2012, posted on January 28, 2013. |
PLUM CREEK TIMBER COMPANY, INC. | ||
By: | /s/ David W. Lambert | |
David W. Lambert | ||
Senior Vice President and Chief Financial Officer |
99.1 | Press release of Plum Creek Timber Company, Inc. issued January 28, 2013, reporting results of operations for the quarter and year ended December 31, 2012. |
99.2 | Supplemental Financial and Statistical Information for the quarter and year ended December 31, 2012, posted on January 28, 2013. |
Plum Creek Timber Company, Inc. 999 Third Avenue, Suite 4300 Seattle, WA 98104 206 467 3600 |
For more information contact: | |
For immediate release | Investors: John Hobbs 1-800-858-5347 |
January 28, 2013 | Media: Kathy Budinick 1-888-467-3751 |
(In Millions, Except Per Share Amounts) | Year Ended December 31, | |||||||
2012 | 2011 | |||||||
REVENUES: | ||||||||
Timber | $ | 641 | $ | 572 | ||||
Real Estate | 352 | 301 | ||||||
Manufacturing | 324 | 273 | ||||||
Other | 22 | 21 | ||||||
Total Revenues | 1,339 | 1,167 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 498 | 445 | ||||||
Real Estate | 157 | 92 | ||||||
Manufacturing | 286 | 250 | ||||||
Other | 2 | 2 | ||||||
Total Cost of Goods Sold | 943 | 789 | ||||||
Selling, General and Administrative | 116 | 106 | ||||||
Total Costs and Expenses | 1,059 | 895 | ||||||
Other Operating Income (Expense), net | 1 | 3 | ||||||
Operating Income | 281 | 275 | ||||||
Equity Earnings from Timberland Venture | 59 | 56 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 82 | 81 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | ||||||
Total Interest Expense, net | 140 | 139 | ||||||
Income before Income Taxes | 200 | 192 | ||||||
Provision (Benefit) for Income Taxes | (3 | ) | (1 | ) | ||||
Net Income | $ | 203 | $ | 193 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 1.25 | $ | 1.19 | ||||
Net Income per Share – Diluted | $ | 1.25 | $ | 1.19 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.5 | 161.7 | ||||||
– Diluted | 161.9 | 162.0 |
(In Millions, Except Per Share Amounts) | Quarter Ended December 31, | |||||||
2012 | 2011 | |||||||
REVENUES: | ||||||||
Timber | $ | 161 | $ | 151 | ||||
Real Estate | 109 | 93 | ||||||
Manufacturing | 78 | 65 | ||||||
Other | 6 | 6 | ||||||
Total Revenues | 354 | 315 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 124 | 118 | ||||||
Real Estate | 33 | 24 | ||||||
Manufacturing | 69 | 60 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 227 | 203 | ||||||
Selling, General and Administrative | 30 | 29 | ||||||
Total Costs and Expenses | 257 | 232 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 97 | 83 | ||||||
Equity Earnings from Timberland Venture | 17 | 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 | ||||||
Income before Income Taxes | 78 | 60 | ||||||
Provision (Benefit) for Income Taxes | (1 | ) | (1 | ) | ||||
Net Income | $ | 79 | $ | 61 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.49 | $ | 0.38 | ||||
Net Income per Share – Diluted | $ | 0.49 | $ | 0.38 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.7 | 161.4 | ||||||
– Diluted | 162.2 | 161.6 |
(In Millions, Except Per Share Amounts) | December 31, 2012 | December 31, 2011 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 356 | $ | 254 | ||||
Accounts Receivable | 22 | 28 | ||||||
Inventories | 49 | 48 | ||||||
Deferred Tax Asset | 7 | 5 | ||||||
Assets Held for Sale | 61 | 103 | ||||||
Other Current Assets | 13 | 15 | ||||||
508 | 453 | |||||||
Timber and Timberlands, net | 3,363 | 3,365 | ||||||
Mineral Rights, net | 87 | 12 | ||||||
Property, Plant and Equipment, net | 127 | 138 | ||||||
Equity Investment in Timberland Venture | 204 | 201 | ||||||
Deferred Tax Asset | 19 | 18 | ||||||
Investment in Grantor Trusts (at Fair Value) | 39 | 36 | ||||||
Other Assets | 37 | 36 | ||||||
Total Assets | $ | 4,384 | $ | 4,259 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 248 | $ | 352 | ||||
Line of Credit | 104 | 348 | ||||||
Accounts Payable | 26 | 25 | ||||||
Interest Payable | 26 | 26 | ||||||
Wages Payable | 29 | 20 | ||||||
Taxes Payable | 9 | 9 | ||||||
Deferred Revenue | 23 | 27 | ||||||
Other Current Liabilities | 7 | 8 | ||||||
472 | 815 | |||||||
Long-Term Debt | 1,815 | 1,290 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 91 | 108 | ||||||
Total Liabilities | 3,161 | 2,996 | ||||||
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 December 31, 2012 and 161.3 at December 31, 2011 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,288 | 2,261 | ||||||
Retained Earnings (Accumulated Deficit) | (97 | ) | (28 | ) | ||||
Treasury Stock, at Cost, Common Shares – 26.9 at December 31, 2012 and 26.9 at December 31, 2011 | (938 | ) | (937 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (32 | ) | (35 | ) | ||||
Total Stockholders’ Equity | 1,223 | 1,263 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,384 | $ | 4,259 |
Year Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 203 | $ | 193 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 114 | 96 | ||||||
Basis of Real Estate Sold | 138 | 77 | ||||||
Equity Earnings from Timberland Venture | (59 | ) | (56 | ) | ||||
Distributions from Timberland Venture | 56 | 56 | ||||||
Deferred Income Taxes | (3 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (8 | ) | 11 | |||||
Timber Deed Acquired | (98 | ) | (5 | ) | ||||
Pension Plan Contributions | (20 | ) | (3 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Income Tax Receivable | — | (1 | ) | |||||
Other Working Capital Changes | 15 | (7 | ) | |||||
Other | 15 | 13 | ||||||
Net Cash Provided By Operating Activities | 353 | 374 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (72 | ) | (70 | ) | ||||
Timberlands Acquired | (18 | ) | (89 | ) | ||||
Mineral Rights Acquired | (76 | ) | (12 | ) | ||||
Other | (1 | ) | — | |||||
Net Cash Used In Investing Activities | (167 | ) | (171 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (272 | ) | (272 | ) | ||||
Borrowings on Line of Credit | 1,843 | 1,921 | ||||||
Repayments on Line of Credit | (2,087 | ) | (1,739 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 773 | — | ||||||
Debt Issuance Costs | (5 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (353 | ) | (95 | ) | ||||
Proceeds from Stock Option Exercises | 18 | 10 | ||||||
Acquisition of Treasury Stock | (1 | ) | (26 | ) | ||||
Net Cash Used In Financing Activities | (84 | ) | (201 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 102 | 2 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 254 | 252 | ||||||
End of Period | $ | 356 | $ | 254 |
Quarter Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 79 | $ | 61 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 27 | 26 | ||||||
Basis of Real Estate Sold | 27 | 20 | ||||||
Equity Earnings from Timberland Venture | (17 | ) | (12 | ) | ||||
Deferred Income Taxes | (2 | ) | (2 | ) | ||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (3 | ) | ||||
Timber Deed Acquired | — | (5 | ) | |||||
Pension Plan Contributions | (10 | ) | — | |||||
Working Capital Changes | 10 | (8 | ) | |||||
Other | 4 | 3 | ||||||
Net Cash Provided By Operating Activities | 116 | 80 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (27 | ) | ||||
Timberlands Acquired | — | (13 | ) | |||||
Mineral Rights Acquired | (76 | ) | — | |||||
Net Cash Used In Investing Activities | (96 | ) | (40 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (68 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 131 | 824 | ||||||
Repayments on Line of Credit | (378 | ) | (778 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 323 | — | ||||||
Debt Issuance Costs | (2 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (3 | ) | (46 | ) | ||||
Proceeds from Stock Option Exercises | 13 | 1 | ||||||
Acquisition of Treasury Stock | — | (10 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 16 | (77 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 36 | (37 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 320 | 291 | ||||||
End of Period | $ | 356 | $ | 254 |
Year Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 246 | $ | 233 | ||||
Southern Resources | 417 | 359 | ||||||
Real Estate | 352 | 301 | ||||||
Manufacturing | 324 | 273 | ||||||
Other | 22 | 21 | ||||||
Eliminations | (22 | ) | (20 | ) | ||||
Total Revenues | $ | 1,339 | $ | 1,167 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 20 | $ | 24 | ||||
Southern Resources | 90 | 74 | ||||||
Real Estate | 187 | 195 | ||||||
Manufacturing | 29 | 15 | ||||||
Other (A) | 19 | 21 | ||||||
Other Costs and Eliminations, net | (64 | ) | (54 | ) | ||||
Total Operating Income | $ | 281 | $ | 275 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 46 | $ | 50 | ||||
Southern Resources | 157 | 125 | ||||||
Real Estate | 326 | 274 | ||||||
Manufacturing | 44 | 28 | ||||||
Other | 20 | 21 | ||||||
Other Costs and Eliminations, net | (63 | ) | (52 | ) | ||||
Total | $ | 530 | $ | 446 |
Quarter Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 61 | $ | 66 | ||||
Southern Resources | 105 | 93 | ||||||
Real Estate | 109 | 93 | ||||||
Manufacturing | 78 | 65 | ||||||
Other | 6 | 6 | ||||||
Eliminations | (5 | ) | (8 | ) | ||||
Total Revenues | $ | 354 | $ | 315 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 5 | $ | 7 | ||||
Southern Resources | 24 | 19 | ||||||
Real Estate | 74 | 61 | ||||||
Manufacturing | 7 | 3 | ||||||
Other | 5 | 5 | ||||||
Other Costs and Eliminations, net | (18 | ) | (12 | ) | ||||
Total Operating Income | $ | 97 | $ | 83 | ||||
Adjusted EBITDA by Segment: (A) | ||||||||
Northern Resources | $ | 11 | $ | 14 | ||||
Southern Resources | 39 | 33 | ||||||
Real Estate | 101 | 82 | ||||||
Manufacturing | 11 | 6 | ||||||
Other | 6 | 5 | ||||||
Other Costs and Eliminations, net | (18 | ) | (11 | ) | ||||
Total | $ | 150 | $ | 129 |
Year Ended December 31, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 20 | $ | 26 | $ | — | $ | 46 | ||||||||
Southern Resources | 90 | 67 | — | 157 | ||||||||||||
Real Estate | 187 | 1 | 138 | 326 | ||||||||||||
Manufacturing | 29 | 15 | — | 44 | ||||||||||||
Other | 19 | 1 | — | 20 | ||||||||||||
Other Costs and Eliminations | (65 | ) | 1 | — | (64 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 281 | $ | 111 | $ | 138 | $ | 530 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 59 | |||||||||||||||
Interest Expense | (140 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 3 | |||||||||||||||
Net Income | $ | 203 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 353 | ||||||||||||||
Interest Expense | 140 | |||||||||||||||
Amortization of Debt Costs | (3 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (3 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 3 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 8 | |||||||||||||||
Timber Deed Acquired | 98 | |||||||||||||||
Pension Plan Contributions | 20 | |||||||||||||||
Working Capital Changes | (15 | ) | ||||||||||||||
Other | (15 | ) | ||||||||||||||
Adjusted EBITDA | $ | 530 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 24 | $ | 26 | $ | — | $ | 50 | ||||||||
Southern Resources | 74 | 51 | — | 125 | ||||||||||||
Real Estate | 195 | 2 | 77 | 274 | ||||||||||||
Manufacturing | 15 | 13 | — | 28 | ||||||||||||
Other | 21 | — | — | 21 | ||||||||||||
Other Costs and Eliminations | (55 | ) | 2 | — | (53 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 275 | $ | 94 | $ | 77 | $ | 446 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 56 | |||||||||||||||
Interest Expense | (139 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 193 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 374 | ||||||||||||||
Interest Expense | 139 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | (11 | ) | ||||||||||||||
Timber Deed Acquired | 5 | |||||||||||||||
Pension Plan Contributions | 3 | |||||||||||||||
Working Capital Changes | 8 | |||||||||||||||
Other | (13 | ) | ||||||||||||||
Adjusted EBITDA | $ | 446 | ||||||||||||||
Quarter Ended December 31, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 6 | $ | — | $ | 11 | ||||||||
Southern Resources | 24 | 15 | — | 39 | ||||||||||||
Real Estate | 74 | — | 27 | 101 | ||||||||||||
Manufacturing | 7 | 4 | — | 11 | ||||||||||||
Other | 5 | 1 | — | 6 | ||||||||||||
Other Costs and Eliminations | (18 | ) | — | — | (18 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 97 | $ | 26 | $ | 27 | $ | 150 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 17 | |||||||||||||||
Interest Expense | (36 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 79 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 116 | ||||||||||||||
Interest Expense | 36 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | — | |||||||||||||||
Deferred Income Taxes | 2 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 2 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | 10 | |||||||||||||||
Working Capital Changes | (10 | ) | ||||||||||||||
Other | (4 | ) | ||||||||||||||
Adjusted EBITDA | $ | 150 | ||||||||||||||
Quarter Ended December 31, 2011 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 7 | $ | 7 | $ | — | $ | 14 | ||||||||
Southern Resources | 19 | 14 | — | 33 | ||||||||||||
Real Estate | 61 | 1 | 20 | 82 | ||||||||||||
Manufacturing | 3 | 3 | — | 6 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Other Costs and Eliminations | (12 | ) | 1 | — | (11 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 83 | $ | 26 | $ | 20 | $ | 129 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 12 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 61 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 80 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | — | |||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | — | |||||||||||||||
Deferred Income Taxes | 2 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 3 | |||||||||||||||
Timber Deed Acquired | 5 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 8 | |||||||||||||||
Other | (3 | ) | ||||||||||||||
Adjusted EBITDA | $ | 129 | ||||||||||||||
(In Millions, Except Per Share Amounts) | Year Ended December 31, | |||||||
2012 | 2011 | |||||||
REVENUES: | ||||||||
Timber | $ | 641 | $ | 572 | ||||
Real Estate | 352 | 301 | ||||||
Manufacturing | 324 | 273 | ||||||
Other | 22 | 21 | ||||||
Total Revenues | 1,339 | 1,167 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 498 | 445 | ||||||
Real Estate | 157 | 92 | ||||||
Manufacturing | 286 | 250 | ||||||
Other | 2 | 2 | ||||||
Total Cost of Goods Sold | 943 | 789 | ||||||
Selling, General and Administrative | 116 | 106 | ||||||
Total Costs and Expenses | 1,059 | 895 | ||||||
Other Operating Income (Expense), net | 1 | 3 | ||||||
Operating Income | 281 | 275 | ||||||
Equity Earnings from Timberland Venture | 59 | 56 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 82 | 81 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | ||||||
Total Interest Expense, net | 140 | 139 | ||||||
Income before Income Taxes | 200 | 192 | ||||||
Provision (Benefit) for Income Taxes | (3 | ) | (1 | ) | ||||
Net Income | $ | 203 | $ | 193 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 1.25 | $ | 1.19 | ||||
Net Income per Share – Diluted | $ | 1.25 | $ | 1.19 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.5 | 161.7 | ||||||
– Diluted | 161.9 | 162.0 |
(In Millions, Except Per Share Amounts) | Quarter Ended December 31, | |||||||
2012 | 2011 | |||||||
REVENUES: | ||||||||
Timber | $ | 161 | $ | 151 | ||||
Real Estate | 109 | 93 | ||||||
Manufacturing | 78 | 65 | ||||||
Other | 6 | 6 | ||||||
Total Revenues | 354 | 315 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 124 | 118 | ||||||
Real Estate | 33 | 24 | ||||||
Manufacturing | 69 | 60 | ||||||
Other | 1 | 1 | ||||||
Total Cost of Goods Sold | 227 | 203 | ||||||
Selling, General and Administrative | 30 | 29 | ||||||
Total Costs and Expenses | 257 | 232 | ||||||
Other Operating Income (Expense), net | — | — | ||||||
Operating Income | 97 | 83 | ||||||
Equity Earnings from Timberland Venture | 17 | 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 | ||||||
Income before Income Taxes | 78 | 60 | ||||||
Provision (Benefit) for Income Taxes | (1 | ) | (1 | ) | ||||
Net Income | $ | 79 | $ | 61 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.49 | $ | 0.38 | ||||
Net Income per Share – Diluted | $ | 0.49 | $ | 0.38 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 161.7 | 161.4 | ||||||
– Diluted | 162.2 | 161.6 |
(In Millions, Except Per Share Amounts) | December 31, 2012 | December 31, 2011 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 356 | $ | 254 | ||||
Accounts Receivable | 22 | 28 | ||||||
Inventories | 49 | 48 | ||||||
Deferred Tax Asset | 7 | 5 | ||||||
Assets Held for Sale | 61 | 103 | ||||||
Other Current Assets | 13 | 15 | ||||||
508 | 453 | |||||||
Timber and Timberlands, net | 3,363 | 3,365 | ||||||
Mineral Rights, net | 87 | 12 | ||||||
Property, Plant and Equipment, net | 127 | 138 | ||||||
Equity Investment in Timberland Venture | 204 | 201 | ||||||
Deferred Tax Asset | 19 | 18 | ||||||
Investment in Grantor Trusts (at Fair Value) | 39 | 36 | ||||||
Other Assets | 37 | 36 | ||||||
Total Assets | $ | 4,384 | $ | 4,259 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 248 | $ | 352 | ||||
Line of Credit | 104 | 348 | ||||||
Accounts Payable | 26 | 25 | ||||||
Interest Payable | 26 | 26 | ||||||
Wages Payable | 29 | 20 | ||||||
Taxes Payable | 9 | 9 | ||||||
Deferred Revenue | 23 | 27 | ||||||
Other Current Liabilities | 7 | 8 | ||||||
472 | 815 | |||||||
Long-Term Debt | 1,815 | 1,290 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 91 | 108 | ||||||
Total Liabilities | 3,161 | 2,996 | ||||||
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 December 31, 2012 and 161.3 at December 31, 2011 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,288 | 2,261 | ||||||
Retained Earnings (Accumulated Deficit) | (97 | ) | (28 | ) | ||||
Treasury Stock, at Cost, Common Shares – 26.9 at December 31, 2012 and 26.9 at December 31, 2011 | (938 | ) | (937 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (32 | ) | (35 | ) | ||||
Total Stockholders’ Equity | 1,223 | 1,263 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,384 | $ | 4,259 |
Year Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 203 | $ | 193 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 114 | 96 | ||||||
Basis of Real Estate Sold | 138 | 77 | ||||||
Equity Earnings from Timberland Venture | (59 | ) | (56 | ) | ||||
Distributions from Timberland Venture | 56 | 56 | ||||||
Deferred Income Taxes | (3 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (8 | ) | 11 | |||||
Timber Deed Acquired | (98 | ) | (5 | ) | ||||
Pension Plan Contributions | (20 | ) | (3 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Income Tax Receivable | — | (1 | ) | |||||
Other Working Capital Changes | 15 | (7 | ) | |||||
Other | 15 | 13 | ||||||
Net Cash Provided By Operating Activities | 353 | 374 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (72 | ) | (70 | ) | ||||
Timberlands Acquired | (18 | ) | (89 | ) | ||||
Mineral Rights Acquired | (76 | ) | (12 | ) | ||||
Other | (1 | ) | — | |||||
Net Cash Used In Investing Activities | (167 | ) | (171 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (272 | ) | (272 | ) | ||||
Borrowings on Line of Credit | 1,843 | 1,921 | ||||||
Repayments on Line of Credit | (2,087 | ) | (1,739 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 773 | — | ||||||
Debt Issuance Costs | (5 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (353 | ) | (95 | ) | ||||
Proceeds from Stock Option Exercises | 18 | 10 | ||||||
Acquisition of Treasury Stock | (1 | ) | (26 | ) | ||||
Net Cash Used In Financing Activities | (84 | ) | (201 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 102 | 2 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 254 | 252 | ||||||
End of Period | $ | 356 | $ | 254 |
Quarter Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 79 | $ | 61 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 27 | 26 | ||||||
Basis of Real Estate Sold | 27 | 20 | ||||||
Equity Earnings from Timberland Venture | (17 | ) | (12 | ) | ||||
Deferred Income Taxes | (2 | ) | (2 | ) | ||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (3 | ) | ||||
Timber Deed Acquired | — | (5 | ) | |||||
Pension Plan Contributions | (10 | ) | — | |||||
Working Capital Changes | 10 | (8 | ) | |||||
Other | 4 | 3 | ||||||
Net Cash Provided By Operating Activities | 116 | 80 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (27 | ) | ||||
Timberlands Acquired | — | (13 | ) | |||||
Mineral Rights Acquired | (76 | ) | — | |||||
Net Cash Used In Investing Activities | (96 | ) | (40 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (68 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 131 | 824 | ||||||
Repayments on Line of Credit | (378 | ) | (778 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 323 | — | ||||||
Debt Issuance Costs | (2 | ) | — | |||||
Principal Payments and Retirement of Long-Term Debt | (3 | ) | (46 | ) | ||||
Proceeds from Stock Option Exercises | 13 | 1 | ||||||
Acquisition of Treasury Stock | — | (10 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 16 | (77 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 36 | (37 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 320 | 291 | ||||||
End of Period | $ | 356 | $ | 254 |
Year Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 246 | $ | 233 | ||||
Southern Resources | 417 | 359 | ||||||
Real Estate | 352 | 301 | ||||||
Manufacturing | 324 | 273 | ||||||
Other | 22 | 21 | ||||||
Eliminations | (22 | ) | (20 | ) | ||||
Total Revenues | $ | 1,339 | $ | 1,167 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 20 | $ | 24 | ||||
Southern Resources | 90 | 74 | ||||||
Real Estate | 187 | 195 | ||||||
Manufacturing | 29 | 15 | ||||||
Other (A) | 19 | 21 | ||||||
Other Costs and Eliminations, net | (64 | ) | (54 | ) | ||||
Total Operating Income | $ | 281 | $ | 275 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 46 | $ | 50 | ||||
Southern Resources | 157 | 125 | ||||||
Real Estate | 326 | 274 | ||||||
Manufacturing | 44 | 28 | ||||||
Other | 20 | 21 | ||||||
Other Costs and Eliminations, net | (63 | ) | (52 | ) | ||||
Total | $ | 530 | $ | 446 |
Quarter Ended December 31, | ||||||||
(In Millions) | 2012 | 2011 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 61 | $ | 66 | ||||
Southern Resources | 105 | 93 | ||||||
Real Estate | 109 | 93 | ||||||
Manufacturing | 78 | 65 | ||||||
Other | 6 | 6 | ||||||
Eliminations | (5 | ) | (8 | ) | ||||
Total Revenues | $ | 354 | $ | 315 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 5 | $ | 7 | ||||
Southern Resources | 24 | 19 | ||||||
Real Estate | 74 | 61 | ||||||
Manufacturing | 7 | 3 | ||||||
Other | 5 | 5 | ||||||
Other Costs and Eliminations, net | (18 | ) | (12 | ) | ||||
Total Operating Income | $ | 97 | $ | 83 | ||||
Adjusted EBITDA by Segment: (A) | ||||||||
Northern Resources | $ | 11 | $ | 14 | ||||
Southern Resources | 39 | 33 | ||||||
Real Estate | 101 | 82 | ||||||
Manufacturing | 11 | 6 | ||||||
Other | 6 | 5 | ||||||
Other Costs and Eliminations, net | (18 | ) | (11 | ) | ||||
Total | $ | 150 | $ | 129 |
2012 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 19 | $ | 20 | $ | 20 | $ | 20 | $ | 20 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 10 | $ | 10 | $ | 10 | $ | 11 | $ | 10 | |||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 67 | $ | 71 | $ | 69 | $ | 68 | $ | 69 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | |||||||||||
Lumber (1) | $/MBF | $ | 529 | $ | 551 | $ | 525 | $ | 521 | $ | 532 | |||||||||||
Plywood (1) | $/MSF | $ | 387 | $ | 409 | $ | 432 | $ | 450 | $ | 419 | |||||||||||
Fiberboard (1) | $/MSF | $ | 607 | $ | 620 | $ | 636 | $ | 634 | $ | 625 | |||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,340 | 1,533 | 1,533 | 1,333 | 5,739 | ||||||||||||||||
Pulpwood | 1,000 Tons | 1,842 | 1,933 | 2,151 | 2,084 | 8,010 | ||||||||||||||||
Total Harvest | 3,182 | 3,466 | 3,684 | 3,417 | 13,749 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 656 | 632 | 679 | 634 | 2,601 | ||||||||||||||||
Pulpwood | 1,000 Tons | 452 | 316 | 441 | 377 | 1,586 | ||||||||||||||||
Total Harvest | 1,108 | 948 | 1,120 | 1,011 | 4,187 | |||||||||||||||||
Lumber | MBF | 30,199 | 30,340 | 27,645 | 27,158 | 115,342 | ||||||||||||||||
Plywood | MSF | 53,301 | 51,397 | 48,984 | 45,674 | 199,356 | ||||||||||||||||
Fiberboard | MSF | 44,701 | 52,475 | 54,992 | 47,314 | 199,482 | ||||||||||||||||
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 |
2012 | ||||||||||||||||||||
1st Qtr | 2nd Qtr (2) | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 4,385 | 17,870 | 5,750 | 17,115 | 45,120 | |||||||||||||||
Large Non-strategic (1) | 69,770 | — | 99,800 | 16,600 | 186,170 | |||||||||||||||
Conservation | 1,145 | 1,320 | 5,400 | 3,565 | 11,430 | |||||||||||||||
HBU/Recreation | 4,030 | 6,720 | 5,410 | 9,735 | 25,895 | |||||||||||||||
Development Properties | — | — | — | — | — | |||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | |||||||||||||||
79,330 | 25,910 | 116,360 | 47,015 | 268,615 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,115 | $ | 1,165 | $ | 1,455 | $ | 1,365 | $ | 1,270 | ||||||||||
Large Non-strategic | $ | 1,210 | $ | — | $ | 675 | $ | 3,510 | $ | 1,130 | ||||||||||
Conservation | $ | 1,560 | $ | 2,315 | $ | 905 | $ | 2,260 | $ | 1,555 | ||||||||||
HBU/Recreation | $ | 2,140 | $ | 1,955 | $ | 2,100 | $ | 1,940 | $ | 2,000 | ||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Conservation Easements | $ | — | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 5 | $ | 21 | $ | 8 | $ | 24 | $ | 58 | ||||||||||
Large Non-strategic | $ | 84 | $ | — | $ | 67 | $ | 58 | $ | 209 | ||||||||||
Conservation | $ | 2 | $ | 3 | $ | 5 | $ | 8 | $ | 18 | ||||||||||
HBU/Recreation | $ | 9 | $ | 13 | $ | 11 | $ | 19 | $ | 52 | ||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Conservation Easements | $ | — | $ | 10 | $ | — | $ | — | $ | 10 | ||||||||||
$ | 100 | $ | 47 | $ | 91 | $ | 109 | $ | 347 | |||||||||||
Proceeds from Real Estate Joint Venture (4) | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||
Basis of Real Estate Sold (5) | $ | 63 | $ | 12 | $ | 36 | $ | 27 | $ | 138 | ||||||||||
2011 | ||||||||||||||||||||
1st Qtr | 2nd Qtr (3) | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 2,560 | 2,695 | 11,525 | 5,385 | 22,165 | |||||||||||||||
Large Non-strategic (1) | 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 |
Borrowings | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2013: | ||||||||
1st Qtr 2013 | $ | 174 | 6.180 | % | ||||
4th Qtr 2013 | $ | 76 | 7.773 | % | (1) | |||
Annual Maturities through 2014: | ||||||||
2014 | $ | 3 | 8.050 | % |
Alabama | 109,000 | ||
Arkansas | 720,000 | ||
Florida | 448,000 | ||
Georgia | 750,000 | ||
Louisiana | 413,000 | ||
Maine | 878,000 | ||
Michigan | 580,000 | ||
Mississippi | 594,000 | ||
Montana | 897,000 | ||
New Hampshire | 25,000 | ||
North Carolina | 4,000 | ||
Oklahoma | 6,000 | ||
Oregon | 383,000 | ||
South Carolina | 177,000 | ||
Texas | 34,000 | ||
Vermont | 86,000 | ||
Washington | 88,000 | ||
West Virginia | 111,000 | ||
Wisconsin | 76,000 | ||
Total | 6,379,000 |
Year Ended December 31, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 20 | $ | 26 | $ | — | $ | 46 | ||||||||
Southern Resources | 90 | 67 | — | 157 | ||||||||||||
Real Estate | 187 | 1 | 138 | 326 | ||||||||||||
Manufacturing | 29 | 15 | — | 44 | ||||||||||||
Other | 19 | 1 | — | 20 | ||||||||||||
Other Costs and Eliminations | (65 | ) | 1 | — | (64 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 281 | $ | 111 | $ | 138 | $ | 530 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 59 | |||||||||||||||
Interest Expense | (140 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 3 | |||||||||||||||
Net Income | $ | 203 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 353 | ||||||||||||||
Interest Expense | 140 | |||||||||||||||
Amortization of Debt Costs | (3 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (3 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 3 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 8 | |||||||||||||||
Timber Deed Acquired | 98 | |||||||||||||||
Pension Plan Contributions | 20 | |||||||||||||||
Working Capital Changes | (15 | ) | ||||||||||||||
Other | (15 | ) | ||||||||||||||
Adjusted EBITDA | $ | 530 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 24 | $ | 26 | $ | — | $ | 50 | ||||||||
Southern Resources | 74 | 51 | — | 125 | ||||||||||||
Real Estate | 195 | 2 | 77 | 274 | ||||||||||||
Manufacturing | 15 | 13 | — | 28 | ||||||||||||
Other | 21 | — | — | 21 | ||||||||||||
Other Costs and Eliminations | (55 | ) | 2 | — | (53 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 275 | $ | 94 | $ | 77 | $ | 446 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 56 | |||||||||||||||
Interest Expense | (139 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 193 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 374 | ||||||||||||||
Interest Expense | 139 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | (11 | ) | ||||||||||||||
Timber Deed Acquired | 5 | |||||||||||||||
Pension Plan Contributions | 3 | |||||||||||||||
Working Capital Changes | 8 | |||||||||||||||
Other | (13 | ) | ||||||||||||||
Adjusted EBITDA | $ | 446 | ||||||||||||||
Quarter Ended December 31, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 6 | $ | — | $ | 11 | ||||||||
Southern Resources | 24 | 15 | — | 39 | ||||||||||||
Real Estate | 74 | — | 27 | 101 | ||||||||||||
Manufacturing | 7 | 4 | — | 11 | ||||||||||||
Other | 5 | 1 | — | 6 | ||||||||||||
Other Costs and Eliminations | (18 | ) | — | — | (18 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 97 | $ | 26 | $ | 27 | $ | 150 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 17 | |||||||||||||||
Interest Expense | (36 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 79 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 116 | ||||||||||||||
Interest Expense | 36 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | — | |||||||||||||||
Deferred Income Taxes | 2 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 2 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | 10 | |||||||||||||||
Working Capital Changes | (10 | ) | ||||||||||||||
Other | (4 | ) | ||||||||||||||
Adjusted EBITDA | $ | 150 | ||||||||||||||
Quarter Ended December 31, 2011 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 7 | $ | 7 | $ | — | $ | 14 | ||||||||
Southern Resources | 19 | 14 | — | 33 | ||||||||||||
Real Estate | 61 | 1 | 20 | 82 | ||||||||||||
Manufacturing | 3 | 3 | — | 6 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Other Costs and Eliminations | (12 | ) | 1 | — | (11 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 83 | $ | 26 | $ | 20 | $ | 129 | ||||||||
Reconciliation to Net Income(1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 12 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 61 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 80 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | — | |||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | — | |||||||||||||||
Deferred Income Taxes | 2 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 3 | |||||||||||||||
Timber Deed Acquired | 5 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 8 | |||||||||||||||
Other | (3 | ) | ||||||||||||||
Adjusted EBITDA | $ | 129 | ||||||||||||||
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