May 09, 2008. /Lesprom.com/. Pope Resources reported net income of $941,000, or $0.20 per diluted ownership unit, on revenues of $6.3 million for the quarter ended March 31, 2008. This compares to net income of $854,000, or $0.18 per diluted ownership unit, on revenues of $6.8 million for the comparable period in 2007.

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Pope Resources reports 1Q net income of $0.9 million

May 09, 2008. /Lesprom.com/. Pope Resources reported net income of $941,000, or $0.20 per diluted ownership unit, on revenues of $6.3 million for the quarter ended March 31, 2008. This compares to net income of $854,000, or $0.18 per diluted ownership unit, on revenues of $6.8 million for the comparable period in 2007. Cash flows provided by operations for the quarter ended March 31, 2008 was $497,000, compared to cash flow used in operations of $811,000 for the 1Q 2007. “Revenue and net income for the 1Q 2008 and 2007 are similar, but the comparability of bottom-line performance belies the significantly different market dynamics that exist today for our business segments versus a year ago,” said David L. Nunes, President and CEO. “The slowdown in housing starts has curtailed demand for wood products, which has rippled back to reduced mill output and lower log prices. As previously announced, our response to these deteriorating market conditions was to reduce our planned timber harvest for 2008 to 37 MMBF, or 33% below the 55 MMBF we harvested in 2007. Market demand has also abated for both developed lots and raw land in concert with the housing slowdown. We continue to expect this to be a tough year for all our business segments.” Operating income for Fee Timber segment was off by 5%, declining from $2.4 million in 2007 to $2.3 million in 2008. The 1Q harvest volume went from 10.0 million board feet (MMBF) in 2007 to 9.5 MMBF in 2008, a 5% decline. In addition, average realized log price dropped 7% from $578 per thousand board feet (MBF) in 2007 to $538 per MBF in 2008. The impact of these reductions in volume and price on segment operating income was mitigated in part by lower per unit harvest and haul costs. 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.