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Pope Resources Reports Second Quarter Income Of $3.3 Million

Stocks in this article: POPE

Pope Resources (NASDAQ:POPE) reported net income attributable to unitholders of $3.3 million, or $0.73 per diluted ownership unit, on revenue of $14.3 million for the quarter ended June 30, 2011. This compares to a net loss attributable to unitholders of $1.1 million, or $0.25 per diluted ownership unit, on revenue of $8.1 million for the comparable period in 2010.

Net income for the six months ended June 30, 2011 totaled $7.0 million, or $1.55 per diluted ownership unit, on revenue of $31.9 million. Net loss for the corresponding period in 2010 totaled $675,000, or $0.15 per diluted ownership unit, on revenue of $14.1 million. Results for both the second quarter and first half of 2010 were impacted by a $1.2 million loss on early debt extinguishment.

Cash provided by operations for the quarter ended June 30, 2011 was $6.1 million, compared to $277,000 for the second quarter of 2010. For the six months ended June 30, 2011, cash provided by operations was $13.7 million, compared to $1.1 million for year-to-date 2010 results. Cash provided by operations in 2010 for both the second quarter and first half of 2010 was also impacted by the aforementioned $1.2 million payment for early debt retirement that was part of a new financing.

“We have now had two strong quarters back-to-back thanks largely to surging demand from China for logs and lumber,” said David L. Nunes, President and CEO. “This continued surge in export demand helped generate an $88 per thousand board feet (MBF), or 18%, lift in our average realized log price in the first half of the year, even in the face of continued softness in domestic demand. We responded by increasing our overall harvest volume by 23 million board feet (MMBF), or 89%, as well as by front-loading our planned 2011 harvest into the first six months of the year. With both higher harvest volumes and log prices, we enjoyed year-to-date operating income for our Fee Timber segment that is almost double the amount for last year’s comparable timeframe.”

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