Pope Resources (Nasdaq:POPEZ) reported net income of $8.3 million,
or $1.74 per diluted ownership unit, on revenues of $18.0 million
for the third quarter ended September 30, 2006. This compares to
net income of $4.1 million, or 87 cents per diluted ownership unit,
on revenues of $15.3 million, for the same period in 2005. Net
income for the nine months ended September 30, 2006 totaled $17.1
million, or $3.60 per diluted ownership unit, on revenues of $49.7
million. Net income for the corresponding period in 2005 totaled
$12.8 million, or $2.70 per diluted ownership unit, on revenues of
$48.1 million. Earnings before interest, income tax, depreciation,
depletion, and amortization (EBITDDA) for the quarter ended
September 30, 2006 was $9.9 million, compared to $7.6 million for
the third quarter of 2005. For the nine months ended September 30,
2006, EBITDDA was $24.7 million, compared to $25.5 million for
year-to-date 2005 results. �Operating results for the third
quarter, which represent the strongest quarter in the partnership�s
history, were dominated by our Real Estate segment�s sale of a
17-acre commercial tract located in our Harbor Hill project in Gig
Harbor, Washington to Costco Wholesale Corporation,� said David L.
Nunes, President and CEO. �This income reflects the culmination of
years of work and investment to realize value from former
timberlands now located in the path of development. While we expect
continued value realization from these types of sales from time to
time in the future, both the timing and the amount of revenue and
corresponding operating income from our Real Estate segment depend
on a variety of factors beyond our control and these amounts are,
as such, far more variable than those of the Partnership�s Fee
Timber operations.� Harvest volumes for each of the last two years
(2004 and 2005) were higher than our long-term harvest plan as a
result of harvest activities stemming from two timberland
acquisitions in 2004. Residual volume from these 2004 acquisitions
also influenced the harvest levels for 2006, but at a reduced level
compared to 2004 and 2005. Our Fee Timber segment generated $3.6
million of operating income in the third quarter, a decrease of 25%
from the $4.8 million in the third quarter of last year. This
decline in operating income reflects both the aforementioned
reduction from 2005 to 2006 in annual harvest volume and the fact
that we produced a lower proportional harvest of 12 MMBF, or 21% of
the planned annual harvest volume, in the third quarter of 2006 as
compared to 21 MMBF, or 28% of the planned annual harvest in the
corresponding quarter in 2005. The reduced harvest volume was
partially offset by both higher log price realizations and lower
per-unit depletion expense. During the quarter, log prices were up
$43 per thousand board feet (MBF), or 7%, compared to last year. On
a year-to-date basis, Fee Timber operating income fell to $13.8
million in 2006 from $14.7 million in 2005, representing a decrease
of 6%. This decline was a result of harvest volumes that decreased
23% from 66 MMBF in 2005 to 51 MMBF in 2006, offset partially by
log prices that increased 5%, or $31 per MBF, and lower per-unit
depletion expense. Fourth quarter 2006 results for the Fee Timber
segment will be modest as we have harvested over 90% of our planned
annual harvest volume through the first three quarters. Largely as
a result of the aforementioned Costco sale, the Real Estate segment
generated $5.7 million of operating income in the third quarter of
2006 versus $496,000 in the prior year�s third quarter. Remaining
property in the Harbor Hill project includes an additional 64 acres
of property zoned for commercial and business park use that we are
currently marketing for sale, and nearly 220 additional acres that
are zoned for residential use. Again, based largely on the strength
of the Harbor Hill project in Gig Harbor, year-to-date operating
income for the Real Estate segment increased to $5.9 million from
$1.3 million in 2005. Our Timberland Management & Consulting
segment posted year-to-date operating income of $1.4 million in
2006 compared to $2.1 million for the first nine months of 2005.
Operating results for the quarter declined to $33,000 from $393,000
in the prior year. The decline in operating income from this
segment is the result of fewer assets under management in 2006
offset only in part by earned property disposition fees. The
financial and statistical schedules attached to this earnings
release provide selected detail on individual segment results and
operating statistics. About Pope Resources Pope Resources, a
publicly traded limited partnership, and its subsidiaries Olympic
Resource Management and Olympic Property Group, own or manage over
400,000 acres of timberland and development property in Washington
and Oregon. In addition, we provide forestry consulting and
timberland investment management services to third-party owners and
managers of timberland in Washington, Oregon, and California. The
company and its predecessor companies have owned and managed
timberlands and development properties for more than 150 years.
Additional information on the company can be found at www.orm.com.
The contents of our website are not incorporated into this release
or into our filings with the Securities and Exchange Commission. A
Note About Forward Looking Information This press release contains
a number of projections and statements about our expected financial
condition, operating results, business plans and objectives. These
statements reflect management's estimates based on current goals
and its expectations about future developments. Because these
statements describe our goals, objectives, and anticipated
performance, they are inherently uncertain, and some or all of
these statements may not come to pass. Accordingly, they should not
be interpreted as promises of future management actions or
assurances of financial performance. Our future actions and actual
performance will vary from current expectations and under various
circumstances the results of these variations may be material and
adverse. Some of the factors that may cause actual operating
results and financial condition to fall short of expectations
include factors that affect our ability to anticipate and respond
adequately to fluctuations in the market prices for our products;
environmental and land use regulations that limit our ability to
harvest timber and develop property; labor, equipment and
transportation costs that affect our net income; and economic
conditions that affect consumer demand for our products and the
prices we receive for them. Other factors are set forth in that
part of our Annual Report on Form 10-K Item 1A entitled "Risk
Factors." Other issues that may have an adverse and material impact
on our business, operating results, and financial condition include
those risks and uncertainties discussed in our other filings with
the Securities and Exchange Commission. Forward-looking statements
in this release are made only as of the date shown above, and we
cannot undertake to update these statements. About Our Financial
Measures Management considers earnings (net income or loss) before
interest expense, income taxes, depreciation, depletion and
amortization (EBITDDA) to be a relevant and meaningful indicator of
liquidity and earnings performance commonly used by investors,
financial analysts and others in evaluating companies in its
industry and, as such, has provided this information in addition to
the generally accepted accounting principle-based presentation of
net income or loss and cash from operations. With different
companies employing various calculation methodologies, disclosure
of EBITDDA can make it easier for the reader to make meaningful
comparisons between the operating results and cash-generating
capabilities of different timber companies. EBITDDA is not a
Generally Accepted Accounting Principles measure and does not
include depreciation and depletion expense. This may be deemed a
limitation to using EBITDDA for evaluating operating performance.
Pope Resources, A Delaware Limited Partnership Unaudited �
CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in $000's,
except per unit amounts) � Three months ended September 30, Nine
months ended September 30, 2006� 2005� 2006� 2005� � Revenues $
18,024� $ 15,312� $ 49,717� $ 48,099� Costs and expenses: Cost of
sales (6,198) (6,631) (21,037) (21,845) Operating expenses �
(3,423) � (3,860) � (10,357) � (10,667) Operating income 8,403�
4,821� 18,323� 15,587� Interest, net � (115) � (586) � (641) �
(1,938) Income before income taxes and minority interest 8,288�
4,235� 17,682� 13,649� Income tax provision � (16) � (52) � (453) �
(562) Income before minority interest 8,272� 4,183� 17,229� 13,087�
Minority interest � 7� � (46) � (112) � (275) Net income $ 8,279� $
4,137� $ 17,117� $ 12,812� � Average units outstanding - Basic �
4,645� � 4,621� � 4,641� � 4,593� Average units outstanding -
Diluted � 4,769� � 4,773� � 4,760� � 4,742� � Basic net income per
unit $ 1.78� $ 0.90� $ 3.69� $ 2.79� Diluted net income per unit $
1.74� $ 0.87� $ 3.60� $ 2.70� CONSOLIDATED BALANCE SHEETS (all
amounts in $000's) � September 30, � 2006� � 2005� Assets: Cash $
3,663� $ 3,009� Short term investments 29,000� 14,000� Other
current assets 4,758� 6,772� Roads and timber 47,467� 53,779�
Properties and equipment 31,386� 25,735� Other assets � 1,308� �
877� Total $ 117,582� $ 104,172� Liabilities and partners' capital:
Current liabilities $ 5,885� $ 5,045� Long-term debt, excluding
current portion 30,866� 32,308� Other long-term liabilities � 324�
� 211� Total liabilities 37,075� 37,564� Partners' capital �
80,507� � 66,608� Total $ 117,582� $ 104,172� RECONCILIATION
BETWEEN NET INCOME AND EBITDDA (all amounts in $000's) � Three
months ended September 30, Nine months ended September 30, 2006�
2005� 2006� 2005� � Net income $ 8,279� $ 4,137� $ 17,117� $
12,812� Added back: Interest, net 115� 586� 641� 1,938� Depletion
1,278� 2,623� 5,970� 9,689� Depreciation and amortization 175� 163�
534� 482� Income tax expense � 16� � 52� � 453� � 562� EBITDDA $
9,863� $ 7,561� $ 24,715� $ 25,483� � � RECONCILIATION BETWEEN CASH
FROM OPERATIONS AND EBITDDA (all amounts in $000's) � Three months
ended September 30, Nine months ended September 30, 2006� 2005�
2006� 2005� � Cash from operations $ 15,868� $ 9,454� $ 28,423� $
22,268� Added back: Change in working capital -� -� 1,435� 1,249�
Interest 115� 586� 641� 1,938� Deferred revenue -� 10� -� 695�
Minority interest 7� -� -� -� Deferred taxes -� -� 11� -� Income
tax provision 16� 52� 453� 562� Less: Change in working capital
(4,005) (2,217) -� -� Deferred revenue (90) (84) (1,031) -� Cost of
land sold (1,968) (178) (4,837) (344) Deferred taxes (7) -� -�
(594) Equity based compensation (73) (14) (267) (14) Minority
interest -� (46) (112) (275) Other � -� � (2) � (1) � (2) EBITDDA $
9,863� $ 7,561� $ 24,715� $ 25,483� � SEGMENT INFORMATION (all
amounts in $000's) � Three months ended September 30, Nine months
ended September 30, 2006� 2005� 2006� 2005� � Revenues: Fee Timber
$ 8,114� $ 12,347� $ 32,287� $ 39,230� Timberland Management &
Consulting (TM&C) 578� 1,666� 3,146� 5,123� Real Estate �
9,332� � 1,299� � 14,284� � 3,746� Total 18,024� 15,312� 49,717�
48,099� EBITDDA: Fee Timber 4,686� 7,489� 19,757� 24,490� TM&C
58� 373� 1,308� 1,854� Real Estate 5,913� 457� 6,237� 1,458�
General & administrative � (794) � (758) � (2,587) � (2,319)
Total 9,863� 7,561� 24,715� 25,483� Depreciation, depletion and
amortization: Fee Timber 1,123� 2,735� 5,948� 9,764� TM&C 18�
26� 54� 74� Real Estate 245� (39) 322� 135� General &
administrative � 67� � 64� � 180� � 198� Total 1,453� 2,786� 6,504�
10,171� Operating income/(loss): Fee Timber 3,563� 4,754� 13,809�
14,726� TM&C 33� 393� 1,366� 2,055� Real Estate 5,668� 496�
5,915� 1,323� General & administrative � (861) � (822) �
(2,767) � (2,517) Total $ 8,403� $ 4,821� $ 18,323� $ 15,587� � �
SELECTED STATISTICS � Three months ended Nine months ended
30-Sep-06 30-Sep-05 30-Sep-06 30-Sep-05 Log sale volumes (thousand
board feet): Sawlogs Douglas-fir 8,626� 12,921� 36,908� 38,797�
Whitewood 483� 2,309� 3,628� 9,837� Cedar 188� 1,010� 774� 4,218�
Hardwood 1,464� 1,656� 3,170� 4,444� Pulp All species � 1,386� �
2,646� � 6,350� � 8,609� Total � 12,147� � 20,542� � 50,830� �
65,905� � Average price realizations (per thousand board feet):
Sawlogs Douglas-fir 662� 640� 672� 643� Whitewood 462� 457� 446�
475� Cedar 1,260� 948� 1,058� 944� Hardwood 683� 643� 663� 614�
Pulp All species 281� 210� 261� 211� Overall 623� 580� 610� 579� �
Owned timber acres 114,196� 117,585� 114,196� 117,585� Acres under
management 291,925� 527,316� 291,925� 527,316� Capital expenditures
($000's) $ 4,851� 932� $ 8,999� 2,624� Depletion ($000's) 1,278�
2,623� 5,970� 9,689� Depreciation ($000's) 175� 163� 534� 482� Debt
to total capitalization 29% 34% 29% 34% � � QUARTER TO QUARTER
COMPARISONS (Amounts in $000's except per unit data) � Q3 2006 vs.
Q3 2005 Q3 2006 vs. Q2 2006 � Total Total � Net income: 3rd Quarter
2006 $ 8,279� $ 8,284� 2nd Quarter 2006 3,540� 3rd Quarter 2005 �
4,137� � Variance $ 4,142� $ 4,744� � Detail of earnings variance:
Fee Timber Log price realizations (A) $ 522� $ 243� Log volumes (B)
(4,869) (2,715) Depletion 1,641� 1,061� Production costs 1,456�
891� Other Fee Timber 54� 69� Timberland Management &
Consulting Management fee changes (672) 1� Disposition fee changes
-� -� Other Timberland Mgmnt & Consulting 317� -� Real Estate
Environmental remediation liability (6) (114) Land sales 5,332�
4,898� Other Real Estate (154) 298� General & administrative
costs (39) 41� Interest expense 261� 20� Other (taxes, minority
int., interest inc.) � 299� � 51� Total change in earnings $ 4,142�
$ 4,744� (A) Price variance calculated by extending the change in
averagerealized price by current period volume. (B) Volume variance
calculated by extending change in sales volume bythe average log
sales price for the comparison period. Pope Resources
(Nasdaq:POPEZ) reported net income of $8.3 million, or $1.74 per
diluted ownership unit, on revenues of $18.0 million for the third
quarter ended September 30, 2006. This compares to net income of
$4.1 million, or 87 cents per diluted ownership unit, on revenues
of $15.3 million, for the same period in 2005. Net income for the
nine months ended September 30, 2006 totaled $17.1 million, or
$3.60 per diluted ownership unit, on revenues of $49.7 million. Net
income for the corresponding period in 2005 totaled $12.8 million,
or $2.70 per diluted ownership unit, on revenues of $48.1 million.
Earnings before interest, income tax, depreciation, depletion, and
amortization (EBITDDA) for the quarter ended September 30, 2006 was
$9.9 million, compared to $7.6 million for the third quarter of
2005. For the nine months ended September 30, 2006, EBITDDA was
$24.7 million, compared to $25.5 million for year-to-date 2005
results. "Operating results for the third quarter, which represent
the strongest quarter in the partnership's history, were dominated
by our Real Estate segment's sale of a 17-acre commercial tract
located in our Harbor Hill project in Gig Harbor, Washington to
Costco Wholesale Corporation," said David L. Nunes, President and
CEO. "This income reflects the culmination of years of work and
investment to realize value from former timberlands now located in
the path of development. While we expect continued value
realization from these types of sales from time to time in the
future, both the timing and the amount of revenue and corresponding
operating income from our Real Estate segment depend on a variety
of factors beyond our control and these amounts are, as such, far
more variable than those of the Partnership's Fee Timber
operations." Harvest volumes for each of the last two years (2004
and 2005) were higher than our long-term harvest plan as a result
of harvest activities stemming from two timberland acquisitions in
2004. Residual volume from these 2004 acquisitions also influenced
the harvest levels for 2006, but at a reduced level compared to
2004 and 2005. Our Fee Timber segment generated $3.6 million of
operating income in the third quarter, a decrease of 25% from the
$4.8 million in the third quarter of last year. This decline in
operating income reflects both the aforementioned reduction from
2005 to 2006 in annual harvest volume and the fact that we produced
a lower proportional harvest of 12 MMBF, or 21% of the planned
annual harvest volume, in the third quarter of 2006 as compared to
21 MMBF, or 28% of the planned annual harvest in the corresponding
quarter in 2005. The reduced harvest volume was partially offset by
both higher log price realizations and lower per-unit depletion
expense. During the quarter, log prices were up $43 per thousand
board feet (MBF), or 7%, compared to last year. On a year-to-date
basis, Fee Timber operating income fell to $13.8 million in 2006
from $14.7 million in 2005, representing a decrease of 6%. This
decline was a result of harvest volumes that decreased 23% from 66
MMBF in 2005 to 51 MMBF in 2006, offset partially by log prices
that increased 5%, or $31 per MBF, and lower per-unit depletion
expense. Fourth quarter 2006 results for the Fee Timber segment
will be modest as we have harvested over 90% of our planned annual
harvest volume through the first three quarters. Largely as a
result of the aforementioned Costco sale, the Real Estate segment
generated $5.7 million of operating income in the third quarter of
2006 versus $496,000 in the prior year's third quarter. Remaining
property in the Harbor Hill project includes an additional 64 acres
of property zoned for commercial and business park use that we are
currently marketing for sale, and nearly 220 additional acres that
are zoned for residential use. Again, based largely on the strength
of the Harbor Hill project in Gig Harbor, year-to-date operating
income for the Real Estate segment increased to $5.9 million from
$1.3 million in 2005. Our Timberland Management & Consulting
segment posted year-to-date operating income of $1.4 million in
2006 compared to $2.1 million for the first nine months of 2005.
Operating results for the quarter declined to $33,000 from $393,000
in the prior year. The decline in operating income from this
segment is the result of fewer assets under management in 2006
offset only in part by earned property disposition fees. The
financial and statistical schedules attached to this earnings
release provide selected detail on individual segment results and
operating statistics. About Pope Resources Pope Resources, a
publicly traded limited partnership, and its subsidiaries Olympic
Resource Management and Olympic Property Group, own or manage over
400,000 acres of timberland and development property in Washington
and Oregon. In addition, we provide forestry consulting and
timberland investment management services to third-party owners and
managers of timberland in Washington, Oregon, and California. The
company and its predecessor companies have owned and managed
timberlands and development properties for more than 150 years.
Additional information on the company can be found at www.orm.com.
The contents of our website are not incorporated into this release
or into our filings with the Securities and Exchange Commission. A
Note About Forward Looking Information This press release contains
a number of projections and statements about our expected financial
condition, operating results, business plans and objectives. These
statements reflect management's estimates based on current goals
and its expectations about future developments. Because these
statements describe our goals, objectives, and anticipated
performance, they are inherently uncertain, and some or all of
these statements may not come to pass. Accordingly, they should not
be interpreted as promises of future management actions or
assurances of financial performance. Our future actions and actual
performance will vary from current expectations and under various
circumstances the results of these variations may be material and
adverse. Some of the factors that may cause actual operating
results and financial condition to fall short of expectations
include factors that affect our ability to anticipate and respond
adequately to fluctuations in the market prices for our products;
environmental and land use regulations that limit our ability to
harvest timber and develop property; labor, equipment and
transportation costs that affect our net income; and economic
conditions that affect consumer demand for our products and the
prices we receive for them. Other factors are set forth in that
part of our Annual Report on Form 10-K Item 1A entitled "Risk
Factors." Other issues that may have an adverse and material impact
on our business, operating results, and financial condition include
those risks and uncertainties discussed in our other filings with
the Securities and Exchange Commission. Forward-looking statements
in this release are made only as of the date shown above, and we
cannot undertake to update these statements. About Our Financial
Measures Management considers earnings (net income or loss) before
interest expense, income taxes, depreciation, depletion and
amortization (EBITDDA) to be a relevant and meaningful indicator of
liquidity and earnings performance commonly used by investors,
financial analysts and others in evaluating companies in its
industry and, as such, has provided this information in addition to
the generally accepted accounting principle-based presentation of
net income or loss and cash from operations. With different
companies employing various calculation methodologies, disclosure
of EBITDDA can make it easier for the reader to make meaningful
comparisons between the operating results and cash-generating
capabilities of different timber companies. EBITDDA is not a
Generally Accepted Accounting Principles measure and does not
include depreciation and depletion expense. This may be deemed a
limitation to using EBITDDA for evaluating operating performance.
-0- *T Pope Resources, A Delaware Limited Partnership Unaudited
CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in $000's,
except per unit amounts) Three months ended Nine months ended
September 30, September 30, 2006 2005 2006 2005 Revenues $18,024
$15,312 $ 49,717 $ 48,099 Costs and expenses: Cost of sales (6,198)
(6,631) (21,037) (21,845) Operating expenses (3,423) (3,860)
(10,357) (10,667) -------- -------- --------- --------- Operating
income 8,403 4,821 18,323 15,587 Interest, net (115) (586) (641)
(1,938) -------- -------- --------- --------- Income before income
taxes and minority interest 8,288 4,235 17,682 13,649 Income tax
provision (16) (52) (453) (562) -------- -------- ---------
--------- Income before minority interest 8,272 4,183 17,229 13,087
Minority interest 7 (46) (112) (275) -------- -------- ---------
--------- Net income $ 8,279 $ 4,137 $ 17,117 $ 12,812 ========
======== ========= ========= Average units outstanding - Basic
4,645 4,621 4,641 4,593 ======== ======== ========= =========
Average units outstanding - Diluted 4,769 4,773 4,760 4,742
======== ======== ========= ========= Basic net income per unit $
1.78 $ 0.90 $ 3.69 $ 2.79 ======== ======== ========= =========
Diluted net income per unit $ 1.74 $ 0.87 $ 3.60 $ 2.70 ========
======== ========= ========= *T -0- *T CONSOLIDATED BALANCE SHEETS
(all amounts in $000's) September 30, 2006 2005 -------------
------------ Assets: Cash $ 3,663 $ 3,009 Short term investments
29,000 14,000 Other current assets 4,758 6,772 Roads and timber
47,467 53,779 Properties and equipment 31,386 25,735 Other assets
1,308 877 ------------- ------------ Total $ 117,582 $ 104,172
============= ============ Liabilities and partners' capital:
Current liabilities $ 5,885 $ 5,045 Long-term debt, excluding
current portion 30,866 32,308 Other long-term liabilities 324 211
------------- ------------ Total liabilities 37,075 37,564
Partners' capital 80,507 66,608 ------------- ------------ Total $
117,582 $ 104,172 ============= ============ *T -0- *T
RECONCILIATION BETWEEN NET INCOME AND EBITDDA (all amounts in
$000's) Three months ended Nine months ended September 30,
September 30, 2006 2005 2006 2005 Net income $ 8,279 $ 4,137 $
17,117 $ 12,812 Added back: Interest, net 115 586 641 1,938
Depletion 1,278 2,623 5,970 9,689 Depreciation and amortization 175
163 534 482 Income tax expense 16 52 453 562 --------- ---------
--------- --------- EBITDDA $ 9,863 $ 7,561 $ 24,715 $ 25,483
========= ========= ========= ========= RECONCILIATION BETWEEN CASH
FROM OPERATIONS AND EBITDDA (all amounts in $000's) Three months
ended Nine months ended September 30, September 30, 2006 2005 2006
2005 Cash from operations $ 15,868 $ 9,454 $ 28,423 $ 22,268 Added
back: Change in working capital - - 1,435 1,249 Interest 115 586
641 1,938 Deferred revenue - 10 - 695 Minority interest 7 - - -
Deferred taxes - - 11 - Income tax provision 16 52 453 562 Less:
Change in working capital (4,005) (2,217) - - Deferred revenue (90)
(84) (1,031) - Cost of land sold (1,968) (178) (4,837) (344)
Deferred taxes (7) - - (594) Equity based compensation (73) (14)
(267) (14) Minority interest - (46) (112) (275) Other - (2) (1) (2)
--------- --------- --------- --------- EBITDDA $ 9,863 $ 7,561 $
24,715 $ 25,483 ========= ========= ========= ========= SEGMENT
INFORMATION (all amounts in $000's) Three months ended Nine months
ended September 30, September 30, 2006 2005 2006 2005 Revenues: Fee
Timber $ 8,114 $ 12,347 $ 32,287 $ 39,230 Timberland Management
& Consulting (TM&C) 578 1,666 3,146 5,123 Real Estate 9,332
1,299 14,284 3,746 --------- --------- --------- --------- Total
18,024 15,312 49,717 48,099 EBITDDA: Fee Timber 4,686 7,489 19,757
24,490 TM&C 58 373 1,308 1,854 Real Estate 5,913 457 6,237
1,458 General & administrative (794) (758) (2,587) (2,319)
--------- --------- --------- --------- Total 9,863 7,561 24,715
25,483 Depreciation, depletion and amortization: Fee Timber 1,123
2,735 5,948 9,764 TM&C 18 26 54 74 Real Estate 245 (39) 322 135
General & administrative 67 64 180 198 --------- ---------
--------- --------- Total 1,453 2,786 6,504 10,171 Operating
income/(loss): Fee Timber 3,563 4,754 13,809 14,726 TM&C 33 393
1,366 2,055 Real Estate 5,668 496 5,915 1,323 General &
administrative (861) (822) (2,767) (2,517) --------- ---------
--------- --------- Total $ 8,403 $ 4,821 $ 18,323 $ 15,587
========= ========= ========= ========= SELECTED STATISTICS Three
months ended Nine months ended 30-Sep-06 30-Sep-05 30-Sep-06
30-Sep-05 Log sale volumes (thousand board feet): Sawlogs
Douglas-fir 8,626 12,921 36,908 38,797 Whitewood 483 2,309 3,628
9,837 Cedar 188 1,010 774 4,218 Hardwood 1,464 1,656 3,170 4,444
Pulp All species 1,386 2,646 6,350 8,609 --------- ---------
--------- --------- Total 12,147 20,542 50,830 65,905 =========
========= ========= ========= Average price realizations (per
thousand board feet): Sawlogs Douglas-fir 662 640 672 643 Whitewood
462 457 446 475 Cedar 1,260 948 1,058 944 Hardwood 683 643 663 614
Pulp All species 281 210 261 211 Overall 623 580 610 579 Owned
timber acres 114,196 117,585 114,196 117,585 Acres under management
291,925 527,316 291,925 527,316 Capital expenditures ($000's) $
4,851 932 $ 8,999 2,624 Depletion ($000's) 1,278 2,623 5,970 9,689
Depreciation ($000's) 175 163 534 482 Debt to total capitalization
29% 34% 29% 34% QUARTER TO QUARTER COMPARISONS (Amounts in $000's
except per unit data) Q3 2006 vs. Q3 2006 vs. Q3 2005 Q2 2006 Total
Total Net income: 3rd Quarter 2006 $ 8,279 $ 8,284 2nd Quarter 2006
3,540 3rd Quarter 2005 4,137 --------- --------- Variance $ 4,142 $
4,744 Detail of earnings variance: Fee Timber Log price
realizations (A) $ 522 $ 243 Log volumes (B) (4,869) (2,715)
Depletion 1,641 1,061 Production costs 1,456 891 Other Fee Timber
54 69 Timberland Management & Consulting Management fee changes
(672) 1 Disposition fee changes - - Other Timberland Mgmnt &
Consulting 317 - Real Estate Environmental remediation liability
(6) (114) Land sales 5,332 4,898 Other Real Estate (154) 298
General & administrative costs (39) 41 Interest expense 261 20
Other (taxes, minority int., interest inc.) 299 51 ---------
--------- Total change in earnings $ 4,142 $ 4,744 =========
========= *T -0- *T (A) Price variance calculated by extending the
change in average realized price by current period volume. (B)
Volume variance calculated by extending change in sales volume by
the average log sales price for the comparison period. *T
Pope Resources (NASDAQ:POPEZ)
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