This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pope Resources Reports Second Quarter Income Of $3.3 Million

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.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs