2012 Full Year Financial Summary
Net income for the full year 2012 was $42.6 million, or $1.05 per diluted common share, compared to $40.3 million, or $1.00 per diluted common share for the full year 2011.
- Operating income for the Resource segment was $49.5 million in 2012 compared to $59.8 million in 2011. Harvest volumes totaled 3.6 million tons in 2012, down from 4.1 million tons harvested in 2011.
- The Wood Products segment had operating income of $45.5 million in 2012 compared to $7.3 million in 2011. Average lumber prices and total shipment volumes increased 15 percent and 8 percent, respectively, in 2012 over 2011.
- Operating income for the Real Estate segment totaled $28.1 million in 2012 compared to $31.4 million in 2011. In 2012, a total of 22,944 acres were sold compared to 36,458 in 2011.
- Corporate expenses, excluding net cash interest expense, totaled $39.0 million in 2012 compared to $31.4 million in 2011. The variance is primarily due to higher pension expense related to the company's legacy plans, increased compensation expenses and mark to market adjustments related to deferred compensation plans. Net cash interest expense totaled $23.6 million in 2012 compared to $25.0 million in 2011.
New Unsecured Credit Agreement
In December 2012, Potlatch closed a new five-year, unsecured $250 million credit facility, which may be increased by up to an additional $100 million of principal amount. This agreement replaces the existing secured credit agreement maturing in December 2013 and includes significantly improved terms. Concurrent with the signing of the new agreement, all of the mortgages on the company's timberlands and other liens and security interests securing the previous credit agreement and the company's 6.95% Debentures and Medium-Term Notes were released. The interest rate under the new credit agreement can range from 1.25 percent to 2.50 percent compared to 3.00 percent to 4.00 percent under the previous agreement.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV