Rayonier reports jump in earnings
JACKSONVILLE — Rayonier (RYN) on Thursday reported first quarter income from continuing operations of $103 million, or 79 cents per share, compared to $52 million, or 41 cents per share, in the prior year period.
First quarter net income was $148 million, or $1.13 per share and included income from discontinued operations of $45 million, or 34 cents per share, primarily due to the $43 million net gain resulting from the sale of three Georgia lumber mills headquartered in Baxley.
Net income for the quarter last year was $53 million, which included income from discontinued operations of $1 million. Headquartered in Jacksonville, the company has more than 1,800 employees on three continents, some 1,200 of them in Georgia.
The company has a performance fibers mill and marketing and research center in Jesup, wood chip mills in Offerman, Eastman, Collins and Barnesville, a seedling nursery in Glennville, more than 700,000 acres of working forests and an annual economic impact of more than $400 million.
Foreclosure rates decrease in Savannah
Foreclosure rates in Savannah were down for the month of February over the same period last year, according to newly released data from CoreLogic.
The CoreLogic data indicate the rate of Savannah area foreclosures among outstanding mortgage loans was 1.42 percent for the month of February 2013, a decrease of 0.27 percentage points compared to February 2012 when the rate was 1.69 percent.
Foreclosure activity in Savannah was lower than the national foreclosure rate, which was 2.85 percent for February 2013.
Also in Savannah, the mortgage delinquency rate decreased. According to CoreLogic data for February 2013, 5.61 percent of mortgage loans were 90 days or more delinquent compared to 6.20 percent for the same period last year, representing a decrease of 0.59 percentage points.
ASF Logistics opens office in Australia
ASF Logistics has announced that the Mobile, Ala.-based company is establishing an office in Melbourne, Australia, with a network of affiliate offices in Sydney, Brisbane, Perth, Adelaide and Darwin.
“We have long been involved in the Australian market, and our business has grown to such an extent that it was a natural progression for us to have a local presence enabling us to better serve our existing customer base,” said ASF president Steven Chard.
Chard will oversee ASF’s Australian operations from the corporate headquarters in Mobile, while day-to-day operations will be coordinated through the firm’s Savannah office.
“Our Savannah office in particular specializes in the movement of watercraft, wheeled vehicles and machinery, which represents a large proportion of our business portfolio with Australia,” Chard said.