Feb 03, 2009. /Lesprom.com/. Plum Creek Timber Company Inc. said its 4Q profit fell as income was hit by a decline in residential construction, and weak prices and demand for timber. 4Q earnings fell to $95 million, or 57 cents per share, from $118 million, or 68 cents per share a year earlier. Revenue at the company fell to $461 million from $504 million in 2007. For fiscal 2008, earnings fell to $233 million, or $1.37 per diluted share, from $282 million, or $1.61 per share in 2007. Revenue fell to $1.61 billion for the year from $1.68 billion a year earlier. Results for 2008 included the gain from the early retirement of debt, the severance costs, and the effect of a $6 million after-tax ($10 million pre-tax) impairment charge related to the company’s lumber manufacturing business recognized during the 2Q. The impairment charge reduced net income by $0.04 per diluted share. Results for the full year of 2007 included the income from the Wisconsin sale mentioned above. For the 1Q of the year, Plum Creek officials said they expect earnings of between 94 cents and 99 cents per share and for fiscal 2009, they expect earnings of between $1.38 and $1.63 per share. “We’re well positioned to weather the challenging economic times facing the country and expect to generate cash flow well beyond that required for our dividend,” said Rick Holley, President and CEO, in a statement. Plum Creek is the largest and most geographically diverse private landowner in the nation with more than 7 million acres of timberlands in major timber producing regions of the United States and 10 wood products manufacturing facilities in the Northwest.