Tuesday, May 1, 2007

Glatfelter's Timberland Monetization Update

Glatfelter owns 86,000 acres in Pennsylvania, Virginia and Delaware.

The following is from their Q1 Earnings Report:

"The Company continues to move forward with its timberland monetization program. During the first quarter, approximately 1,520 acres were sold for $3.8 million in cash. The Company has contracts or agreements in principle for the sale of an additional $25 million of timberlands that are expected to close in 2007. "

"The Company’s Timberland Strategy, which was initiated at the beginning of 2006, is expected to generate proceeds in excess of $150 million over the next two- to four-years assuming, among other factors, acceptable market conditions and a carefully executed plan of disposition in order to maximize the value realized. To date, the Company has realized $20.9 million of these proceeds and continues to target $50 million of timberland sales proceeds for the full year 2007. "

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