- First quarter net income of $17.7
million or $0.14 per share
- First quarter Adjusted EBITDA of $61.4
million
Rayonier Inc. (NYSE:RYN) today reported first quarter net income
attributable to Rayonier of $17.7 million, or $0.14 per share,
compared to $41.4 million, or $0.32 per share, in the prior year
quarter. The prior year first quarter results included $31.0
million of net income from discontinued operations.1 Excluding this
item, pro forma net income2 was $10.4 million, or $0.08 per share,
in the prior year period.
The following table summarizes the current quarter and
comparable prior year period results:
Three Months Ended (millions of
dollars, except earnings per share (EPS))
March 31, 2015
March 31, 2014 $
EPS $ EPS Net income
attributable to Rayonier $17.7 $0.14 $41.4 $0.32 Discontinued
operations, net1 — — (31.0 ) (0.24 ) Pro forma net income2 $17.7
$0.14 $10.4 $0.08
Adjusted EBITDA3 was $61.4 million for the first quarter of 2015
versus $43.5 million in the prior year period. Cash provided by
operating activities was $53.4 million versus $100.1 million in the
prior year period, which included $56.0 million in cash flows from
discontinued operations.1 Cash available for distribution (CAD)4
was $42.7 million versus $10.8 million in the prior year
period.
“We are pleased with our strong start to 2015,” said David
Nunes, President and CEO. “Southern Timber prices and volumes and
New Zealand Timber volumes were above the prior year period but, as
anticipated, log prices in the Pacific Northwest and New Zealand
were lower due to weaker demand from China. Real Estate results
reflected the favorable timing of closings for several large sales
and continued solid demand for rural properties.”
Southern Timber
First quarter sales of $35.5 million increased $1.6 million
versus the prior year period due to higher harvest volumes and
improved pricing. Harvest volumes increased 8% to 1.37 million tons
versus 1.27 million tons in the prior year period. Average
sawtimber stumpage prices increased 7% to $28.84 per ton versus
$27.07 per ton in the prior year period, while pulpwood stumpage
prices increased 2% to $18.83 per ton versus $18.55 per ton in the
prior year period. The increase in sawtimber prices was driven
primarily by wet weather conditions throughout the South. The
increase in pulpwood prices was driven primarily by continued
strength in pulpwood demand in the company’s core markets and wet
weather conditions, which were partially offset by the regional
harvest mix (i.e., a relatively higher proportion of pulpwood logs
harvested in lower-price regions). Overall, weighted average
stumpage prices (including hardwood) increased 5% to $21.69 per ton
versus $20.72 per ton in the prior year period. Operating income of
$12.4 million increased $1.9 million versus the prior year period
due to higher volumes ($1.2 million), improved pricing ($0.8
million), and higher non-timber income ($1.5 million), which were
partially offset by higher depletion rates ($1.1 million).
First quarter Adjusted EBITDA3 of $26.7 million was $4.2 million
above the prior year period.
Pacific Northwest Timber
First quarter sales of $19.2 million decreased $13.8 million
versus the prior year period due to a planned reduction of harvest
volumes and, to a lesser extent, lower sawtimber prices. Harvest
volumes declined 40% to 325,000 tons versus 544,000 tons in the
prior year period. Average delivered sawtimber prices decreased 12%
to $72.03 per ton versus $81.90 per ton in the prior year period,
while delivered pulpwood prices increased 14% to $43.19 per ton
versus $37.92 per ton in the prior year period. Weaker demand from
China, which reduced the export mix to 19% from 27% in the prior
year period, contributed to sawtimber price declines in the region.
Operating income of $2.6 million decreased $10.0 million versus the
prior year period due to lower volumes ($7.3 million), lower prices
($2.8 million), and higher costs ($0.4 million), which were
partially offset by higher non-timber income ($0.5 million) as a
result of strong cedar salvage sales.
First quarter Adjusted EBITDA3 of $6.4 million was $12.5 million
below the prior year period.
New Zealand Timber
First quarter sales of $41.2 million increased $3.4 million
versus the prior year period due to higher export and domestic
volumes and higher land sales, which were partially offset by lower
domestic and export product prices. Harvest volumes increased 17%
to 538,000 tons versus 459,000 tons in the prior year period.
Average delivered prices for export sawtimber declined 15% to
$102.60 per ton versus $120.62 per ton in the prior year period,
while average delivered prices for domestic sawtimber declined 3%
to $77.85 per ton versus $80.04 per ton in the prior year period.
The decline in domestic sawtimber prices (in U.S. dollar terms) was
driven primarily by the fall in the NZ$/US$ exchange rate, while
the decline in export sawtimber prices was primarily due to the
aforementioned weaker demand from China. Operating income of $5.7
million increased $3.3 million versus the prior year period,
primarily due to higher volumes ($1.9 million), lower depletion
rates ($1.4 million), and higher land sales ($0.7 million), which
were partially offset by the decrease in prices ($1.3 million).
First quarter Adjusted EBITDA3 of $13.7 million was $2.7 million
above the prior year period.
Real Estate
First quarter sales of $23.8 million increased $18.3 million
versus the prior year period, and operating income of $12.6 million
increased $11.9 million versus the prior year period. Sales and
operating income increased in the first quarter due to higher
volumes (7,397 acres sold versus 2,122 acres in the prior year
period) and higher weighted average prices ($3,216 per acre versus
$2,606 per acre in the prior year period).
Unimproved Development sales of $4.8 million increased $4.7
million versus the prior year period and included 217 acres in St.
Johns County, Florida for $17,000 per acre and 160 acres in Liberty
County, Texas for $3,800 per acre. The prior year period included
27 acres in Bryan County, Georgia for $5,259 per acre.
Rural sales of $6.8 million increased $1.7 million versus the
prior year period due to increased volume in the Gulf states, which
was partially offset by a 20% decrease in average prices, as the
prior year period included a 28-acre sale in Washington for $25,850
per acre.
Non-strategic/Timberland sales of $12.2 million increased $11.9
million versus the prior year period and included 4,018 acres of
conservation land in Washington at an average price of $2,982 per
acre.
First quarter Adjusted EBITDA3 of $20.1 million was $17.5
million above the prior year period.
Trading
First quarter sales of $20.6 million decreased $15.1 million
versus the prior year period due to lower volumes and prices as a
result of weaker demand in China and Korea. Sales volumes decreased
23% to 214,000 tons versus 277,000 tons in the prior year period.
Average prices decreased 26% to $93.42 per ton versus $125.58 per
ton in the prior year period. Operating income of $0.3 million
increased $0.7 million versus the prior year period, as the
reductions in price and volume were more than offset by lower costs
and favorable NZ$/US$ exchange gains ($1.1 million).
Other Items
Corporate and other operating expenses of $5.9 million decreased
$5.5 million versus the prior year period primarily due to lower
selling, general and administrative expenses as a result of the
spin-off of the Performance Fibers business.
Interest expense of $8.5 million decreased $2.2 million versus
the prior year period primarily due to lower outstanding debt.
Other non-operating expenses of $1.5 million were comparable to
the prior year period.
The first quarter income tax benefit from continuing operations
was $0.5 million versus an income tax benefit of $7.6 million in
the prior year period. The current quarter tax benefit is
principally related to the New Zealand joint venture. The prior
year period benefit was due to losses at Rayonier’s taxable
operations, which included corporate interest and general and
administrative expenses that could not be allocated to the
discontinued operations of the Performance Fibers business.
Outlook
“With these solid first quarter results, we are on track to
achieve our full-year Adjusted EBITDA3 guidance,” added Nunes. “We
expect total harvest volumes for the full year to be between 9.0
million and 9.5 million tons. In our Southern Timber segment, we
anticipate continued strong pulpwood demand and prices in our key
market areas. Further, we expect that the ongoing gradual recovery
in U.S. housing demand will continue to drive steady increases in
Southern sawtimber prices. In our Pacific Northwest segment,
continued weakness in the China export market has moderated our
near-term price expectations, although we anticipate some
improvement later in the year. New Zealand has similarly been
impacted by weaker demand from China, but has benefited from
material improvements in shipping costs due to lower energy prices
and relatively stable domestic demand. In our Real Estate segment,
we are on track to meet our full-year expectations following a
strong first quarter, although we anticipate that
quarter-to-quarter results will vary based on the timing of closing
larger transactions.”
“While reiterating our annual guidance, we anticipate much
weaker second quarter results primarily due to lower sales volumes
in the Pacific Northwest Timber segment and the Real Estate
segment. We anticipate improved results in the second half of the
year both from our Timber segments and our Real Estate segment, as
volumes return to more normalized levels and export market demand
gradually improves.”
Conference Call
A conference call will be held on Thursday, May 7, 2015 at
10:00 AM EDT to discuss these results. Supplemental materials and
access to the live webcast will be available at www.rayonier.com.
Investors may also choose to access the conference call by dialing
(800) 369-1184, password: Rayonier. A replay of this webcast will
be available on the Company's website shortly after the call. A
replay of the teleconference will be available one hour after the
call ends until Thursday, May 14, 2015. The replay number is (866)
448-7651, passcode: 5631. Complimentary copies of Rayonier press
releases and other financial documents are also available by
calling 1-800-RYN-7611.
1Discontinued operations include Performance Fibers in the three
months ended March 31, 2014.
2Pro forma net income is a non-GAAP measure defined and
reconciled to GAAP in the attached exhibits.
3Adjusted EBITDA is a non-GAAP measure defined and reconciled to
GAAP in the attached exhibits.
4CAD is a non-GAAP measure defined and reconciled to GAAP in the
attached exhibits.
About Rayonier
Rayonier is a leading timberland real estate investment trust
with assets located in some of the most productive timber growing
regions in the U.S. and New Zealand. As of March 31, 2015,
Rayonier owned, leased or managed approximately 2.7 million acres
of timberlands located in the U.S. South (1.9 million acres), U.S.
Pacific Northwest (368,000 acres) and New Zealand (445,000 acres).
More information is available at www.rayonier.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated
financial outcomes including Rayonier’s earnings guidance, if any,
business and market conditions, outlook, expected dividend rate,
expected harvest schedules, timberland acquisitions, sales of
non-strategic timberlands, the anticipated benefits of Rayonier’s
realigned business strategy, and other similar statements relating
to Rayonier’s future events, developments or financial or
operational performance or results, are “forward-looking
statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are identified by
the use of words such as “may,” “will,” “should,” “expect,”
“estimate,” “believe,” “intend,” “project,” “anticipate” and other
similar language. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
While management believes that these forward-looking statements are
reasonable when made, forward-looking statements are not guarantees
of future performance or events and undue reliance should not be
placed on these statements.
The following important factors, among others, could cause
actual results or events to differ materially from those expressed
in forward-looking statements that may have been made in this
document: the cyclical and competitive nature of the industries in
which we operate; fluctuations in demand for, or supply of, our
forest products and real estate offerings; entry of new competitors
into our markets; changes in global economic conditions and world
events, including political changes in particular regions or
countries; fluctuations in demand for our products in Asia, and
especially China; various lawsuits relating to matters arising out
of our previously announced internal review and the restatement of
our consolidated financial statements; the uncertainties of
potential impacts of climate-related initiatives; the cost and
availability of third party logging and trucking services; the
geographic concentration of a significant portion of our
timberland; our ability to identify, finance and complete
timberland acquisitions; changes in environmental laws and
regulations, timber harvesting, delineation of wetlands, and
endangered species, that may restrict or adversely impact our
ability to conduct our business, or increase the cost of doing so;
adverse weather conditions, natural disasters and other
catastrophic events such as hurricanes, wind storms and wildfires,
which can adversely affect our timberlands and the production,
distribution and availability of our products; interest rate and
currency movements; our capacity to incur additional debt, and any
decision we may make to do so; changes in tariffs, taxes or
treaties relating to the import and export of our products or those
of our competitors; changes in key management and personnel; our
ability to meet all necessary legal requirements to continue to
qualify as a real estate investment trust (“REIT”) and changes in
tax laws that could adversely affect tax treatment of our specific
businesses or reduce the benefits associated with REIT status.
Specifically with respect to our Real Estate business, the
following important factors, among others, could cause actual
results to differ materially from those expressed in
forward-looking statements that may have been made in this
document: the cyclical nature of the real estate business
generally, including fluctuations in demand for both entitled and
unentitled property; a delayed or weak recovery in the housing
market; the lengthy, uncertain and costly process associated with
the ownership, entitlement and development of real estate,
especially in Florida, which also may be affected by changes in
law, policy and political factors beyond our control; the potential
for legal challenges to entitlements and permits in connection with
our properties; unexpected delays in the entry into or closing of
real estate transactions; the existence of competing developers and
communities in the markets in which we own property; the pace of
development and the rate and timing of absorption of existing
entitled property in the markets in which we own property; changes
in the demographics affecting projected population growth and
migration to the Southeastern U.S.; changes in environmental laws
and regulations, including laws regarding water withdrawal and
management and delineation of wetlands, that may restrict or
adversely impact our ability to sell or develop properties; the
cost of the development of property generally, including the cost
of property taxes, labor and construction materials; the timing of
construction and availability of public infrastructure; and the
availability of financing for real estate development and mortgage
loans.
For additional factors that could impact future results, please
see Item 1A — Risk Factors in the company’s most recent Annual
Report on Form 10-K and similar discussions included in other
reports that we subsequently file with the Securities and Exchange
Commission (the “SEC”).
Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update its forward-
looking statements except as required by law. You are advised,
however, to review any further disclosures we make on related
subjects in our subsequent reports filed with the SEC.
RAYONIER INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED
INCOME
March 31, 2015 (unaudited)
(millions of dollars, except per share
information)
Three Months Ended March 31, December 31,
March 31, 2015 2014 2014
SALES $140.3 $147.4
$143.2 Costs and Expenses Cost of sales 107.2 126.8 115.9
Selling and general expenses 10.9 12.0 13.2 Other operating income,
net (5.5 ) (5.6 ) (0.3 )
OPERATING INCOME 27.7 14.2 14.4
Interest expense (8.5 ) (8.4 ) (10.7 ) Interest income and
miscellaneous expense, net (1.5 ) (2.1 ) (1.0 )
INCOME FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES 17.7 3.7 2.7 Income
tax benefit 0.5 4.3 7.6
INCOME FROM
CONTINUING OPERATIONS 18.2 8.0 10.3 Income from discontinued
operations, net — 0.3 31.0
NET INCOME
18.2 8.3 41.3 Less: Net income (loss) attributable to
noncontrolling interest 0.5 (0.6 ) (0.1 )
NET INCOME
ATTRIBUTABLE TO RAYONIER INC. $17.7 $8.9 $41.4
EARNINGS PER COMMON SHARE BASIC EARNINGS PER SHARE
ATTRIBUTABLE TO RAYONIER INC. Continuing Operations $0.14 $0.07
$0.08 Discontinued Operations — — 0.25 Net
Income $0.14 $0.07 $0.33
DILUTED EARNINGS
PER SHARE ATTRIBUTABLE TO RAYONIER INC. Continuing Operations
$0.14 $0.07 $0.08 Discontinued Operations — — 0.24
Net Income $0.14 $0.07 $0.32 Pro
forma Net Income (a) $0.14 $0.09 $0.08
Weighted Average Common Shares used for determining
Basic EPS 126,614,334 126,549,192 126,344,987
Diluted EPS 127,727,393 128,302,545 128,424,493
(a) Pro forma Net Income per share is a non-GAAP
measure. See Schedule E for definition and a reconciliation to the
nearest GAAP measure.
A
RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
March 31, 2015 (unaudited)
(millions of dollars)
March 31, December 31, 2015 2014
Assets Cash
and cash equivalents $139.0 $161.6 Other current assets 51.1 52.1
Timber and timberlands, net of depletion and amortization 2,073.0
2,088.5 Higher and better use timberlands and real estate
development costs 72.0 77.4 Property, plant and equipment 15.0 14.9
Less - accumulated depreciation (8.4 ) (8.2 ) Net property, plant
and equipment 6.6 6.7 Other assets 70.8 66.8 $2,412.5
$2,453.1
Liabilities and Shareholders’ Equity
Current maturities of long-term debt $130.2 $129.7 Other current
liabilities 66.6 72.3 Long-term debt 612.8 621.8 Other non-current
liabilities 54.7 54.1 Total Rayonier Inc. shareholders’ equity
1,465.3 1,488.5 Noncontrolling interest 82.9 86.7
Total shareholders’ equity 1,548.2 1,575.2 $2,412.5
$2,453.1
B
RAYONIER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
March 31, 2015 (unaudited)
(millions of dollars)
Three Months Ended March 31, 2015 2014
Cash
provided by operating activities: Net income $18.2 $41.3
Depreciation, depletion and amortization 30.0 26.0 Non-cash cost of
land sold and real estate development costs recovered upon sale 3.7
3.1 Depreciation, depletion and amortization from discontinued
operations — 20.6 Other items to reconcile net income to cash
provided by operating activities 1.7 10.2 Changes in working
capital and other assets and liabilities (0.2 ) (1.1 ) 53.4
100.1
Cash used for investing activities: Capital
expenditures (13.3 ) (34.6 ) Real estate development costs (0.3 )
(1.8 ) Purchase of timberlands (23.1 ) (10.6 ) Change in restricted
cash (7.0 ) 45.3 Other — (0.9 ) (43.7 ) (2.6 )
Cash used
for financing activities: Increase in debt, net of issuance
costs 0.7 (78.2 ) Dividends paid (31.7 ) (62.5 ) Proceeds from the
issuance of common shares 0.5 2.0 Repurchase of common shares (0.1
) (1.7 ) Other — (0.7 ) (30.6 ) (141.1 )
Effect of
exchange rate changes on cash (1.7 ) 0.1
Cash and
cash equivalents: Change in cash and cash equivalents (22.6 )
(43.5 ) Balance, beginning of year 161.6 199.6
Balance, end of period $139.0 $156.1
C
RAYONIER INC. AND SUBSIDIARIES
BUSINESS SEGMENT SALES AND OPERATING
INCOME
March 31, 2015 (unaudited)
(millions of dollars)
Three Months Ended March 31, December 31,
March 31, 2015 2014 2014
Sales Southern Timber $35.5 $38.9
$33.9 Pacific Northwest Timber 19.2 22.1 33.0 New Zealand Timber
41.2 51.7 37.8 Real Estate 23.8 11.0 5.5 Trading 20.6 23.7 35.7
Intersegment Eliminations — — (2.7 )
Total sales
$140.3 $147.4 $143.2
Pro forma
operating income/(loss) (a) Southern Timber $12.4 $13.5 $10.5
Pacific Northwest Timber 2.6 3.7 12.6 New Zealand Timber 5.7 2.9
2.4 Real Estate 12.6 2.6 0.7 Trading 0.3 (0.3 ) (0.4 ) Corporate
and other (5.9 ) (5.8 ) (11.4 )
Pro forma operating income
$27.7 $16.6 $14.4
Adjusted EBITDA
(a) Southern Timber $26.7 $28.3 $22.5 Pacific Northwest Timber
6.4 7.5 18.9 New Zealand Timber 13.7 13.8 11.0 Real Estate 20.1 7.2
2.6 Trading 0.3 (0.3 ) (0.4 ) Corporate and other (5.8 ) (5.6 )
(11.1 )
Adjusted EBITDA $61.4 $50.9 $43.5
(a) Pro forma operating income and Adjusted EBITDA
are non-GAAP measures. See Schedule E for definitions and
reconciliations.
D
RAYONIER INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP
MEASURES
March 31, 2015 (unaudited)
(millions of dollars except per share
information)
CASH AVAILABLE FOR DISTRIBUTION (a): Three Months
Ended March 31, March 31, 2015 2014 Operating Income $27.7 $14.4
Depreciation, depletion and amortization 30.0 26.0 Non-cash cost of
land sold and real estate development costs recovered upon sale 3.7
3.1
Adjusted EBITDA $61.4 $43.5 Cash interest
paid (b) (c) (5.0 ) (6.9 ) Cash taxes paid (b) (0.1 ) (7.1 ) Real
estate development costs (0.3 ) (1.8 ) Capital expenditures from
continuing operations (d) (13.3 ) (16.9 )
Cash Available for
Distribution $42.7 $10.8 Working capital and other balance
sheet changes (2.9 ) 14.6 Real estate development costs 0.3 1.8
Capital expenditures from continuing operations (d) 13.3 16.9 Cash
flow from discontinued operations — 56.0
Cash
Provided by Operating Activities $53.4 $100.1
(a) Cash Available for Distribution (CAD) is defined as cash
provided by operating activities adjusted for capital spending
(excluding strategic acquisitions), real estate development costs,
cash provided by discontinued operations and working capital and
other balance sheet changes. 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 strategic acquisitions. CAD is not necessarily
indicative of the CAD that may be generated in future periods. (b)
The three months ended March 31, 2014 includes payments related to
the spun-off Performance Fibers business. (c) Cash interest paid is
presented net of patronage refunds received of $1.3 million for the
three months ended March 31, 2015 and $2.1 million for the three
months ended March 31, 2014.
(d) Capital expenditures exclude
timberland acquisitions of $23.1 million and $10.6 million
during the three months ended March 31,
2015 and March 31, 2014, respectively.
PRO FORMA OPERATING INCOME AND NET INCOME (a):
Three Months Ended March 31,
2015 December 31, 2014 March 31, 2014 $
PerDilutedShare
$
PerDilutedShare
$
PerDilutedShare
Operating income $27.7 $14.2 $14.4 Internal review and
restatement costs — 2.4 —
Pro forma operating
income $27.7 $16.6 $14.4
Net income
attributable to Rayonier Inc. $17.7 $0.14 $8.9 $0.07 $41.4
$0.32
Internal review and restatement costs
— — 2.4 0.02 — —
Discontinued operations, net
— — (0.3 ) — (31.0 ) (0.24 )
Pro forma net income $17.7
$0.14 $11.0 $0.09 $10.4 $0.08 (a) Pro
forma operating income is defined as operating income adjusted for
internal review and restatement costs. Pro forma net income is
defined as net income attributable to Rayonier Inc. adjusted for
internal review and restatement costs and discontinued operations.
E
ADJUSTED EBITDA (a): Three
Months Ended
SouthernTimber
PacificNorthwestTimber
NewZealandTimber
RealEstate
Trading
Corporateandother
Total March 31, 2015 Operating income $12.4 $2.6 $5.7
$12.6 $0.3 $(5.9 ) $27.7 Depreciation, depletion and amortization
14.3 3.8 8.0 3.8 — 0.1 30.0 Non-cash cost of land sold and real
estate development costs recovered upon sale — — — 3.7 — —
3.7 Adjusted EBITDA $26.7 $6.4 $13.7 $20.1 $0.3 $(5.8
) $61.4
December 31, 2014 Operating income $13.5 $3.7
$2.9 $2.6 $(0.3 ) $(8.2 ) $14.2 Depreciation, depletion and
amortization 14.8 3.8 8.7 2.2 — 0.2 29.7 Non-cash cost of land sold
and real estate development costs recovered upon sale — — 2.2 2.4 —
— 4.6 Internal review and restatement costs — — — — — 2.4
2.4 Adjusted EBITDA $28.3 $7.5 $13.8 $7.2 $(0.3 ) $(5.6 )
$50.9
March 31, 2014 Operating income $10.5 $12.6
$2.4 $0.7 $(0.4 ) $(11.4 ) $14.4 Depreciation, depletion and
amortization 12.0 6.3 6.5 0.9 — 0.3 26.0 Non-cash cost of land sold
and real estate development costs recovered upon sale — — 2.1 1.0 —
— 3.1 Adjusted EBITDA $22.5 $18.9 $11.0 $2.6 $(0.4 )
$(11.1 ) $43.5
Three Months Ended March 31,
2015 December 31, 2014 March 31, 2014 Net income
(loss) $18.2 $8.3 $41.3 Interest, net, continuing operations 10.0
10.5 11.7 Income tax benefit, continuing operations (0.5 ) (4.3 )
(7.6 ) Depreciation, depletion and amortization 30.0 29.7 26.0
Non-cash cost of land sold and real estate development costs
recovered upon sale 3.7 4.6 3.1 Discontinued operations (b) — (0.3
) (31.0 )
Internal review and restatement costs
— 2.4 — Adjusted EBITDA $61.4 $50.9
$43.5 (a) Adjusted EBITDA is defined as
earnings before interest, taxes, depreciation, depletion,
amortization, the non-cash cost of land sold and real estate
development costs recovered upon sale, discontinued operations and
internal review and restatement costs in 2014. Adjusted EBITDA is a
non- GAAP measure used by our Chief Operating Decision Maker,
existing shareholders and potential shareholders to measure how the
Company is performing relative to the assets under management.
(b) Includes net income from discontinued
operations.
E
Rayonier Inc.Investors: Mark McHugh, 904-357-3757Media: Mike
Bell, 904-321-5537
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