Jan 25, 2012. /Lesprom Network/. Rayonier reported 4Q net income of $56 million compared to $59 million in the prior year period. Full year 2011 net income totaled $276 million compared to $218 million, as the company said in a press release received by Lesprom Network. “We delivered outstanding results in 2011, with a total shareholder return of 32%,” said Paul G. Boynton, President and CEO. “We focused on execution in each of our businesses, which resulted in a 42% increase in pro forma EPS to $2.11 and generated strong cash flows to support an 11% dividend increase to an annualized $1.60 per share. “We also made significant progress on key strategic initiatives. We acquired 320,000 acres of productive timberlands, increasing our holdings to more than 2.7 million acres. In Performance Fibers, we are well underway with the 190,000 ton cellulose specialties capacity expansion at our Jesup mill,” added Boynton. Forest Resources segment's 4Q sales of $52 million were $19 million above the prior year period, while operating income of $14 million increased $7 million, reflecting strong export demand in the Northwest and slightly improved pulpwood markets in the Atlantic region. Full year sales of $215 million increased $38 million from 2010, and operating income of $47 million was $14 million above prior year, primarily resulting from higher log prices in the Northwest U.S. and New Zealand due to strong Asian markets. “We expect strong performance in 2012,” added Boynton. “In Forest Resources we will continue integrating our newly acquired Southeastern timberlands and plan to increase harvest volumes in the Northwest to continue taking advantage of Asian export markets. We anticipate another record year in Performance Fibers, with average price increases of 12% to 13% for our high purity cellulose specialties products offsetting expected weakness in absorbent materials pricing and higher input costs. Overall, we expect operating income to increase about 10%over 2011. However, we anticipate EPS and CAD to be comparable to 2011 due to an increase in the effective tax rate, which is anticipated to range from 24% to 26% in 2012, as we do not expect the same level of non-routine tax benefits. “We will continue to invest in the capacity and competitiveness of our Performance Fibers mills, and are on pace for the completion of our cellulose specialties expansion in 2013. With commitments for 85% of the new volume already in hand, we are close to being fully committed,” Boynton concluded. Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The company owns, leases or manages 2.7 million acres of timber and land in the United States and New Zealand.