Apr 26, 2011. /Lesprom Network/. Potlatch Corporation reported financial results for the 1Q ended March 31, 2011. Total consolidated revenues increased 16% from $105.4 million in 1Q 2010 to $122.2 million in 1Q 2011. Net earnings for the quarter were $7.7 million, or $0.19 per diluted common share, compared to $1.2 million, or $0.03 per diluted common share for Q1 2010, as the company said in a press release received by Lesprom Network. “The year is off to a good start in each of our business segments,” said Michael Covey, Chairman, President and CEO of Potlatch Corporation. “Favorable logging conditions in Idaho allowed our Resource segment to roll forward some of our planned harvest for the year, in order to capture better than anticipated pricing. Our Wood Products segment benefitted from relatively strong lumber prices in January and February, though prices have recently softened. Our Real Estate segment had another solid quarter, completing the first of three phases of a non-strategic and rural real estate land sales transaction in Idaho along with a continued steady flow of other HBU and rural recreational land sales,” concluded Mr. Covey. “With housing starts expected to show only modest improvement during the year, business conditions for both our Resource and Wood Products segments are likely to continue to be somewhat challenging. However, U.S. log exports to China continue to grow and domestic repair and remodel activities are expected to increase, which will act as a counterbalance to continued lower housing starts. At this time, we still expect our 2011 harvest to be approximately 4.2 million tons. In our Wood Products business, we expect lumber prices to remain soft for the remainder of the year, but we expect the segment to remain cash flow positive each quarter. Regarding our Real Estate segment, we expect another good year as demand and interest in non-strategic timberlands and rural recreational real estate continues to be relatively stable. We have two additional phases of the Idaho land sale that will occur this year which will positively affect results for the segment. Our balance sheet remains strong with $80.8 million in cash and short-term investments, and we have no debt maturities for the rest of the year,” concluded Mr. Covey. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.5 million acres of timberland in Arkansas, Idaho and Minnesota.