Ebitda, a measure of cash flow defined as operating income plusdepreciation, depletion and amortization, was $47.9 million for thequarter and $110 million for the first six months. The figures areinclusive of the company's unconsolidated subsidiaries and compareto $63.2 million and $120.7 million for the year-earlier periods.The firm ended the quarter with $126.2 million in cash and cashequivalents.

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Plum Creek is one of the largest timberland owners in the nationwith forests and mills located in the Northwest, Southern andNortheast regions of the US. On July 1, 1999, the company convertedfrom a master LP to a REIT, and results are now reported underthose accounting principles. Revenues of $53.1 million for thesecond quarter, and $112.1 million for the first six months 2000,are not comparable to the 1999 periods because REIT accountingexcludes revenues from unconsolidated subsidiaries, the companysaid.

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On a comparable basis, including the company's unconsolidatedsubsidiaries, revenues would have been $166.4 million and $356.1million for the second quarter and six months of 2000, compared to$184.3 million for the second quarter, and $362.6 million for thefirst six months 1999.

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