Printer Friendly

PLUM CREEK TIMBER CO., L.P. ANNOUNCES DECREASE IN TIMBER HARVEST AS RESULT OF CONTINUING STRONG FINANCIAL PERFORMANCE

PLUM CREEK TIMBER CO., L.P. ANNOUNCES DECREASE IN TIMBER HARVEST AS
 RESULT OF CONTINUING STRONG FINANCIAL PERFORMANCE
 SEATTLE, Sept. 23 /PRNewswire/ Plum Creek Timber Co., L.P. (NYSE: PCL) today announced that the company was reducing its 1992 fee timber harvest to 460 million board feet which is down from earlier estimates for 1992 of approximately 490 million board feet and 560 million board feet in fiscal year 1991.
 Commenting on the harvest reduction, Rick R. Holley, vice president and chief financial officer said, "Our financial performance for the first half of the year was exceptional, and we're expecting an excellent third quarter. As a result of our continuing strong financial performance and current cash reserves, the company has opted to 'bank' a portion of its 1992 harvest and sell the timber in the future."
 Holley also stated that the harvest reduction would have an impact of approximately 20 cents per unit on current analyst earnings estimates for 1992. In addition, the second-quarter increase in the quarterly distribution to unitholders from 80 cents to 90 cents per unit will lower earnings for the year by 9 cents per unit as a result of the increased incentive distributions to the general partner relating to the change in the distribution. Earnings for the first six months of 1992 were $23.7 million, or $1.50 per unit compared to $1.2 million, or 1 cent per unit in 1991.
 Plum Creek is one of the largest private timberland owners in the nation. The company was formed in June of 1989 to acquire, own and operate substantially all of the timber business and wood products manufacturing operations formerly owned by Burlington Resources Inc.
 -0- 9/23/92
 /CONTACT: Shelley Monfor of Plum Creek Timber Co., L.P., 206-467-3613/
 (PCL) CO: Plum Creek Timber Co., L.P. ST: Washington IN: PAP SU:


JH-LM -- SE009 -- 2755 09/23/92 15:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1992
Words:318
Previous Article:U.S. EPA SETTLES WASTE VIOLATIONS AT GENERAL DYNAMICS FACILITY
Next Article:THE TOPPS COMPANY DECLARES DIVIDEND
Topics:


Related Articles
PLUM CREEK TIMBER CO., L.P. ANNOUNCES YEAR-END EARNINGS, DISTRIBUTION
PLUM CREEK TIMBER CO., L.P. ANNOUNCES SALES OF GALLATIN LAND, SAWMILL
DAVID D. LELAND NAMED CHAIRMAN OF PLUM CREEK
PLUM CREEK TIMBER CO., L.P., ANNOUNCES RECORD EARNINGS FOR 1992 AND 90-CENTS-PER-UNIT DISTRIBUTION
PLUM CREEK TIMBER CO., L.P., ANNOUNCES INCREASE IN QUARTERLY DISTRIBUTION TO UNITHOLDERS AND HIGHER FIRST QUARTER EARNINGS
STATEMENT BY CHARLES P. GRENIER, ROCKY MOUNTAIN REGION VICE PRESIDENT, PLUM CREEK TIMBER CO., L.P.
PLUM CREEK TIMBER CO., L.P., ANNOUNCES A 93 PERCENT INCREASE IN SECOND QUARTER EARNINGS
PLUM CREEK COMPLETES TRANSACTION FOR MONTANA TIMBERLANDS; LOCAL FORESTERS HIRED TO MANAGE LAND
PLUM CREEK TIMBER ANNOUNCEMENT
PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES 1995 FOURTH QUARTER AND YEAR-END EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters