Excluding this gain, pro forma net income (Pro forma net income is a non-GAAP measure which is defined and reconciled to GAAP in the attached exhibits) was $71 million, or 54 cents per share, compared to $66 million, or 52 cents per share, in the prior year period, excluding discontinued operations.
For the first six months, net income attributable to shareholders was $235 million, or $1.80 per share, compared to $123 million, or 96 cents per share, in the prior year period. Pro forma net income was $174 million, or $1.33 per share, compared to $119 million, or 93 cents per share, in 2012.
Cash provided by operating activities was $236 million for the first six months of 2013 compared to $209 million for the prior year period. Year-to-date cash available for distribution (CAD - is a non-GAAP measure defined and reconciled to GAAP in the attached exhibits) was $170 million versus $141 million in the first half of 2012.
“We are pleased with our continued strong performance in 2013. In Forest Resources, sales volumes and prices increased compared with the prior year due to somewhat improved sawlog demand, particularly in our Northwest and New Zealand holdings. In Performance Fibers, our key cellulose specialties markets remain strong. In addition, CAD has grown reflecting higher operating results across all segments,” said Paul Boynton, Chairman, President and CEO.
Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The company owns, leases or manages 2.7 million acres of timber and land in the United States and New Zealand.