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Pope Resources Reports Fourth Quarter Net Income Of $1.7 Million

Pope Resources (NASDAQ:POPE) reported net income attributable to unitholders of $1.7 million, or $0.35 per diluted ownership unit, on revenue of $8.5 million for the fourth quarter ended December 31, 2010. This compares to a net loss attributable to unitholders of $376,000, or $0.08 per diluted ownership unit, on revenue of $5.2 million for the comparable period in 2009.

Net income attributable to unitholders for the year ended December 31, 2010 totaled $2.0 million, or $0.43 per diluted ownership unit, on revenue of $31.2 million. Net loss attributable to unitholders for the corresponding period in 2009 totaled $272,000, or $0.07 per diluted ownership unit, on revenue of $20.5 million. Results for both years included a loss on early debt extinguishment of $1.2 million and $1.1 million in 2010 and 2009, respectively.

Cash provided by operations for the quarter ended December 31, 2010 was $3.6 million, compared to $853,000 for the fourth quarter of 2009. For the year ended December 31, 2010, cash provided by operations was $9.0 million, compared to $662,000 in 2009.

“Fourth quarter results were dominated by the closing of a $2.4 million conservation easement on 6,900 acres of our southwest Washington timberland,” said David L. Nunes, President and CEO. “For the full year, the primary driver for our results was the strong demand from China for Pacific Northwest sawlogs, which resulted in a 63% increase in our harvest level and a more than doubling of the proportion of harvest volume sold to the export market over the prior year. While poor housing markets are expected to remain a drag on both domestic lumber and real estate markets in 2011, the export log market has remained strong and continues to support increased log pricing and higher harvest levels.”

Fee Timber operating income was $1.7 million in the fourth quarter of both 2010 and 2009 even though our harvest volume increased 9%, from 10 million board feet (MMBF) in 2009 to 11 MMBF in 2010, and average realized log price was up 16%, from $415 per thousand board feet (MBF) in 2009 to $481 per MBF in 2010. Almost 40% of 2010’s fourth quarter harvest came from Timber Fund properties where the per-MBF depletion expense is much higher than that for our long-held properties. In 2009, there was no fourth quarter harvest off Fund timberlands.

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