(Feb. 8) Weyerhaeuser reported revenues of $1.45 billion for its fourth fiscal quarter, an 18% reduction from revenues of $1.77 billion for the same quarter in 2008. The Federal Way, Wash., wood products supplier posted a $175 million net loss from continuing operations for the quarter, which ended Dec. 31, 2009. This compares with a net loss of $1.2 billion from continuing operations in the fourth quarter of 2008.

The higher operating loss in the fourth quarter was due to lower volumes and lower sales prices in nearly all product lines, the company said. The segment took more downtime to match lower seasonal and market demand.

In full-year figures, Weyerhaeuser posted a net loss of $545 million in continuing operations. These results also include $85 million incurred for closures, restructuring and asset impairments. In fiscal year 2008, Weyerhaeuser posted a $1.2 billion loss. Sales for fiscal 2009 were $5.5 billion, compared with $8.1 billion in 2008.

In terms of the 2010 outlook, Weyerhaeuser expects a lower operating loss in the first quarter due to improved operating rates and anticipated sales realization improvements for lumber and OSB.

“The weak housing market continues to present challenges and affect our financial performance,” said Dan Fulton, president and CEO of Weyerhaeuser. “2009 has been another tough year, and our financial results are disappointing. Despite difficult market conditions, we made significant progress this past year to position ourselves to rebuild revenues and earnings. We cut costs, reduced production to meet demand, focused on cash generation and deferred harvest to preserve the long-term values of our timberlands. With an eye to the future, we made changes across all business lines to improve long-term competitiveness, implemented plans to grow with strategic customers and announced our decision to convert to a REIT. As we enter 2010, markets continue to be challenging, but I’m confident we’re positioned to deliver significantly improved operating performance.”