NEW YORK, May 20 /PRNewswire-FirstCall/ -- U.S. Timberlands Company, L.P.
(OTC Bulletin Board: TIMBZ) today announced cash flow and operating results
for the quarter ended March 31, 2003.
Cash flow for the first quarter of 2003, as measured by EBITDDA, was
negative $0.5 million or $0.04 per unit, compared to negative cash flow of
$2.6 million, or $0.20 per unit, for the same period in 2002. 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
first quarter of 2003 of $9.3 million, or $0.72 per unit, as compared to a net
loss of $9.0 million, or $0.70 per unit, for the same period in 2002.
Revenues for the first quarter of 2003 were $6.8 million as compared with
$2.2 million for the same period in 2002.
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)
Quarter Ended March 31,
2003 2002
Revenues $6,831 $2,155
Cost of timber harvested (3,468) (1,037)
Depletion, depreciation and road amortization (2,883) (1,066)
Cost of timber and property sales (474) --
Gross profit 6 52
Selling, general and administrative (1,657) (1,381)
Equity in net loss of affiliate (2,228) (2,327)
Operating income (loss) (3,879) (3,656)
Interest expense (5,385) (5,384)
Interest income 4 3
Amortization of deferred financing fees (169) (169)
Other income, net 33 43
Loss before general partner and minority interest (9,396) (9,163)
Minority interest -- 92
Net loss (9,396) (9,071)
General partner interest 95 92
Net loss applicable to common and
subordinated units $(9,301) $(8,979)
Net loss per Unit (a) $(0.72) $(0.70)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $(522) $(2,590)
EBITDDA per Unit (a) $(0.04) $(0.20)
(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)
March 31, December 31,
2003 2002
(UNAUDITED) *
ASSETS
Current assets:
Cash and cash equivalents $1,981 $965
Accounts receivable, net 466 1,028
Due from general partner -- 6
Other receivables 432 211
Notes receivable 1,191 1,344
Prepaid expenses and other current assets 255 331
Total current assets 4,325 3,885
Timber and timberlands, net 150,304 163,980
Investment in affiliate 47,118 38,881
Property, plant and equipment, net 889 905
Notes receivable, less current portion 10 10
Restricted cash 91 82
Deferred financing fees, net 3,130 3,298
Total assets $205,867 $211,041
LIABILITIES AND PARTNERS' CAPITAL/(DEFICIENCY)
Currrent liabilities:
Accounts payable $503 $1,454
Accrued liabilities $9,049 $3,990
Payable to general partner 115 --
Total current liabilities 9,667 5,444
Long-term debt 225,000 225,000
Minority interest -- --
Partners' capital:
General partner interest (291) (196)
Limited partner interest
(12,859,607 units issued and outstanding
as of March 31 2003 and 2002) (28,509) (19,207)
Total liabilities and partners'
capital $205,867 $211,041
* Derived from audited Consolidated Balance Sheet of December 31, 2002
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Quarter Ended March 31,
2003 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in)
operating activities $1,118 $(473)
CASH FLOWS FROM INVESTING ACTIVITIES:
Timber, timberlands and road additions (102) (102)
Purchase of property, plant and equipment -
net -- (4)
Net cash used in investing activities (102) (106)
CASH FLOWS FROM FINANCING ACTIVITIES: -- --
Increse (decrease) in cash and cash equivalents 1,016 (579)
Cash and cash equivalents - beginning
of period 965 1,070
Cash and cash equivalents - end of period $1,981 $491
SOURCE U.S. Timberlands Company, L.P.
 back to top
Related links:
http://www.ustimberlands.com
Company News On-Call:
http://www.prnewswire.com/comp/128507.html
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., +1-212-755-1100
|
