Pope Resources reported net income of $2.6 million, or $0.60 per ownership unit, on consolidated revenue of $28 million and look-through revenue of $17.3 million, for 3Q 2018.

Stehendes Holz

Pope Resources increased 3Q revenue to $28 million

Pope Resources reported net income of $2.6 million, or $0.60 per ownership unit, on consolidated revenue of $28 million and look-through revenue of $17.3 million, for 3Q 2018. This compares to net income of $1.7 million, or $0.38 per ownership unit, on consolidated revenue of $18.8 million and look-through revenue of $13.2 million, for 3Q 2017.

Cash provided by operations during 3Q 2018 was $11.6 million on a consolidated basis and $5.4 million on a look-through basis, compared to cash provided by operations of $1.8 million on a consolidated basis and cash used in operations of $405,000 on a look-through basis, during 3Q 2017.

"We took advantage of strong log prices and delivered or sold over 34 million board feet of Partnership and Funds timber during the 3Q," said Tom Ringo, President and CEO. "While we still view long-term fundamentals for log prices in our region as positive, we anticipate some near-term volatility due to supply increases, weakened market prices, and uncertainty around trade tariffs with China. In our Real Estate business, we were pleased to close on a $1.4 million sale of a residential plat in Bremerton, Washington. Meanwhile, Fund IV closed on the acquisition of 9,400 acres of timberland in Washington in October and is under contract to purchase another 7,100 acres in January. As demonstrated by the significant increase in our quarterly distribution, we remain confident in our ability to continue to grow cash flow and deliver sustainable value to our unitholders."

Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 120,000 acres of timberland and 2,100 acres of development property in Washington.