Before we begin, I'd like to take this time to remind everyone that certain of our statements today will be forward looking, involving known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ from those expressed or implied. These risks and factors are routinely detailed in our filings with the Securities and Exchange Commission. Following today's prepared remarks, we'll open up the call for your questions.
Now I'll turn the call over to Rick.
Rick R. Holley
Good afternoon. Despite a challenging economic environment and a continued weak housing market, Plum Creek had another good year in 2011. We produced $374 million of cash flow from operations, more than enough to pay an attractive dividend, fully reinvest in our business and maintain our strong balance sheet.We ended the year with more than $0.5 billion available to us between our cash balance and undrawn line of credit, so we have ample liquidity, excellent financial flexibility as we enter 2012. While we're not anticipating a significant rebound in the economy or housing in 2012, we do expect our cash flow to grow this year by more than $50 million and provide ample coverage of our dividend and capital needs for the year. We expect cash flow from our Southern Resources segment to improve in 2012, while we expect cash flow from our other business segments to be generally stable. The company is in very good financial shape, and we are looking forward to continued growth in 2012 and beyond. Over the course of the past year, we continued to manage all of our assets with a goal of maximizing the long-term value of an investment in Plum Creek. In our timber businesses, maintaining a nimble stance, quickly responding to changes in market conditions. In the south where prices were weak, we kept our sawlog harvest low and continued to focus on conducting harvest in stands that allowed us to maximize pulpwood output in market where prices remain reasonably attractive.
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