Jan 30, 2013. /Lesprom Network/. Potlatch Corporation reported financial results for the 4Q and full year ended December 31, 2012. Total consolidated revenues for the 4Q were $143.3 million, compared to $109.9 million in 4Q 2011 and $151.9 million in 3Q 2012, as the company said in a press release received by Lesprom Network. Net income for the 4Q was $13.9 million, or $0.34 per diluted common share, compared to a net loss of $1.5 million, or a loss of $0.04 per diluted common share, in 4Q 2011 and net income of $18.6 million, or $0.46 per diluted share, in 3Q 2012. EBITDDA was $36.4 million for 4Q 2012, compared to $7.8 million in 4Q 2011 and $37 million in 3Q 2012. "Operating results for 2012 greatly exceeded our expectations. Market conditions improved considerably as we moved through the year, resulting in significantly better results versus what we were predicting at this time last year," said Michael Covey, chairman, president and CEO of Potlatch Corporation. "Our Wood Products segment experienced a real turnaround in its markets, with strong demand for manufactured wood products resulting in sharply higher prices. In response, we increased production and shipments and were able to sustain this level throughout the year. Our Wood Products segment has now had three consecutive quarters of its highest quarterly operating income in over five years. This much improved outlook for our Wood Products segment is beginning to translate to an improved outlook for our Resource segment, our largest asset. We deferred a portion of our harvest volume during 2012 to patiently wait for improved market conditions, and this is proving to be the right decision as sawlog prices have generally been moving higher over the past several quarters. Our Real Estate segment had another solid year in 2012 as this was our best year ever for rural real estate and HBU sales," concluded Mr. Covey. Net income for the full year 2012 was $42.6 million, or $1.05 per diluted common share, compared to $40.3 million, or $1.00 per diluted common share for the full year 2011. Operating income for the Resource segment was $49.5 million in 2012 compared to $59.8 million in 2011. Harvest volumes totaled 3.6 million tons in 2012, down from 4.1 million tons harvested in 2011. The Wood Products segment had operating income of $45.5 million in 2012 compared to $7.3 million in 2011. Average lumber prices and total shipment volumes increased 15% and 8%, respectively, in 2012 over 2011. Operating income for the Real Estate segment totaled $28.1 million in 2012 compared to $31.4 million in 2011. In 2012, a total of 22,944 acres were sold compared to 36,458 in 2011. Corporate expenses, excluding net cash interest expense, totaled $39 million in 2012 compared to $31.4 million in 2011. The variance is primarily due to higher pension expense related to the company's legacy plans, increased compensation expenses and mark to market adjustments related to deferred compensation plans. Net cash interest expense totaled $23.6 million in 2012 compared to $25 million in 2011. During the 4Q, Potlatch paid a quarterly cash dividend distribution on the company's common stock of $0.31 per share, which reflects the current dividend level for the company. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.42 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.