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PLUM CREEK TIMBER CO., L.P. ANNOUNCES YEAR-END EARNINGS, DISTRIBUTION

PLUM CREEK TIMBER CO., L.P. ANNOUNCES YEAR-END EARNINGS, DISTRIBUTION
 SEATTLE, Jan. 15 /PRNewswire/ -- Plum Creek Timber Co., L.P., (NYSE: PCL) today announced a 41-percent increase in earnings for the fourth quarter of 1991 over the prior year quarter. Earnings for the fourth quarter of 1991 totaled $6.4 million, or 39 cents per unit, compared to $4.5 million, or 26 cents per unit, in the fourth quarter of 1990.
 Earnings before interest, taxes and depreciation and depletion, a measure of the company's cash flow, were $25.3 million, compared to $27.0 million for the fourth quarter of 1990. Earnings for the year ended Dec. 31, 1991, were $18.7 million, or $1.10 per unit, on revenues of $389.8 million, compared to $22.2 million, or $1.33 per unit, on revenues of $372.8 million for the year ended Dec. 31, 1990.
 The company stated that its cash distribution would be 80 cents per depositary unit for the seventh consecutive quarter. Plum Creek will make the quarterly distribution on Feb. 28 to unitholders of record as of Feb. 14.
 "Plum Creek's focus on the repair and remodel segment for its lumber products and the industrial segment for its plywood products enabled the company to achieve higher prices, as compared to commodity grade products, for both of these product lines," said David D. Leland, president and chief executive officer. "This was particularly satisfying given the fact that demand in most markets was less than what we experienced in 1990.
 "We were pleased with our operating performance during this last year, especially given the uncertain economic climate in both domestic and foreign markets and the downturn that the whole forest products industry has been experiencing. Although we expect the first quarter of 1992 to be better than first quarter 1991, especially in our lumber and plywood businesses, the first half of the year will continue to be impacted by the sluggish economy," Leland said. "However, we remain cautiously optimistic about 1992, particularly the second half when we expect demand to improve."
 Plum Creek is the second-largest private timberland owner in the Pacific Northwest and one of the largest 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. (NYSE: BR).
 Income statements for Plum Creek follow.
 PLUM CREEK TIMBER CO., L.P.
 COMBINED STATEMENT OF INCOME
 (Unaudited, in thousands, except per unit)
 Fourth Quarter
 1991 1990
 Revenues $101,361 $104,811
 Costs and expenses:
 Cost of goods sold 75,439 85,029
 Selling, general & administrative 10,754 7,405
 Total costs & expenses 86,193 92,434
 Operating income 15,168 12,377
 Interest expense (9,038) (9,039)
 Interest income 728 1,013
 Other income (expense) - net (262) 12
 Income before income taxes 6,596 4,363
 Provision (benefit) for income taxes 236 (138)
 Net income $ 6,360 $ 4,501
 General partner interest $ 665 $ 632
 Net income allocable to unitholders $ 5,695 $ 3,869
 Net income per unit $ 0.39 $ 0.26
 PLUM CREEK TIMBER CO., L.P.
 COMBINED STATEMENT OF INCOME
 (In thousands, except per unit)
 Year
 Ended Dec. 31: 1991 1990
 Revenues $389,785 $372,791
 Costs & expenses:
 Cost of goods sold 297,402 288,453
 Selling, general & administrative 36,723 31,932
 Total costs & expenses 334,125 320,385
 Operating income 55,660 52,406
 Interest expense (36,156) (36,156)
 Interest income 2,534 5,319
 Provision for loss on sale of assets (2,200) --
 Other income (expense) - net (526) 222
 Income before income taxes 19,312 21,791
 Provision (benefit) for income taxes 583 (432)
 Net income $ 18,729 $ 22,223
 General partner interest $ 2,527 $ 1,712
 Net income allocable to unitholders $ 16,202 $ 20,511
 Net income per unit $ 1.10 $ 1.33
 -0- 1/15/92
 /CONTACT: Shelley Cochran of Plum Creek Timber Co., L.P., 206-467-3687/
 (PCL BR) CO: Plum Creek Timber Co., L.P.; Burlington Resources ST: Washington IN: PAP SU: ERN


SC-JH -- SE003 -- 0109 01/15/92 15:25 EST
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Date:Jan 15, 1992
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