Potlatch Swings to Profit

Revenue rises 20.5%.
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Potlatch

(PCH) - Get Report

, a real-estate investment trust, swung to a profit in the fourth quarter, aided by improved performance in its resource and consumer products segments.

The company earned $9.9 million, or 34 cents a share, in the quarter, compared with a loss of $10 million, or 34 cents a share, a year ago.

Results for the quarter include $4.2 million in non-recurring costs associated with its conversion to a "REIT". The company was converted into a REIT effective Jan. 1, 2006.

Fourth quarter 2004 results included a $25.2 million pretax charge for early repayment of debt. Analysts surveyed by Thomson First Call were expecting earnings of 28 cents a share.

Fourth-quarter revenue rose 20.5% from a year ago to $387.6 million. Analysts were expecting fourth quarter revenue of $368.2 million.

Among divisions, the resource segment registered an operating income of $28.3 million for the quarter, compared with $20.9 million last year, while the consumer products segment reported an operating income of $7.2 million, compared with an operating loss of $100,000 in the previous year.

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