Rayonier (RYN) Bank of America Merrill Lynch Industrials & Materials Conference September 5, 2012, 1:20 p.m. ET Executives Paul Boynton – Chairman, President, CEO Analysts Unidentified Analyst PresentationOperator
As many of you know, Rayonier, the new Timberlands, in addition to owning 2.7 million acres in the U.S. and New Zealand, they also have a real estate segments and a performance fibers business which makes specialty pulp, which is a very specialized application. With that, I will turn it over to Pau. Paul Boynton Thanks, Mike. Good afternoon everyone. Let me just – I’m just going to walk you through Rayonier and our story and help you understand what we’re all about and certainly, we’ll open it up for questions at the end of the forum. Hopefully you have a booklet in front of you to follow along with. I’ll put it up on the screen here as well, but let’s start with just kind of the company portfolio and profile. We are a natural resource business, a global forest products company, 5.5 billion market cap actually over 6 billion market cap to date. It's set around three businesses; Forest Resources, Real Estate, and Performance Fibers and I’ll go into depth on each one of those. $1.5 billion in revenue, almost half of our sales are to customers outside of the U.S. with some good geographic diversity. Dividends is a very important part of our equation and I’ll show you a little bit from our history, but right now we’re about 3.9% on dividend yield and of course that dividend taxed at a capital gains rate.