NEW YORK, April 15 /PRNewswire-FirstCall/ -- U.S. Timberlands Company,
L.P. (OTC Bulletin Board: TIMBZ) today announced cash flow and operating
results for the quarter and year ended December 31, 2002.
Cash flow for the fourth quarter of 2002, as measured by EBITDDA, was
$5.4 million or $.41 per unit, compared to cash flow of $4.4 million, or
$0.33 per unit, for the same period in 2001. 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
2002 of $13.1 million, or $1.03 per unit, as compared to a net loss of
$10.2 million, or $0.80 per unit, for the same period in 2001. Revenues for
the fourth quarter of 2002 were $18.5 million as compared with $13.5 million
for the same period in 2001.
Cash flow for the year ended December 31, 2002, as measured by EBITDDA,
was $12.8 million, or $0.98 per unit, compared to cash flow of $23.2 million,
or $1.77 per unit, for the same period in 2001. The Company reported a net
loss for 2002 of $43.8 million, or $3.37 per unit, as compared with a net loss
of $36.2 million, or $2.79 per unit for the same period in 2001. Revenues for
2002 were $49.5 million compared with $54.6 million for the same period in
2001.
U.S. Timberlands Company, L.P. and its affiliate, own 667,000 fee acres of
timberland and cutting rights on 18,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.6 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 four 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Three Months Ended December 31,
2002 2001
Revenues (including $4,700 in 2002,
$7,015 in 2001 to an affiliate) $ 18,535 $ 13,458
Cost of timber harvested (7,514) (3,726)
Depletion, depreciation and road
amortization (6,547) (9,060)
Cost of timber and property sales (6,410) --
Fire loss 67 --
Gross profit (loss) (1,869) 672
Selling, general and administrative (2,899) (2,094)
Equity in net loss of affiliate (2,744) (3,267)
Operating income (loss) (7,512) (4,689)
Interest expense (5,444) (5,460)
Interest income 4 14
Amortization of deferred financing fees (169) (169)
Other income, net 46 (3)
Loss before minority interest (13,075) (10,307)
Minority interest -- 103
Net loss (13,075) (10,204)
General partner interest (132) (104)
Net loss applicable to common and
subordinated units $(13,207) $(10,308)
Net loss per Unit (a) $ (1.03) $ (0.80)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $ 5,445 $ 4,371
EBITDDA per Unit (a) $ 0.41 $ 0.33
(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 sale
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Year Ended December 31,
2002 2001
Revenues (including $14,600 in
2002, $19,015 in 2001 to an affiliate) $ 49,474 $ 54,564
Cost of timber harvested (17,477) (16,652)
Depletion, depreciation and road amortization (27,476) (37,287)
Cost of timber and property sales (7,273) --
Fire loss (591) --
Gross profit (loss) (3,343) 625
Selling, general and administrative (7,518) (8,340)
Equity in net loss of affiliate (11,046) (6,403)
Operating income (loss) (21,907) (14,118)
Interest expense (21,657) (21,993)
Interest income 13 101
Amortization of deferred financing fees (675) (675)
Other income, net 158 131
Loss before minority interest (44,068) (36,554)
Minority interest 247 366
Net loss (43,821) (36,188)
General partner interest 443 366
Net loss applicable to common and
subordinated units $ (43,378) $ (35,823)
Net loss per Unit (a) $ (3.37) $ (2.79)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $ 12,842 $ 23,169
EBITDDA per Unit (a) $ 0.98 $ 1.77
(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, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
December 31, December 31,
2002 2001
(UNAUDITED) *
ASSETS
Current assets:
Cash and cash equivalents $ 965 $ 1,070
Accounts receivable, net 1,028 311
Due from general partner 6 --
Other receivables 211 280
Notes receivable 1,344 1,153
Prepaid expenses and other
current assets 331 225
Total current assets 3,885 3,039
Timber and timberlands, net 163,980 214,511
Investment in affiliate 38,881 31,609
Property, plant and equipment, net 905 811
Notes receivable, less current
portion 10 428
Restricted cash 82 --
Deferred financing fees, net 3,298 3,973
Total assets $211,041 $254,371
LIABILITIES AND PARTNERS' CAPITAL/(DEFICIENCY)
Current liabilities:
Accounts payable $ 1,454 $ 1,334
Accrued liabilities $ 3,990 $ 3,331
Payable to general partner -- 41
Total current liabilities 5,444 4,706
Long-term debt 225,000 225,000
Minority interest -- 247
Partners' capital:
General partner interest (196) 247
Limited partner interest
(12,859,607 units issued and
outstanding) (19,207) 24,171
Total liabilities and
partners' capital $211,041 $254,371
* Derived from audited Consolidated Balance Sheet of December 31, 2001
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Year Ended December 31,
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by
operating activities $ 3,233 $ 9,174
CASH FLOWS FROM INVESTING ACTIVITIES:
Timber, timberlands and
road additions (3,096) (5,615)
Purchase of property, plant
and equipment (160) --
Proceeds from sale of assets -- 904
Restricted cash (82) --
Net cash used in investing activities (3,338) (4,711)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to unitholders,
general partner, and minority
interest -- (6,561)
Net cash by financing activities -- (6,561)
Decrease in cash and cash equivalents (105) (2,098)
Cash and cash equivalents - beginning
of period 1,070 3,168
Cash and cash equivalents - end
of period $ 965 $ 1,070
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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