Rayonier to Split Stock 3 for 2, Increase Dividend 13.7 Percent
14 Setembro 2005 - 2:44PM
Business Wire
Rayonier (NYSE:RYN) announced today that its Board of Directors has
approved a three-for-two stock split and a 13.7 percent increase in
the quarterly cash dividend to 47 cents per share on a post-split
basis. The split will be effected in the form of a stock dividend
by issuing one-half additional share for each share held. The
additional shares will be distributed October 17, 2005, to
shareholders of record on October 3, 2005. The 47 cents per share
fourth quarter dividend will be paid on December 30, 2005, to
shareholders of record on December 9, 2005. The previously
announced third quarter pre-split dividend of 62 cents per share
will be paid on September 30, 2005, to shareholders of record on
September 9, 2005. Lee Nutter, Chairman, President and CEO, said:
"The stock split recognizes the appreciation in value of Rayonier's
common shares since our last split in June 2003 and should further
improve liquidity and trading volume. The increased dividend
reflects our continued strong operating performance and positive
outlook for the coming year, despite higher energy costs and slight
short-term effects of Hurricane Katrina. "Further value creation is
expected as TerraPointe, our real estate subsidiary, implements
strategic growth plans to maximize the asset value of our 200,000
acres of higher-and-better use properties in coastal Southeast
Georgia and Northeast Florida. Also, our significant cash balances
and low debt-to-capital ratio provide continuing strategic
flexibility," Nutter said. Rayonier has 2.2 million acres of
timberland and real estate in the U.S. and New Zealand. The company
is also the world's leading producer of high performance specialty
cellulose fibers and has customers in more than 50 countries.
Certain statements herein relating to future financial performance
and the expected impact of the stock split and dividend increase
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The following important
factors, among others, could cause actual results to differ
materially from those expressed in the forward-looking statements:
changes in global market trends and world events; interest rate and
currency movements; fluctuations in demand for, or supply of,
cellulose specialties, absorbent materials, timber, wood products
or real estate and entry of new competitors into these markets;
adverse weather conditions affecting production, timber
availability, sales and distribution; changes in production costs
for wood products or performance fibers, particularly for raw
materials such as wood, energy and chemicals; changes in law or
policy that might limit or restrict the development of real estate,
particularly in the Southeast U.S.; the ability of the company to
identify and complete timberland and higher-value real estate
acquisitions; the company's ability to satisfy requirements in
order to qualify as a REIT; the availability of tax deductions and
the ability of the company to complete tax-efficient exchanges of
real estate; implementation or revision of governmental policies
and regulations affecting the environment, endangered species,
import and export controls or taxes; and the ability to complete
the previously announced transactions relating to our New Zealand
timberland assets. Further, the Company's future results could be
impacted by those additional factors described in the Company's
most recent Form 10-K on file with the Securities and Exchange
Commission. For further information, visit the company's website at
http://www.rayonier.com. Complimentary copies of Rayonier press
releases and other financial documents are also available by mail
or fax by calling 1-800-RYN-7611.
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