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01/26/2010
RYN $44

Rayonier RYN 4Q 2009 EPS $0.42 v $0.55 DOWN (24%)
RYN 2009 EPS $1.50 v $1.87 DOWN (20%)

RYN 2009 EPS results below previous guidance for $1.60 per share

RYN 4Q 2009 timber sales DOWN (36%)
RYN 4Q 2009 operating income DOWN (30%)

RYN 4Q 2009 real estate sales DOWN (23%)

RYN 4Q 2009 fibers sales DOWN (6%)
RYN 4Q 2009 operating income DOWN (30%)

RYN a Specialty REIT with a portfolio of timberlands and specialty processing mills

RYN we rank 3 HOLD

RYN market cap $3.5 billion

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