NEW YORK, Feb. 8 /PRNewswire/ -- U.S. Timberlands Company, L.P.
(Nasdaq: TIMBZ) today announced that in accordance with its Amended and
Restated Agreement of Limited Partnership, 1,070,530 Subordinated Units
converted, on a one for one basis, into Common Units, effective February 6,
2001.
As of February 6, 2001, the number of outstanding Common Units increased
from 8,577,487 units to 9,648,017 units (an increase of approximately 12.5%)
and the outstanding Subordinated Units were reduced from 4,282,120 units to
3,211,590 units.
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.
SOURCE U.S. Timberlands Company, L.P.
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Company News On-Call:
http://www.prnewswire.com/comp/128507.html or fax,
800-758-5804, ext. 128507 /Web site:
http://www.ustimberlands.com
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., 212-755-1100
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