SEATTLE – Plum Creek Timber Co. Inc. announced fourth quarter earnings of $95 million on revenues of $461 million. Earnings for the fourth quarter of 2007 were $118 million on revenues of $504 million. Earnings for 2008 were $233 million, which was down from earnings of $282 million for the full year of 2007.
“Plum Creek ended the year with a busy quarter,” said Rick Holley, president and CEO. “We completed the formation of our Southern timberland joint venture, completed the first phase of the Montana conservation sale, retired more than $420 million of debt and repurchased over $200 million of common stock. We ended 2008 well positioned with a strong balance sheet and $370 million in cash. Our broad asset base diversifies our market risks and continues to provide excellent operational flexibility. We’re well positioned to weather the challenging economic times facing the country and expect to generate cash flow well beyond that required for our dividend.”
Net income declined approximately 17% from 2007’s results as income from the company’s resources and manufacturing segments were impacted by the significant decline in residential construction and a weakening economy. Income from the balance of the company’s business segments was similar to 2007.
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