Last year, timberland sales also came into play. In the first quarter of 2000, earnings were $80.6 million, or $1.16 per share, including a one-time gain of $49.5 million, or $0.72 per share, from the sale of its St. Maries, Idaho, timberlands to Crown Pacific Partners.
As a result of an amendment to the Internal Revenue Code, the Plum Creek's results for the current quarter are presented on a consolidated basis, inclusive of its operating subsidiaries.
"Our results in the first quarter reflect our focus on active, expert management of our entire resource base to deliver value for our shareholders - even in the most difficult market conditions," said Rick R. Holley, Plum Creek president and CEO. "While continued weakness in wood product markets impacted the quarter's log and lumber results, we offset that with a strong real estate and conservation sales program and the completion of a sale of non-strategic timberland at an excellent value."
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