Jul 24, 2012. Potlatch Corporation reported financial results for the 2Q ended June 30, 2012. Total consolidated revenues for the 2Q were $117.5 million, compared to $112.4 million in 2Q 2011 and $112.4 million in 1Q 2012. Net income for the quarter was $5.1 million, or $0.13 per diluted share.

Wooden Panels

Potlatch reports 2Q net income of $5.1 million

Jul 24, 2012. /Lesprom Network/. Potlatch Corporation reported financial results for the 2Q ended June 30, 2012. Total consolidated revenues for the 2Q were $117.5 million, compared to $112.4 million in 2Q 2011 and $112.4 million in 1Q 2012, as the company said in the press release received by Lesprom Network. Net income for the quarter was $5.1 million, or $0.13 per diluted share, compared to $8.4 million, or $0.21 per diluted share for 2Q 2011 and $5.1 million, or $0.13 per diluted share in 1Q 2012. EBITDDA was $22.6 million for 2Q 2012 compared to $29.5 million in 2Q 2011 and $18.3 million in 1Q 2012. During the 2Q, Potlatch paid a quarterly cash distribution on the company's stock of $0.31 per share. "We are pleased with our 2Q results, particularly as our Wood Products segment greatly exceeded expectations during the quarter. Stronger than anticipated demand for manufactured wood products resulted in prices approximately 15% higher than the previous quarter. We had already increased our production and shipments in the first quarter to take advantage of greater demand, and we continued operating at this higher level in the second quarter. The combination of these factors resulted in our Wood Products segment having its highest quarterly operating income in over five years" said Michael Covey, Chairman, President and CEO of Potlatch Corporation. "The results from our Resource segment were slightly ahead of expectations, with harvest levels coming in as planned. 2Q is the seasonally weakest quarter for this segment due to the effects of spring weather in Idaho on logging operations. Our Real Estate segment continued to post solid results, closing 55 sales transactions during the quarter," concluded Mr. Covey. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.43 million acres of timberland in Arkansas, Idaho and Minnesota. Potlatch, a verified 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.