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Rayonier (NYSE:RYN) today reported fourth quarter net income of $76 million, or 59 cents per share, compared to $56 million, or 45 cents per share, in the prior year period. The 2011 results included a $4 million increase in a disposition reserve for a closed mill site. Excluding this item, 2011 fourth quarter pro forma net income was $60 million, or 48 cents per share.
Full year 2012 net income totaled $279 million, or $2.17 per share, compared to $276 million, or $2.20 per share, in 2011. In addition to the disposition reserve, the full year 2011 results also included a $16 million tax benefit from the reversal of a reserve relating to the taxability of the 2009 alternative fuel mixture credit (AFMC). Excluding these items, full year 2011 pro forma net income was $264 million, or $2.11 per share.
Cash provided by operating activities was $446 million for 2012 compared to $432 million for 2011. Full year cash available for distribution (CAD)
1 was $304 million versus $287 million in 2011.
“Our 2012 results, including a 13 percent increase over last year’s pro forma operating income, reflect the balance and resiliency of our core businesses and our continued focus on operational excellence,” said Paul G. Boynton, Chairman, President and CEO. “Rayonier shareholders benefited with a total return of over 20 percent for last year, including a 10 percent dividend increase supported by our strong cash flow.
“We also made significant progress on our key strategic initiatives, growing our land base to more than 2.7 million acres and staying on schedule to complete our cellulose specialties expansion (CSE) project in Jesup in mid-2013,” added Boynton.
Fourth quarter sales of $65 million were $13 million above the prior year period, while operating income of $19 million increased $5 million. In the Northern region, increased volume from deferring harvests to the second half of the year was partially offset by lower prices due to sales mix and weaker Asian demand. In the Atlantic region, volumes increased due to favorable logging conditions, while in the Gulf region prices rose due to mix, and volumes benefited from the 2011 acquisitions.