Supplemental Financial and Statistical Information

EX-99.2 3 dex992.htm SUPPLEMENTAL FINANCIAL AND STATISTICAL INFORMATION Supplemental Financial and Statistical Information

Exhibit 99.2

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Quarter Ended
	March 31, 2008			March 31, 2007
	(In Millions, Except Per Share Amounts)
Revenues:
Timber	$	201		$	209
Real Estate		52			39
Manufacturing		105			115
Other		5			6

Total Revenues		363			369


Costs and Expenses:
Cost of Goods Sold:
Timber		139			134
Real Estate		16			16
Manufacturing		112			113
Other		—			1

Total Cost of Goods Sold		267			264

Selling, General and Administrative		30			30

Total Costs and Expenses		297			294

Other Operating Income (Expense), net		3			2

Operating Income		69			77
Interest Expense, net		36			36

Income before Income Taxes		33			41
Benefit for Income Taxes		(5	)		(4	)

Net Income	$	38		$	45


Per Share Amounts:

Net Income per Share
- Basic	$	0.22		$	0.26
- Diluted	$	0.22		$	0.25

Weighted Average Number of Shares Outstanding
- Basic		171.6			177.1
- Diluted		172.1			177.5

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	March 31, 2008			December 31, 2007
	(In Millions, Except Per Share Amounts)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	118		$	240
Accounts Receivable		39			33
Like-Kind Exchange Funds Held in Escrow		31			—
Inventories		86			82
Deferred Tax Asset		7			7
Real Estate Development Properties		6			5
Assets Held for Sale		66			64
Other Current Assets		24			25

		377			456

Timber and Timberlands, net		3,924			3,949
Property, Plant and Equipment, net		196			202
Investment in Grantor Trusts (At Fair Value)		24			27
Other Assets		35			30

Total Assets	$	4,556		$	4,664


LIABILITIES
Current Liabilities:
Current Portion of Long-Term Debt	$	150		$	147
Accounts Payable		37			48
Interest Payable		39			29
Wages Payable		11			25
Taxes Payable		15			23
Deferred Revenue		7			13
Other Current Liabilities		17			18

		276			303

Long-Term Debt		2,020			1,820
Line of Credit		369			556
Deferred Tax Liability		18			20
Other Liabilities		57			64

Total Liabilities		2,740			2,763


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) - 171.1 at March 31, 2008, and 172.3 at December 31, 2007		2			2
Additional Paid-In Capital		2,206			2,204
Retained Earnings		168			202
Treasury Stock, at cost, Common Shares - 15.9 at March 31, 2008, and 14.6 at December 31, 2007		(560	)		(509	)
Accumulated Other Comprehensive Income		—			2

Total Stockholders’ Equity		1,816			1,901

Total Liabilities and Stockholders’ Equity	$	4,556		$	4,664

PLUM CREEK TIMBER COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Quarter Ended
	March 31, 2008			March 31, 2007
	(In Millions)
Cash Flows From Operating Activities:
Net Income	$	38		$	45
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation, Depletion and Amortization		33			33
Basis of Real Estate Sold		10			9
Expenditures for Real Estate Development		(3	)		(2	)
Deferred Income Taxes		(2	)		(3	)
Working Capital Changes Impacting Cash Flow:
Like-Kind Exchange Funds		(31	)		(10	)
Other Working Capital Changes		(39	)		(31	)
Other		(7	)		(3	)

Net Cash Provided By (Used In) Operating Activities		(1	)		38


Cash Flows From Investing Activities:
Capital Expenditures (Excluding Timberland Acquisitions)		(13	)		(11	)
Timberlands Acquired		(1	)		—
Other		—			2

Net Cash Used In Investing Activities		(14	)		(9	)


Cash Flows From Financing Activities:
Dividends		(72	)		(75	)
Borrowings on Line of Credit		477			649
Repayments on Line of Credit		(664	)		(577	)
Proceeds from Issuance of Long-Term Debt		250			—
Principal Payments and Retirement of Long-Term Debt		(47	)		(72	)
Proceeds from Stock Option Exercises		—			5
Acquisition of Treasury Stock		(51	)		(22	)

Net Cash Used In Financing Activities		(107	)		(92	)


Decrease In Cash and Cash Equivalents		(122	)		(63	)

Cash and Cash Equivalents:
Beginning of Period		240			273

End of Period	$	118		$	210

Plum Creek Timber Company, Inc.

Segment Data

(Unaudited)


	Three Months 2008			Three Months 2007
	(In Millions)
Revenues:
Northern Resources	$	94		$	99
Southern Resources		122			127
Real Estate		52			39
Manufacturing		105			115
Other		5			6
Eliminations		(15	)		(17	)

Total Revenues	$	363		$	369


Operating Income (Loss)
Northern Resources	$	14		$	19
Southern Resources		37			46
Real Estate		33			21
Manufacturing		(9	)		(1	)
Other		5			5
Other Costs and Eliminations		(11	)		(13	)

Total Operating Income	$	69		$	77

Plum Creek Timber Company, Inc

Selected Operating Statistics

(Unaudited)

(1)	Represents prices at mill level.

Plum Creek Timber Company, Inc.

Land Sale Statistics

(Unaudited)


	2008		2007
	1st Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Acres Sold
Small Non-strategic		17,145		8,645		21,255		30,735		16,895		77,530
Large Non-strategic		—		—		—		—		99,325		99,325
Conservation		1,015		4,210		480		2,650		24,505		31,845
HBU/Recreation		10,635		3,750		8,695		10,400		14,220		37,065
Development Properties		65		45		595		890		3,760		5,290
Conservation Easements		n/a		n/a		n/a		n/a		n/a		n/a

		28,860		16,650		31,025		44,675		158,705		251,055

Price per Acre
Small Non-strategic	$	1,180	$	1,445	$	1,295	$	1,400	$	1,510	$	1,400
Large Non-strategic		—		—		—		—	$	705	$	705
Conservation	$	395	$	1,740	$	6,660	$	2,150	$	1,080	$	1,340
HBU/Recreation	$	2,875	$	4,300	$	3,150	$	3,675	$	3,315	$	3,475
Development Properties	$	5,825	$	22,045	$	21,260	$	8,410	$	7,640	$	9,440
Conservation Easements		—		—		—		—		—		—

Revenue, ($ millions)
Small Non-strategic	$	20	$	13	$	28	$	43	$	26	$	110
Large Non-strategic		—		—		—		—	$	70	$	70
Conservation		—	$	7	$	3	$	6	$	26	$	42
HBU/Recreation	$	31	$	16	$	27	$	38	$	47	$	128
Development Properties		—	$	1	$	13	$	7	$	29	$	50
Conservation Easements		—		—		—		—		—		—

	$	52	$	37	$	71	$	94	$	198	$	400
Proceeds from Joint Ventures⁽¹⁾		—	$	2		—		—		—	$	2

Basis of Real Estate Sold⁽²⁾	$	10	$	9	$	14	$	22	$	63	$	108
($ millions)

(1)	Not reflected in the Land Sale Statistics (Acres Sold, Price per Acre and Revenue)

(2)	Includes $26 million in the fourth quarter 2007 for a large, non-strategic sale