XNYS:PCL Plum Creek Timber Co Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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10-Q 2012.06.30
 
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-10239
PLUM CREEK TIMBER COMPANY, INC.
(Exact name of registrant as specified in its charter)
 
Organized in the
State of Delaware
 
I.R.S. Employer Identification No.
91-1912863

999 Third Avenue, Suite 4300
Seattle, Washington 98104-4096
Telephone: (206) 467-3600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer  x        Accelerated filer    o        Non-accelerated filer  o        Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  o    No   x

The number of outstanding shares of the registrant’s common stock, as of July 31, 2012 was 161,523,146.


 
 
 
 
 




PLUM CREEK TIMBER COMPANY, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter ended June 30, 2012

TABLE OF CONTENTS
 




PART I – FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS

PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
 
 
Quarter Ended June 30,
(In Millions, Except Per Share Amounts)
 
2012
 
2011
REVENUES:
 
 
 
 
Timber
 
$
157

 
$
126

Real Estate
 
47

 
79

Manufacturing
 
85

 
74

Other
 
5

 
5

Total Revenues
 
294

 
284

 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
Cost of Goods Sold:
 
 
 
 
Timber
 
123

 
101

Real Estate
 
16

 
27

Manufacturing
 
73

 
67

Other
 
1

 
1

Total Cost of Goods Sold
 
213

 
196

Selling, General and Administrative
 
27

 
25

Total Costs and Expenses
 
240

 
221

 
 
 
 
 
Other Operating Income (Expense), net
 
1

 

 
 
 
 
 
Operating Income
 
55

 
63

 
 
 
 
 
Equity Earnings from Timberland Venture
 
15

 
16

 
 
 
 
 
Interest Expense, net:
 
 
 
 
Interest Expense (Debt Obligations to Unrelated Parties)
 
19

 
20

Interest Expense (Note Payable to Timberland Venture)
 
15

 
15

Total Interest Expense, net
 
34

 
35

 
 
 
 
 
Income before Income Taxes
 
36

 
44

 
 
 
 
 
Provision (Benefit) for Income Taxes
 

 

 
 
 
 
 
Net Income
 
$
36

 
$
44

 
 
 
 
 
PER SHARE AMOUNTS:
 
 
 
 
 
 
 
 
 
Net Income per Share – Basic
 
$
0.22

 
$
0.27

Net Income per Share – Diluted
 
$
0.22

 
$
0.27

 
 
 
 
 
Dividends Declared – per Common Share Outstanding
 
$
0.42

 
$
0.42

 
 
 
 
 
Weighted-Average Number of Shares Outstanding
 
 
 
 
– Basic
 
161.5

 
162.0

– Diluted
 
161.7

 
162.3


See accompanying Notes to Consolidated Financial Statements

3


PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

 
 
 
 
 
 
 
Six Months Ended June 30,
(In Millions, Except Per Share Amounts)
 
2012
 
2011
REVENUES:
 
 
 
 
Timber
 
$
312

 
$
267

Real Estate
 
147

 
141

Manufacturing
 
161

 
141

Other
 
11

 
10

Total Revenues
 
631

 
559

 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
Cost of Goods Sold:
 
 
 
 
Timber
 
244

 
208

Real Estate
 
84

 
49

Manufacturing
 
143

 
128

Other
 
1

 
1

Total Cost of Goods Sold
 
472

 
386

Selling, General and Administrative
 
55

 
53

Total Costs and Expenses
 
527

 
439

 
 
 
 
 
Other Operating Income (Expense), net
 
1

 
3

 
 
 
 
 
Operating Income
 
105

 
123

 
 
 
 
 
Equity Earnings from Timberland Venture
 
28

 
30

 
 
 
 
 
Interest Expense, net:
 
 
 
 
Interest Expense (Debt Obligations to Unrelated Parties)
 
40

 
41

Interest Expense (Note Payable to Timberland Venture)
 
29

 
29

Total Interest Expense, net
 
69

 
70

 
 
 
 
 
Income before Income Taxes
 
64

 
83

 
 
 
 
 
Provision (Benefit) for Income Taxes
 
(1
)
 
1

 
 
 
 
 
Net Income
 
$
65

 
$
82

 
 
 
 
 
PER SHARE AMOUNTS:
 
 
 
 
 
 
 
 
 
Net Income per Share – Basic
 
$
0.40

 
$
0.51

Net Income per Share – Diluted
 
$
0.40

 
$
0.50

 
 
 
 
 
Dividends Declared – per Common Share Outstanding
 
$
0.84

 
$
0.84

 
 
 
 
 
Weighted-Average Number of Shares Outstanding
 
 
 
 
– Basic
 
161.4

 
161.9

– Diluted
 
161.7

 
162.2


See accompanying Notes to Consolidated Financial Statements

4


PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

 
 
Quarter Ended June 30,
(In Millions)
 
2012
 
2011
NET INCOME
 
$
36

 
$
44

 
 
 
 
 
OTHER COMPREHENSIVE INCOME BEFORE INCOME TAXES:
 
 
 
 
  Defined Benefit Pension Plans:
 
 
 
 
       Amortization of Actuarial Loss Reclassified to Pension Expense
 
1

 

  Unrealized Gains (Losses) on Grantor Trust Assets:
 
 
 
 

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