Net income for 2Q 2013 was $19.2 million, or $0.47 per diluted share, compared to $15.5 million, or $0.38 per diluted share, in 1Q 2013 and $5.1 million, or $0.13 per diluted share, in 2Q 2012. An additional $1.75 million was accrued for environmental remediation at the Company's Avery Landing site in Idaho in 2Q 2013, which had a negative after-tax impact of $0.03 per diluted share.
EBITDDA was $34.7 million in 2Q 2013 compared to $33.4 million in 1Q 2013 and $22.6 million in 2Q 2012.
During the 2Q, Potlatch paid a regular quarterly cash distribution on the company's stock of $0.31 per share.
"All of our business segments had very strong operating results in the second quarter despite the weakness in lumber prices and the typical impact of seasonality on our log harvesting activities," said Michael Covey, chairman and CEO of Potlatch Corporation. "Our Wood Products segment had its best quarter in almost a decade. Lumber prices increased significantly in the first quarter and peaked in April, which benefited us greatly as we had a large number of shipments during this period. These strong pricing gains were somewhat tempered as prices softened in May and June. However, our lumber shipments remained fairly steady during the period so we were able to achieve an excellent level of operating results. Normal seasonal factors, primarily in Idaho, impacted our Resource segment's second quarter results. However, sustained improved log prices in Idaho partially offset our lower harvest level. Our Real Estate segment completed 65 sales transactions during the second quarter, which is the highest number of quarterly transactions that we have ever experienced," concluded Mr. Covey.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 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.