View all news

PotlatchDeltic Corporation Reports Second Quarter 2019 Results

07/29/19

SPOKANE, Wash.--(BUSINESS WIRE)-- PotlatchDeltic Corporation (Nasdaq:PCH) today reported net income of $17.1 million, or $0.25 per diluted share, on revenues of $215.6 million for the quarter ended June 30, 2019.

Second Quarter 2019 Highlights

  • Generated $49.0 million of Total Adjusted EBITDDA and Adjusted EBITDDA margin of 23%
  • Repurchased 407,293 shares for $15.0 million, or $37 per share
  • Completed two large rural land sales, including 1,800 acres of former Deltic timberlands for $11,000 per acre

“Our Timberlands and Real Estate businesses continued to perform well during the quarter despite extremely wet weather and difficult operating conditions in the South while our Wood Products results declined significantly due to a 35% drop in lumber prices compared to one year ago,” said Mike Covey, chairman and chief executive officer. “Our Real Estate business closed two large transactions in the quarter, including the sale of rural land in Arkansas for $11,000 per acre. We returned $79 million to shareholders during the first half of the year in the form of dividends and share repurchases totaling $25 million. We continue to invest capital in our mills and are on pace to complete $40 million of improvements to expand capacity and increase grade recovery,” stated Mr. Covey.

Financial Highlights

($ in millions, except per share data)

 

Q2 2019

 

Q1 2019

 

Q2 2018

Revenues

 

$

215.6

 

 

$

181.7

 

 

$

268.2

 

Net income

 

$

17.1

 

 

$

6.6

 

 

$

46.1

 

Weighted average shares outstanding, diluted (in thousands)

 

 

67,713

 

 

 

67,916

 

 

 

63,316

 

Net income per diluted share

 

$

0.25

 

 

$

0.10

 

 

$

0.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

17.1

 

 

$

5.3

 

 

$

47.2

 

Adjusted net income per diluted share

 

$

0.25

 

 

$

0.08

 

 

$

0.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

49.0

 

 

$

28.3

 

 

$

94.2

 

Distributions per share

 

$

0.40

 

 

$

0.40

 

 

$

0.40

 

Net cash from operations

 

$

48.5

 

 

$

19.1

 

 

$

60.5

 

Cash and cash equivalents

 

$

98.0

 

 

$

104.8

 

 

$

125.7

 

Business Performance: Q2 2019 vs. Q1 2019

Timberlands

Second Quarter 2019 Highlights

  • Northern sawlog prices increased 8% due to higher lumber index pricing and seasonally lighter logs
  • Northern sawlog volumes decreased seasonally due to spring break-up
  • Southern sawlog and pulpwood prices increased as a result of continued wet weather and constrained log supply
  • Forest management costs increased seasonally

($ in millions)

 

Q2 2019

 

Q1 2019

 

$ Change

Timberlands Revenues

 

$

66.9

 

 

$

68.2

 

 

$

(1.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

26.1

 

 

$

26.9

 

 

$

(0.8

)

Wood Products

Second Quarter 2019 Highlights

  • Average lumber price was $378 per MBF Q2 2019, down slightly from Q1 2019
  • Lumber shipments increased 14% as a result of catch up from Q1 2019 transportation and weather challenges
  • Three mills took downtime Q2 2019 for planned maintenance and capital projects
  • Lumber inventory at end of Q2 2019 was written down $7.4 million to net realizable value compared to $1.4 million Q1 2019

($ in millions)

 

Q2 2019

 

Q1 2019

 

$ Change

Wood Products Revenues

 

$

138.0

 

 

$

132.3

 

 

$

5.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

(2.0

)

 

$

7.2

 

 

$

(9.2

)

Real Estate

Second Quarter 2019 Highlights

  • Sold 12,375 acres of rural real estate at an average price of $2,450 per acre, including a former Deltic tract for $19.6 million
  • Sold 44 residential lots at an average of $85,000 per lot

($ in millions)

 

Q2 2019

 

Q1 2019

 

$ Change

Real Estate Revenues

 

$

36.4

 

 

$

6.2

 

 

$

30.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

31.3

 

 

$

2.7

 

 

$

28.6

 

Non-GAAP Measures

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.

Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net earnings per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.

Reconciliations to GAAP are set forth in the accompanying schedules.

Conference Call Information

A live conference call and webcast will be held Tuesday, July 30, 2019, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investor Resources link or by conference call at 1-877-823-6919 for U.S./Canada and 1-647-689-5576 for international callers. Participants will be asked to provide conference I.D. number 1146306. Supplemental materials that will be discussed during the call are available on the website.

A replay of the conference call will be available two hours following the call until August 6, 2019 by calling 1-800-585-8367 for U.S./Canada or 1-416-621-4642 for international callers. Callers must enter conference I.D. number 1146306 to access the replay.

About PotlatchDeltic

PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding our stepped-up capital expenditure program, the U.S. housing market and repair and remodel market; lumber demand, pricing, revenues and Q3 and Q4 costs and expenses; Q3 lumber shipments; 2019 lumber shipments; effects of announced curtailments and permanent closures of sawmills; expectation that shortfall in Southern harvest will be made up in the second half of 2019; Q3 2019 Northern timber harvest and sawlog prices; Q3 2019 Southern harvest volumes and sawlog prices; Q3 2019 Northern and Southern sawlog mix; 2019 harvest plan; Wood Products 2019 capital expenditures; total 2019 capital expenditures; real estate sales, pricing and cost basis; development real estate sales, pricing and land basis; the direction of our business markets; business conditions; Q3 2019 Adjusted EBITDDA; Q3 2019 interest expense; Q3 2019 corporate expense; Q3 2019 income tax; dividend payout ratio; and similar matters. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, including the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies; changes in interest rates; changes in the level of construction activity; changes in Asia demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; share price; the successful execution of the company’s strategic plans; the company’s ability to meet expectations; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Income

Unaudited

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

(in thousands, except per share amounts)

 

2019

 

2019

 

2018

 

2019

 

2018

Revenues

 

$

215,581

 

 

$

181,716

 

 

$

268,233

 

 

$

397,297

 

 

$

468,130

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

175,673

 

 

 

154,215

 

 

 

180,906

 

 

 

329,888

 

 

 

320,061

 

Selling, general and administrative expenses

 

 

14,952

 

 

 

16,570

 

 

 

16,892

 

 

 

31,522

 

 

 

30,548

 

Gain on sale of facility

 

 

 

 

 

(9,176

)

 

 

 

 

 

(9,176

)

 

 

 

Deltic merger-related costs

 

 

 

 

 

 

 

 

1,018

 

 

 

 

 

 

20,273

 

 

 

 

190,625

 

 

 

161,609

 

 

 

198,816

 

 

 

352,234

 

 

 

370,882

 

Operating income

 

 

24,956

 

 

 

20,107

 

 

 

69,417

 

 

 

45,063

 

 

 

97,248

 

Interest expense, net

 

 

(7,882

)

 

 

(5,464

)

 

 

(9,356

)

 

 

(13,346

)

 

 

(15,016

)

Loss on extinguishment of debt

 

 

 

 

 

(5,512

)

 

 

 

 

 

(5,512

)

 

 

 

Non-operating pension and other postretirement costs

 

 

(889

)

 

 

(980

)

 

 

(1,908

)

 

 

(1,869

)

 

 

(3,765

)

Income before income taxes

 

 

16,185

 

 

 

8,151

 

 

 

58,153

 

 

 

24,336

 

 

 

78,467

 

Income tax benefit (expense)

 

 

952

 

 

 

(1,591

)

 

 

(12,005

)

 

 

(639

)

 

 

(17,722

)

Net income

 

$

17,137

 

 

$

6,560

 

 

$

46,148

 

 

$

23,697

 

 

$

60,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.25

 

 

$

0.10

 

 

$

0.73

 

 

$

0.35

 

 

$

1.07

 

Diluted

 

$

0.25

 

 

$

0.10

 

 

$

0.73

 

 

$

0.35

 

 

$

1.06

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

$

0.40

 

 

$

0.80

 

 

$

0.80

 

Weighted-average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

67,664

 

 

 

67,860

 

 

 

62,980

 

 

 

67,774

 

 

 

56,739

 

Diluted

 

 

67,713

 

 

 

67,916

 

 

 

63,316

 

 

 

67,866

 

 

 

57,128

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

(in thousands, except per share amounts)

 

June 30, 2019

 

December 31, 2018

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

97,970

 

 

$

76,639

 

Customer receivables, net

 

 

24,479

 

 

 

21,405

 

Inventories, net

 

 

54,121

 

 

 

60,805

 

Other current assets

 

 

19,890

 

 

 

22,675

 

Assets held for sale

 

 

 

 

 

80,674

 

Total current assets

 

 

196,460

 

 

 

262,198

 

Property, plant and equipment, net

 

 

276,592

 

 

 

272,193

 

Investment in real estate held for development and sale

 

 

79,238

 

 

 

79,537

 

Timber and timberlands, net

 

 

1,655,853

 

 

 

1,672,815

 

Intangible assets, net

 

 

17,439

 

 

 

17,828

 

Other long-term assets

 

 

33,359

 

 

 

21,281

 

Total assets

 

$

2,258,941

 

 

$

2,325,852

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

78,492

 

 

$

60,993

 

Current portion of long-term debt

 

 

39,988

 

 

 

39,973

 

Current portion of pension and other postretirement employee benefits

 

 

5,997

 

 

 

5,997

 

Liabilities held for sale

 

 

 

 

 

29,321

 

Total current liabilities

 

 

124,477

 

 

 

136,284

 

Long-term debt

 

 

716,094

 

 

 

715,391

 

Pension and other postretirement employee benefits

 

 

110,525

 

 

 

110,659

 

Deferred tax liabilities, net

 

 

14,623

 

 

 

32,009

 

Other long-term obligations

 

 

47,172

 

 

 

16,730

 

Total liabilities

 

 

1,012,891

 

 

 

1,011,073

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, authorized 4,000 shares, no shares issued

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued 67,186 and 67,570 shares

 

 

67,186

 

 

 

67,570

 

Additional paid-in capital

 

 

1,662,381

 

 

 

1,659,031

 

Accumulated deficit

 

 

(337,330

)

 

 

(282,391

)

Accumulated other comprehensive loss

 

 

(146,187

)

 

 

(129,431

)

Total stockholders’ equity

 

 

1,246,050

 

 

 

1,314,779

 

Total liabilities and stockholders' equity

 

$

2,258,941

 

 

$

2,325,852

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

For the three months ended

 

For the six months ended

(in thousands)

 

June 30,
2019

 

March 31,
2019

 

June 30,
2018

 

June 30,
2019

 

June 30,
2018

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,137

 

 

$

6,560

 

 

$

46,148

 

 

$

23,697

 

 

$

60,745

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

17,137

 

 

 

16,274

 

 

 

21,605

 

 

 

33,411

 

 

 

34,240

 

Basis of real estate sold

 

 

7,427

 

 

 

1,556

 

 

 

2,820

 

 

 

8,983

 

 

 

6,425

 

Gain on sale of facility

 

 

 

 

 

(9,176

)

 

 

 

 

 

(9,176

)

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

5,512

 

 

 

 

 

 

5,512

 

 

 

 

Change in deferred taxes

 

 

(1,139

)

 

 

(16,099

)

 

 

3,856

 

 

 

(17,238

)

 

 

2,798

 

Pension and other postretirement employee benefits

 

 

2,831

 

 

 

3,106

 

 

 

4,185

 

 

 

5,937

 

 

 

7,999

 

Equity-based compensation expense

 

 

1,832

 

 

 

1,617

 

 

 

1,795

 

 

 

3,449

 

 

 

4,889

 

Other, net

 

 

(1,142

)

 

 

(786

)

 

 

(129

)

 

 

(1,928

)

 

 

(671

)

Change in working capital and operating-related activities, net

 

 

8,507

 

 

 

13,983

 

 

 

(18,782

)

 

 

22,490

 

 

 

(9,008

)

Real estate development expenditures

 

 

(2,715

)

 

 

(1,766

)

 

 

(1,057

)

 

 

(4,481

)

 

 

(1,665

)

Funding of pension and other postretirement employee benefits

 

 

(1,421

)

 

 

(1,714

)

 

 

 

 

 

(3,135

)

 

 

(10,397

)

Net cash provided by operating activities

 

 

48,454

 

 

 

19,067

 

 

 

60,441

 

 

 

67,521

 

 

 

95,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(11,742

)

 

 

(3,760

)

 

 

(7,741

)

 

 

(15,502

)

 

 

(11,373

)

Timberlands reforestation and roads

 

 

(3,948

)

 

 

(4,242

)

 

 

(4,259

)

 

 

(8,190

)

 

 

(7,119

)

Acquisition of timber and timberlands

 

 

(278

)

 

 

 

 

 

(163

)

 

 

(278

)

 

 

(163

)

Cash and cash equivalents acquired in merger

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,419

 

Proceeds on sale of facility

 

 

(1,252

)

 

 

60,045

 

 

 

 

 

 

58,793

 

 

 

 

Other, net

 

 

303

 

 

 

130

 

 

 

299

 

 

 

433

 

 

 

531

 

Net cash provided by (used in) investing activities

 

 

(16,917

)

 

 

52,173

 

 

 

(11,864

)

 

 

35,256

 

 

 

(14,705

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(26,881

)

 

 

(27,065

)

 

 

(25,101

)

 

 

(53,946

)

 

 

(50,203

)

Proceeds from Potlatch revolving line of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,000

 

Repayment of Potlatch revolving line of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100,000

)

Repayment of Deltic revolving line of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106,000

)

Proceeds from long-term debt

 

 

 

 

 

150,000

 

 

 

 

 

 

150,000

 

 

 

100,000

 

Repayment of long-term debt

 

 

 

 

 

(150,000

)

 

 

 

 

 

(150,000

)

 

 

(14,250

)

Premiums and fees on debt retirement

 

 

 

 

 

(4,865

)

 

 

 

 

 

(4,865

)

 

 

 

Repurchase of common stock

 

 

(15,015

)

 

 

(10,158

)

 

 

 

 

 

(25,173

)

 

 

 

Other, net

 

 

(51

)

 

 

(213

)

 

 

(97

)

 

 

(264

)

 

 

(4,935

)

Net cash used in financing activities

 

 

(41,947

)

 

 

(42,301

)

 

 

(25,198

)

 

 

(84,248

)

 

 

(75,388

)

Change in cash, cash equivalents and restricted cash

 

 

(10,410

)

 

 

28,939

 

 

 

23,379

 

 

 

18,529

 

 

 

5,262

 

Cash, cash equivalents and restricted cash, beginning

 

 

108,380

 

 

 

79,441

 

 

 

102,340

 

 

 

79,441

 

 

 

120,457

 

Cash, cash equivalents and restricted cash, ending

 

$

97,970

 

 

$

108,380

 

 

$

125,719

 

 

$

97,970

 

 

$

125,719

 

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

For the three months ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

(in thousands)

 

2019

 

2019

 

2018

 

2019

 

2018

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

66,881

 

 

$

68,158

 

 

$

92,511

 

 

$

135,039

 

 

$

169,017

 

Wood Products

 

 

138,030

 

 

 

132,306

 

 

 

193,585

 

 

 

270,336

 

 

 

333,400

 

Real Estate

 

 

36,432

 

 

 

6,164

 

 

 

16,431

 

 

 

42,596

 

 

 

26,986

 

 

 

 

241,343

 

 

 

206,628

 

 

 

302,527

 

 

 

447,971

 

 

 

529,403

 

Intersegment Timberlands revenues

 

 

(25,762

)

 

 

(24,912

)

 

 

(34,294

)

 

 

(50,674

)

 

 

(61,273

)

Consolidated revenues

 

$

215,581

 

 

$

181,716

 

 

$

268,233

 

 

$

397,297

 

 

$

468,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

26,131

 

 

$

26,850

 

 

$

43,691

 

 

$

52,981

 

 

$

81,388

 

Wood Products

 

 

(2,071

)

 

 

7,226

 

 

 

51,566

 

 

 

5,155

 

 

 

80,516

 

Real Estate

 

 

31,316

 

 

 

2,703

 

 

 

12,300

 

 

 

34,019

 

 

 

20,302

 

Corporate

 

 

(9,346

)

 

 

(10,654

)

 

 

(11,264

)

 

 

(20,000

)

 

 

(19,980

)

Eliminations and adjustments

 

 

3,050

 

 

 

2,127

 

 

 

(2,085

)

 

 

5,177

 

 

 

(3,286

)

Total Adjusted EBITDDA

 

 

49,080

 

 

 

28,252

 

 

 

94,208

 

 

 

77,332

 

 

 

158,940

 

Basis of real estate sold

 

 

(7,427

)

 

 

(1,556

)

 

 

(2,820

)

 

 

(8,983

)

 

 

(6,425

)

Depreciation, depletion and amortization

 

 

(16,727

)

 

 

(15,797

)

 

 

(20,950

)

 

 

(32,524

)

 

 

(33,146

)

Interest expense, net

 

 

(7,882

)

 

 

(5,464

)

 

 

(9,356

)

 

 

(13,346

)

 

 

(15,016

)

Loss on extinguishment of debt

 

 

 

 

 

(5,512

)

 

 

 

 

 

(5,512

)

 

 

 

Non-operating pension and other postretirement employee benefits

 

 

(889

)

 

 

(980

)

 

 

(1,908

)

 

 

(1,869

)

 

 

(3,765

)

Gain (loss) on fixed assets

 

 

30

 

 

 

32

 

 

 

(3

)

 

 

62

 

 

 

1

 

Gain on sale of facility

 

 

 

 

 

9,176

 

 

 

 

 

 

9,176

 

 

 

 

Inventory purchase price adjustment in cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,849

)

Deltic merger-related costs

 

 

 

 

 

 

 

 

(1,018

)

 

 

 

 

 

(20,273

)

Income before income taxes

 

$

16,185

 

 

$

8,151

 

 

$

58,153

 

 

$

24,336

 

 

$

78,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

10,469

 

 

$

10,265

 

 

$

14,598

 

 

$

20,734

 

 

$

23,244

 

Wood Products

 

 

5,861

 

 

 

5,042

 

 

 

6,069

 

 

 

10,903

 

 

 

9,423

 

Real Estate

 

 

147

 

 

 

209

 

 

 

77

 

 

 

356

 

 

 

117

 

Corporate

 

 

250

 

 

 

281

 

 

 

206

 

 

 

531

 

 

 

362

 

 

 

 

16,727

 

 

 

15,797

 

 

 

20,950

 

 

 

32,524

 

 

 

33,146

 

Bond discounts and deferred loan fees2

 

 

410

 

 

 

477

 

 

 

655

 

 

 

887

 

 

 

1,094

 

Total depreciation, depletion and amortization

 

$

17,137

 

 

$

16,274

 

 

$

21,605

 

 

$

33,411

 

 

$

34,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

7,455

 

 

$

1,588

 

 

$

2,896

 

 

$

9,043

 

 

$

6,619

 

Eliminations and adjustments

 

 

(28

)

 

 

(32

)

 

 

(76

)

 

 

(60

)

 

 

(194

)

Total basis of real estate sold

 

$

7,427

 

 

$

1,556

 

 

$

2,820

 

 

$

8,983

 

 

$

6,425

 

1

Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA on page 8, Reconciliations.

2

Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Income.

 

PotlatchDeltic Corporation

Reconciliations

Unaudited

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

(in thousands, except per share amount)

 

2019

 

2019

 

2018

 

2019

 

2018

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

17,137

 

 

$

6,560

 

 

$

46,148

 

 

$

23,697

 

 

$

60,745

 

Interest, net

 

 

7,882

 

 

 

5,464

 

 

 

9,356

 

 

 

13,346

 

 

 

15,016

 

Income taxes

 

 

(952

)

 

 

1,591

 

 

 

12,005

 

 

 

639

 

 

 

17,722

 

Depreciation, depletion and amortization

 

 

16,727

 

 

 

15,797

 

 

 

20,950

 

 

 

32,524

 

 

 

33,146

 

Basis of real estate sold

 

 

7,427

 

 

 

1,556

 

 

 

2,820

 

 

 

8,983

 

 

 

6,425

 

Loss on extinguishment of debt

 

 

 

 

 

5,512

 

 

 

 

 

 

5,512

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

889

 

 

 

980

 

 

 

1,908

 

 

 

1,869

 

 

 

3,765

 

Deltic merger-related costs

 

 

 

 

 

 

 

 

1,018

 

 

 

 

 

 

20,273

 

Gain on sale of facility

 

 

 

 

 

(9,176

)

 

 

 

 

 

(9,176

)

 

 

 

Inventory purchase price adjustment in cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,849

 

(Gain) loss on fixed assets

 

 

(30

)

 

 

(32

)

 

 

3

 

 

 

(62

)

 

 

(1

)

Total Adjusted EBITDDA

 

$

49,080

 

 

$

28,252

 

 

$

94,208

 

 

$

77,332

 

 

$

158,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

17,137

 

 

$

6,560

 

 

$

46,148

 

 

$

23,697

 

 

$

60,745

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

5,512

 

 

 

 

 

 

5,512

 

 

 

 

Gain on sale of facility, after tax

 

 

 

 

 

(6,790

)

 

 

 

 

 

(6,790

)

 

 

 

Deltic merger-related costs

 

 

 

 

 

 

 

 

1,018

 

 

 

 

 

 

20,273

 

Inventory purchase price adjustment in cost of goods sold, after tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,368

 

Adjusted net income

 

$

17,137

 

 

$

5,282

 

 

$

47,166

 

 

$

22,419

 

 

$

82,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted share (GAAP)

 

$

0.25

 

 

$

0.10

 

 

$

0.73

 

 

$

0.35

 

 

$

1.06

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

0.08

 

 

 

 

 

 

0.08

 

 

 

 

Gain on sale of facility, after tax

 

 

 

 

 

(0.10

)

 

 

 

 

 

(0.10

)

 

 

 

Deltic merger-related costs

 

 

 

 

 

 

 

 

0.02

 

 

 

 

 

 

0.36

 

Inventory purchase price adjustment in cost of goods sold, after tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.02

 

Adjusted net income per diluted share

 

$

0.25

 

 

$

0.08

 

 

$

0.75

 

 

$

0.33

 

 

$

1.44

 

 

(Investors)
Jerry Richards
509.835.1521

(Media)
Anna Torma
509.835.1558

Source: PotlatchDeltic Corporation

Categories: Press Releases
View all news