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Potlatch Reports Second Quarter 2013 Results

Stocks in this article: PCH

SPOKANE, Wash., July 24, 2013 (GLOBE NEWSWIRE) -- Potlatch Corporation (Nasdaq:PCH) today reported financial results for the second quarter ended June 30, 2013.

"All of our business segments had very strong operating results in the second quarter despite the weakness in lumber prices and the typical impact of seasonality on our log harvesting activities," said Michael Covey, chairman and chief executive officer of Potlatch Corporation. "Our Wood Products segment had its best quarter in almost a decade. Lumber prices increased significantly in the first quarter and peaked in April, which benefited us greatly as we had a large number of shipments during this period. These strong pricing gains were somewhat tempered as prices softened in May and June. However, our lumber shipments remained fairly steady during the period so we were able to achieve an excellent level of operating results. Normal seasonal factors, primarily in Idaho, impacted our Resource segment's second quarter results. However, sustained improved log prices in Idaho partially offset our lower harvest level. Our Real Estate segment completed 65 sales transactions during the second quarter, which is the highest number of quarterly transactions that we have ever experienced," concluded Mr. Covey.

Q2 2013 Financial Summary

  • Total consolidated revenues for Q2 2013 were $133.2 million, compared to $139.3 million in Q1 2013 and $117.5 million in Q2 2012.
  • Net income for Q2 2013 was $19.2 million, or $0.47 per diluted share, compared to $15.5 million, or $0.38 per diluted share, in Q1 2013 and $5.1 million, or $0.13 per diluted share, in Q2 2012. An additional $1.75 million was accrued for environmental remediation at the Company's Avery Landing site in Idaho in Q2 2013, which had a negative after-tax impact of $0.03 per diluted share.
  • EBITDDA was $34.7 million in Q2 2013 compared to $33.4 million in Q1 2013 and $22.6 million in Q2 2012.

Q2 2013 Business Performance

Resource

Resource revenues were $45.3 million in Q2 2013 compared to $55.0 million in Q1 2013 and $33.9 million in Q2 2012. Operating income for the Resource segment in Q2 2013 was $14.5 million, compared to $15.5 million in Q1 2013 and $6.7 million in Q2 2012. The second quarter is typically the seasonally weakest production quarter, particularly in Idaho, which accounted for the majority of the sequential variances. Slightly increased harvest volumes in both the Northern and Southern regions, combined with higher prices in Idaho, accounted for the majority of the year-over-year variances.

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