Plum Creek Q3 earnings rise
Plum Creek Timber Co. posted third-quarter earnings of $50 million, up 56% from $32 million in the third quarter of 2010. Revenues for the period totaled $293 million, up 13% from $259 million in the same period last year.
Earnings for the first nine months of 2011 were $132 million, down 14% from $154 million in the year-ago period. Revenues for the period totaled $852 million, up 2% from $834 million in the first nine month of 2010.
"Business conditions were largely unchanged during the past quarter, with relatively attractive pulpwood markets in most regions, healthy sawlog markets in the Northwest and Northeast and continued weak sawlog markets in the South,” said Rick Holley, president and CEO. “Our results for the quarter came in much as we anticipated.
"The company’s balance sheet remains healthy and we continue to have excellent financial flexibility. We continue to manage our portfolio of timber and land assets to maximize the long-term value of the company on a per-share basis. Consistent with this strategy, we completed the acquisition of 50,000 acres of timberlands in Georgia and Alabama during the quarter in addition to repurchasing nearly $25 million of stock," Holley added.
During the third quarter, the company acquired 50,000 acres of timberlands in Georgia and Alabama for about $75 million.
Plum Creek expects fourth-quarter income to be between $0.37 and $0.42 per share, resulting in full-year 2011 income from continuing operations between $1.18 and $1.23 per share.
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Tamko makes donation to “Extreme Makeover: Home Edition”
Tamko Building Products is donating seven complete asphalt roofing systems and three composite decking packages to “Extreme Makeover: Home Edition.”
The show will build seven houses in seven days, its largest project to date. The build is part of the recovery effort in Joplin, Mo., after the tornado hit on May 22.
Tamko was founded in Joplin in 1944 and has been part of the community for 67 years.
“We are pleased to make this donation in support of the residents of Joplin and the rebuilding efforts that are taking place,” president David Humphreys said.
Tamko recently donated a complete decking system to another “Extreme Makeover: Home Edition” build in Springfield, Mass., in August.
Such programs should be
Such programs should be supported. We should be responsible towards those people who need our help. Be a part of this noble initiative. Be a part of a charity program. You could donate money, food to any charity program and at the same time you could also donate car in a car donation program.
More tough decisions: ProBuild announces closings
ProBuild has announced the closings or consolidations of 12 of its locations across the country.
“We will be exiting three markets, consolidating our operations in three markets and eliminating lines of business in three markets,” said president and CEO Fred Marino in a memo sent to ProBuild employees. “We will continue to serve our customers in the majority of markets with a more efficient footprint and/or a rationalized service offering suited to each market.”
Most of the closures are expected to take place by Nov. 15, 2011. The company will make market exits in Yorkville and Westmont, Ill.; Columbia, S.C.; and South Fork, Colo. It plans market consolidations in Granite Falls, Sedro Woolley, Coupeville, Bonney Lake and Moses Lake, Wash., and Cherry Hill, N.J.
ProBuild also plans service reductions in Greensboro, N.C., and Fredericksburg, Va. For these locations, only ProBuild’s gypsum operations will remain in the market. The gypsum operation in Lynchburg, Va., will be discontinued, although that location will remain open and continue its lumber operations.
“It is difficult to make the decision to close operations because we recognize the impact it will have on our employees and the communities which we serve,” Marino said in the memo. ”But this step is made to improve overall profitability of the company, and to retain jobs and more effectively serve our customers across the country.
“ProBuild is facing tough decisions like this all around the country as we continue to deal with a struggling economy. But we are confident that by making these difficult decisions now, ProBuild will ultimately be better positioned to weather the downturn and eventually thrive when market conditions become more favorable.”
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It is sad to know that the
It is sad to know that the gypsum operation in Lynchburg, Va., will be discontinued, although that location will remain Ios On Android Phone open and continue its lumber operations.
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