Rayonier (NYSE:RYN) today reported first quarter net income of
$23.3 million, or 30 cents per share. This compares to $56.4
million, or 73 cents per share, in fourth quarter 2005 and $34.4
million, or 45 cents per share, in first quarter 2005. There were
no special items in the quarter, however, fourth quarter 2005
included a gain of $30.5 million, or 39 cents per share, on the
sale of New Zealand timber assets to a consortium including
Rayonier, while first quarter 2005 included a tax benefit of $9.5
million, or 12 cents per share, resulting from an IRS audit
settlement. Lee Nutter, Chairman, President and CEO, said: "We had
a good quarter, in line with our expectations, with continued
strong demand and prices for U.S. timber and cellulose specialties.
Also, our real estate subsidiary, TerraPointe, continued to
experience very strong interest in its Southeast coastal corridor
properties. As expected, real estate operating income was below the
comparable periods due, in part, to our strategy of moving up the
real estate value chain and away from traditional bulk land sales,
and also the timing of transactions." First quarter net income was
below fourth quarter, excluding the special item, primarily due to
lower real estate sales, a higher tax rate and the impact of
expensing stock options. These were partly offset by improved
performance fibers results. On the same basis, earnings were also
below first quarter 2005 primarily due to reduced real estate sales
and higher performance fibers costs. Sales for the first quarter of
$277 million were $39 million below the fourth quarter but $2
million above first quarter 2005. Cash provided by operating
activities of $51 million was $25 million below first quarter 2005
primarily due to lower operating earnings and higher working
capital. Cash Available for Distribution (CAD) of $24 million was
$39 million below first quarter 2005 primarily due to reduced
earnings and increased capital spending. (CAD is a non-GAAP measure
defined and reconciled to GAAP in the attached exhibits.) Debt of
$558 million and the debt-to-capital ratio of 38.9 percent at
quarter-end were comparable to year-end 2005. Cash at March 31,
2006, was $126 million. Timber Sales of $54 million were $1 million
below fourth quarter 2005 while operating income of $24 million was
essentially unchanged, as lower Northwest prices were offset by
higher volumes in that region as well as increased Southeast
prices. Compared to first quarter 2005, sales improved $3 million
primarily due to higher Southeast prices while operating income was
unchanged as the improved prices were offset by lower New Zealand
earnings and increased costs in the Northwest. Real Estate Sales of
$13 million and operating income of $10 million were $7 million and
$6 million below fourth quarter 2005, respectively, primarily due
to pricing for development properties that, while very strong, was
below the exceptionally high prices received in the previous
quarter. Sales volume and pricing for rural properties increased
from the fourth quarter. Compared to first quarter 2005, sales and
operating income decreased $11 million and $5 million,
respectively, mainly due to fewer development and rural acres sold,
partly offset by higher per acre prices for both development and
rural properties. Performance Fibers Sales of $146 million were $27
million below fourth quarter, however, operating income of $10
million increased $4 million as higher cellulose specialties prices
more than offset lower volume and absorbent materials prices.
Compared to first quarter 2005, sales increased $3 million largely
due to cellulose specialties prices partly offset by reduced volume
and absorbent materials prices. Operating income, however,
decreased $2 million mainly due to higher raw material and energy
costs. Wood Products Sales of $32 million were $3 million below
fourth quarter 2005 primarily due to lower volume while operating
income of $3 million was essentially unchanged. Compared to first
quarter 2005, sales improved $1 million while operating income
declined $1 million due to increased manufacturing costs partially
offset by higher volume and prices. Other Operations Sales of $32
million and essentially break even operating results were $2
million and $1 million below fourth quarter 2005, respectively,
primarily due to lower coal royalties. Compared to first quarter
2005, sales improved $6 million while operating income declined $1
million mainly due to lower trading margins. Other Items Corporate
expenses of $9.5 million were $0.9 million below fourth quarter
2005 as lower incentive compensation accruals were partially offset
by $2.1 million of stock option expense. Compared to first quarter
2005, corporate expenses were $1.9 million higher, principally due
to the impact of expensing stock options. Intersegment eliminations
and other income of $0.3 million was $3.2 million favorable to
fourth quarter 2005, primarily due to a $3 million increase in
disposition reserves in 2005, and comparable to last year's first
quarter. Interest expense of $12 million was in line with both
fourth and first quarters of 2005. Interest and other income of
$2.2 million was $2 million below fourth quarter 2005 but $1.8
million above first quarter 2005. The unfavorable variance to the
fourth quarter was primarily due to a gain on the sale of a
manufacturing asset in that quarter, while the favorable variance
to the first quarter was mainly due to higher interest income.
Excluding discrete items, the effective tax rate for the quarter
was 16.4 percent compared to 17.2 percent in first quarter 2005.
Including discrete items, the first quarter 2005 effective tax rate
was substantially lower due to the favorable IRS audit settlement
in that period (see Schedule J for details). Outlook The company
said second quarter 2006 net income is expected to be somewhat
above the first quarter with improved cellulose specialties volume
and product mix as well as higher Northwest timber prices, partly
offset by increased performance fibers manufacturing costs.
However, earnings are expected to be somewhat below second quarter
2005, excluding special items, primarily due to higher performance
fibers manufacturing costs partly offset by improved prices for
cellulose specialties and Southeast timber. Nutter said: "With
strong demand and pricing for cellulose specialties, U.S. timber
and Southeast real estate, we continue to believe that full-year
earnings will be somewhat above 2005, excluding special items. The
second half of the year should be much stronger than the first,
particularly due to increased real estate transactions." Rayonier
owns, leases or manages 2.5 million acres of timberland in the
U.S., New Zealand and Australia. Its real estate subsidiary,
TerraPointe LLC, is focused on maximizing the value of its
higher-and-better use properties, particularly in the fast growing
counties along Interstate 95 between Savannah, Georgia, and Daytona
Beach, Florida, where the company owns approximately 200,000 acres.
Rayonier is also the world's leading producer of high performance
cellulose specialty products. Approximately 40 percent of
Rayonier's sales are outside the U.S. to customers in more than 50
countries. Reported results are preliminary and not final until
filing of the first quarter 2006 Form 10-Q with the Securities and
Exchange Commission and, therefore, remain subject to adjustment.
Statements regarding anticipated earnings, demand and pricing for
our products, manufacturing costs, and real estate transactions are
"forward-looking statements" made pursuant to the safe harbor
provisions of federal securities laws. 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 specialty products, absorbent materials, timber, wood
products or real estate and entry of new competitors into these
markets; adverse weather conditions affecting production, timber
availability and sales, or distribution; changes in production
costs for wood products or performance fibers, particularly for raw
materials such as wood, energy and chemicals; unexpected delays in
the entry into or closing of real estate sale transactions; changes
in law or policy that might condition, limit or restrict the
development of real estate; the ability of the company to identify
and complete timberland and higher-value real estate acquisitions;
the company's ability to continue to qualify as a REIT; the ability
of the company to complete tax-efficient exchanges of real estate;
and implementation or revision of governmental policies and
regulations affecting the environment, endangered species, import
and export controls or taxes, including changes in tax laws that
could reduce the benefits associated with REIT status. For
additional factors that could impact future results, please see the
company's most recent Form 10-K on file with the Securities and
Exchange Commission. Rayonier assumes no obligation to update these
statements except as may be required by law. A conference call will
be held on Tuesday, April 25, at 2:00 p.m. EDT to discuss these
results. Interested parties are invited to listen to the live
webcast by logging onto http://www.rayonier.com and following the
link. Supplemental materials will be available at the website. A
replay will be available on the site shortly after the call where
it will be archived for one month. Also, investors may access the
"listen only" conference call by dialing 913-981-5584. For further
information, visit the company's web site 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. -0- *T RAYONIER FINANCIAL
HIGHLIGHTS MARCH 31, 2006 (unaudited) (millions of dollars, except
per share information) Three Months Ended
----------------------------------- March 31, December 31, March
31, 2006 2005 2005 ---------- ------------- ----------
Profitability Sales $277.2 $315.9 $275.0 Operating income $37.3
$36.0 $47.3 Income from continuing operations $23.3 $56.4 $34.8
Discontinued operations $- $- $(0.4) Net income $23.3 $56.4 $34.4
Income per diluted common share Continuing operations $0.30 $0.73
$0.45 Net income $0.30 $0.73 $0.45 Pro forma income from continuing
operations (a) $0.30 $0.34 $0.33 Operating income as a percent of
sales 13.5% 11.4% 17.2% ROE (annualized) (b) 10.0% 14.2% 9.6% Three
Months Ended March 31, ------------- ---------- 2006 2005
------------- ---------- Capital Resources and Liquidity Continuing
operations: Cash provided by operating activities $50.8 $75.6 Cash
used for investing activities $(40.4) $(40.2) Cash used for
financing activities $(30.8) $(23.3) Adjusted EBITDA (c) (e) $70.9
$87.2 Cash Available for Distribution (CAD) (d) (e) $23.7 $62.2
(Repayment)/borrowing of debt, net $(0.8) $4.2 Debt $557.7 $661.4
Debt / capital 38.9% 45.0% Cash $126.2 $96.2 (a), (b), (c), (d) and
(e), see Schedule B. - A - *T -0- *T RAYONIER FOOTNOTES FOR
SCHEDULE A MARCH 31, 2006 (unaudited) (a) Pro forma income is a
non-GAAP measure. See Schedule H for reconciliation to the nearest
GAAP measure. (b) Based on year-to-date percent; major land sales
are not annualized. (c) Adjusted EBITDA is defined as earnings from
continuing operations before interest, taxes, depreciation,
depletion, amortization and the non-cash cost basis of real estate
sold. Adjusted EBITDA is a non-GAAP measure of operating cash
generating capacity of the Company. See reconciliation on Schedule
I. (d) Cash Available for Distribution (CAD) is defined as cash
provided by operating activities of continuing operations less
capital spending, adjusted for equity based compensation amounts,
proceeds from matured energy forward contracts, the tax benefits
associated with certain strategic acquisitions and the change in
committed cash. CAD is a non-GAAP measure of cash generated during
a period that is available for dividend distribution, repurchase of
the Company's common shares, debt reduction and for strategic
acquisitions net of associated financing. See reconciliation on
Schedule H. (e) Management considers these measures to be important
to estimate the enterprise and shareholder values of the Company as
a whole and of its core segments, and for allocating capital
resources. In addition, analysts, investors and creditors use these
measures when analyzing the financial condition and cash generating
ability of the Company. - B - *T -0- *T RAYONIER CONDENSED
STATEMENTS OF CONSOLIDATED INCOME MARCH 31, 2006 (unaudited)
(millions of dollars, except per share information) Three Months
Ended ------------------------------------- March 31, December 31,
March 31, 2006 2005 2005 ----------- ------------- -----------
Sales $277.2 $315.9 $275.0 ----------- ------------- -----------
Costs and expenses Cost of sales 224.2 260.0 217.4 Selling and
general expenses 16.2 17.7 14.5 Other operating (income)/expense,
net (0.5) 2.2 (4.2) ----------- ------------- ----------- Operating
income 37.3 36.0 47.3 Gain on sale of New Zealand timberlands (a) -
37.0 - ----------- ------------- ----------- Income from continuing
operations, including gain on sale of New Zealand timberlands 37.3
73.0 47.3 Interest expense (12.2) (12.0) (12.3) Interest and other
income/(expense), net 2.2 4.2 0.4 ----------- -------------
----------- Income before taxes 27.3 65.2 35.4 Income tax expense
(4.0) (8.8) (0.6) ----------- ------------- ----------- Income from
continuing operations $23.3 $56.4 $34.8 Discontinued operations,
net - - (0.4) ----------- ------------- ----------- Net income
$23.3 $56.4 $34.4 =========== ============= =========== Income per
Common Share: Basic From continuing operations $0.31 $0.75 $0.46
=========== ============= =========== Net income $0.31 $0.75 $0.46
=========== ============= =========== Diluted From continuing
operations $0.30 $0.73 $0.45 =========== ============= ===========
Net income $0.30 $0.73 $0.45 =========== ============= ===========
Pro forma income from continuing operations (b) Adjusted basic EPS
$0.31 $0.35 $0.34 =========== ============= =========== Adjusted
diluted EPS $0.30 $0.34 $0.33 =========== ============= ===========
Weighted average Common Shares used for determining Basic EPS
76,289,274 75,844,885 75,179,885 =========== =============
=========== Diluted EPS (c) 78,006,773 78,002,090 77,145,668
=========== ============= =========== (a) Total gain was $73.7
million, which was reduced by $36.7 million of unrecognized gain
based on our proportionate interest in the joint venture. (b) See
Schedule H for a reconciliation to the nearest GAAP measure. (c)
The Company adopted Statement of Financial Accounting Standard
(SFAS) 123(R) Share-Based Payment on January 1, 2006. The adoption
required the Company to update its diluted share calculation under
the treasury stock method, which reduced the number of diluted
shares in 2006. - C - *T -0- *T RAYONIER BUSINESS SEGMENT SALES AND
OPERATING INCOME (LOSS) MARCH 31, 2006 (unaudited) (millions of
dollars) Three Months Ended ------------------------------------
March 31, December 31, March 31, 2006 2005 2005 -----------
------------- ---------- Sales Timber $54.4 $55.7 $51.9 Real Estate
13.1 19.9 23.6 Performance Fibers Cellulose specialties 106.7 124.7
101.1 Absorbent materials 39.3 48.0 41.9 ----------- -------------
---------- Total Performance Fibers 146.0 172.7 143.0 -----------
------------- ---------- Wood Products 31.6 34.1 30.5 Other
Operations 32.1 33.6 26.3 Intersegment eliminations - (0.1) (0.3)
----------- ------------- ---------- Total sales $277.2 $315.9
$275.0 =========== ============= ========== Operating income/(loss)
Timber $23.8 $23.5 $23.7 Real Estate 10.2 15.9 15.3 Performance
Fibers 10.3 6.6 12.4 Wood Products 2.6 2.8 3.2 Other Operations
(0.4) 0.5 0.2 Corporate (9.5) (10.4) (7.6) Intersegment
eliminations and other (Including Corporate FX) 0.3 (2.9) 0.1
----------- ------------- ---------- Total operating income $37.3
$36.0 $47.3 =========== ============= ========== - D - *T -0- *T
RAYONIER CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF
CASH FLOWS MARCH 31, 2006 (unaudited) (millions of dollars)
CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2006
2005 ----------- ------------ Current assets $348.5 $354.1 Timber,
timberlands and logging roads, net of depletion and amortization
925.5 927.0 Property, plant and equipment 1,381.0 1,352.4 Less -
accumulated depreciation (1,005.2) (991.1) ----------- ------------
375.8 361.3 ----------- ------------ Investment in New Zealand JV
72.5 81.6 Other assets 112.2 115.1 ----------- ------------
$1,834.5 $1,839.1 =========== ============ Liabilities and
Shareholders' Equity Current liabilities $179.8 $170.1 Deferred
income taxes 32.2 32.2 Long-term debt 555.2 555.2 Non-current
reserves for dispositions and discontinued operations 124.0 128.0
Other non-current liabilities 67.4 68.7 Shareholders' equity 875.9
884.9 ----------- ------------ $1,834.5 $1,839.1 ===========
============ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three
Months Ended ------------------------ March 31, March 31, 2006 2005
----------- ------------ Cash provided by operating activities of
continuing operations: Income from continuing operations $23.3
$34.8 Depreciation, depletion, amortization and non-cash cost basis
of real estate sold 33.2 39.7 Other non-cash items included in
income 4.1 (0.2) Changes in working capital and other assets and
liabilities (9.8) 1.3 ----------- ------------ 50.8 75.6
----------- ------------ Cash used for investing activities of
continuing operations: Capital expenditures, net of sales and
retirements (36.5) (20.1) Purchase of timberlands (4.3) -
Decrease/(increase) in restricted cash 0.2 (20.1) Proceeds from
matured energy forward contracts 0.2 - ----------- ------------
(40.4) (40.2) ----------- ------------ Cash used for financing
activities: (Repayment)/borrowing of debt, net (0.8) 4.2 Dividends
paid (35.9) (31.1) Issuance of common shares 4.1 3.6 Excess tax
benefits from equity-based compensation(1) 1.8 - -----------
------------ (30.8) (23.3) ----------- ------------ Effect of
exchange rate changes on cash 0.4 0.1 ----------- ------------ Cash
used for discontinued operations - (0.1) ----------- ------------
Cash and cash equivalents: (Decrease)/Increase in cash and cash
equivalents (20.0) 12.1 Balance, beginning of year 146.2 84.1
----------- ------------ Balance, end of period $126.2 $96.2
=========== ============ (1) SFAS No. 123(R) requires the excess
tax benefits on equity-based compensation to be included as a
financing activity. Since the Company did not adopt SFAS No. 123(R)
until January 1, 2006, no adjustment is required for the three
months ended March 31, 2005. - E - *T -0- *T RAYONIER SELECTED
SUPPLEMENTAL FINANCIAL DATA MARCH 31, 2006 (unaudited) (millions of
dollars) Three Months Ended ------------------------------------
March 31, December 31, March 31, 2006 2005 2005 -----------
------------- ---------- Geographical Data (Non-U.S.) Sales New
Zealand $5.5 $12.8 $8.9 Other 4.5 2.8 2.7 ----------- -------------
---------- Total $10.0 $15.6 $11.6 =========== =============
========== Operating income (loss) New Zealand $(1.1) $(1.8) $0.5
Other (0.4) 1.5 (0.2) ----------- ------------- ---------- Total
$(1.5) $(0.3) $0.3 =========== ============= ========== Timber
Sales Northwest U.S. $27.1 $27.4 $26.3 Southeast U.S. 25.0 24.6
20.9 New Zealand 2.3 3.7 4.7 ----------- ------------- ----------
Total $54.4 $55.7 $51.9 =========== ============= ==========
Operating income Northwest U.S. $16.0 $13.9 $16.4 Southeast U.S.
8.9 11.2 6.4 New Zealand (1.1) (1.6) 0.9 ----------- -------------
---------- Total $23.8 $23.5 $23.7 =========== =============
========== Adjusted EBITDA by Segment(1) Timber $39.1 $39.4 $38.5
Real Estate 11.5 17.4 22.5 Performance Fibers 25.4 29.1 28.5 Wood
Products 4.3 4.5 5.0 Other Operations (0.1) 0.9 0.3 Corporate and
other (9.3) (13.3) (7.6) ----------- ------------- ---------- Total
$70.9 $78.0 $87.2 =========== ============= ========== (1) Adjusted
EBITDA is a non-GAAP measure, see Schedule I for reconciliation to
nearest GAAP measure. - F - *T -0- *T RAYONIER SELECTED OPERATING
INFORMATION MARCH 31, 2006 (unaudited) Three Months Ended
----------------------------------- March 31, December 31, March
31, 2006 2005 2005 ---------- ------------- ---------- Timber
Northwest U.S., in millions of board feet 75 70 76 Southeast U.S.,
in thousands of short green tons 1,247 1,325 1,221 Timber sales
volume - Intercompany Southeast U.S., in thousands of short green
tons - 1 21 Real Estate Acres sold TerraPointe - Development 744
1,099 1,520 TerraPointe - Rural 2,660 1,480 9,148 Northwest U.S. -
128 80 ---------- ------------- ---------- Total 3,404 2,707 10,748
Performance Fibers Sales Volume Cellulose specialties, in thousands
of metric tons 104 130 107 Absorbent materials, in thousands of
metric tons 65 75 67 Production as a percent of capacity 98.9%
104.0% 98.0% Lumber Sales volume, in millions of board feet 84 89
83 - G - *T -0- *T RAYONIER RECONCILIATION OF NON-GAAP MEASURES
MARCH 31, 2006 (unaudited) (millions of dollars, except per share
information) CASH AVAILABLE FOR DISTRIBUTION: Three Months Ended
--------------------- March 31, March 31, 2006 2005 ----------
---------- Cash provided by operating activities $50.8 $75.6
Capital spending (a) (36.5) (20.1) Like-kind exchange tax benefits
on third party real estate sales (b) (0.9) - Decrease in committed
cash 5.9 5.5 Equity based compensation adjustments 4.2 1.2 Proceeds
from matured forward energy contracts 0.2 - ---------- ----------
Cash Available for Distribution $23.7 $62.2 ========== ==========
(a) Capital spending is net of sales and retirements and excludes
strategic acquisitions and dispositions. (b) Represents taxes that
would have been paid if the Company had not completed LKE
transactions. PRO FORMA INCOME: Three Months Ended
----------------------------------- March 31, December 31, March
31, 2006 2005 2005 ---------- ------------- ---------- Income from
Continuing Operations per Common Share Basic EPS $0.31 $0.75 $0.46
========== ============= ========== Diluted EPS $0.30 $0.73 $0.45
========== ============= ========== New Zealand timberlands sale
Basic EPS - (0.40) - ========== ============= ========== Diluted
EPS - (0.39) - ========== ============= ========== IRS audit
settlements Basic EPS - - (0.12) ========== =============
========== Diluted EPS - - (0.12) ========== =============
========== Pro forma income from Continuing Operations per Common
Share Adjusted basic EPS $0.31 $0.35 $0.34 ========== =============
========== Adjusted diluted EPS $0.30 $0.34 $0.33 ==========
============= ========== - H - *T -0- *T RAYONIER RECONCILIATION OF
NON-GAAP MEASURES(1) MARCH 31, 2006 (unaudited) (millions of
dollars) ADJUSTED EBITDA: Perf- Other Corporate Real ormance Wood
Oper- and Timber Estate Fibers Products ations other Total -------
------- ------- --------- ------ --------- ------- Three Months
Ended March 31, 2006 Cash provided by operating activities $44.1
$7.5 $29.6 $0.7 $0.6 $(31.7) $50.8 Income tax expense - - - - - 4.0
4.0 Interest, net - - - - - 10.0 10.0 Working capital increases
(de- creases) 4.5 4.0 (4.2) 3.6 (0.9) 4.9 11.9 Other balance sheet
changes (9.5) - - - 0.2 3.5 (5.8) ------- ------- ------- ---------
------ --------- ------- Adjusted EBITDA $39.1 $11.5 $25.4 $4.3
$(0.1) $(9.3) $70.9 ======= ======= ======= ========= ======
========= ======= December 31, 2005 Cash provided by operating
activities $54.4 $15.8 $58.9 $5.2 $(5.5) $(2.4) $126.4 Income tax
expense - - - - - 8.8 8.8 Interest, net - - - - - 9.7 9.7 Working
capital increases (de- creases) (10.8) 1.2 (29.7) (0.7) 6.3 (6.6)
(40.3) Other balance sheet changes (4.2) 0.4 (0.1) - 0.1 (22.8)
(26.6) ------- ------- ------- --------- ------ --------- -------
Adjusted EBITDA $39.4 $17.4 $29.1 $4.5 $0.9 $(13.3) $78.0 =======
======= ======= ========= ====== ========= ======= March 31, 2005
Cash provided by operating acti- vities $45.9 $26.5 $25.8 $1.6
$(3.7) $(20.5) $75.6 Income tax expense - - - - - 0.6 0.6 Interest,
net - - - - - 11.7 11.7 Working capital increases (de- creases)
(4.8) (3.7) 2.7 3.4 2.1 0.3 - Other balance sheet changes (2.6)
(0.3) - - 1.9 0.3 (0.7) ------- ------- ------- --------- ------
--------- ------- Adjusted EBITDA $38.5 $22.5 $28.5 $5.0 $0.3
$(7.6) $87.2 ======= ======= ======= ========= ====== =========
======= (1) Unusual, non-trade intercompany items between the
segments have been eliminated. - I - *T -0- *T RAYONIER
RECONCILIATION OF STATUTORY INCOME TAX TO REPORTED INCOME TAX MARCH
31, 2006 (unaudited) (millions of dollars, except percentages)
Three Months Ended -------------------------------------------
March 31, December 31, March 31, 2006 2005 2005 -------------
-------------- -------------- $ % $ % $ % ------ ------ -------
------ ------- ------ Income tax provision at the U.S. statutory
rate $(9.6) (35.0) $(22.8) (35.0) $(12.4) (35.0) REIT income not
subject to federal tax 8.0 29.3 11.1 17.0 8.4 23.7 Lost deduction
on REIT interest expense and overhead expenses associated with REIT
activities (3.2) (11.7) (2.9) (4.4) (2.7) (7.6) Foreign, state and
local income taxes, foreign exchange rate changes and permanent
differences 0.3 1.0 4.9 7.5 0.6 1.7 ------ ------ ------- ------
------- ------ Income tax (expense) benefit before discrete items
$(4.5) (16.4) $(9.7) (14.9) $(6.1) (17.2) Favorable adjustment of
employee related costs between non-taxable and taxable entities - -
1.5 2.3 - - U.S. tax benefit on repatriation of foreign earnings -
- (0.4) (0.6) - - Return to accrual adjustments - - (0.2) (0.3) - -
Favorable IRS audit settlements 0.5 1.8 - - 9.5 26.8 Exchange rate
changes on tax on undistributed foreign earnings - - - - (1.1)
(3.1) Non-realizability of New Zealand tax credits on U.S.
withholding tax for prior years' intercompany note interest - - - -
(2.9) (8.2) ------ ------ ------- ------ ------- ------ Income tax
(expense) benefit $(4.0) (14.6) $(8.8) (13.5) $(0.6) (1.7) ======
====== ======= ====== ======= ====== - J - *T
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