NEW YORK, Jan. 25 /PRNewswire/ --
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ) today announced cash flow and
operating results for the quarter and year ended December 31, 2000. The
Company also announced the declaration of its twelfth consecutive quarterly
distribution to Unitholders of $0.50 per unit, to be paid on February 14, 2001
to Unitholders of record as of February 2, 2001.
Cash flow for the fourth quarter of 2000, as measured by EBITDDA, was
$16.4 million or $1.25 per unit, compared to cash flow of $11.1 million, or
$.85 per unit, for the same period in 1999. EBITDDA is defined as operating
income plus depletion, depreciation, road amortization and cost of timber and
property sales. The Company reported a net loss for the fourth quarter of
2000 of $2.0 million, or $0.16 per unit, as compared to a net loss of
$0.3 million, or $0.03 per unit, for the same period in 1999. Revenues for
the fourth quarter of 2000 were $25.7 million as compared with $19.4 million
for the same period in 1999.
Cash flow for the year ended December 31, 2000, as measured by EBITDDA,
was $49.8 million, or $3.80 per unit, compared to cash flow of $50.6 million,
or $3.85 per unit, for the same period in 1999. The Company reported a net
loss for 2000 of $3.5 million, or $0.27 per unit, as compared with net income
of $6.2 million, or $0.48 per unit for the same period in 1999. Revenues for
2000 were $75.7 million compared with $77.0 million for the same period in
1999.
John M. Rudey, Chairman and Chief Executive Officer, stated, "I am pleased
to announce the Company met its EBITDDA goals for the quarter and the year.
Gross margins and net income for the year, however, are significantly below
1999 levels due to severe industry-wide declines.
U.S. Timberlands Company, L.P. and its affiliate, own 670,000 fee acres of
timberland and cutting rights on 3,700 acres of timberland containing total
merchantable timber volume estimated to be approximately 2.3 billion board
feet in Oregon and Washington, east of the Cascade Range. U.S. Timberlands
specializes in the growing of trees and the sale of logs and standing timber.
Logs harvested from the timberlands are sold to unaffiliated domestic
conversion facilities. These logs are processed for sale as lumber, molding
products, doors, millwork, commodity, specialty and overlaid plywood products,
laminated veneer lumber, engineered wood I-beams, particleboard, hardboard,
paper and other wood products. These products are used in residential,
commercial and industrial construction, home remodeling and repair and general
industrial applications as well as a variety of paper products. U.S.
Timberlands also owns and operates its own seed orchard and produces
approximately five million conifer seedlings annually from its nursery,
approximately half of which are used for its own internal reforestation
programs, with the balance sold to other forest products companies.
Certain information discussed in this press release may constitute
forward-looking statements within the meaning of the Federal securities laws.
Although U.S. Timberlands believes that expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give
no assurance that its expectations will be achieved. Forward-looking
information is subject to certain risks, trends, and uncertainties that could
cause actual results to differ materially from those projected. Such risks,
trends and uncertainties include the highly cyclical nature of the forest
products industry, economic conditions in export markets, the possibility that
timber supply could increase if governmental, environmental or endangered
species policies change, and limitations on U.S. Timberlands' ability to
harvest its timber due to adverse natural conditions or increased governmental
restrictions. For a more complete description of factors, which could impact
U.S. Timberlands and the statements contained herein, reference should be made
to U.S. Timberlands' filings with the United States Securities and Exchange
Commission.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Quarter Ended December 31,
2000 1999
Revenues $25,723 $19,394
Cost of timber harvested (8,192) (5,553)
Cost of timber and property sales (2,641) --
Depletion, depreciation and road amortization (10,310) (5,988)
Gross profit 4,580 7,853
Selling, general and administrative (1,743) (1,837)
Equity in net income (loss) of affiliate 631 (901)
Operating income 3,468 5,115
Interest expense (5,496) (5,476)
Interest income 151 160
Financing fees (169) (169)
Other income 6 24
Loss before general partner
and minority interest (2,040) (346)
Minority interest 20 3
Net loss (2,020) (343)
General partner interest 20 3
Net loss applicable to common
and subordinated units $ (2,000) $(340)
Net loss per Unit (A) $(0.16) $(0.03)
Units outstanding (A) 12,859,607 12,859,607
EBITDDA (B) $16,419 $11,103
EBITDDA per Unit (A) $1.25 $0.85
(A) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income or EBITDDA.
(B) EBITDDA is defined as operating income plus depletion, depreciation,
road amortization and cost of timber and property sales.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Year Ended December 31,
2000 1999
Revenues $75,670 $76,994
Cost of timber harvested (19,801) (17,056)
Cost of timber and property sales (2,641) --
Depletion, depreciation and road amortization (28,817) (23,318)
Gross profit 24,411 36,620
Selling, general and administrative (8,428) (8,477)
Equity in net income (loss) of affiliate 2,408 (901)
Operating income 18,391 27,242
Interest expense (21,921) (21,937)
Interest income 403 565
Financing fees (675) (675)
Other income 210 1,162
Income (loss) before general partner
and minority interest (3,592) 6,357
Minority interest 36 (64)
Net income (loss) (3,556) 6,293
General partner interest 36 (64)
Net income (loss) applicable to common
and subordinated units $ (3,520) $6,229
Net income (loss) per Unit (A) $(0.27) $0.48
Units outstanding (A) 12,859,607 12,859,607
EBITDDA (B) $49,849 $50,560
EBITDDA per Unit (A) $3.80 $3.85
(A) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income or EBITDDA.
(B) EBITDDA is defined as operating income plus depletion, depreciation,
road amortization and cost of timber and property sales.
U.S. TIMBERLANDS COMPANY, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
December 31, December 31,
2000 1999
(UNAUDITED) *
ASSETS
Current assets:
Cash and cash equivalents $3,168 $2,798
Accounts and current portion
of notes receivable - net 6,806 3,140
Prepaid expenses and other current assets 35 981
Total current assets 10,009 6,919
Timber and timberlands, net 265,160 293,828
Investment in affiliate 20,654 18,243
Property, plant and equipment, net 926 1,038
Notes receivable - long-term -- 2,304
Deferred financing fees 4,648 5,323
Total assets $301,397 $327,655
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable and accrued liabilities $6,614 $4,472
Customer Deposits 1,475
Deferred revenue -- 39
Total current liabilities 8,089 4,511
Long-term debt 225,000 225,000
Minority Interest 683 981
Partners' capital:
Partners' capital 67,625 97,163
Total liabilities and partners' capital $301,397 $327,655
* Derived from audited Consolidated Balance Sheet as of December 31, 1999
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Year Ended December 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities $28,882 $25,503
CASH FLOWS FROM INVESTING ACTIVITIES:
Timber, timberlands and road additions (2,281) (955)
Other, net 13 (330)
Net cash used in investing activities (2,268) (1,285)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to unitholders,
general partner, and minority interest (26,244) (26,244)
Net cash used in financing activities (26,244) (26,244)
Increase (decrease) in cash and cash equivalents 370 (2,026)
Cash and cash equivalents - beginning of year 2,798 4,824
Cash and cash equivalents - end of year $3,168 $2,798
SOURCE U.S. Timberlands Company, L.P.
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http://www.prnewswire.com/comp/128507.html or fax,
800-758-5804, ext. 128507
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., 212-755-1100
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