SEATTLE, June 29 /PRNewswire/ -- U.S. Timberlands Company, L.P.
(Nasdaq: TIMBZ) announced today that its corporate operating plan for 1998 is
on track and that it expects to make its $0.50 per unit quarterly distribution
to Unitholders for the second quarter, ending June 30, 1998.
The Company cited several specific factors that contributed to the
Company's favorable operational performance including enhanced operating
efficiencies in log manufacturing, distribution and marketing. In
addition, U.S. Timberlands stated that tight cost controls and effective
operating configuration have increased its sales per employee and EBITDDA to
sales ratios to levels that are among the best in the industry.
Allen E. Symington, President and Chief Financial Officer, stated, "Our
annual sales per employee of approximately $2.2 million are among the highest
in the industry. We also bring about $0.65 of every sales dollar to the
EBITDDA line, a figure that is generally about two to three times that of our
industry peer group. We continue to review every aspect of our business to
enhance efficiencies and return value to our Unitholders. We are optimistic
about the balance of 1998 and are excited about the opportunities we see in
the marketplace."
U.S. Timberlands also announced today that since May 1, 1998 members of
the Board of Directors of the General Partner have purchased a total of
55,800 units, bringing total holdings by the Board of Directors to
4,249,982 units. The Company has 12,859,607 total units outstanding.
U.S. Timberlands owns 617,000 fee acres of timberland and cutting rights
on 3,000 acres of timberland containing total merchantable timber volume
estimated to be approximately 2.1 billion board feet in Oregon 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 log converters. 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. Additional information on U.S. Timberlands is available on the
Company's website at http://www.ustimberlands.com.
Certain information discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities law.
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, 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 Securities and Exchange Commission.
SOURCE U.S. Timberlands Company, L.P.
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Related links:
http://www.ustimberlands.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 128507
CONTACT:
John C. McDowell of U.S. Timberlands Company,
L.P., 206-652-5000; or Allison Wey, 212-704-4424, or Stefanie
King, 212-704-8291, of Edelman Financial, for U.S. Timberlands
Company
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