Jan 29, 2013. /Lesprom Network/. Plum Creek Timber Company, Inc. announced 4Q earnings of $79 million, or $0.49 per diluted share, on revenues of $354 million. Earnings for the full year of 2012 were $203 million, or $1.25 per diluted share, on revenues of $1.34 billion, as the company said in a press release received by Lesprom Network. “We were able to post a 5% growth in full-year net income, ending 2012 on a strong note,” said Rick Holley, president and CEO. “We exceeded our initial expectations for the 4Q, benefitting from continued strong demand for well-managed timberlands. In 2012 we grew adjusted EBITDA to $530 million, or an increase of 19%, exceeding our goal for the year. “During the year, we continued to position ourselves to benefit from the emerging recovery in residential construction. We’ve worked closely with logging contractors over the past several years to ensure we are in preferred positions to serve the growing demand from our traditional customers as well as emerging bioenergy customers. “We maintained our capital discipline. We sold non-strategic timberlands when we could lock-in very attractive returns for those properties today. We also invested more than $195 million in timber and non-timber resources that will add to our earnings and cash flow for years to come. Financially we’re in great shape to take advantage of opportunities to grow the long-term value of Plum Creek. “We’re excited about the prospects for continued recovery and growth in 2013 and expect that the opportunities beyond are even more compelling. Over the past year, housing has moved from being a drag on the economy to being a bright spot. We are seeing improving demand for lumber and wood panels that is expected to translate into higher demand and pricing for logs in 2013.” The company reported $281 million in operating income for 2012, $6 million higher than 2011’s $275 million operating income. Profit improvement in the timber and manufacturing businesses were partially offset by lower income from the real estate segment. The company’s timber resource segments reported a combined $110 million of operating income for 2012, up $12 million from 2011’s level. Sawlog prices were largely unchanged from year to year while pulpwood prices increased approximately $1 per ton in both the Northern and Southern regions. The company’s harvest level of 17.9 million tons was 13% higher than the 2011 harvest of 15.8 million tons. In the North, the total harvest grew nearly 190,000 tons, or 5%. In the South, the total harvest grew approximately 1.9 million tons, a 17% increase in harvest volume compared to 2011. The company’s early 2012 timber deed acquisition contributed approximately 650,000 tons of the increase. Operating income from the company’s Manufacturing segment was $29 million, nearly double the $15 million reported in 2011. Product prices in each of the segment’s product lines increased between three and ten percent when compared to 2011 prices. Sales volumes for plywood and Medium Density Fiberboard (MDF) increased 16% and 24% respectively while lumber sales volumes were largely unchanged. Plum Creek is one of the largest landowners in the nation and the most geographically diverse, with approximately 6.4 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest.