Exhibit 99.1
Potlatch Corporation
Revision of Business Segment Information
(Unaudited)
| (Dollars in thousands) | 3 months 3/31/06 | 3 months 6/30/06 | 6 months 6/30/06 | 3 months 9/30/06 | 9 months 9/30/06 | 3 months 12/31/06 | 12 months 12/31/06 | |||||||||||||||||||||
Period ended | ||||||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||
Resource | $ | 18,442 | $ | 16,110 | $ | 34,552 | $ | 24,804 | $ | 59,356 | $ | 21,988 | $ | 81,344 | ||||||||||||||
Real Estate | 489 | 1,491 | 1,980 | 788 | 2,768 | 9,149 | 11,917 | |||||||||||||||||||||
Wood Products * | 7,443 | 3,622 | 11,065 | (5,210 | ) | 5,855 | 33,610 | 39,465 | ||||||||||||||||||||
Pulp and Paperboard | 3,001 | (5,396 | ) | (2,395 | ) | 16,753 | 14,358 | 9,204 | 23,562 | |||||||||||||||||||
Consumer Products | 6,889 | 6,984 | 13,873 | 6,186 | 20,059 | 7,210 | 27,269 | |||||||||||||||||||||
Eliminations | 670 | 1,050 | 1,720 | (6,579 | ) | (4,859 | ) | 1,107 | (3,752 | ) | ||||||||||||||||||
| 36,934 | 23,861 | 60,795 | 36,742 | 97,537 | 82,268 | 179,805 | ||||||||||||||||||||||
Corporate | (18,157 | ) | (17,411 | ) | (35,568 | ) | (18,332 | ) | (53,900 | ) | (17,564 | ) | (71,464 | ) | ||||||||||||||
Consolidated earnings from Continuing | ||||||||||||||||||||||||||||
Operations before taxes | 18,777 | 6,450 | 25,227 | 18,410 | 43,637 | 64,704 | 108,341 | |||||||||||||||||||||
Provision (benefit) for taxes | (50,537 | ) | (1,795 | ) | (52,332 | ) | (12,665 | ) | (64,997 | ) | 17,292 | (47,705 | ) | |||||||||||||||
Earnings from Continuing Operations | $ | 69,314 | $ | 8,245 | $ | 77,559 | $ | 31,075 | $ | 108,634 | $ | 47,412 | $ | 156,046 | ||||||||||||||
Discontinued Operations, net of tax | (3,590 | ) | (5,839 | ) | (9,429 | ) | (5,378 | ) | (14,807 | ) | (2,129 | ) | (16,936 | ) | ||||||||||||||
Net Earnings | $ | 65,724 | $ | 2,406 | $ | 68,130 | $ | 25,697 | $ | 93,827 | $ | 45,283 | $ | 139,110 | ||||||||||||||
Per diluted common share: | ||||||||||||||||||||||||||||
Earnings from Continuing Operations | $ | 2.33 | $ | 0.21 | $ | 2.26 | $ | 0.80 | $ | 3.03 | $ | 1.22 | $ | 4.26 | ||||||||||||||
Net Earnings | 2.21 | 0.06 | 1.98 | 0.66 | 2.62 | 1.16 | 3.79 | |||||||||||||||||||||
| * | Fourth quarter and full year 2006 results for Wood Products included $39.3 million associated with the negotiated settlement of the softwood lumber trade dispute between the U.S. and Canada. |
On March 31, 2006, the company paid a special earnings and profits distribution, consisting of approximately 9.1 million shares of common stock and $89 million in cash, in association with the company’s conversion to a Real Estate Investment Trust. Reflected below are pro forma results giving effect to the common stock distribution for diluted earnings per common share, as if the common stock portion of the distribution had occurred at the beginning of each period:
3 months 3/31/06 | 3 months 6/30/06 | 6 months 6/30/06 | 3 months 9/30/06 | 9 months 9/30/06 | 3 months 12/31/06 | 12 months 12/31/06 | |||||||||||||||
Period ended | |||||||||||||||||||||
Per diluted common share: | |||||||||||||||||||||
Earnings from Continuing Operations | |||||||||||||||||||||
As reported above | $ | 2.33 | $ | 0.21 | $ | 2.26 | $ | 0.80 | $ | 3.03 | $ | 1.22 | $ | 4.26 | |||||||
Pro forma | 1.79 | 0.21 | 2.00 | 0.80 | 2.80 | 1.22 | 4.01 | ||||||||||||||
Net Earnings | |||||||||||||||||||||
As reported above | 2.21 | 0.06 | 1.98 | 0.66 | 2.62 | 1.16 | 3.79 | ||||||||||||||
Pro forma | 1.70 | 0.06 | 1.76 | 0.66 | 2.42 | 1.16 | 3.58 | ||||||||||||||