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 April 28, 2014, reporting results of operations for the quarter ended March 31, 2014. |
99.2 | Supplemental Financial and Statistical Information for the quarter ended March 31, 2014, posted on April 28, 2014. |
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 April 28, 2014, reporting results of operations for the quarter ended March 31, 2014. |
99.2 | Supplemental Financial and Statistical Information for the quarter ended March 31, 2014, posted on April 28, 2014. |
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 |
April 28, 2014 | Media: Kathy Budinick 1-888-467-3751 |
(In Millions, Except Per Share Amounts) | Quarter Ended March 31, | |||||||
2014 | 2013 | |||||||
REVENUES: | ||||||||
Timber | $ | 192 | $ | 170 | ||||
Real Estate | 23 | 78 | ||||||
Manufacturing | 90 | 86 | ||||||
Energy and Natural Resources | 9 | 6 | ||||||
Other | 3 | — | ||||||
Total Revenues | 317 | 340 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 138 | 124 | ||||||
Real Estate | 10 | 30 | ||||||
Manufacturing | 79 | 75 | ||||||
Energy and Natural Resources | 2 | 1 | ||||||
Other | 3 | — | ||||||
Total Cost of Goods Sold | 232 | 230 | ||||||
Selling, General and Administrative | 29 | 32 | ||||||
Total Costs and Expenses | 261 | 262 | ||||||
Other Operating Income (Expense), net | 1 | — | ||||||
Operating Income | 57 | 78 | ||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||
Equity Loss from Real Estate Development Ventures | (1 | ) | — | |||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 27 | 21 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 41 | 35 | ||||||
Income before Income Taxes | 30 | 57 | ||||||
Provision (Benefit) for Income Taxes | — | 1 | ||||||
Net Income | $ | 30 | $ | 56 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.17 | $ | 0.35 | ||||
Net Income per Share – Diluted | $ | 0.17 | $ | 0.35 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 177.0 | 162.3 | ||||||
– Diluted | 177.3 | 162.8 |
(In Millions, Except Per Share Amounts) | March 31, 2014 | December 31, 2013 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 104 | $ | 433 | ||||
Accounts Receivable | 44 | 29 | ||||||
Inventories | 57 | 55 | ||||||
Deferred Tax Asset | 7 | 9 | ||||||
Assets Held for Sale | 77 | 92 | ||||||
Other Current Assets | 13 | 15 | ||||||
302 | 633 | |||||||
Timber and Timberlands, net | 4,179 | 4,180 | ||||||
Minerals and Mineral Rights, net | 296 | 298 | ||||||
Property, Plant and Equipment, net | 115 | 118 | ||||||
Equity Investment in Timberland Venture | 198 | 211 | ||||||
Equity Investment in Real Estate Development Ventures | 142 | 139 | ||||||
Deferred Tax Asset | 19 | 17 | ||||||
Investment in Grantor Trusts (at Fair Value) | 46 | 45 | ||||||
Other Assets | 57 | 54 | ||||||
Total Assets | $ | 5,354 | $ | 5,695 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | — | $ | — | ||||
Line of Credit | 180 | 467 | ||||||
Accounts Payable | 32 | 24 | ||||||
Interest Payable | 30 | 22 | ||||||
Wages Payable | 10 | 29 | ||||||
Taxes Payable | 11 | 10 | ||||||
Deferred Revenue | 18 | 26 | ||||||
Other Current Liabilities | 10 | 10 | ||||||
291 | 588 | |||||||
Long-Term Debt | 2,414 | 2,414 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 78 | 78 | ||||||
Total Liabilities | 3,566 | 3,863 | ||||||
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) – 177.1 at March 31, 2014 and 177.0 at December 31, 2013 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,947 | 2,942 | ||||||
Retained Earnings (Accumulated Deficit) | (221 | ) | (173 | ) | ||||
Treasury Stock, at Cost, Common Shares – 27.0 at March 31, 2014 and 27.0 at December 31, 2013 | (942 | ) | (940 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | 2 | 1 | ||||||
Total Stockholders’ Equity | 1,788 | 1,832 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 5,354 | $ | 5,695 |
Quarter Ended March 31, | ||||||||
(In Millions) | 2014 | 2013 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 30 | $ | 56 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 32 | 26 | ||||||
Basis of Real Estate Sold | 6 | 25 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | (14 | ) | ||||
Distributions from Timberland Venture | 28 | 27 | ||||||
Equity Loss from Real Estate Development Ventures | 1 | — | ||||||
Deferred Income Taxes | — | 1 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (3 | ) | ||||
Timber Deed Acquired | — | (18 | ) | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | (53 | ) | |||||
Other Working Capital Changes | (24 | ) | (52 | ) | ||||
Other | 1 | 6 | ||||||
Net Cash Provided By (Used In) Operating Activities | 57 | 1 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (16 | ) | (14 | ) | ||||
Timberlands Acquired | — | (2 | ) | |||||
Contribution to Real Estate Development Ventures | (4 | ) | — | |||||
Net Cash Provided By (Used In) Investing Activities | (20 | ) | (16 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (78 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 283 | 291 | ||||||
Repayments on Line of Credit | (570 | ) | (117 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | — | (174 | ) | |||||
Proceeds from Stock Option Exercises | 1 | 25 | ||||||
Acquisition of Treasury Stock | (2 | ) | (2 | ) | ||||
Net Cash Provided By (Used In) Financing Activities | (366 | ) | (45 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (329 | ) | (60 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 433 | 356 | ||||||
End of Period | $ | 104 | $ | 296 |
Quarter Ended March 31, | ||||||||
(In Millions) | 2014 | 2013 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 77 | $ | 74 | ||||
Southern Resources | 123 | 104 | ||||||
Real Estate | 23 | 78 | ||||||
Manufacturing | 90 | 86 | ||||||
Energy and Natural Resources | 9 | 6 | ||||||
Other | 3 | — | ||||||
Eliminations | (8 | ) | (8 | ) | ||||
Total Revenues | $ | 317 | $ | 340 | ||||
Operating Income (Loss): (A) | ||||||||
Northern Resources | $ | 16 | $ | 11 | ||||
Southern Resources | 31 | 24 | ||||||
Real Estate | 12 | 45 | ||||||
Manufacturing | 9 | 10 | ||||||
Energy and Natural Resources | 6 | 5 | ||||||
Other | (1 | ) | — | |||||
Other Costs and Eliminations, net | (17 | ) | (17 | ) | ||||
Total Operating Income | $ | 56 | $ | 78 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 24 | $ | 18 | ||||
Southern Resources | 49 | 38 | ||||||
Real Estate | 18 | 70 | ||||||
Manufacturing | 12 | 14 | ||||||
Energy and Natural Resources | 8 | 5 | ||||||
Other | (1 | ) | — | |||||
Other Costs and Eliminations, net | (17 | ) | (17 | ) | ||||
Total | $ | 93 | $ | 128 |
(A) | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million is included in Operating Income (Loss) for the Other Segment. |
(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 March 31, 2014 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment (1) | ||||||||||||||||
Northern Resources | $ | 16 | $ | 8 | $ | — | $ | 24 | ||||||||
Southern Resources | 31 | 18 | — | 49 | ||||||||||||
Real Estate | 12 | — | 6 | 18 | ||||||||||||
Manufacturing | 9 | 3 | — | 12 | ||||||||||||
Energy and Natural Resources | 6 | 2 | — | 8 | ||||||||||||
Other | (1 | ) | — | — | (1 | ) | ||||||||||
Other Costs and Eliminations | 1 | — | — | 1 | ||||||||||||
Other Unallocated Operating Income (Expense), net | (18 | ) | — | — | (18 | ) | ||||||||||
Total | $ | 56 | $ | 31 | $ | 6 | $ | 93 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 15 | |||||||||||||||
Interest Expense | (41 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | — | |||||||||||||||
Net Income | $ | 30 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities (1) | ||||||||||||||||
Net Cash Flows from Operations | $ | 57 | ||||||||||||||
Interest Expense | 41 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Distributions from Timberland Venture | (28 | ) | ||||||||||||||
Equity Earnings, Depletion and Basis of Real Estate Sold from Real Estate Development Ventures | (1 | ) | ||||||||||||||
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 | 24 | |||||||||||||||
Other | (1 | ) | ||||||||||||||
Adjusted EBITDA | $ | 93 | ||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 11 | $ | 7 | $ | — | $ | 18 | ||||||||
Southern Resources | 24 | 14 | — | 38 | ||||||||||||
Real Estate | 45 | — | 25 | 70 | ||||||||||||
Manufacturing | 10 | 4 | — | 14 | ||||||||||||
Energy and Natural Resources | 5 | — | — | 5 | ||||||||||||
Other | — | — | — | — | ||||||||||||
Other Costs and Eliminations | (17 | ) | — | — | (17 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 78 | $ | 25 | $ | 25 | $ | 128 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 14 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | (1 | ) | ||||||||||||||
Net Income | $ | 56 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 1 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | 1 | |||||||||||||||
Distributions from Timberland Venture | (27 | ) | ||||||||||||||
Equity Earnings, Depletion and Basis of Real Estate Sold from Real Estate Development Ventures | — | |||||||||||||||
Deferred Income Taxes | (1 | ) | ||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 3 | |||||||||||||||
Timber Deed Acquired | 18 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 105 | |||||||||||||||
Other | (6 | ) | ||||||||||||||
Adjusted EBITDA | $ | 128 | ||||||||||||||
(In Millions, Except Per Share Amounts) | Quarter Ended March 31, | |||||||
2014 | 2013 | |||||||
REVENUES: | ||||||||
Timber | $ | 192 | $ | 170 | ||||
Real Estate | 23 | 78 | ||||||
Manufacturing | 90 | 86 | ||||||
Energy and Natural Resources | 9 | 6 | ||||||
Other | 3 | — | ||||||
Total Revenues | 317 | 340 | ||||||
COSTS AND EXPENSES: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 138 | 124 | ||||||
Real Estate | 10 | 30 | ||||||
Manufacturing | 79 | 75 | ||||||
Energy and Natural Resources | 2 | 1 | ||||||
Other | 3 | — | ||||||
Total Cost of Goods Sold | 232 | 230 | ||||||
Selling, General and Administrative | 29 | 32 | ||||||
Total Costs and Expenses | 261 | 262 | ||||||
Other Operating Income (Expense), net | 1 | — | ||||||
Operating Income | 57 | 78 | ||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||
Equity Loss from Real Estate Development Ventures | (1 | ) | — | |||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 27 | 21 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | ||||||
Total Interest Expense, net | 41 | 35 | ||||||
Income before Income Taxes | 30 | 57 | ||||||
Provision (Benefit) for Income Taxes | — | 1 | ||||||
Net Income | $ | 30 | $ | 56 | ||||
PER SHARE AMOUNTS: | ||||||||
Net Income per Share – Basic | $ | 0.17 | $ | 0.35 | ||||
Net Income per Share – Diluted | $ | 0.17 | $ | 0.35 | ||||
Weighted-Average Number of Shares Outstanding | ||||||||
– Basic | 177.0 | 162.3 | ||||||
– Diluted | 177.3 | 162.8 |
(In Millions, Except Per Share Amounts) | March 31, 2014 | December 31, 2013 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 104 | $ | 433 | ||||
Accounts Receivable | 44 | 29 | ||||||
Inventories | 57 | 55 | ||||||
Deferred Tax Asset | 7 | 9 | ||||||
Assets Held for Sale | 77 | 92 | ||||||
Other Current Assets | 13 | 15 | ||||||
302 | 633 | |||||||
Timber and Timberlands, net | 4,179 | 4,180 | ||||||
Minerals and Mineral Rights, net | 296 | 298 | ||||||
Property, Plant and Equipment, net | 115 | 118 | ||||||
Equity Investment in Timberland Venture | 198 | 211 | ||||||
Equity Investment in Real Estate Development Ventures | 142 | 139 | ||||||
Deferred Tax Asset | 19 | 17 | ||||||
Investment in Grantor Trusts (at Fair Value) | 46 | 45 | ||||||
Other Assets | 57 | 54 | ||||||
Total Assets | $ | 5,354 | $ | 5,695 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | — | $ | — | ||||
Line of Credit | 180 | 467 | ||||||
Accounts Payable | 32 | 24 | ||||||
Interest Payable | 30 | 22 | ||||||
Wages Payable | 10 | 29 | ||||||
Taxes Payable | 11 | 10 | ||||||
Deferred Revenue | 18 | 26 | ||||||
Other Current Liabilities | 10 | 10 | ||||||
291 | 588 | |||||||
Long-Term Debt | 2,414 | 2,414 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Other Liabilities | 78 | 78 | ||||||
Total Liabilities | 3,566 | 3,863 | ||||||
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) – 177.1 at March 31, 2014 and 177.0 at December 31, 2013 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,947 | 2,942 | ||||||
Retained Earnings (Accumulated Deficit) | (221 | ) | (173 | ) | ||||
Treasury Stock, at Cost, Common Shares – 27.0 at March 31, 2014 and 27.0 at December 31, 2013 | (942 | ) | (940 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | 2 | 1 | ||||||
Total Stockholders’ Equity | 1,788 | 1,832 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 5,354 | $ | 5,695 |
Quarter Ended March 31, | ||||||||
(In Millions) | 2014 | 2013 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 30 | $ | 56 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 32 | 26 | ||||||
Basis of Real Estate Sold | 6 | 25 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | (14 | ) | ||||
Distributions from Timberland Venture | 28 | 27 | ||||||
Equity Loss from Real Estate Development Ventures | 1 | — | ||||||
Deferred Income Taxes | — | 1 | ||||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (2 | ) | (3 | ) | ||||
Timber Deed Acquired | — | (18 | ) | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | (53 | ) | |||||
Other Working Capital Changes | (24 | ) | (52 | ) | ||||
Other | 1 | 6 | ||||||
Net Cash Provided By (Used In) Operating Activities | 57 | 1 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (16 | ) | (14 | ) | ||||
Timberlands Acquired | — | (2 | ) | |||||
Contribution to Real Estate Development Ventures | (4 | ) | — | |||||
Net Cash Provided By (Used In) Investing Activities | (20 | ) | (16 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Dividends | (78 | ) | (68 | ) | ||||
Borrowings on Line of Credit | 283 | 291 | ||||||
Repayments on Line of Credit | (570 | ) | (117 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | — | (174 | ) | |||||
Proceeds from Stock Option Exercises | 1 | 25 | ||||||
Acquisition of Treasury Stock | (2 | ) | (2 | ) | ||||
Net Cash Provided By (Used In) Financing Activities | (366 | ) | (45 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (329 | ) | (60 | ) | ||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 433 | 356 | ||||||
End of Period | $ | 104 | $ | 296 |
Quarter Ended March 31, | ||||||||
(In Millions) | 2014 | 2013 | ||||||
Revenues: | ||||||||
Northern Resources | $ | 77 | $ | 74 | ||||
Southern Resources | 123 | 104 | ||||||
Real Estate | 23 | 78 | ||||||
Manufacturing | 90 | 86 | ||||||
Energy and Natural Resources | 9 | 6 | ||||||
Other | 3 | — | ||||||
Eliminations | (8 | ) | (8 | ) | ||||
Total Revenues | $ | 317 | $ | 340 | ||||
Operating Income (Loss): (A) | ||||||||
Northern Resources | $ | 16 | $ | 11 | ||||
Southern Resources | 31 | 24 | ||||||
Real Estate | 12 | 45 | ||||||
Manufacturing | 9 | 10 | ||||||
Energy and Natural Resources | 6 | 5 | ||||||
Other | (1 | ) | — | |||||
Other Costs and Eliminations, net | (17 | ) | (17 | ) | ||||
Total Operating Income | $ | 56 | $ | 78 | ||||
Adjusted EBITDA by Segment: (B) | ||||||||
Northern Resources | $ | 24 | $ | 18 | ||||
Southern Resources | 49 | 38 | ||||||
Real Estate | 18 | 70 | ||||||
Manufacturing | 12 | 14 | ||||||
Energy and Natural Resources | 8 | 5 | ||||||
Other | (1 | ) | — | |||||
Other Costs and Eliminations, net | (17 | ) | (17 | ) | ||||
Total | $ | 93 | $ | 128 |
2014 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 22 | $ | 22 | |||||||||||||||||
Pulpwood | $/Ton Stumpage | $ | 12 | $ | 12 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 86 | $ | 86 | |||||||||||||||||
Pulpwood | $/Ton Delivered | $ | 43 | $ | 43 | |||||||||||||||||
Lumber (1) | $/MBF | $ | 573 | $ | 573 | |||||||||||||||||
Plywood (1) | $/MSF | $ | 451 | $ | 451 | |||||||||||||||||
Fiberboard (1) | $/MSF | $ | 678 | $ | 678 | |||||||||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,550 | 1,550 | |||||||||||||||||||
Pulpwood | 1,000 Tons | 2,054 | 2,054 | |||||||||||||||||||
Total Harvest | 3,604 | — | — | — | 3,604 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 667 | 667 | |||||||||||||||||||
Pulpwood | 1,000 Tons | 470 | 470 | |||||||||||||||||||
Total Harvest | 1,137 | — | — | — | 1,137 | |||||||||||||||||
Lumber | MBF | 37,703 | 37,703 | |||||||||||||||||||
Plywood | MSF | 39,188 | 39,188 | |||||||||||||||||||
Fiberboard | MSF | 50,681 | 50,681 | |||||||||||||||||||
2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 21 | $ | 21 | $ | 22 | $ | 22 | $ | 22 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 11 | $ | 11 | $ | 11 | $ | 12 | $ | 11 | |||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 77 | $ | 79 | $ | 79 | $ | 81 | $ | 79 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 43 | $ | 42 | $ | 43 | $ | 43 | $ | 43 | |||||||||||
Lumber (1) | $/MBF | $ | 568 | $ | 544 | $ | 498 | $ | 536 | $ | 534 | |||||||||||
Plywood (1) | $/MSF | $ | 462 | $ | 464 | $ | 457 | $ | 450 | $ | 458 | |||||||||||
Fiberboard (1) | $/MSF | $ | 639 | $ | 668 | $ | 680 | $ | 672 | $ | 665 | |||||||||||
Sales Volume | ||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,339 | 1,276 | 1,544 | 1,733 | 5,892 | ||||||||||||||||
Pulpwood | 1,000 Tons | 1,771 | 1,688 | 1,952 | 2,153 | 7,564 | ||||||||||||||||
Total Harvest | 3,110 | 2,964 | 3,496 | 3,886 | 13,456 | |||||||||||||||||
Northern Resources | ||||||||||||||||||||||
Sawlog | 1,000 Tons | 704 | 581 | 636 | 566 | 2,487 | ||||||||||||||||
Pulpwood | 1,000 Tons | 414 | 209 | 387 | 401 | 1,411 | ||||||||||||||||
Total Harvest | 1,118 | 790 | 1,023 | 967 | 3,898 | |||||||||||||||||
Lumber | MBF | 30,535 | 36,770 | 40,622 | 37,990 | 145,917 | ||||||||||||||||
Plywood | MSF | 46,905 | 48,364 | 46,709 | 45,164 | 187,142 | ||||||||||||||||
Fiberboard | MSF | 52,329 | 60,273 | 54,795 | 46,250 | 213,647 |
2014 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 3,035 | 3,035 | ||||||||||||||||||
Large Non-strategic | — | — | ||||||||||||||||||
Conservation | 3,415 | 3,415 | ||||||||||||||||||
HBU/Recreation | 4,125 | 4,125 | ||||||||||||||||||
Development Properties | — | — | ||||||||||||||||||
Conservation Easements | n/a | n/a | ||||||||||||||||||
10,575 | — | — | — | 10,575 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,325 | $ | 1,325 | ||||||||||||||||
Large Non-strategic | $ | — | $ | — | ||||||||||||||||
Conservation | $ | 1,685 | $ | 1,685 | ||||||||||||||||
HBU/Recreation | $ | 2,200 | $ | 2,200 | ||||||||||||||||
Development Properties | $ | — | $ | — | ||||||||||||||||
Conservation Easements | $ | 340 | $ | 340 | ||||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 4 | $ | 4 | ||||||||||||||||
Large Non-strategic | $ | — | $ | — | ||||||||||||||||
Conservation | $ | 6 | $ | 6 | ||||||||||||||||
HBU/Recreation | $ | 9 | $ | 9 | ||||||||||||||||
Development Properties | $ | — | $ | — | ||||||||||||||||
Conservation Easements | $ | 4 | $ | 4 | ||||||||||||||||
$ | 23 | $ | — | $ | — | $ | — | $ | 23 | |||||||||||
Basis of Real Estate Sold | $ | 6 | $ | 6 | ||||||||||||||||
2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Acres Sold | ||||||||||||||||||||
Small Non-strategic | 5,685 | 17,130 | 17,300 | 3,985 | 44,100 | |||||||||||||||
Large Non-strategic (1) | 36,000 | — | 15,370 | — | 51,370 | |||||||||||||||
Conservation | 970 | 17,525 | 1,385 | 6,125 | 26,005 | |||||||||||||||
HBU/Recreation | 7,595 | 9,825 | 9,455 | 20,095 | 46,970 | |||||||||||||||
Development Properties | — | — | — | — | — | |||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | |||||||||||||||
50,250 | 44,480 | 43,510 | 30,205 | 168,445 | ||||||||||||||||
Price per Acre | ||||||||||||||||||||
Small Non-strategic | $ | 1,230 | $ | 1,185 | $ | 1,280 | $ | 1,290 | $ | 1,235 | ||||||||||
Large Non-strategic | $ | 1,475 | $ | — | $ | 3,415 | $ | — | $ | 2,050 | ||||||||||
Conservation | $ | 2,580 | $ | 835 | $ | 1,920 | $ | 1,015 | $ | 1,000 | ||||||||||
HBU/Recreation | $ | 2,015 | $ | 1,925 | $ | 1,925 | $ | 2,100 | $ | 2,010 | ||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | 600 | $ | 600 | ||||||||||
Revenue, ($ millions) | ||||||||||||||||||||
Small Non-strategic | $ | 7 | $ | 20 | $ | 22 | $ | 5 | $ | 54 | ||||||||||
Large Non-strategic | $ | 53 | $ | — | $ | 53 | $ | — | $ | 106 | ||||||||||
Conservation | $ | 3 | $ | 14 | $ | 3 | $ | 6 | $ | 26 | ||||||||||
HBU/Recreation | $ | 15 | $ | 19 | $ | 18 | $ | 43 | $ | 95 | ||||||||||
Development Properties | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Conservation Easements | $ | — | $ | — | $ | — | $ | 5 | $ | 5 | ||||||||||
$ | 78 | $ | 53 | $ | 96 | $ | 59 | $ | 286 | |||||||||||
Basis of Real Estate Sold (2) | $ | 25 | $ | 17 | $ | 26 | $ | 22 | $ | 90 |
Borrowings | ||||||||
(In Millions) | Principal | Interest Rate | ||||||
Annual Maturities through 2017: | ||||||||
2015 | $ | 440 | 5.875 | % |
Quarter Ended March 31, 2014 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment (1) | ||||||||||||||||
Northern Resources | $ | 16 | $ | 8 | $ | — | $ | 24 | ||||||||
Southern Resources | 31 | 18 | — | 49 | ||||||||||||
Real Estate | 12 | — | 6 | 18 | ||||||||||||
Manufacturing | 9 | 3 | — | 12 | ||||||||||||
Energy and Natural Resources | 6 | 2 | — | 8 | ||||||||||||
Other | (1 | ) | — | — | (1 | ) | ||||||||||
Other Costs and Eliminations | 1 | — | — | 1 | ||||||||||||
Other Unallocated Operating Income (Expense), net | (18 | ) | — | — | (18 | ) | ||||||||||
Total | $ | 56 | $ | 31 | $ | 6 | $ | 93 | ||||||||
Reconciliation to Net Income (2) | ||||||||||||||||
Equity Earnings from Timberland Venture | 15 | |||||||||||||||
Interest Expense | (41 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | — | |||||||||||||||
Net Income | $ | 30 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities (1) | ||||||||||||||||
Net Cash Flows from Operations | $ | 57 | ||||||||||||||
Interest Expense | 41 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | — | |||||||||||||||
Distributions from Timberland Venture | (28 | ) | ||||||||||||||
Equity Earnings, Depletion and Basis of Real Estate Sold from Real Estate Development Ventures | (1 | ) | ||||||||||||||
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 | 24 | |||||||||||||||
Other | (1 | ) | ||||||||||||||
Adjusted EBITDA | $ | 93 | ||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||
Operating Income | Depreciation, Depletion and Amortization | Basis of Real Estate Sold | Adjusted EBITDA | |||||||||||||
By Segment | ||||||||||||||||
Northern Resources | $ | 11 | $ | 7 | $ | — | $ | 18 | ||||||||
Southern Resources | 24 | 14 | — | 38 | ||||||||||||
Real Estate | 45 | — | 25 | 70 | ||||||||||||
Manufacturing | 10 | 4 | — | 14 | ||||||||||||
Energy and Natural Resources | 5 | — | — | 5 | ||||||||||||
Other | — | — | — | — | ||||||||||||
Other Costs and Eliminations | (17 | ) | — | — | (17 | ) | ||||||||||
Other Unallocated Operating Income (Expense), net | — | — | — | — | ||||||||||||
Total | $ | 78 | $ | 25 | $ | 25 | $ | 128 | ||||||||
Reconciliation to Net Income (1) | ||||||||||||||||
Equity Earnings from Timberland Venture | 14 | |||||||||||||||
Interest Expense | (35 | ) | ||||||||||||||
(Provision) Benefit for Income Taxes | (1 | ) | ||||||||||||||
Net Income | $ | 56 | ||||||||||||||
Reconciliation to Net Cash Provided By Operating Activities | ||||||||||||||||
Net Cash Flows from Operations | $ | 1 | ||||||||||||||
Interest Expense | 35 | |||||||||||||||
Amortization of Debt Costs | (1 | ) | ||||||||||||||
Provision / (Benefit) for Income Taxes | 1 | |||||||||||||||
Distributions from Timberland Venture | (27 | ) | ||||||||||||||
Equity Earnings, Depletion and Basis of Real Estate Sold from Real Estate Development Ventures | — | |||||||||||||||
Deferred Income Taxes | (1 | ) | ||||||||||||||
Gain on Sale of Properties and Other Assets | — | |||||||||||||||
Deferred Revenue from Long-Term Gas Leases | 3 | |||||||||||||||
Timber Deed Acquired | 18 | |||||||||||||||
Pension Plan Contributions | — | |||||||||||||||
Working Capital Changes | 105 | |||||||||||||||
Other | (6 | ) | ||||||||||||||
Adjusted EBITDA | $ | 128 | ||||||||||||||
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