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Plum Creek Timber Company, Inc. Reports Results For Third Quarter 2012

We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.

A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:
  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  

(1) Includes reconciling items not allocated to segments for financial reporting purposes.
  Nine Months Ended September 30, 2011
     
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 17 $ 19 $ $ 36
Southern Resources 55 37 92
Real Estate 134 1 57 192
Manufacturing 12 10 22
Other 16 16
Other Costs and Eliminations (43 ) 1 (42 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 192   $ 68   $ 57   $ 317  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 44
Interest Expense (104 )
(Provision) Benefit for Income Taxes  
Net Income $ 132  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 294
Interest Expense 104
Amortization of Debt Costs (2 )
Provision / (Benefit) for Income Taxes
Distributions from Timberland Venture (56 )
Deferred Income Taxes (2 )
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases (14 )
Timber Deed Acquired
Pension Plan Contributions 3
Working Capital Changes
Other (10 )
Adjusted EBITDA $ 317  

(1) Includes reconciling items not allocated to segments for financial reporting purposes.
  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  

(1) Includes reconciling items not allocated to segments for financial reporting purposes.
  Quarter Ended September 30, 2011
     
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 7 $ 7 $ $ 14
Southern Resources 21 14 35
Real Estate 46 14 60
Manufacturing 3 4 7
Other 5 5
Other Costs and Eliminations (13 ) (13 )
Other Unallocated Operating Income (Expense), net        
Total $ 69   $ 25   $ 14   $ 108  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 14
Interest Expense (34 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 50  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 137
Interest Expense 34
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture (28 )
Deferred Income Taxes 2
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases (2 )
Timber Deed Acquired
Pension Plan Contributions 3
Working Capital Changes (31 )
Other (5 )
Adjusted EBITDA $ 108  

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

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