SEATTLE–(Business Wire)–
Plum Creek Timber Company, Inc. (NYSE: PCL) announced today that it repurchased
$50 million of its common stock, completing its previously announced $200
million open-market share repurchase program. The company expects to seek
authorization of a new open-market share repurchase program at its next
scheduled Board of Directors meeting. During the second quarter, the company
repurchased approximately 1.37 million shares at an average price of $36.37 per
share. As of June 1, 2010, Plum Creek had approximately 161.6 million shares
outstanding.
“Disciplined capital allocation is at the heart of Plum Creek`s long-term
strategy for shareholder value creation. We are convinced that the most
compelling timber investment available in today`s market is our own stock,” said
Rick Holley, president and chief executive officer.
Plum Creek is the largest and most geographically diverse private landowner in
the nation with approximately 7 million acres of timberlands in major
timber-producing regions of the United States and wood products manufacturing
facilities in the Northwest. For more information, visit www.plumcreek.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Litigation Reform Act of 1995 as amended. Some of these forward-looking
statements can be identified by the use of forward-looking words such as
“believes,” “expects,” “may,” “will,” “should,” “seek,” “approximately,”
“intends,” “plans,” “estimates,” or “anticipates,” or the negative of those
words or other comparable terminology. The accuracy of such statements is
subject to a number of risks, uncertainties and assumptions including, but not
limited to, the cyclical nature of the forest products industry, our ability to
harvest our timber, our ability to execute our acquisition strategy, the market
for and our ability to sell or exchange non-strategic timberlands and timberland
properties that have higher and better uses, and various regulatory constraints.
These and other risks, uncertainties and assumptions are detailed from time to
time in our filings with the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as
amended. It is likely that if one or more of the risks materializes, or if one
or more assumptions prove to be incorrect, the current expectations of Plum
Creek and its management will not be realized. Forward-looking statements are
not guarantees of performance, and speak only as of the date made, and neither
Plum Creek nor its management undertakes any obligation to update or revise any
forward-looking statements.
Plum Creek Timber Company, Inc.
Investors:
John Hobbs, 1-800-858-5347
or
Media:
Kathy Budinick, 1-888-467-3751
Copyright Business Wire 2010