SEATTLE--(BUSINESS WIRE)--Oct. 26, 2009--
Plum Creek Timber Company, Inc., (NYSE:PCL) today announced third
quarter earnings of $19 million, or $0.12 per diluted share, on revenues
of $294 million. Results for the quarter include a $2 million after-tax
($4 million pre-tax) pension settlement charge resulting from personnel
reductions in 2009, primarily within the company’s manufacturing
operations. The expense, net of tax, reduced earnings by $0.02 per
share. Earnings for the third quarter of 2008 were $69 million, or $0.40
per diluted share, on revenues of $414 million.
Earnings for the first nine months of 2009 were $208 million, or $1.27
per diluted share, on revenues of $1.04 billion. Results for the first
nine months of 2009 include approximately $13 million of after-tax ($21
million pre-tax) impairment, severance and pension settlement charges
primarily associated with the downsizing of the company’s manufacturing
operations. These items were offset somewhat by unrelated one-time tax
benefits of approximately $8 million recorded in the first quarter of
2009. Combined, the downsizing items and unrelated tax benefits reduced
net income by $5 million, or approximately $0.03 per diluted share.
Earnings for the first nine months of 2008 were $138 million, or $0.80
per diluted share, on revenues of $1.15 billion. Results for the first
nine months of 2008 include the effect of a $6 million after-tax ($10
million pre-tax) impairment charge related to the company’s lumber
manufacturing business that reduced net income by approximately $0.04
per diluted share.
Cash provided by operating activities during the first nine months of
2009 totaled $492 million. The company ended the third quarter with $351
million in cash and cash equivalents.
“Our third quarter results reflect some quarter-over-quarter pricing
improvement in Pacific Northwest timber markets and stable prices in
Southern markets,” said Rick Holley, president and chief executive
officer. “The quarter’s results also reflect some benefit from our
manufacturing downsizing, and our cost management efforts.
“Timber markets appear to have stabilized in most cases, and we have
experienced some modest log price improvement in some regions. The
company remains well positioned with a strong balance sheet and
excellent liquidity,” continued Holley.
Review of Operations
The Northern Resources segment reported a $3 million operating profit
during the quarter compared to the $12 million profit of the same period
of 2008. Low residential construction activity and the effects of the
recession continue to influence softwood sawlog markets. Despite
improving sawlog prices during the third quarter, average sawlog prices
in the Northern Resources segment were approximately 25 percent lower
than the prevailing prices during the third quarter of 2008. Average
pulpwood prices within the segment declined approximately 15 percent
when compared to the third quarter of 2008. The company maintained its
slower sawlog harvest pace rather than sell into weak markets. As a
result, the segment’s third-quarter sawlog harvest was 196,000 tons, or
24 percent, lower than the segment’s third-quarter 2008 harvest,
reducing operating income by approximately $3 million. The segment’s
pulpwood harvest declined 5 percent, or 34,000 tons, compared to the
same period of 2008.
Operating profit in the Southern Resources segment was $21 million for
the third quarter of 2009 compared to $29 million for the same period of
2008. Segment operating profit was comparable to the third quarter of
2008 after taking into consideration the $8 million of earnings provided
by the timberlands contributed to a venture with The Campbell Group in
late 2008. The lands contributed to the venture accounted for
approximately 250,000 tons of sawlogs and 255,000 tons of pulpwood
during the third quarter of 2008. Prices for both sawlogs and pulpwood
held steady at second-quarter levels. However, sawlog prices were 13
percent lower and pulpwood prices were 5 percent lower than the third
quarter of 2008.
The Real Estate segment reported total revenue of $73 million and
operating income of $20 million. The $73 million of revenue includes a
$25 million land exchange with the Washington State Department of
Natural Resources. This non-cash, value-for-value exchange had no impact
to earnings or cash flow. Third quarter 2008 Real Estate segment revenue
was $108 million resulting in operating income of $73 million.
Approximately 60,000 acres of rural lands were sold during the third
quarter of 2009. Rural land sales included approximately 5,550 acres of
small, non-strategic timberlands valued at approximately $970 per acre
and sales of approximately 10,400 acres of recreation lands that
captured average values of more than $2,100 per acre. Conservation sales
totaled $15 million and consisted of approximately 44,000 acres of Maine
lands, a portion of which was associated with the approval of the
company’s Concept Plan for the Moosehead Lake region. Approximately 500
acres of development-quality lands were sold for approximately $9,200
per acre.
The Manufacturing segment reported a $1 million operating loss after
recording the $4 million pension settlement charge mentioned above. The
segment reported a $4 million operating loss for the third quarter of
2008. The downsizing of the company’s lumber operations resulted in a
significant improvement in its contribution to the profitability of the
segment while the company’s Medium Density Fiberboard (MDF) product line
posted improved results compared to the third quarter of 2008. Income
from the plywood operations declined due to lower prices and demand for
industrial-grade plywood.
Outlook
The company continues to defer harvests in response to weak pricing for
sawlogs. Fourth-quarter harvest levels for both sawlogs and pulpwood are
expected to remain below the levels of the fourth quarter of 2008. As a
result, the company expects its 2009 harvest to be approximately 15.5
million tons.
The fourth-quarter Real Estate segment sales are expected to be between
$60 million and $75 million.
The manufacturing segment is expected to report breakeven performance
during the fourth quarter as the company manages production to match
seasonally weaker demand.
The company expects to report fourth-quarter income between $0.12 and
$0.17 per share, resulting in full-year 2009 earnings between $1.39 and
$1.44 per share.
“We have a sound balance sheet, are preserving capital, and are managing
the business consistent with our focus on long term value creation. Our
asset diversification and financial capacity provide the ability to
preserve the value of our assets and benefit when our markets enter a
sustained recovery. Effective capital allocation remains our top
priority and we continue to evaluate all our alternatives to grow the
per share value of an investment in Plum Creek,” Holley concluded.
Earnings Conference Call and Supplemental Information
Plum Creek will hold a conference call today, Oct. 26, at 5 p.m. EDT (2
p.m. PDT). A live webcast of the conference call may be accessed through
Plum Creek’s Web site at www.plumcreek.com
by clicking on the “Investors” link.
Investors without internet access should dial 1-800-572-9852 at least 10
minutes prior to the start time, referencing Plum Creek’s earnings.
Those wishing to access the call from outside the United States/Canada
should dial 1-706-645-9676, also referencing Plum Creek’s earnings.
Replay of the call will be available for 48 hours after completion of
the live call and can be accessed at 1-800-642-1687 or 1-706-645-9291
(international calls), using the code 73945009.
Supplemental financial information for Plum Creek operations, including
statistical data, is available in the “Investors” information section of
Plum Creek’s Web site at www.plumcreek.com.
Plum Creek is the largest and most geographically diverse private
landowner in the nation with approximately 7 million acres of
timberlands in major timber producing regions of the United States and
wood products manufacturing facilities in the Northwest. For more
information, visit www.plumcreek.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Litigation Reform Act of 1995 as amended. Some of
these forward-looking statements can be identified by the use of
forward-looking words such as "believes," "expects," "may," "will,"
"should," "seek," "approximately," "intends," "plans," "estimates," or
"anticipates," or the negative of those words or other comparable
terminology. The accuracy of such statements is subject to a number of
risks, uncertainties and assumptions including, but not limited to, the
cyclical nature of the forest products industry, our ability to harvest
our timber, our ability to execute our acquisition strategy, the market
for and our ability to sell or exchange non-strategic timberlands and
timberland properties that have higher and better uses, and various
regulatory constraints. These and other risks, uncertainties and
assumptions are detailed from time to time in our filings with the
Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended, and the Securities Act of 1933, as amended. It is
likely that if one or more of the risks materializes, or if one or more
assumptions prove to be incorrect, the current expectations of Plum
Creek and its management will not be realized. Forward-looking
statements are not guarantees of performance, and speak only as of the
date made, and neither Plum Creek nor its management undertakes any
obligation to update or revise any forward-looking statements.
PLUM CREEK TIMBER COMPANY, INC.
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Per Share Amounts)
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Timber
|
|
$
|
414
|
|
$
|
587
|
|
|
Real Estate
|
|
|
419
|
|
|
217
|
|
|
Manufacturing
|
|
|
189
|
|
|
330
|
|
|
Other
|
|
|
14
|
|
|
19
|
|
|
Total Revenues
|
|
|
1,036
|
|
|
1,153
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
Cost of Goods Sold:
|
|
|
|
|
|
|
Timber
|
|
|
326
|
|
|
420
|
|
|
Real Estate
|
|
|
179
|
|
|
69
|
|
|
Manufacturing
|
|
|
205
|
|
|
345
|
|
|
Other
|
|
|
1
|
|
|
2
|
|
|
Total Cost of Goods Sold
|
|
|
711
|
|
|
836
|
|
|
Selling, General and Administrative
|
|
|
75
|
|
|
94
|
|
|
Total Costs and Expenses
|
|
|
786
|
|
|
930
|
|
|
|
|
|
|
|
|
Other Operating Income (Expense), net
|
|
|
-
|
|
|
2
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
250
|
|
|
225
|
|
|
|
|
|
|
|
|
Equity Earnings from Timberland Venture
|
|
|
43
|
|
|
-
|
|
|
|
|
|
|
|
|
Interest Expense, net:
|
|
|
|
|
|
|
Interest Expense (Debt Obligations to Unrelated Parties)
|
|
|
69
|
|
|
105
|
|
|
Interest Expense (Note Payable to Timberland Venture)
|
|
|
43
|
|
|
-
|
|
Total Interest Expense, net
|
|
|
112
|
|
|
105
|
|
|
|
|
|
|
|
|
Gain on Extinguishment of Debt
|
|
|
1
|
|
|
-
|
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
|
182
|
|
|
120
|
|
|
|
|
|
|
|
|
Benefit for Income Taxes
|
|
|
(26
|
)
|
|
(18
|
)
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
208
|
|
$
|
138
|
|
|
|
|
|
|
|
|
Per Share Amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Share - Basic
|
|
$
|
1.27
|
|
$
|
0.81
|
|
|
Net Income per Share - Diluted
|
|
$
|
1.27
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding
|
|
|
|
|
|
|
- Basic
|
|
|
163.5
|
|
|
171.3
|
|
|
- Diluted
|
|
|
163.6
|
|
|
171.8
|
|
PLUM CREEK TIMBER COMPANY, INC.
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Per Share Amounts)
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Timber
|
|
$
|
152
|
|
$
|
194
|
|
|
Real Estate
|
|
|
73
|
|
|
108
|
|
|
Manufacturing
|
|
|
65
|
|
|
104
|
|
|
Other
|
|
|
4
|
|
|
8
|
|
|
Total Revenues
|
|
|
294
|
|
|
414
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
Cost of Goods Sold:
|
|
|
|
|
|
|
Timber
|
|
|
120
|
|
|
144
|
|
|
Real Estate
|
|
|
51
|
|
|
33
|
|
|
Manufacturing
|
|
|
65
|
|
|
105
|
|
|
Other
|
|
|
-
|
|
|
1
|
|
|
Total Cost of Goods Sold
|
|
|
236
|
|
|
283
|
|
|
Selling, General and Administrative
|
|
|
20
|
|
|
31
|
|
|
Total Costs and Expenses
|
|
|
256
|
|
|
314
|
|
|
|
|
|
|
|
|
Other Operating Income (Expense), net
|
|
|
-
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
Operating Income
|
|
|
38
|
|
|
99
|
|
|
|
|
|
|
|
|
Equity Earnings from Timberland Venture
|
|
|
14
|
|
|
-
|
|
|
|
|
|
|
|
|
Interest Expense, net:
|
|
|
|
|
|
|
Interest Expense (Debt Obligations to Unrelated Parties)
|
|
|
22
|
|
|
35
|
|
|
Interest Expense (Note Payable to Timberland Venture)
|
|
|
14
|
|
|
-
|
|
Total Interest Expense, net
|
|
|
36
|
|
|
35
|
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
|
16
|
|
|
64
|
|
|
|
|
|
|
|
|
Benefit for Income Taxes
|
|
|
(3
|
)
|
|
(5
|
)
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
19
|
|
$
|
69
|
|
|
|
|
|
|
|
|
Per Share Amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Share - Basic
|
|
$
|
0.12
|
|
$
|
0.40
|
|
|
Net Income per Share - Diluted
|
|
$
|
0.12
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding
|
|
|
|
|
|
|
- Basic
|
|
|
162.8
|
|
|
171.2
|
|
|
- Diluted
|
|
|
162.9
|
|
|
171.8
|
|
PLUM CREEK TIMBER COMPANY, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Per Share Amounts)
|
|
ASSETS
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
351
|
|
$
|
369
|
|
|
Accounts Receivable
|
|
|
32
|
|
|
22
|
|
|
Like-Kind Exchange Funds Held in Escrow
|
|
|
-
|
|
|
48
|
|
|
Taxes Receivable
|
|
|
6
|
|
|
23
|
|
|
Inventories
|
|
|
48
|
|
|
74
|
|
|
Deferred Tax Asset
|
|
|
8
|
|
|
11
|
|
|
Real Estate Development Properties
|
|
|
1
|
|
|
4
|
|
|
Assets Held for Sale
|
|
|
35
|
|
|
137
|
|
|
Other Current Assets
|
|
|
15
|
|
|
11
|
|
|
|
|
|
496
|
|
|
699
|
|
|
|
|
|
|
|
|
Timber and Timberlands, net
|
|
|
3,585
|
|
|
3,638
|
|
Property, Plant and Equipment, net
|
|
|
159
|
|
|
177
|
|
Equity Investment in Timberland Venture
|
|
|
189
|
|
|
199
|
|
Deferred Tax Asset
|
|
|
21
|
|
|
-
|
|
Investment in Grantor Trusts (at Fair Value)
|
|
|
29
|
|
|
25
|
|
Other Assets
|
|
|
41
|
|
|
42
|
|
|
Total Assets
|
|
$
|
4,520
|
|
$
|
4,780
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Current Portion of Long-Term Debt
|
|
$
|
51
|
|
$
|
158
|
|
|
Accounts Payable
|
|
|
35
|
|
|
35
|
|
|
Interest Payable
|
|
|
37
|
|
|
30
|
|
|
Wages Payable
|
|
|
16
|
|
|
28
|
|
|
Taxes Payable
|
|
|
22
|
|
|
18
|
|
|
Deferred Revenue
|
|
|
22
|
|
|
17
|
|
|
Other Current Liabilities
|
|
|
15
|
|
|
21
|
|
|
|
|
|
198
|
|
|
307
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
|
1,696
|
|
|
1,793
|
|
Line of Credit
|
|
|
264
|
|
|
231
|
|
Note Payable to Timberland Venture
|
|
|
783
|
|
|
783
|
|
Deferred Tax Liability
|
|
|
-
|
|
|
4
|
|
Other Liabilities
|
|
|
83
|
|
|
90
|
|
|
Total Liabilities
|
|
|
3,024
|
|
|
3,208
|
|
|
|
|
|
|
|
|
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) - 162.8 at September 30, 2009,
and 166.0 at December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
Additional Paid-In Capital
|
|
|
2,232
|
|
|
2,225
|
|
Retained Earnings
|
|
|
150
|
|
|
149
|
|
Treasury Stock, at cost, Common Shares - 24.8 at September 30, 2009,
and 21.5 at December 31, 2008
|
|
|
|
|
|
|
|
(860
|
)
|
|
(773
|
)
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
(28
|
)
|
|
(31
|
)
|
|
Total Stockholders' Equity
|
|
|
1,496
|
|
|
1,572
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
4,520
|
|
$
|
4,780
|
|
PLUM CREEK TIMBER COMPANY, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions)
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
Net Income
|
|
$
|
208
|
|
$
|
138
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization (includes $10 Lumber
Impairment Loss in 2009 and 2008)
|
|
85
|
|
|
109
|
|
|
Basis of Real Estate Sold
|
|
|
139
|
|
|
49
|
|
|
Equity Earnings from Timberland Venture
|
|
|
(43
|
)
|
|
-
|
|
|
Distributions from Timberland Venture
|
|
|
53
|
|
|
-
|
|
|
Expenditures for Real Estate Development
|
|
|
(1
|
)
|
|
(6
|
)
|
|
Deferred Income Taxes
|
|
|
(21
|
)
|
|
(11
|
)
|
|
Gain on Extinguishment of Debt
|
|
|
(1
|
)
|
|
-
|
|
|
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)
|
|
|
(5
|
)
|
|
17
|
|
|
Pension Plan Contributions
|
|
|
(8
|
)
|
|
(7
|
)
|
|
Working Capital Changes Impacting Cash Flow:
|
|
|
|
|
|
|
Like-Kind Exchange Funds
|
|
|
48
|
|
|
(69
|
)
|
|
Income Tax Receivable
|
|
|
17
|
|
|
-
|
|
|
Other Working Capital Changes
|
|
|
12
|
|
|
(1
|
)
|
|
Other
|
|
|
9
|
|
|
6
|
|
Net Cash Provided By Operating Activities
|
|
|
492
|
|
|
225
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
Capital Expenditures (Excluding Timberland Acquisitions)
|
|
|
(45
|
)
|
|
(47
|
)
|
|
Timberlands Acquired
|
|
|
(1
|
)
|
|
(65
|
)
|
|
Other
|
|
|
-
|
|
|
(1
|
)
|
Net Cash Used In Investing Activities
|
|
|
(46
|
)
|
|
(113
|
)
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
Dividends
|
|
|
(207
|
)
|
|
(216
|
)
|
|
Borrowings on Line of Credit
|
|
|
695
|
|
|
1,275
|
|
|
Repayments on Line of Credit
|
|
|
(662
|
)
|
|
(1,399
|
)
|
|
Proceeds from Issuance of Long-Term Debt
|
|
|
-
|
|
|
250
|
|
|
Principal Payments and Retirement of Long-Term Debt
|
|
|
(203
|
)
|
|
(50
|
)
|
|
Proceeds from Stock Option Exercises
|
|
|
-
|
|
|
14
|
|
|
Acquisition of Treasury Stock
|
|
|
(87
|
)
|
|
(51
|
)
|
Net Cash Used In Financing Activities
|
|
|
(464
|
)
|
|
(177
|
)
|
|
|
|
|
|
|
|
Increase (Decrease) In Cash and Cash Equivalents
|
|
|
(18
|
)
|
|
(65
|
)
|
|
Cash and Cash Equivalents:
|
|
|
|
|
|
|
Beginning of Period
|
|
|
369
|
|
|
240
|
|
|
|
|
|
|
|
|
|
End of Period
|
|
$
|
351
|
|
$
|
175
|
|
PLUM CREEK TIMBER COMPANY, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
Quarter Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions)
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
Net Income
|
|
$
|
19
|
|
$
|
69
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization
|
|
|
28
|
|
|
33
|
|
|
Basis of Real Estate Sold
|
|
|
21
|
|
|
27
|
|
|
Equity Earnings from Timberland Venture
|
|
|
(14
|
)
|
|
-
|
|
|
Distributions from Timberland Venture
|
|
|
28
|
|
|
-
|
|
|
Expenditures for Real Estate Development
|
|
|
-
|
|
|
(1
|
)
|
|
Deferred Income Taxes
|
|
|
-
|
|
|
(3
|
)
|
|
Deferred Revenue from Long-Term Gas Leases (Net of Amortization)
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Pension Plan Contributions
|
|
|
(8
|
)
|
|
(7
|
)
|
|
Working Capital Changes Impacting Cash Flow:
|
|
|
|
|
|
|
Like-Kind Exchange Funds
|
|
|
-
|
|
|
(8
|
)
|
|
Other Working Capital Changes
|
|
|
20
|
|
|
16
|
|
|
Other
|
|
|
5
|
|
|
6
|
|
Net Cash Provided By Operating Activities
|
|
|
98
|
|
|
131
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
Capital Expenditures (Excluding Timberland Acquisitions)
|
|
|
(17
|
)
|
|
(18
|
)
|
|
Timberlands Acquired
|
|
|
(1
|
)
|
|
(64
|
)
|
|
Other
|
|
|
-
|
|
|
(1
|
)
|
Net Cash Used In Investing Activities
|
|
|
(18
|
)
|
|
(83
|
)
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
Dividends
|
|
|
(69
|
)
|
|
(72
|
)
|
|
Borrowings on Line of Credit
|
|
|
264
|
|
|
520
|
|
|
Repayments on Line of Credit
|
|
|
(206
|
)
|
|
(457
|
)
|
|
Principal Payments and Retirement of Long-Term Debt
|
|
|
(65
|
)
|
|
(3
|
)
|
|
Proceeds from Stock Option Exercises
|
|
|
-
|
|
|
13
|
|
|
Other
|
|
|
-
|
|
|
1
|
|
Net Cash Provided By (Used In) Financing Activities
|
|
|
(76
|
)
|
|
2
|
|
|
|
|
|
|
|
|
Increase (Decrease) In Cash and Cash Equivalents
|
|
|
4
|
|
|
50
|
|
|
Cash and Cash Equivalents:
|
|
|
|
|
|
|
Beginning of Period
|
|
|
347
|
|
|
125
|
|
|
|
|
|
|
|
|
|
End of Period
|
|
$
|
351
|
|
$
|
175
|
|
Click Here for 3rd Quarter 2009 Financial Supplement (in PDF)
Source: Plum Creek Timber Company, Inc.
Plum Creek Timber Company, Inc.
Investors: John Hobbs
1-800-858-5347
Media: Kathy Budinick 1-888-467-3751