Pope Resources reported 4Q 2018 net loss of $1.8 million, or $0.41 per ownership unit, on consolidated revenue of $22.6 million and look-through revenue of $15.4 million, for 4Q 2018. This compares to net income of $12.7 million, or $2.92 per ownership unit, on consolidated revenue of $47.8 million and look-through revenue of $37.9 million, for 4Q 2017, as the company says in the press release received by Lesprom Network.
The 4Q 2018 results include a $2.7 million increase in the environmental remediation liability for Port Gamble, Washington. Excluding this charge, adjusted net income attributable to unitholders for 4Q 2018 was $1 million, or $0.21 per ownership unit.
Full-year 2018 net income totaled $6.8 million, or $1.54 per ownership unit, on consolidated revenue of $103.6 million and look-through revenue of $63.6 million. This compares to full-year 2017 net income of $17.9 million, or $4.10 per ownership unit, on consolidated revenue of $99.8 million and look-through revenue of $72.9 million.
"For our core timber business, our 2018 results set some all-time highs in terms of log production and average price realized," said Tom Ringo, President and CEO. "When you drill into the details, however, it was not a level ride. While log prices were strong for the first three quarters of the year, the 4Q saw a significant slide in log prices due primarily to the combined impact of trade tensions with China and elevated inventories at our domestic mill customers' log yards."
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 2,000 acres of development property in Washington.
