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PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES QUARTERLY DISTRIBUTION TO UNITHOLDERS AND HIGHER FIRST QUARTER EARNINGS

 PLUM CREEK TIMBER COMPANY, L.P. ANNOUNCES QUARTERLY DISTRIBUTION
 TO UNITHOLDERS AND HIGHER FIRST QUARTER EARNINGS
 SEATTLE, April 8 /PRNewswire/ -- Plum Creek Timber Co., L.P., (NYSE: PCL) today announced a significant increase in earnings for the first quarter of 1992. Earnings for the first quarter of 1992 totaled $9.1 million, or 58 cents per unit, compared with a loss of $3.3 million, or 25 cents per unit, for the prior year quarter.
 Earnings before interest, taxes and depreciation and depletion, a measure of the company's cash flow, were $27.0 million and $16.0 million for the first quarter of 1992 and 1991, respectively.
 The company stated that its cash distribution will be 80 cents per depositary unit, payable on May 29, 1992, to unitholders of record as of May 15, 1992.
 Commenting on the first-quarter results, David D. Leland, president and chief executive officer, said, "Our financial performance during the first quarter was exceptional. The higher earnings are a result of higher prices in all of our product lines and higher volumes in our manufacturing segment. Higher manufacturing volumes are primarily attributable to our mill employees whose efforts resulted in increased productivity and reduced unit manufacturing costs.
 "The higher price levels primarily relate to the slowly improving economic climate which resulted in increased demand in both the housing and repair and remodel segments and the timber supply shortages being experienced in both the Northwest and the South. The improvement in lumber pricing, in particular, was due to supply constraints caused by unseasonably wet weather in the South and continued logging restrictions in the Northwest as well as an improvement in housing starts which were approximately 35 percent higher than a year ago and up 14 percent from the fourth quarter of 1991. Export and domestic log prices also increased in the first quarter as a result of the general log shortage and the higher demand for finished products."
 Leland also stated that the company anticipates continued strong performance for the remainder of the year with earnings expected to exceed those achieved during 1991.
 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.
 An income statement for Plum Creek follows.
 PLUM CREEK TIMBER CO., L.P.
 COMBINED STATEMENT OF INCOME
 (Unaudited, in thousands, except per unit)
 First Quarter: 1992 1991
 Revenues $ 99,212 $ 80,604
 Costs and Expenses:
 Cost of goods sold 72,764 67,453
 Selling, general and administrative 8,661 7,896
 Total costs and expenses 81,425 75,349
 Operating income 17,787 5,255
 Interest expense (9,039) (9,039)
 Interest income 543 590
 Other income (expense) - net (109) (65)
 Income (loss) before income taxes 9,182 (3,259)
 Provision (benefit) for income taxes 71 --
 Net income (loss) $ 9,111 $ (3,259)
 General partner interest $ 720 $ 474
 Net income (loss) allocable
 to unitholders $ 8,391 $ (3,733)
 Net income (loss) per unit $ 0.58 $ (0.25)
 -0- 4/8/92
 /CONTACT: Shelley Monfor of Plum Creek Timber Company, L.P., 206-467-3687/
 (PCL) CO: Plum Creek Timber Co., L.P. ST: Washington IN: PAP SU: ERN


JH-LM -- SE002 -- 6122 04/08/92 09:45 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
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