Potlatch posts 1st quarter profit

Story Published: Apr 25, 2008 at 9:36 AM PST

Story Updated: Nov 20, 2008 at 5:55 PM PST

SPOKANE - Potlatch Corporation had a good 2009 first quarter, posting a $10.3 million profit. That's compared to a net loss of $29.8 million, in the first quarter of last year.

The company says an after-tax loss associated with closure of its Prescott, Arkansas lumber mill reduced its first-quarter net earnings.

CEO and President Michael J. Covey says the nation's ongoing housing crisis has put pressure on lumber mills across the country and that there's no indication there will be a turnaround in the lumber business this year.

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