Earnings for the first nine months of 2009 were $208 million, or $1.27 per diluted share, on revenues of $1.04 billion. Results for the first nine months of 2009 include approximately $13 million of after-tax ($21 million pre-tax) impairment, severance and pension settlement charges primarily associated with the downsizing of the company’s manufacturing operations.

These items were offset somewhat by unrelated one-time tax benefits of approximately $8 million recorded in the 1Q 2009. Combined, the downsizing items and unrelated tax benefits reduced net income by $5 million, or approximately $0.03 per diluted share.

Earnings for the first nine months of 2008 were $138 million, or $0.80 per diluted share, on revenues of $1.15 billion. Results for the first nine months of 2008 include the effect of a $6 million after-tax ($10 million pre-tax) impairment charge related to the company’s lumber manufacturing business that reduced net income by approximately $0.04 per diluted share.

Cash provided by operating activities during the first nine months of 2009 totaled $492 million. The company ended the 3Q with $351 million in cash and cash equivalents.

“Our 3Q results reflect some quarter-over-quarter pricing improvement in Pacific Northwest timber markets and stable prices in Southern markets,” said Rick Holley, President and CEO. “The quarter’s results also reflect some benefit from our manufacturing downsizing, and our cost management efforts.

“Timber markets appear to have stabilized in most cases, and we have experienced some modest log price improvement in some regions. The company remains well positioned with a strong balance sheet and excellent liquidity,” continued Holley.

Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest.

http://wood.lesprom.com/