Real estate investment trust Potlatch Corp. (PCH), Tuesday reported a profit for the fourth quarter compared to a loss last year, reflecting higher revenues from real estate and wood products segments and lower cost of goods sold. Funds from operations, however, declined from the previous year.
The Spokane, Washington-based company's fourth-quarter net earnings were $2.90 million or $0.07 per share, compared to a loss of $4.35 million or $0.11 per share in the previous year.
Results for the quarter include depreciation, depletion and amortization charges of $7.81 million and basis of real estate sold of $0.97 million. Prior-year quarter results include depreciation, depletion and amortization charges of $8.13 million and basis of real estate sold of $1.32 million.
Funds from continuing operations were $11.72 million, compared to $15.36 million last year. Funds from operations or FFO for the quarter stood at $11.68 million, compared to $14.84 million in the previous year.
On average, five analysts polled by Thomson Reuters expected earnings per share of $0.04 for the quarter. Analysts' estimate typically excludes one-time items.
Earnings from continuing operations for the period were $2.95 million or $0.07 per common share, compared to $5.91 million or $0.15 per common share in 2008.
Revenues for the quarter improved to $104.08 million from $93.58 million in the comparable period. Four analysts estimated revenues of $86.79 million for the quarter.
By segment, Resource revenues declined to $50.87 million from $65.41 million a year ago. Real Estate revenues were $6.97 million, up from $2.88 million last year. Wood Products revenues increased to $56.83 million from $52.00 million in the previous year.
Cost of goods sold declined to $80.86 million from $86.29 million in the comparable quarter last year.
For the fiscal year 2009, net earnings increased to $77.33 million or $1.93 per share from $52.64 million or $1.32 per share in the previous year. FFO declined to $122.74 million from $137.40 million last year. Revenues for the year increased to $476.17 million from $439.96 million a year ago.
Analysts expected earnings of $2.01 per share, on revenues of $458.88 million for the full year.
Looking ahead, the company said that it remain optimistic about its long term prospects, as its businesses are positioned well for the housing market recovery. The company further expect operations in the first half of the fiscal 2010 to remain challenging, but anticipate improved fundamentals in the second half.
PCH is currently trading at $30.72, up 0.41 or 1.35%, on a volume of 93K shares on the NYSE.
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