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Rayonier Reports Fourth Quarter And Full Year 2012 Results

(b) Capital expenditures exclude strategic capital. For the year ended December 31, 2012, strategic capital totaled $106.5 million for timberland acquisitions and $201.4 million for the Jesup mill cellulose specialties expansion. For the year ended December 31, 2011, strategic capital totaled $425.9 million for timberland acquisitions (including notes assumed of $105.0 million) and $42.9 million for the Jesup mill cellulose specialties expansion.

Three Months Ended
December 31, 2011




Per DilutedShare

Operating Income $ 81.3
Increase in disposition reserve 6.5
Pro Forma Operating Income $ 87.8
Net Income $ 56.2 $ 0.45
Increase in disposition reserve, net of tax 4.1 0.03
Pro Forma Net Income $ 60.3 $ 0.48
Year Ended
December 31, 2011

Per DilutedShare

Operating Income $ 356.3
Increase in disposition reserve 6.5
Pro Forma Operating Income 362.8
Interest and other, net (50.0 )
Pro Forma Income Before Tax $ 312.8
Income tax expense as reported $ (30.4 )
Reversal of reserve related to the taxability of the AFMC (16.0 )
Tax benefit on increase in disposition reserve (2.3 )
Pro Forma Income Tax Expense $ (48.7 )
Pro Forma Net Income $ 264.1 $ 2.11
Pro Forma Items (AFMC, disposition reserve) 11.9 0.09
Net Income $ 276.0 $ 2.20


Stock quotes in this article: RYN 

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