US timber company Crown Pacific Partners has reported a decline in revenue for the 10th straight quarter.
The Portland-based company recorded preliminary revenue of US$107m for the quarter ending March 31, a 12.9% drop from the same period last year. It has told investors that final results for the period will be “significantly worse” than last year.
Crown Pacific said it was unable to file its full results on time because of ongoing negotiations with lenders.
The company borrowed heavily in the 1990s, buying large areas of timberlands in Oregon and Washington. But a subsequent collapse in timber prices has left it struggling under a debt burden.
