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Potlatch Reports Third Quarter 2012 Results

SPOKANE, Wash., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Potlatch Corporation (Nasdaq:PCH) today reported financial results for the third quarter ended September 30, 2012.

"We are very pleased with our strong third quarter operating results, which exceeded our expectations. The stronger than anticipated demand for manufactured wood products that began in the first quarter has continued through the third quarter. Our Wood Products segment has now had two consecutive quarters of their highest quarterly operating income in over five years," said Michael Covey, chairman, president and chief executive officer of Potlatch Corporation. "The improved lumber markets are also having a positive effect on prices for our Resource segment, primarily in Idaho. The results from our Resource segment increased in the third quarter due to increased harvest levels related to seasonal factors, along with the improved prices. Our Real Estate segment continues to perform well, having closed 28 sales transactions during the third quarter and 124 on a year-to-date basis," concluded Mr. Covey.

Q3 2012 Financial Summary

  • Total consolidated revenues for the quarter were $151.9 million, compared to $152.9 million in Q3 2011 and $117.5 million in Q2 2012.
  • Net income for the quarter was $18.6 million, or $0.46 per diluted share, compared to $25.6 million, or $0.63 per diluted share in Q3 2011 and $5.1 million, or $0.13 per diluted share in Q2 2012.
  • EBITDDA was $37.0 million for Q3 2012, compared to $44.8 million in Q3 2011 and $22.6 million in Q2 2012.

Q3 2012 Business Performance

Resource

Operating income for the Resource segment in Q3 2012 was $23.6 million, compared to $25.6 million in Q3 2011 and $6.7 million in Q2 2012. The year-over-year variance was primarily due to the previously announced harvest deferral, mainly in the Southern region, while the sequential variance was due to seasonality. The third quarter is typically the seasonally strongest production quarter, while the second quarter is typically the weakest quarter.

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