SEATTLE – Plum Creek Timber Co. Inc. announced first quarter earnings of $38 million on revenues of $363 million compared to earnings of $45 million on revenues of $369 million during the same period last year.
“We’re focusing our activities in our best markets during these challenging economic conditions,” said Rick Holley, president and CEO. “We are serving strong demand from pulpwood customers while limiting our saw log harvest, allowing our most valuable timber to continue to grow during a period of reduced lumber demand. Our real estate segment produced good results although two large transactions planned for the quarter were not completed. We’re well positioned to continue to execute our strategies with the most diversified timberland holdings in the nation and a strong balance sheet. As business conditions evolve, we will continue to adjust our near-term plans to maximize long-term value.”
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