Feb 04, 2008. /Lesprom Network/. Potlatch Corporation today reported financial results for the 4Q and full year ended December 31, 2007. Earnings from continuing operations after taxes for the quarter were $11.2 million, or $0.28 per diluted common share, compared to $47.4 million, or $1.22 per diluted common share for the 4Q 2006. “During the 4Q, we made the decision to reduce the pace of timber harvesting from the accelerated harvest levels we experienced during the first three quarters of the year when markets and operating conditions were good. We have seen minor fluctuations in log prices, with sawlogs trending modestly lower due to the housing market and pulpwood up due to the strength in the pulp and paper markets,” said Michael J. Covey, chairman, president and CEO. “Our Pulp and Paperboard segment continued to generate very strong results in the 4Q. Paperboard pricing in the high-end folding carton segment continued to be strong due in part to very high industry-wide capacity utilization and the weak U.S. dollar. We had outstanding operating performance during the quarter at both paperboard mills, ending the year with record production and shipments. “Our Wood Products segment had a disappointing fourth quarter primarily as a result of poor lumber pricing and market related downtime taken at our two southern yellow pine mills. “To sum it up, it was a very good year for Potlatch Corporation. In 2007 we raised the dividend 4.1%, and completed two strategic acquisitions that increased our timberland base by 18% to a total ownership of 1.7 million acres,” concluded Michael J. Covey. Potlatch owns 1.7 million acres of forestland in Arkansas, Idaho, Minnesota and Wisconsin, and operates 13 manufacturing facilities that produce lumber and panel products and bleached pulp products, including paperboard and tissue.