Potlatch Corp. spun off its pulp-based manufacturing operations into a new company last year, Clearwater Paper Corp., while keeping its timberlands and most of its sawmills.

As a result, Potlatch released two sets of earnings Thursday. Net earnings for 2008, which included the pulp operations, were $52.6 million, compared to net earnings of $56.4 million in 2007. Results from ongoing operations – the timberlands and mills – were $68.8 million last year; compared to $72.3 million in 2007.

For the fourth quarter, Potlatch recorded a net loss of $4.3 million in 2008, compared to 2007 fourth-quarter earnings of $11.2 million. Fourth-quarter earnings from the timberlands and mills only were $5.4 million, compared to fourth-quarter 2007 earnings of $7.5 million.

Potlatch is based in Spokane. With the spinoff completed, the company has transformed into a “pure play” timber real estate investment trust, said Mike Covey, Potlatch’s chairman and CEO.

In other remarks, Covey said that weak markets for wood products are expected to continue into 2009, and the company would be looking for ways to cut losses.

Many of Potlatch’s sawmills closed for one to two weeks during the fourth quarter. The Post Falls particleboard plant shut down for five works during that time.