Apr 28, 2010. /Lesprom Network/. Potlatch Corporation announced financial results for the 1Q ended March 31, 2010. "The year is off to a good start and we are seeing positive developments in both our Resource and Wood Products segments," said Michael Covey, Chairman, president and CEO of Potlatch Corporation. "Our Wood Products segment had quarterly operating income for the first time since the 3Q 2008, as lumber prices and sales volumes both increased more than 25% in the 1Q 2010 over the same period in 2009. In our Resource segment, the volume of sawlogs sold increased over the 1Q of last year. Furthermore, the price increases we are seeing in our Wood Products business have begun to roll over into log prices, so we expect continued improvement from our Resource business. Our Real Estate segment had another solid quarter, completing 31 land sales transactions that produced $3.4 million of revenues. In total, we generated $18.8 million of EBITDDA in the 1Q 2010, which is a 44% increase over the 4Q 2009," concluded Mr. Covey. Earnings from continuing operations for the quarter were $1.4 million compared to $28.8 million for 1Q 2009. 1Q 2010 earnings included a $3 million after-tax charge, related to the recently passed health care reform legislation. Net earnings for the quarter, including discontinued operations, were $1.2 million, compared to $24.8 million for 1Q 2009. Discontinued operations for both periods included expenses related to the spin-off of the Clearwater Paper operations and the closure of Prescott, Arkansas lumber mill. 1Q 2009 discontinued operations results also included a pre-tax charge of $5.75 million for a legal settlement related to the sale of our oriented strand board manufacturing facilities in 2004. Cash provided by operating activities from continuing operations was $11.9 million for 1Q 2010 compared to $41.6 million for 1Q 2009. Net revenues for the period was $105.42 million, lower than $129.59 million a year ago. Market consensus was for revenues of $105.48 million for the quarter. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6 million acres of timberland in Arkansas, Idaho, Minnesota and Wisconsin. 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.