Printer Friendly

PLUM CREEK TIMBER CO., L.P., ANNOUNCES RECORD EARNINGS FOR 1992 AND 90-CENTS-PER-UNIT DISTRIBUTION

 SEATTLE, Jan. 19 /PRNewswire/ -- Plum Creek Timber Co., L.P., (NYSE: PCL) announced today that it posted record earnings for the year. Earnings for the year ended Dec. 31, 1992, were $64.2 million, or $4.02 per unit, on revenues of $439.9 million, compared to $18.7 million, or $1.10 per unit, on revenues of $389.8 million for the year ended Dec. 31, 1991. Earnings for 1992 include a net gain of $15.6 million, or $1.03 per unit, from the sale of the Gallatin timberlands and Belgrade sawmill.
 Earnings for the fourth quarter of 1992 totaled $7.5 million, or 41 cents per unit, compared to $6.4 million, or 39 cents per unit, in the fourth quarter of 1991.
 The company stated that it would continue its 90-cents-per-unit distribution for the quarter ended Dec. 31, 1992. Plum Creek will make the quarterly distribution on March 1, 1993, to unitholders of record as of Feb. 15, 1993.
 "We are very pleased with our performance in 1992," said David D. Leland, chairman of the board, president and chief executive officer. "Our excellent financial results were due to the higher prices we achieved in all our product lines and record production volumes in our manufacturing operations. We achieved these positive results while reducing our 1992 fee timber harvest by 17 percent from 1991 levels.
 "Lumber prices increased 21 percent in the fourth quarter of this year compared to the same quarter in 1991. Plywood and medium-density fiberboard prices increased approximately 21 percent and 4 percent, respectively, in the fourth quarter as compared to the same quarter a year ago. Raw material supply constraints and our strategic focus on the repair and remodel, industrial and export markets have positioned us to achieve the higher prices we are receiving for these products," Leland continued. "We also saw higher 1992 prices for export and domestic logs which can be attributed to both improved finished product demand and continued log shortages in the Pacific Northwest caused in part by legal challenges to federal timber sales.
 "Although the economy is currently sluggish, we anticipate strong prices for our products to continue in 1993 primarily due to increasing consumer confidence, an improved economy, and continued raw material supply constraints."
 The company spent approximately $26 million in capital expenditures in 1992 as compared to $11 million in 1991. The increase in capital expenditures for 1992 is a result of various lumber and plywood optimization projects and modernization of the finish end at the fiberboard plant. Capital expenditures for 1993 are expected to exceed $30 million and continue to focus on yield improvement and productivity enhancement projects along with ongoing reforestation of the company's lands where over three million seedlings are planted each year.
 Plum Creek is one of the largest private timberland owners in the Pacific Northwest.
 Income statements for Plum Creek follow.
 PLUM CREEK TIMBER CO., L.P.
 COMBINED STATEMENT OF INCOME
 (Unaudited, in thousands, except per unit)
 Fourth Quarter
 1992 1991
 Revenues $95,679 $101,361
 Costs and Expenses:
 Cost of goods sold 69,947 75,439
 Selling, general and administrative 10,267 10,754
 Total costs and expenses 80,214 86,193
 Operating income 15,465 15,168
 Interest expense (8,859) (9,038)
 Interest income 871 728
 Other income (expense) - net (135) (262)
 Income before income taxes 7,342 6,596
 Provision (benefit) for income taxes (141) 236
 Net income $ 7,483 $ 6,360
 General partner interest 1,350 665
 Net income allocable to unitholders $ 6,133 $ 5,695
 Net income per unit $ 0.41 $ 0.39
 PLUM CREEK TIMBER CO., L.P.
 COMBINED STATEMENT OF INCOME
 (In thousands, except per unit)
 Year
 Ended Dec. 31: 1992 1991 1990
 Revenues $439,904 $389,785 $372,791
 Costs and Expenses:
 Cost of goods sold 305,686 297,402 288,453
 Selling, general and
 administrative 36,436 36,723 31,932
 Total costs and expenses 342,122 334,125 320,385
 Operating income 97,782 55,660 52,406
 Interest expense (35,749) (36,156) (36,156)
 Interest income 2,870 2,534 5,319
 Disposition of assets 622 (2,200) --
 Other income (expense) - net (331) (526) 222
 Income before income taxes 65,194 19,312 21,791
 Provision (benefit) for income
 taxes 973 583 (432)
 Net income $ 64,221 $ 18,729 $ 22,223
 General partner interest 4,760 2,527 1,712
 Net income allocable to
 unitholders $ 59,461 $ 16,202 $ 20,511
 Net income per unit $ 4.02 $ 1.10 $ 1.33
 -0- 1/19/93
 /CONTACT: Shelley Monfor of Plum Creek Timber, 206-467-3613/
 (PCL)


CO: Plum Creek Timber Co., L.P. ST: Washington IN: PAP SU: ERN DIV

SW-LM -- SE003 -- 6438 01/19/93 14:23 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 19, 1993
Words:789
Previous Article:POST-GAZETTE GM RESPONDS TO CUSTOMER DEMAND
Next Article:KEY TRONIC LICENSES NEW ERGONOMIC KEYBOARD
Topics:


Related Articles
PLUM CREEK TIMBER CO., L.P. ANNOUNCES YEAR-END EARNINGS, DISTRIBUTION
RAYONIER TIMBERLANDS, L.P. ANNOUNCES PRELIMINARY SECOND QUARTER AND SIX MONTHS TO DATE EARNINGS
PLUM CREEK TIMBER CO., L.P. ANNOUNCES DECREASE IN TIMBER HARVEST AS RESULT OF CONTINUING STRONG FINANCIAL PERFORMANCE
PLUM CREEK TIMBER CO., L.P., ANNOUNCES INCREASE IN QUARTERLY DISTRIBUTION TO UNITHOLDERS AND HIGHER FIRST QUARTER EARNINGS
PLUM CREEK TIMBER CO., L.P., ANNOUNCES A 93 PERCENT INCREASE IN SECOND QUARTER EARNINGS
RAYONIER TIMBERLANDS, L.P. ANNOUNCES PRELIMINARY SECOND QUARTER AND SIX MONTHS TO DATE EARNINGS
PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES RECORD FIRST QUARTER EARNINGS, 30% INCREASE IN PROFITS;
PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES YEAR-TO-DATE AND SECOND QUARTER 1995 RESULTS; DISTRIBUTION TO UNITHOLDERS OF $0.49 PER UNIT
PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES 1995 FOURTH QUARTER AND YEAR-END EARNINGS
Rayonier Timberlands, L.P. Announces Fourth Quarter Distribution

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters