NEW YORK, Nov. 19 /PRNewswire/ --
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ) today announced cash flow and
operating results for the three months ended September 30, 2001.
Cash flow for the third quarter of 2001, as measured by EBITDDA, was
$14.7 million, or $1.12 per unit, compared to cash flow of $6.8 million, or
$0.52 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 that its net loss for the third quarter
of 2001 was $8.5 million, or $0.66 per unit, as compared to net loss of
$5.3 million, or $0.41 per unit, for the same period in 2000. Revenues for
the third quarter of 2001 increased to $24.3 million as compared with
$14.1 million for the same period in 2000.
Cash flow in the first nine months of 2001, as measured by EBITDDA,
decreased to $18.3 million, or $1.40 per unit, compared to cash flow of
$32.9 million, or $2.50 per unit, for the same period in 2000. The Company
reported a net loss for the first nine months of $25.7 million, or $2.00 per
unit, as compared with net loss of $2.0 million, or $0.16 per unit for the
same period in 2000. Revenues for the first nine months of 2001 were
$41.1 million compared with $49.9 million for the same period in 2000.
U.S. Timberlands Company, L.P. and its affiliate, own 672,000 fee acres of
timberland and cutting rights on 3,000 acres of timberland containing total
merchantable timber volume estimated to be approximately 1.9 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.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER UNIT INFORMATION)
(UNAUDITED)
Three Months Ended September 30,
2001 2000
Revenues $24,299 $14,064
Cost of timber harvested (5,935) (4,785)
Depletion, depreciation and road amortization (17,600) (6,563)
Gross profit 764 2,716
Selling, general and administrative (1,811) (2,525)
Equity in net income (loss) of affiliate (1,884) 47
Operating income (loss) (2,931) 238
Interest expense (5,585) (5,569)
Interest income 2 85
Financing fees (169) (169)
Other income 13 21
Net income (loss) before general
partner and minority interest (8,670) (5,394)
Minority interest 87 54
Net income (loss) (8,583) (5,340)
General partner interest 87 54
Income (loss) applicable to common
and subordinated units $(8,497) $(5,286)
Net income (loss) per Unit (a) $(0.66) $(0.41)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $14,669 $6,801
EBITDDA per Unit (a) $1.12 $0.52
(a) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income or 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)
Nine Months Ended September 30,
2001 2000
Revenues $41,093 $49,948
Cost of timber harvested (12,926) (11,609)
Depletion, depreciation and road amortization (27,787) (18,508)
Gross profit (loss) 380 19,831
Selling, general and administrative (6,246) (6,686)
Equity in net income (loss) of affiliate (3,575) 1,210
Operating income (loss) (9,441) 14,355
Interest expense (16,532) (16,425)
Interest income 85 315
Financing fees (506) (506)
Other income 133 200
Net income (loss) before general
partner and minority interest (26,261) (2,061)
Minority interest 263 21
Net income (loss) (25,998) (2,040)
General partner interest 263 21
Net income (loss) applicable to
common and subordinated units $(25,736) $(2,020)
Net income (loss) per Unit (a) $(2.00) $(0.16)
Units outstanding (a) 12,859,607 12,859,607
EBITDDA (b) $18,346 $32,863
EBITDDA per Unit (a) $1.40 $2.50
(a) Calculations of per unit amounts are made after giving effect to the
General Partner's allocation of net income of 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)
September 30, December 31,
2001 2000
(UNAUDITED) *
ASSETS
Current assets:
Cash and cash equivalents $2,622 $3,168
Accounts and current portion of notes
receivable - net 3,318 6,875
Prepaid expenses and current assets 20 35
Total current assets 5,960 10,078
Timber and timberlands, net 224,659 264,673
Investment in affiliate 34,750 20,542
Property, plant and equipment, net 828 926
Notes receivable, less current portion 257 --
Deferred financing fees, net 4,142 4,648
Total assets $270,596 $300,867
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable and
accrued liabilities $9,853 $4,548
Payable to general
partner and affiliate 784 2,065
Deferred revenue -- 1,474
Total current liabilities 10,637 8,087
Long-term debt 225,000 225,000
Minority interest 350 678
Partners' capital:
Partners' capital 34,609 67,102
Total liabilities and
partners' capital $270,596 $300,867
* Derived from audited Consolidated Balance Sheet of December 31, 2000.
U.S. TIMBERLANDS COMPANY, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Nine Months Ended September 30,
2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities $12,864 $20,589
CASH FLOWS FROM INVESTING ACTIVITIES:
Timber, timberlands and road additions (6,864) (2,279)
Purchase of property,
plant and equipment - net -- (52)
Proceeds from sale of assets 15 46
Net cash used in investing activities (6,849) (2,285)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to unitholders, general
partner, and minority interest (6,561) (19,683)
Net cash used in financing activities (6,561) (19,683)
Decrease in cash and cash equivalents (546) (1,379)
Cash and cash equivalents - beginning
of period 3,168 2,798
Cash and cash equivalents - end of period $2,622 $1,419
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/comp/128507.html
CONTACT:
Thomas C. Ludlow, Chief Financial Officer of
U.S. Timberlands Company, L.P., +1-212-755-1100
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