Rayonier has reported fourth quarter 2009 net income of $98 million, or $1.21 per share. For the full year, net income totalled $313 million, or $3.91 per share.
These results include a special item for earnings related to the alternative fuel mixture credit ("AFMC”)of $64 million, or 79 cents per share, for the fourth quarter and $193 million, or $2.41 per share, for the full year. Excluding the AFMC, fourth quarter earnings were $33 million, or 42 cents per share, compared to $43 million, or 55 cents per share, in the prior year period. Earnings for full year 2009, excluding the AFMC, were $120 million, or $1.50 per share, compared to $149 million, or $1.87 per share, in 2008.
Cash provided by operating activities was $307 million for 2009 compared to $340 million in 2008. Cash available for distribution1 (CAD) was $230 million compared to $213 million in 2008. (See Schedule D for more details.)
"We performed well in 2009 despite the difficult economic conditions facing our timber and real estate operations. Strong earnings in Performance Fibres along with a solid balance sheet and conservative debt levels provided significant operating flexibility," commented Lee M. Thomas, chairman, president and chief executive officer.
"In Timber, we deferred harvesting higher-value saw timber until markets improve to preserve value for the future, while in Real Estate, we sold only those non-strategic properties where we could realize attractive returns. Overall, we generated strong cash flow in 2009, with cash available for distribution above 2008 levels, and well in excess of our $2.00 per share dividend."
