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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.

Plum Creek is one of the largest timberland owners in the nation with forests and mills located in the Northwest, Southern and Northeast regions of the US. On July 1, 1999, the company converted from a master LP to a REIT, and results are now reported under those accounting principles. Revenues of $53.1 million for the second quarter, and $112.1 million for the first six months 2000, are not comparable to the 1999 periods because REIT accounting excludes revenues from unconsolidated subsidiaries, the company said.

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

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