Plum Creek Timber Co Earnings Call Nuggets: Southern Saw Timber Prices and Contractor Constraints
Southern Saw Timber Prices
Mark Wilde – Deutsche Bank: Rick, you are sounding a little more confident about kind of southern saw timber prices in ’13 than we’ve heard from some other companies. Can you put a little more color around exactly what you’re seeing and how you think this may play out as we move through 2013?
Rick R. Holley – President and CEO: Clearly, assumption is that we’ll see 950 million to 1 million housing starts next year and we believe for that demands be met you’re going to have to see an increase in production in U.S. South. Southern production right now is about 14 billion board feet and we expect that you’ll see an increase in production in North America about 3 billion board feet about half of it should come from the U.S. South. If you see that you’ll have to add shifts and certainly you’re going to see some price improvement. Clearly, in the first quarter we’re already seeing a $1 to $2 and we believe again if you see that kind production increase, you’ll see more than that for the year. So, it’s heading the right direction.
Mark Wilde – Deutsche Bank: Then a question for Dave Lambert. Dave, can you give us some sense of what type of volume and what type of income you reported on that timber deed in 2012?