NEW YORK, March 26 /PRNewswire-FirstCall/ --
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ) today announced cash flow and
operating results for the quarter and year ended December 31, 2001.
Cash flow for the fourth quarter of 2001, as measured by EBITDDA, was
$4.8 million or $.37 per unit, compared to cash flow of $16.5 million, or
$1.25 per unit, for the same period in 2000. 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
2001 of $10.2 million, or $0.78 per unit, as compared to a net loss of
$2.0 million, or $0.16 per unit, for the same period in 2000. Revenues for
the fourth quarter of 2001 were $13.5 million as compared with $25.7 million
for the same period in 2000.
Cash flow for the year ended December 31, 2001, as measured by EBITDDA,
was $23.2 million, or $1.77 per unit, compared to cash flow of $49.3 million,
or $3.76 per unit, for the same period in 2000. The Company reported a net
loss for 2001 of $36.2 million, or $2.79 per unit, as compared with a net loss
of $4.1 million, or $0.31 per unit for the same period in 2000. Revenues for
2001 were $54.6 million compared with $75.6 million for the same period in
2000.
U.S. Timberlands Company, L.P. and its affiliate, own 670,000 fee acres of
timberland and cutting rights on 18,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.8 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 75% 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.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Three Months Ended December 31,
2001 2000
Revenues $13,471 $25,664
Cost of timber harvested (3,726) (8,192)
Cost of timber and property sales -- (2,691)
Depletion, depreciation and road amortization (9,500) (10,310)
Gross profit 245 4,471
Selling, general and administrative (2,094) (1,743)
Equity in net income (loss) of affiliate (2,828) 722
Operating income (loss) (4,677) 3,450
Interest expense (5,461) (5,496)
Interest income 16 151
Financing fees (169) (169)
Other income (expense) (2) 6
Net loss before general partner
and minority interest (10,293) (2,058)
Minority interest 103 21
Net loss (10,190) (2,038)
General partner interest 103 21
Net loss applicable to common and
subordinated units $ (10,087) $(2,017)
Net loss per Unit (a) $(0.78) $(0.16)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $4,823 $16,451
EBITDDA per Unit (a) $0.37 $1.25
(a) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income and EBITDDA.
(b) EBITDDA is defined as operating income plus depletion, depreciation,
road amortization and cost of timber and property sales.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Year Ended December 31
2001 2000
Revenues $54,564 $75,612
Cost of timber harvested (16,652) (19,853)
Cost of timber and property sales -- (2,641)
Depletion, depreciation and road amortization (37,287) (28,816)
Gross profit 625 24,302
Selling, general and administrative (8,340) (8,428)
Equity in net income (loss) of affiliate (6,403) 1,990
Operating income (loss) (14,118) 17,864
Interest expense (21,993) (21,921)
Interest income 101 403
Financing fees (675) (675)
Other income 131 208
Net loss before general partner
and minority interest (36,554) (4,121)
Minority interest 366 41
Net loss (36,188) (4,080)
General partner interest 366 41
Net loss applicable to common
and subordinated units $(35,823) $(4,039)
Net loss per Unit (a) $(2.79) $(0.31)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $23,169 $49,321
EBITDDA per Unit (a) $1.77 $3.76
(a) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income and EBITDDA.
(b) EBITDDA is defined as operating income plus depletion, depreciation,
road amortization and cost of timber and property sales.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
December 31, December 31,
2001 2000
(UNAUDITED) *
ASSETS
Current assets:
Cash and cash equivalents $1,070 $3,168
Accounts and current portion
of notes receivable - net 1,744 6,875
Prepaid expenses and other current assets 225 35
Total current assets 3,039 10,078
Timber and timberlands, net 214,511 264,673
Investment in affiliate 31,609 20,542
Property, plant and equipment, net 811 926
Notes receivable, less current portion 428 --
Deferred financing fees, net 3,973 4,648
Total assets $254,371 $300,867
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable and accrued liabilities $4,665 $4,548
Payable to general partner and affiliate 41 2,065
Deferred revenue -- 1,474
Total current liabilities 4,706 8,087
Long-term debt 225,000 225,000
Minority interest 247 678
Partners' capital:
Partners' capital 24,418 67,102
Total liabilities and partners' capital $254,371 $300,867
* Derived from audited Consolidated Balance Sheet as of December 31, 2000.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Year Ended December 31,
2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities $9,174 $28,871
CASH FLOWS FROM INVESTING ACTIVITIES:
Timber, timberlands and road additions (5,615) (2,253)
Purchase of property,
plant and equipment - net -- (55)
Proceeds from sale of assets 904 50
Net cash used in investing activities (4,711) (2,258)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to unitholders, general partner,
and minority interest (6,561) (26,243)
Net cash used in financing activities (6,561) (26,243)
Decrease in cash and cash equivalents (2,098) 370
Cash and cash equivalents - beginning of period 3,168 2,798
Cash and cash equivalents - end of period $1,070 $3,168
SOURCE U.S. Timberlands Company, L.P.
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Related links:
http://www.ustimberlands.com
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., +1-212-755-1100
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