Rayonier Inc.

(NYSE:RYN)
  Sep 30, 2008 Jun 30, 2008
Cash Flow Statement
Cash At Beginning Of Period 181,100 181,081
Cash At End Of Period 55,000 21,008
Net Change In Cash And Cash Equivalents -126,100 -160,073
Effect Of Exchange Rate Changes -800 -64
Net Income Or Loss 107,700 77,967
Cash From Operating Activities
Depreciation Expenses 119,700 71,899
Amortization Expenses — —
Amortization Of Intangibles Expenses — —
Deferred Income Taxes — 6,943
Operating Gains Or Losses — 2,926
Extraordinary Gains Or Losses — —
Increase Or Decrease In Receivables — -17,955
Increase Or Decrease In Inventories — 8,126
Increase Or Decrease In Prepaid Expenses — —
Increase Or Decrease In Other Current Assets — —
Increase Or Decrease In Payables — -14,303
Increase Or Decrease In Other Current Liabilities — 10,009
Increase Or Decrease In Other Working Capital — 1,421
Other Non Cash Items -2,400 1,641
Net Cash From Continuing Operations 23,200 6,199
Net Cash From Discontinued Operations 248,200 154,873
Net Cash From Operating Activities — —
Cash From Investing Activities
Sale Of Property Plant And Equipment — —
Sale Of Long Term Investments — —
Sale Of Short Term Investments — —
Purchase Of Property Plant And Equipment -304,400 -289,305
Acquisitions — —
Purchase Of Long Term Investments — —
Purchase Of Short Term Investments — —
Other Investing Changes Net -3,800 5,081
Cash From Discontinued Investing Activities — —
Net Cash From Investing Activities -308,200 -284,224
Cash From Financing Activities
Issuance Of Debt 8,200 4,335
Issuance Of Capital Stock — -75,000
Repayment Of Debt -3,700 -3,738
Repurchase Of Capital Stock -117,600 -78,343
Payment Of Cash Dividends 3,400 2,088
Net Other Financing Charges 3,400 2,088
Cash From Discontinued Financing Activities — —
Net Cash From Financing Activities -65,300 -30,658