DELAWARE | 1-10239 | 91-1912863 | ||
(State of Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
601 Union Street, Suite 3100 Seattle, Washington | 98101-1374 | |
(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 October 28, 2013, reporting results of operations for the quarter ended September 30, 2013. |
99.2 | Supplemental Financial and Statistical Information for the quarter ended September 30, 2013, posted on October 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 October 28, 2013, reporting results of operations for the quarter ended September 30, 2013. |
99.2 | Supplemental Financial and Statistical Information for the quarter ended September 30, 2013, posted on October 28, 2013. |
Plum Creek Timber Company, Inc. 601 Union St, Suite 3100 Seattle, Washington 98101 206 467 3600 | ![]() |
For more information contact: | |
For immediate release | Investors: John Hobbs 1-800-858-5347 |
October 28, 2013 | Media: Kathy Budinick 1-888-467-3751 |
(In Millions, Except Per Share Amounts) | Nine Months Ended September 30, | |||||||
2013 | 2012 | |||||||
REVENUES: | ||||||||
Timber | $ | 487 | $ | 480 | ||||
Real Estate | 227 | 243 | ||||||
Manufacturing | 279 | 246 | ||||||
Other | 16 | 16 | ||||||
Total Revenues | 1,009 | 985 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 364 | 374 | ||||||
Real Estate | 83 | 124 | ||||||
Manufacturing | 237 | 217 | ||||||
Other | 3 | 1 | ||||||
Total Cost of Goods Sold | 687 | 716 | ||||||
Selling, General and Administrative | 89 | 86 | ||||||
Total Costs and Expenses | 776 | 802 | ||||||
Other Operating Income (Expense), net | (2 | ) | 1 | |||||
Operating Income | 231 | 184 | ||||||
Equity Earnings from Timberland Venture | 47 | 42 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 61 | 61 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 43 | 43 | ||||||
Total Interest Expense, net | 104 | 104 | ||||||
Income before Income Taxes | 174 | 122 | ||||||
Provision (Benefit) for Income Taxes | — | (2 | ) | |||||
Net Income | $ | 174 | $ | 124 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 1.06 | $ | 0.77 | ||||
Net Income per Share – Diluted | $ | 1.06 | $ | 0.76 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 162.7 | 161.5 | ||||||
– Diluted | 163.2 | 161.8 |
(In Millions, Except Per Share Amounts) | Quarter Ended September 30, | |||||||
2013 | 2012 | |||||||
REVENUES: | ||||||||
Timber | $ | 171 | $ | 168 | ||||
Real Estate | 96 | 96 | ||||||
Manufacturing | 94 | 85 | ||||||
Other | 5 | 5 | ||||||
Total Revenues | 366 | 354 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 132 | 130 | ||||||
Real Estate | 31 | 40 | ||||||
Manufacturing | 80 | 74 | ||||||
Other | 1 | — | ||||||
Total Cost of Goods Sold | 244 | 244 | ||||||
Selling, General and Administrative | 28 | 31 | ||||||
Total Costs and Expenses | 272 | 275 | ||||||
Other Operating Income (Expense), net | (3 | ) | — | |||||
Operating Income | 91 | 79 | ||||||
Equity Earnings from Timberland Venture | 16 | 14 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 21 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 34 | 35 | ||||||
Income before Income Taxes | 73 | 58 | ||||||
Provision (Benefit) for Income Taxes | 1 | (1 | ) | |||||
Net Income | $ | 72 | $ | 59 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.44 | $ | 0.36 | ||||
Net Income per Share – Diluted | $ | 0.44 | $ | 0.36 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 163.0 | 161.5 | ||||||
– Diluted | 163.4 | 161.9 |
(In Millions, Except Per Share Amounts) | September 30, 2013 | December 31, 2012 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 439 | $ | 356 | ||||
Accounts Receivable | 35 | 22 | ||||||
Inventories | 53 | 49 | ||||||
Deferred Tax Asset | 8 | 7 | ||||||
Assets Held for Sale | 38 | 61 | ||||||
Other Current Assets | 17 | 13 | ||||||
590 | 508 | |||||||
Timber and Timberlands, net | 3,395 | 3,363 | ||||||
Mineral Rights, net | 242 | 87 | ||||||
Property, Plant and Equipment, net | 118 | 127 | ||||||
Equity Investment in Timberland Venture | 195 | 204 | ||||||
Deferred Tax Asset | 19 | 19 | ||||||
Investment in Grantor Trusts (at Fair Value) | 42 | 39 | ||||||
Other Assets | 30 | 37 | ||||||
Total Assets | $ | 4,631 | $ | 4,384 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 74 | $ | 248 | ||||
Line of Credit | 507 | 104 | ||||||
Accounts Payable | 30 | 26 | ||||||
Interest Payable | 21 | 26 | ||||||
Wages Payable | 22 | 29 | ||||||
Taxes Payable | 16 | 9 | ||||||
Deferred Revenue | 29 | 23 | ||||||
Other Current Liabilities | 10 | 7 | ||||||
709 | 472 | |||||||
Long-Term Debt | 1,815 | 1,815 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 94 | 91 | ||||||
Total Liabilities | 3,401 | 3,161 | ||||||
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) – 163.0 at September 30, 2013 and 162.0 at December 31, 2012 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,330 | 2,288 | ||||||
Retained Earnings (Accumulated Deficit) | (135 | ) | (97 | ) | ||||
Treasury Stock, at Cost, Common Shares – 27.0 at September 30, 2013 and 26.9 at December 31, 2012 | (940 | ) | (938 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (27 | ) | (32 | ) | ||||
Total Stockholders’ Equity | 1,230 | 1,223 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,631 | $ | 4,384 |
Nine Months Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 174 | $ | 124 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Includes $4 Loss Related to Forest Fires in 2013) | 86 | 87 | ||||||
Basis of Real Estate Sold | 69 | 111 | ||||||
Equity Earnings from Timberland Venture | (47 | ) | (42 | ) | ||||
Distributions from Timberland Venture | 56 | 56 | ||||||
Deferred Income Taxes | (1 | ) | (1 | ) | ||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (6 | ) | (6 | ) | ||||
Timber Deed Acquired | (18 | ) | (98 | ) | ||||
Pension Plan Contributions | — | (10 | ) | |||||
Working Capital Changes | (12 | ) | 5 | |||||
Other | 19 | 11 | ||||||
Net Cash Provided By (Used In) Operating Activities | 320 | 237 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (51 | ) | (52 | ) | ||||
Timberlands Acquired | (80 | ) | (18 | ) | ||||
Mineral Rights Acquired | (156 | ) | — | |||||
Other | — | (1 | ) | |||||
Net Cash Provided By (Used In) Investing Activities | (287 | ) | (71 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (212 | ) | (204 | ) | ||||
Borrowings on Line of Credit | 1,251 | 1,712 | ||||||
Repayments on Line of Credit | (848 | ) | (1,709 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 450 | ||||||
Debt Issuance Costs | — | (3 | ) | |||||
Principal Payments and Retirement of Long-Term Debt | (174 | ) | (350 | ) | ||||
Proceeds from Stock Option Exercises | 35 | 5 | ||||||
Acquisition of Treasury Stock | (2 | ) | (1 | ) | ||||
Net Cash Provided By (Used In) Financing Activities | 50 | (100 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 83 | 66 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 356 | 254 | ||||||
End of Period | $ | 439 | $ | 320 |
Quarter Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 72 | $ | 59 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Includes $4 Loss Related to Forest Fires in 2013) | 35 | 31 | ||||||
Basis of Real Estate Sold | 27 | 36 | ||||||
Equity Earnings from Timberland Venture | (16 | ) | (14 | ) | ||||
Distributions from Timberland Venture | 29 | 28 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (1 | ) | ||||
Pension Plan Contributions | — | (3 | ) | |||||
Working Capital Changes | 28 | 7 | ||||||
Other | 7 | 5 | ||||||
Net Cash Provided By (Used In) Operating Activities | 180 | 148 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (17 | ) | ||||
Timberlands Acquired | (2 | ) | (5 | ) | ||||
Mineral Rights Acquired | (156 | ) | — | |||||
Net Cash Provided By (Used In) Investing Activities | (178 | ) | (22 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (72 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 530 | 583 | ||||||
Repayments on Line of Credit | (376 | ) | (683 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 450 | ||||||
Principal Payments and Retirement of Long-Term Debt | — | (350 | ) | |||||
Proceeds from Stock Option Exercises | — | 2 | ||||||
Net Cash Provided By (Used In) Financing Activities | 82 | (66 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 84 | 60 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 355 | 260 | ||||||
End of Period | $ | 439 | $ | 320 |
Nine Months Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 194 | $ | 185 | ||||
Southern Resources | 313 | 312 | ||||||
Real Estate | 227 | 243 | ||||||
Manufacturing | 279 | 246 | ||||||
Other | 16 | 16 | ||||||
Eliminations | (20 | ) | (17 | ) | ||||
Total Revenues | $ | 1,009 | $ | 985 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 24 | $ | 15 | ||||
Southern Resources | 74 | 66 | ||||||
Real Estate | 138 | 113 | ||||||
Manufacturing | 35 | 22 | ||||||
Other | 14 | 14 | ||||||
Other Costs and Eliminations, net (A) | (54 | ) | (46 | ) | ||||
Total Operating Income | $ | 231 | $ | 184 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 47 | $ | 35 | ||||
Southern Resources | 119 | 118 | ||||||
Real Estate | 208 | 225 | ||||||
Manufacturing | 47 | 33 | ||||||
Other | 16 | 14 | ||||||
Other Costs and Eliminations, net | (53 | ) | (45 | ) | ||||
Total | $ | 384 | $ | 380 |
(B) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities. |
Quarter Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 67 | $ | 65 | ||||
Southern Resources | 111 | 110 | ||||||
Real Estate | 96 | 96 | ||||||
Manufacturing | 94 | 85 | ||||||
Other | 5 | 5 | ||||||
Eliminations | (7 | ) | (7 | ) | ||||
Total Revenues | $ | 366 | $ | 354 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 5 | $ | 5 | ||||
Southern Resources | 27 | 23 | ||||||
Real Estate | 63 | 54 | ||||||
Manufacturing | 11 | 9 | ||||||
Other | 5 | 5 | ||||||
Other Costs and Eliminations, net (A) | (20 | ) | (17 | ) | ||||
Total Operating Income | $ | 91 | $ | 79 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 16 | $ | 12 | ||||
Southern Resources | 44 | 42 | ||||||
Real Estate | 91 | 90 | ||||||
Manufacturing | 15 | 13 | ||||||
Other | 6 | 5 | ||||||
Other Costs and Eliminations, net | (20 | ) | (16 | ) | ||||
Total | $ | 152 | $ | 146 |
(B) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities. |
Nine Months Ended September 30, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization (1) | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 24 | $ | 23 | $ | — | $ | 47 | ||||||||
Southern Resources | 74 | 45 | — | 119 | ||||||||||||
Real Estate | 138 | 1 | 69 | 208 | ||||||||||||
Manufacturing | 35 | 12 | — | 47 | ||||||||||||
Other | 14 | 2 | — | 16 | ||||||||||||
Other Costs and Eliminations | (51 | ) | 1 | — | (50 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | — | — | (3 | ) | ||||||||||
Total | $ | 231 | $ | 84 | $ | 69 | $ | 384 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 47 | |||||||||||||||
Interest Expense | (104 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | — | |||||||||||||||
Net Income | $ | 174 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 320 | ||||||||||||||
Interest Expense | 104 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 1 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 6 | |||||||||||||||
Timber Deed Acquired | 18 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 12 | |||||||||||||||
Other | (19 | ) | ||||||||||||||
Adjusted EBITDA | $ | 384 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 15 | $ | 20 | $ | — | $ | 35 | ||||||||
Southern Resources | 66 | 52 | — | 118 | ||||||||||||
Real Estate | 113 | 1 | 111 | 225 | ||||||||||||
Manufacturing | 22 | 11 | — | 33 | ||||||||||||
Other | 14 | — | — | 14 | ||||||||||||
Other Costs and Eliminations | (47 | ) | 1 | — | (46 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 184 | $ | 85 | $ | 111 | $ | 380 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 42 | |||||||||||||||
Interest Expense | (104 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 2 | |||||||||||||||
Net Income | $ | 124 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 237 | ||||||||||||||
Interest Expense | 104 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (2 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 1 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 6 | |||||||||||||||
Timber Deed Acquired | 98 | |||||||||||||||
Pension Plan Contributions | 10 | |||||||||||||||
Working Capital Changes | (5 | ) | ||||||||||||||
Other | (11 | ) | ||||||||||||||
Adjusted EBITDA | $ | 380 | ||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization (1) | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 11 | $ | — | $ | 16 | ||||||||
Southern Resources | 27 | 17 | — | 44 | ||||||||||||
Real Estate | 63 | 1 | 27 | 91 | ||||||||||||
Manufacturing | 11 | 4 | — | 15 | ||||||||||||
Other | 5 | 1 | — | 6 | ||||||||||||
Other Costs and Eliminations | (16 | ) | — | — | (16 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | (4 | ) | — | — | (4 | ) | ||||||||||
Total | $ | 91 | $ | 34 | $ | 27 | $ | 152 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 16 | |||||||||||||||
Interest Expense | (34 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | (1 | ) | ||||||||||||||
Net Income | $ | 72 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 180 | ||||||||||||||
Interest Expense | 34 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | 1 | |||||||||||||||
Distributions from Timberland Venture | (29 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 2 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | (28 | ) | ||||||||||||||
Other | (7 | ) | ||||||||||||||
Adjusted EBITDA | $ | 152 | ||||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 7 | $ | — | $ | 12 | ||||||||
Southern Resources | 23 | 19 | — | 42 | ||||||||||||
Real Estate | 54 | — | 36 | 90 | ||||||||||||
Manufacturing | 9 | 4 | — | 13 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Other Costs and Eliminations | (17 | ) | 1 | — | (16 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 79 | $ | 31 | $ | 36 | $ | 146 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 14 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 59 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 148 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | — | |||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | (28 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 1 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | 3 | |||||||||||||||
Working Capital Changes | (7 | ) | ||||||||||||||
Other | (5 | ) | ||||||||||||||
Adjusted EBITDA | $ | 146 | ||||||||||||||
(In Millions, Except Per Share Amounts) | Nine Months Ended September 30, | |||||||
2013 | 2012 | |||||||
REVENUES: | ||||||||
Timber | $ | 487 | $ | 480 | ||||
Real Estate | 227 | 243 | ||||||
Manufacturing | 279 | 246 | ||||||
Other | 16 | 16 | ||||||
Total Revenues | 1,009 | 985 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 364 | 374 | ||||||
Real Estate | 83 | 124 | ||||||
Manufacturing | 237 | 217 | ||||||
Other | 3 | 1 | ||||||
Total Cost of Goods Sold | 687 | 716 | ||||||
Selling, General and Administrative | 89 | 86 | ||||||
Total Costs and Expenses | 776 | 802 | ||||||
Other Operating Income (Expense), net | (2 | ) | 1 | |||||
Operating Income | 231 | 184 | ||||||
Equity Earnings from Timberland Venture | 47 | 42 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 61 | 61 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 43 | 43 | ||||||
Total Interest Expense, net | 104 | 104 | ||||||
Income before Income Taxes | 174 | 122 | ||||||
Provision (Benefit) for Income Taxes | — | (2 | ) | |||||
Net Income | $ | 174 | $ | 124 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 1.06 | $ | 0.77 | ||||
Net Income per Share – Diluted | $ | 1.06 | $ | 0.76 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 162.7 | 161.5 | ||||||
– Diluted | 163.2 | 161.8 |
(In Millions, Except Per Share Amounts) | Quarter Ended September 30, | |||||||
2013 | 2012 | |||||||
REVENUES: | ||||||||
Timber | $ | 171 | $ | 168 | ||||
Real Estate | 96 | 96 | ||||||
Manufacturing | 94 | 85 | ||||||
Other | 5 | 5 | ||||||
Total Revenues | 366 | 354 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 132 | 130 | ||||||
Real Estate | 31 | 40 | ||||||
Manufacturing | 80 | 74 | ||||||
Other | 1 | — | ||||||
Total Cost of Goods Sold | 244 | 244 | ||||||
Selling, General and Administrative | 28 | 31 | ||||||
Total Costs and Expenses | 272 | 275 | ||||||
Other Operating Income (Expense), net | (3 | ) | — | |||||
Operating Income | 91 | 79 | ||||||
Equity Earnings from Timberland Venture | 16 | 14 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 21 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 34 | 35 | ||||||
Income before Income Taxes | 73 | 58 | ||||||
Provision (Benefit) for Income Taxes | 1 | (1 | ) | |||||
Net Income | $ | 72 | $ | 59 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.44 | $ | 0.36 | ||||
Net Income per Share – Diluted | $ | 0.44 | $ | 0.36 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 163.0 | 161.5 | ||||||
– Diluted | 163.4 | 161.9 |
(In Millions, Except Per Share Amounts) | September 30, 2013 | December 31, 2012 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 439 | $ | 356 | ||||
Accounts Receivable | 35 | 22 | ||||||
Inventories | 53 | 49 | ||||||
Deferred Tax Asset | 8 | 7 | ||||||
Assets Held for Sale | 38 | 61 | ||||||
Other Current Assets | 17 | 13 | ||||||
590 | 508 | |||||||
Timber and Timberlands, net | 3,395 | 3,363 | ||||||
Mineral Rights, net | 242 | 87 | ||||||
Property, Plant and Equipment, net | 118 | 127 | ||||||
Equity Investment in Timberland Venture | 195 | 204 | ||||||
Deferred Tax Asset | 19 | 19 | ||||||
Investment in Grantor Trusts (at Fair Value) | 42 | 39 | ||||||
Other Assets | 30 | 37 | ||||||
Total Assets | $ | 4,631 | $ | 4,384 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 74 | $ | 248 | ||||
Line of Credit | 507 | 104 | ||||||
Accounts Payable | 30 | 26 | ||||||
Interest Payable | 21 | 26 | ||||||
Wages Payable | 22 | 29 | ||||||
Taxes Payable | 16 | 9 | ||||||
Deferred Revenue | 29 | 23 | ||||||
Other Current Liabilities | 10 | 7 | ||||||
709 | 472 | |||||||
Long-Term Debt | 1,815 | 1,815 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 94 | 91 | ||||||
Total Liabilities | 3,401 | 3,161 | ||||||
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) – 163.0 at September 30, 2013 and 162.0 at December 31, 2012 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,330 | 2,288 | ||||||
Retained Earnings (Accumulated Deficit) | (135 | ) | (97 | ) | ||||
Treasury Stock, at Cost, Common Shares – 27.0 at September 30, 2013 and 26.9 at December 31, 2012 | (940 | ) | (938 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (27 | ) | (32 | ) | ||||
Total Stockholders’ Equity | 1,230 | 1,223 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,631 | $ | 4,384 |
Nine Months Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 174 | $ | 124 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Includes $4 Loss Related to Forest Fires in 2013) | 86 | 87 | ||||||
Basis of Real Estate Sold | 69 | 111 | ||||||
Equity Earnings from Timberland Venture | (47 | ) | (42 | ) | ||||
Distributions from Timberland Venture | 56 | 56 | ||||||
Deferred Income Taxes | (1 | ) | (1 | ) | ||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (6 | ) | (6 | ) | ||||
Timber Deed Acquired | (18 | ) | (98 | ) | ||||
Pension Plan Contributions | — | (10 | ) | |||||
Working Capital Changes | (12 | ) | 5 | |||||
Other | 19 | 11 | ||||||
Net Cash Provided By (Used In) Operating Activities | 320 | 237 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (51 | ) | (52 | ) | ||||
Timberlands Acquired | (80 | ) | (18 | ) | ||||
Mineral Rights Acquired | (156 | ) | — | |||||
Other | — | (1 | ) | |||||
Net Cash Provided By (Used In) Investing Activities | (287 | ) | (71 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (212 | ) | (204 | ) | ||||
Borrowings on Line of Credit | 1,251 | 1,712 | ||||||
Repayments on Line of Credit | (848 | ) | (1,709 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 450 | ||||||
Debt Issuance Costs | — | (3 | ) | |||||
Principal Payments and Retirement of Long-Term Debt | (174 | ) | (350 | ) | ||||
Proceeds from Stock Option Exercises | 35 | 5 | ||||||
Acquisition of Treasury Stock | (2 | ) | (1 | ) | ||||
Net Cash Provided By (Used In) Financing Activities | 50 | (100 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 83 | 66 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 356 | 254 | ||||||
End of Period | $ | 439 | $ | 320 |
Quarter Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 72 | $ | 59 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (Includes $4 Loss Related to Forest Fires in 2013) | 35 | 31 | ||||||
Basis of Real Estate Sold | 27 | 36 | ||||||
Equity Earnings from Timberland Venture | (16 | ) | (14 | ) | ||||
Distributions from Timberland Venture | 29 | 28 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (1 | ) | ||||
Pension Plan Contributions | — | (3 | ) | |||||
Working Capital Changes | 28 | 7 | ||||||
Other | 7 | 5 | ||||||
Net Cash Provided By (Used In) Operating Activities | 180 | 148 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (20 | ) | (17 | ) | ||||
Timberlands Acquired | (2 | ) | (5 | ) | ||||
Mineral Rights Acquired | (156 | ) | — | |||||
Net Cash Provided By (Used In) Investing Activities | (178 | ) | (22 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (72 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 530 | 583 | ||||||
Repayments on Line of Credit | (376 | ) | (683 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 450 | ||||||
Principal Payments and Retirement of Long-Term Debt | — | (350 | ) | |||||
Proceeds from Stock Option Exercises | — | 2 | ||||||
Net Cash Provided By (Used In) Financing Activities | 82 | (66 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 84 | 60 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 355 | 260 | ||||||
End of Period | $ | 439 | $ | 320 |
Nine Months Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 194 | $ | 185 | ||||
Southern Resources | 313 | 312 | ||||||
Real Estate | 227 | 243 | ||||||
Manufacturing | 279 | 246 | ||||||
Other | 16 | 16 | ||||||
Eliminations | (20 | ) | (17 | ) | ||||
Total Revenues | $ | 1,009 | $ | 985 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 24 | $ | 15 | ||||
Southern Resources | 74 | 66 | ||||||
Real Estate | 138 | 113 | ||||||
Manufacturing | 35 | 22 | ||||||
Other | 14 | 14 | ||||||
Other Costs and Eliminations, net (A) | (54 | ) | (46 | ) | ||||
Total Operating Income | $ | 231 | $ | 184 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 47 | $ | 35 | ||||
Southern Resources | 119 | 118 | ||||||
Real Estate | 208 | 225 | ||||||
Manufacturing | 47 | 33 | ||||||
Other | 16 | 14 | ||||||
Other Costs and Eliminations, net | (53 | ) | (45 | ) | ||||
Total | $ | 384 | $ | 380 |
(B) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities. |
Quarter Ended September 30, | ||||||||
(In Millions) | 2013 | 2012 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 67 | $ | 65 | ||||
Southern Resources | 111 | 110 | ||||||
Real Estate | 96 | 96 | ||||||
Manufacturing | 94 | 85 | ||||||
Other | 5 | 5 | ||||||
Eliminations | (7 | ) | (7 | ) | ||||
Total Revenues | $ | 366 | $ | 354 | ||||
Operating Income (Loss): | ||||||||
Northern Resources | $ | 5 | $ | 5 | ||||
Southern Resources | 27 | 23 | ||||||
Real Estate | 63 | 54 | ||||||
Manufacturing | 11 | 9 | ||||||
Other | 5 | 5 | ||||||
Other Costs and Eliminations, net (A) | (20 | ) | (17 | ) | ||||
Total Operating Income | $ | 91 | $ | 79 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 16 | $ | 12 | ||||
Southern Resources | 44 | 42 | ||||||
Real Estate | 91 | 90 | ||||||
Manufacturing | 15 | 13 | ||||||
Other | 6 | 5 | ||||||
Other Costs and Eliminations, net | (20 | ) | (16 | ) | ||||
Total | $ | 152 | $ | 146 |
(B) | Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities. |
2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 21 | $ | 21 | $ | 22 | $ | 21 | |||||||||||||
Pulpwood | $/Ton Stumpage | $ | 11 | $ | 11 | $ | 11 | $ | 11 | |||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 77 | $ | 79 | $ | 79 | $ | 78 | |||||||||||||
Pulpwood | $/Ton Delivered | $ | 43 | $ | 42 | $ | 43 | $ | 43 | |||||||||||||
Lumber (1) | $/MBF | $ | 568 | $ | 544 | $ | 498 | $ | 533 | |||||||||||||
Plywood (1) | $/MSF | $ | 462 | $ | 464 | $ | 457 | $ | 461 | |||||||||||||
Fiberboard (1) | $/MSF | $ | 639 | $ | 668 | $ | 680 | $ | 663 | |||||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,339 | 1,276 | 1,544 | 4,159 | |||||||||||||||||
Pulpwood | 1,000 Tons | 1,771 | 1,688 | 1,952 | 5,411 | |||||||||||||||||
Total Harvest | 3,110 | 2,964 | 3,496 | — | 9,570 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 704 | 581 | 636 | 1,921 | |||||||||||||||||
Pulpwood | 1,000 Tons | 414 | 209 | 387 | 1,010 | |||||||||||||||||
Total Harvest | 1,118 | 790 | 1,023 | — | 2,931 | |||||||||||||||||
Lumber | MBF | 30,535 | 36,770 | 40,622 | 107,927 | |||||||||||||||||
Plywood | MSF | 46,905 | 48,364 | 46,709 | 141,978 | |||||||||||||||||
Fiberboard | MSF | 52,329 | 60,273 | 54,795 | 167,397 | |||||||||||||||||
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 |
2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 5,685 | 17,130 | 17,300 | 40,115 | ||||||||||||||||
Large Non-strategic (1) | 36,000 | — | 15,370 | 51,370 | ||||||||||||||||
Conservation | 970 | 17,525 | 1,385 | 19,880 | ||||||||||||||||
HBU/Recreation | 7,595 | 9,825 | 9,455 | 26,875 | ||||||||||||||||
Development Properties | — | — | — | — | ||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | ||||||||||||||||
50,250 | 44,480 | 43,510 | — | 138,240 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,230 | $ | 1,185 | $ | 1,280 | $ | 1,230 | ||||||||||||
Large Non-strategic | $ | 1,475 | $ | — | $ | 3,415 | $ | 2,040 | ||||||||||||
Conservation | $ | 2,580 | $ | 835 | $ | 1,920 | $ | 995 | ||||||||||||
HBU/Recreation | $ | 2,015 | $ | 1,925 | $ | 1,925 | $ | 1,945 | ||||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 7 | $ | 20 | $ | 22 | $ | 49 | ||||||||||||
Large Non-strategic | $ | 53 | $ | — | $ | 53 | $ | 106 | ||||||||||||
Conservation | $ | 3 | $ | 14 | $ | 3 | $ | 20 | ||||||||||||
HBU/Recreation | $ | 15 | $ | 19 | $ | 18 | $ | 52 | ||||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | — | ||||||||||||
$ | 78 | $ | 53 | $ | 96 | $ | — | $ | 227 | |||||||||||
Proceeds from Real Estate Joint Venture (3) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Basis of Real Estate Sold (4) | $ | 25 | $ | 17 | $ | 26 | $ | 68 | ||||||||||||
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 (3) | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||
Basis of Real Estate Sold (4) | $ | 63 | $ | 12 | $ | 36 | $ | 27 | $ | 138 |
Borrowings | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2013: | ||||||||
4th Qtr 2013 | $ | 76 | 7.773 | % | (1) | |||
Annual Maturities through 2015: | ||||||||
2014 | $ | 3 | 8.050 | % | ||||
2015 | $ | 462 | 5.891 | % | (2) |
Nine Months Ended September 30, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization (1) | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 24 | $ | 23 | $ | — | $ | 47 | ||||||||
Southern Resources | 74 | 45 | — | 119 | ||||||||||||
Real Estate | 138 | 1 | 69 | 208 | ||||||||||||
Manufacturing | 35 | 12 | — | 47 | ||||||||||||
Other | 14 | 2 | — | 16 | ||||||||||||
Other Costs and Eliminations | (51 | ) | 1 | — | (50 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | — | — | (3 | ) | ||||||||||
Total | $ | 231 | $ | 84 | $ | 69 | $ | 384 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 47 | |||||||||||||||
Interest Expense | (104 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | — | |||||||||||||||
Net Income | $ | 174 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 320 | ||||||||||||||
Interest Expense | 104 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 1 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 6 | |||||||||||||||
Timber Deed Acquired | 18 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 12 | |||||||||||||||
Other | (19 | ) | ||||||||||||||
Adjusted EBITDA | $ | 384 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 15 | $ | 20 | $ | — | $ | 35 | ||||||||
Southern Resources | 66 | 52 | — | 118 | ||||||||||||
Real Estate | 113 | 1 | 111 | 225 | ||||||||||||
Manufacturing | 22 | 11 | — | 33 | ||||||||||||
Other | 14 | — | — | 14 | ||||||||||||
Other Costs and Eliminations | (47 | ) | 1 | — | (46 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | — | 1 | ||||||||||||
Total | $ | 184 | $ | 85 | $ | 111 | $ | 380 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 42 | |||||||||||||||
Interest Expense | (104 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 2 | |||||||||||||||
Net Income | $ | 124 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 237 | ||||||||||||||
Interest Expense | 104 | |||||||||||||||
Amortization of Debt Costs | (2 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | (2 | ) | ||||||||||||||
Distributions from Timberland Venture | (56 | ) | ||||||||||||||
Deferred Income Taxes | 1 | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 6 | |||||||||||||||
Timber Deed Acquired | 98 | |||||||||||||||
Pension Plan Contributions | 10 | |||||||||||||||
Working Capital Changes | (5 | ) | ||||||||||||||
Other | (11 | ) | ||||||||||||||
Adjusted EBITDA | $ | 380 | ||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization (1) | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 11 | $ | — | $ | 16 | ||||||||
Southern Resources | 27 | 17 | — | 44 | ||||||||||||
Real Estate | 63 | 1 | 27 | 91 | ||||||||||||
Manufacturing | 11 | 4 | — | 15 | ||||||||||||
Other | 5 | 1 | — | 6 | ||||||||||||
Other Costs and Eliminations | (16 | ) | — | — | (16 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | (4 | ) | — | — | (4 | ) | ||||||||||
Total | $ | 91 | $ | 34 | $ | 27 | $ | 152 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 16 | |||||||||||||||
Interest Expense | (34 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | (1 | ) | ||||||||||||||
Net Income | $ | 72 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 180 | ||||||||||||||
Interest Expense | 34 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | 1 | |||||||||||||||
Distributions from Timberland Venture | (29 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 2 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | (28 | ) | ||||||||||||||
Other | (7 | ) | ||||||||||||||
Adjusted EBITDA | $ | 152 | ||||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 5 | $ | 7 | $ | — | $ | 12 | ||||||||
Southern Resources | 23 | 19 | — | 42 | ||||||||||||
Real Estate | 54 | — | 36 | 90 | ||||||||||||
Manufacturing | 9 | 4 | — | 13 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Other Costs and Eliminations | (17 | ) | 1 | — | (16 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 79 | $ | 31 | $ | 36 | $ | 146 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 14 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | 1 | |||||||||||||||
Net Income | $ | 59 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 148 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | — | |||||||||||||||
Provision / (Benefit) for Income Taxes | (1 | ) | ||||||||||||||
Distributions from Timberland Venture | (28 | ) | ||||||||||||||
Deferred Income Taxes | — | |||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 1 | |||||||||||||||
Timber Deed Acquired | — | |||||||||||||||
Pension Plan Contributions | 3 | |||||||||||||||
Working Capital Changes | (7 | ) | ||||||||||||||
Other | (5 | ) | ||||||||||||||
Adjusted EBITDA | $ | 146 | ||||||||||||||
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