Plum Creek Q2 Earnings Show Slight Dip

SEATTLE—Plum Creek Timber Co. Inc., which converted from a master limited partnership to a real estate investment trust last year, reported slightly lower earnings for the second three months of 2000. Plum Creek (NYSE:PCL) reports that Q2 earnings were $21 million, or 30 cents per share, compared to second quarter 1999 earnings of $24 million, or 33 cents. Earnings for the first six months of 2000 were $101.6 million, or $1.47 a share, while earnings during the same period a year ago were $53.8 million, or $0.79.

Ebitda, a measure of cash flow defined as operating income plus depreciation, depletion and amortization, was $47.9 million for the quarter and $110 million for the first six months. The figures are inclusive of the company’s unconsolidated subsidiaries and compare to $63.2 million and $120.7 million for the year-earlier periods. The firm ended the quarter with $126.2 million in cash and cash equivalents.