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SPOKANE, Wash., April 23, 2013 (GLOBE NEWSWIRE) --
Potlatch Corporation (Nasdaq:PCH) today reported financial results for the first quarter ended March 31, 2013.
"We are off to a very strong start in 2013 as first quarter results exceeded our expectations," said Michael Covey, chairman and chief executive officer of Potlatch Corporation. "The strength in our Wood Products operations in 2012 carried over into 2013, as lumber prices continued to strengthen in the first quarter despite lower demand due to poor winter weather in much of the country. Last year we began to see the improvement in lumber prices begin to be reflected in higher log prices, and that trend continues today, particularly in the northern region of our Resource business. Because of the strength in sawlog prices in Idaho, we pulled forward a portion of our planned harvest from the second half of the year into the first quarter to take advantage of this pricing opportunity. In addition, the two land acquisitions we made in Arkansas in late 2012 increased our harvest levels slightly in our Southern region in the first quarter. Although sawlog prices in the South remained depressed in the first quarter, we are optimistic that pricing will improve. In our Real Estate segment, we are seeing increased demand for our rural and HBU real estate properties, which is leading to firmer pricing," concluded Mr. Covey.
Q1 2013 Financial Summary
Total consolidated revenues for Q1 2013 were $139.3 million, compared to $112.4 million in Q1 2012 and $143.3 million in Q4 2012.
Net income for the quarter was $15.5 million, or $0.38 per diluted share, compared to $5.1 million, or $0.13 per diluted share in Q1 2012, and $13.9 million, or $0.34 per diluted share in Q4 2012.
EBITDDA was $33.4 million for Q1 2013 compared to $18.3 million for Q1 2012 and $36.4 million in Q4 2012.
Q1 2013 Business PerformanceResource
Operating income for the Resource segment in Q1 2013 was $15.5 million, compared to $8.7 million in Q1 2012 and $10.5 million in Q4 2012. The primary reason for both variances was increased harvest volumes in both our Northern and Southern regions, combined with higher prices in Idaho.