Plum Creek Timber expects cash flow to grow by $50 million in 2012

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Plum Creek Timber Co. Inc. president and chief executive officer Rick Holley said his company is in "very good financial shape," its cash balance and availability under its undrawn line of credit totaling half a billion dollars.

Holley said he expects cash flow to grow by $50 million in 2012.

Plum Creek produced $374 million of cash flow from operations for the year, "more than enough to pay a dividend, reinvest in the business and maintain a strong balance sheet," Holley said.

The company also repurchased $25 million of common stock.

For the fourth quarter of 2011, Plum Creek reported earnings of $61 million, or $0.38 per diluted share, on revenues of $315 million.

Earnings for the fourth quarter of 2010 were $59 million, or $0.37 per diluted share, on revenues of $356 million. The 2010 quarter included a $13 million loss on the early extinguishment of debt.

Earnings for 2011 were $193 million, or $1.19 per diluted share, on revenues of $1.17 billion. Earnings for 2010 were $213 million, or $1.31 per diluted share, on revenues of $1.19 billion.

Plum Creek is a Seattle-based timber company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.