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Potlatch Reports Fourth Quarter And Full Year 2012 Results

Northern Region

  • Total fee harvest volume in Q4 2012 decreased 9 percent from Q4 2011 due to the harvest deferral in 2012 combined with reduced demand for pulpwood. Total fee harvest volume in Q4 2012 decreased 42 percent from Q3 2012 due to normal seasonality.  
  • Sawlog volume increased 3 percent in Q4 2012 over Q4 2011 as a result of increased production of chip-n-saw logs due to favorable prices. Sawlog prices increased 6 percent year-over-year due to strengthening markets partially offset by a shift in product mix away from cedar.  
  • Sawlog harvest volume and prices decreased 36 percent and 4 percent, respectively, in Q4 2012 from Q3 2012 due to seasonal factors.  
  • Pulpwood volume decreased 67 percent in Q4 2012 from Q4 2011 as a result of an oversupply of residuals and chips in the market that led to prices 13 percent lower than the previous year.  
  • Pulpwood volume decreased 74 percent in Q4 2012 from Q3 2012 as a result of normal seasonal factors combined with a drop in production due to low prices. Pulpwood prices decreased 9 percent from the previous quarter due to the oversupply of residual and whole log chips in Idaho.

Southern Region
  • Total fee harvest volume decreased 24 percent in Q4 2012 from Q4 2011 as a result of the harvest deferral in 2012, combined with decreased sales of hardwood pulpwood compared to Q4 2011 due to less favorable logging conditions and fewer pine plantation thinnings. Total fee harvest volume for the Southern region decreased 16 percent in Q4 2012 from Q3 2012 due to increased harvest activities in Q3 resulting from favorable weather and market conditions.   
  • Sawlog volume decreased 31 percent in Q4 2012 compared to Q4 2011 due to the harvest deferral, while prices increased 6 percent as a result of increased demand and a shift in product mix to higher priced hardwoods.  
  • Sawlog volume decreased 13 percent in Q4 2012 from Q3 2012 as a result of increased harvest activities in Q3. Sawlog prices fell 5 percent due to a shift in product mix away from higher priced hardwoods.  
  • Pulpwood volume decreased 18 percent in Q4 2012 from Q4 2011 as a result of the harvest deferral in 2012 combined with fewer pine plantation thinnings and less favorable logging conditions than in Q4 2011, while prices increased 8 percent due to stronger demand.  
  • Pulpwood volume decreased 18 percent in Q4 2012 from Q3 2012 due to less favorable logging conditions in Q4. Pulpwood prices were flat in Q4 2012 from Q3 2012 due to increased prices for hardwood pulpwood that were offset by a shift in product mix away from hardwood.

Wood Products

Wood Products revenues were $85.1 million in Q4 2012 compared to $67.2 million in Q4 2011 and $86.7 million in Q3 2012. Operating income for the segment totaled $13.5 million in Q4 2012 compared to an operating loss of $1.3 million in Q4 2011 and operating income of $15.2 million in Q3 2012. The year-over-year improvement resulted from improved product pricing as well as increased shipment volumes. The sequential decreases were related to fewer operating days in the quarter due to holidays.
  • Lumber prices and shipment volumes increased 23 percent and 5 percent, respectively, in Q4 2012 over Q4 2011 due to improved market conditions.  
  • Lumber prices increased 1 percent, while shipment volumes decreased 2 percent in Q4 2012 compared to Q3 2012, due to seasonality. 

Real Estate

Real Estate segment revenues totaled $19.1 million in Q4 2012 compared to $3.2 million in Q4 2011 and $2.4 million in Q3 2012. Operating income for the segment was $13.8 million in Q4 2012 compared to $2.1 million in Q4 2011 and $1.3 million in Q3 2012. In Q4 2012, a conservation sale of HBU property to Minnesota conservation advocates resulted in revenues of $11.0 million and a rural real estate/HBU sale in Idaho totaled $5.1 million. A total of 37 real estate transactions closed in Q4 2012, consistent with prior quarters.

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