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Plum Creek Reports Results For Second Quarter 2013

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:

       
Six Months Ended June 30, 2013
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 19 $ 12 $ $ 31
Southern Resources 47 28 75
Real Estate 75 42 117
Manufacturing 24 8 32
Other 9 1 10
Other Costs and Eliminations (35 ) 1 (34 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 140   $ 50   $ 42   $ 232  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 31
Interest Expense (70 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 102  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 140
Interest Expense 70
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture (27 )
Deferred Income Taxes 1
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 4
Timber Deed Acquired 18
Pension Plan Contributions
Working Capital Changes 40
Other (12 )
Adjusted EBITDA $ 232  
 

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

 
       
Six Months Ended June 30, 2012
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 10 $ 13 $ $ 23
Southern Resources 43 33 76
Real Estate 59 1 75 135
Manufacturing 13 7 20
Other 9 9
Other Costs and Eliminations (30 ) (30 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 105   $ 54   $ 75   $ 234  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 28
Interest Expense (69 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 65  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 89
Interest Expense 69
Amortization of Debt Costs (2 )
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture (28 )
Deferred Income Taxes 1
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 5
Timber Deed Acquired 98
Pension Plan Contributions 7
Working Capital Changes 2
Other (6 )
Adjusted EBITDA $ 234  
 

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

 
       
Quarter Ended June 30, 2013
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 8 $ 5 $ $ 13
Southern Resources 23 14 37
Real Estate 30 17 47
Manufacturing 14 4 18
Other 4 1 5
Other Costs and Eliminations (18 ) 1 (17 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 62   $ 25   $ 17   $ 104  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 17
Interest Expense (35 )
(Provision) Benefit for Income Taxes 2  
Net Income $ 46  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 139
Interest Expense 35
Amortization of Debt Costs
Provision / (Benefit) for Income Taxes (2 )
Distributions from Timberland Venture
Deferred Income Taxes 2
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 1
Timber Deed Acquired
Pension Plan Contributions
Working Capital Changes (65 )
Other (6 )
Adjusted EBITDA $ 104  
 

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

 
       
Quarter Ended June 30, 2012
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 4 $ 6 $ $ 10
Southern Resources 22 18 40
Real Estate 29 1 12 42
Manufacturing 9 3 12
Other 4 4
Other Costs and Eliminations (14 ) (14 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 55   $ 28   $ 12   $ 95  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 15
Interest Expense (34 )
(Provision) Benefit for Income Taxes  
Net Income $ 36  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 83
Interest Expense 34
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes
Distributions from Timberland Venture
Deferred Income Taxes
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 3
Timber Deed Acquired
Pension Plan Contributions 7
Working Capital Changes (28 )
Other (3 )
Adjusted EBITDA $ 95  
 

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





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