Potlatch Corporation reported a net loss of $31.3 million, or $0.77 per diluted share, on revenues of $141.5 million for the 2Q, ended June 30, 2016.
Excluding the after-tax loss of $36.7 million on the previously announced sale of 172,000 acres in central Idaho, net income was $5.4 million, or $0.13 per diluted share, in the 2Q. Net income was $0.7 million, or $0.02 per diluted share, on revenues of $128.7 million in the 2Q 2015.
"Our solid 2Q results were driven by favorable hauling conditions in northern Idaho, a meaningful increase in lumber prices and the early completion of a conservation real estate transaction," said Mike Covey, chairman and CEO.
"Proceeds from the central Idaho timberlands sale that we announced in April were used to pay $42.6 million of debt and repurchase almost 170,000 common shares at an average price of $35 per share. We expect seasonally higher harvest volumes and sawlog prices along with increased lumber shipments and prices to drive strong third quarter results," stated Mr. Covey.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi. Potlatch, a certified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources. The company also conducts a land sales and development business and operates wood products manufacturing facilities through its taxable REIT subsidiary.
