Apr 23, 2012. /Lesprom Network/. Potlatch Corporation reported financial results for the 1Q ended March 31, 2012. Total consolidated revenues for 1Q 2012 were $112.4 million, compared to $122.2 million in 1Q 2011 and $109.9 million in 4Q 2011, as the company said in a press release received by Lesprom Network. Net income for the quarter was $5.1 million, or $0.13 per diluted share, compared to $7.7 million, or $0.19 per diluted share for 1Q 2011 and a loss of $1.5 million, or negative $0.04 per diluted share in 4Q 2011. EBITDDA was $18.3 million for 1Q 2012 compared to $27.8 million for 1Q 2011 and $7.8 million in 4Q 2011. "Our Resource segment performed as expected in the 1Q, with harvest levels coming in as planned and log prices relatively flat to slightly down compared to the fourth quarter of last year," said Michael Covey, chairman, president and CEO of Potlatch Corporation. "Although sawlog prices fell modestly in 1Q this year from 4Q last year, they appear to have bottomed and we expect improvement in both our Northern and Southern regions moving into 2Q and 3Q. Our Wood Products segment results solidly exceeded our expectations, as the 1Q 2012 experienced a nice benefit from higher lumber and plywood prices that boosted results. Demand for our manufactured wood products was strong during the quarter, which allowed us to increase production and shipments. In our Real Estate segment, a large sale of HBU land in the first quarter and continued strong demand for rural real estate properties resulted in another solid quarter," concluded Mr. Covey. Wood Products segment's revenues were $73.9 million in 1Q 2012 compared to $68.5 million in 1Q 2011 and $67.2 million in 4Q 2011. Operating income for the segment totaled $5.0 million in 1Q 2012 compared to $2.9 million in 1Q 2011 and an operating loss of $1.3 million in 4Q 2011. Demand for manufactured wood products remained strong, allowing the company's mills to run at higher production levels during 1Q 2012. Log costs increased in 1Q 2012 due primarily to the increased production combined with slightly higher log prices. "1Q results exceeded our expectations and we are off to a good start in 2012. Most experts believe the domestic housing market has bottomed and is beginning to turn upward, and in spite of slowing demand for log exports to China, many expect this export slowdown to only be temporary. Furthermore, domestic repair and remodel activities are expected to increase, which will act as a counterbalance to continued relatively low levels of housing starts. At this time, we continue to expect our 2012 harvest to be approximately 3.5 million tons as we patiently wait for a better demand and pricing environment to increase our harvest levels. In our Wood Products business, we expect lumber and plywood prices to remain firm as we move through the year, and as a result expect continued strong performance from our Wood Products segment. We expect another good year for our Real Estate business as demand and interest in non-strategic timberlands and rural recreational real estate continues to be stable. Our balance sheet remains strong with $59 million in cash and short-term investments, and after a $5.2 million maturity on April 1, 2012, we have no debt maturities until the second half of next year," concluded Mr. Covey. Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.44 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.