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RAYONIER TIMBERLANDS ANNOUNCES PRELIMINARY FOURTH QUARTER AND 1991 EARNINGS

 RAYONIER TIMBERLANDS ANNOUNCES
 PRELIMINARY FOURTH QUARTER AND 1991 EARNINGS
 STAMFORD, Conn., Feb. 3 /PRNewswire/ -- Rayonier Forest Resources Company, the managing general partner of Rayonier Timberlands, L.P. (NYSE: LOG), announced preliminary 1991 fourth quarter and full year partnership results today.
 For the fourth quarter of 1991, timber sales totalled $28.9 million compared with $18.2 million in 1990. Harvest levels were higher than last year in the Northwest as a result of customers having postponed harvesting earlier in the year due to uncertainty over export markets and environmental restrictions. Timberland and land sales were $9.0 million in the fourth quarter compared to $8.4 million in 1990. Each of the last two years' sales included approximately $7.6 million in fourth quarter timberland sales to the Quinault Indian Nation.
 Partnership income of $27.7 million was $8.8 million higher than the 1990 fourth quarter income of $18.9 million. Fourth quarter cash available per publicly traded Class A Unit was $1.52 in 1991 compared to $1.07 in 1990, including 31 cents in 1991 and 32 cents in 1990 from Quinault timberland sales.
 The Quinault sale in 1991 represents the second of four tracts which the Quinault Indian Nation has the right to purchase under its agreement with the partnership. The Quinaults have the right to purchase two remaining tracts in closings scheduled for November of 1992 and 1993. The aggregate purchase price of the two remaining tracts would be approximately $17.8 million, subject to reduction if the sales close earlier than scheduled.
 Sales for 1991 were $101.2 million, a decrease of $4.4 million from 1990. Timber sales were $91.2 million, a decline of $5.7 million from the prior year primarily resulting from reduced harvesting in the partnership's Northwest region. Timberland and other land sales were $10.0 million in 1991, an increase of $1.3 million over 1990s timberland and land sales. Partnership income of $73.0 million was $5.9 million less than was earned in 1990, and income per publicly traded Class A unit fell 31 cents per unit to $3.93. Cash available from operations per publicly traded Class A unit was $4.22 in 1991 compared to $4.53 in 1990.
 Generally weak Pacific Rim log export markets throughout 1991, reduced harvest activity in the Northwest, and lower contract pricing in both the Northwest and Southeast regions resulted in a decrease in income versus the prior year. Increased harvest activity in the Southeast partially offset the overall decline in income.
 As of Dec. 31, 1991, contracts for approximately 37 percent of the projected 1992 harvest volume had been awarded compared to 20 percent at 1990 year-end. Average prices on these contracts are 15 percent lower than average harvest prices last year in the Northwest and one percent lower in the Southeast. As a result of recent contract price trends and lower harvest plan volumes in both regions, management does not expect fiscal 1992 results to be as strong as the past two years.
 ITT Rayonier Inc., the forest products subsidiary of ITT Corporation, owns 74.7 percent of the outstanding Class A Units of Rayonier Timberlands, L.P. The balance is traded on the NYSE.
 RAYONIER TIMBERLANDS, L.P.
 PRELIMINARY FINANCIAL HIGHLIGHTS
 FULL YEAR AND FOURTH QUARTER 1991 (UNAUDITED)
 (Thousands of dollars, except per unit data)
 Year Ended Year Ended
 Dec. 31, 1991 Dec. 31, 1990
 Sales $101,223 $105,656
 Partnership income $ 73,047 $ 78,996
 Income per publicly
 traded Class A unit $ 3.93 $ 4.24
 Operating cash flow
 available per publicly
 traded Class A unit $ 4.22 $ 4.53
 Fourth Quarter Fourth Quarter
 1991 1990
 Sales $ 37,876 $ 26,631
 Partnership income $ 27,702 $ 18,942
 Income per publicly
 traded Class A unit $ 1.42 $ 0.99
 Operating cash flow
 available per publicly
 traded Class A unit $ 1.52 $ 1.07
 Rayonier Timberlands, L.P., grows and sells timber in the U.S. on 796,000 acres in the Southeast and on 383,000 acres in the Northwest. Partnership Class A Units were first sold to the public in November 1985.
 -0- 2/3/92
 /CONTACT: M.H. Arnold of Rayonier Forest Resources, 203-964-4621/
 (LOG) CO: Rayonier Timberlands, L.P. ST: Connecticut IN: PAP SU: ERN


PS -- NY093 -- 6435 02/03/92 18:30 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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