May 11, 2007. /Lesprom Network/. Pope & Talbot, Inc. reported a net loss of $18.6 million for the first quarter of 2007 compared with a net loss of $8.0 million for the first quarter of 2006. The net loss for the first quarter of 2007 was $1.15 per share on 16.3 million shares, compared with a net loss of $0.49 per share for the first quarter of 2006 on 16.2 million shares. Revenues were $200.5 million for the first quarter of 2007 compared with $223.0 million for first quarter of 2006. For the fourth quarter of 2006, the company earned $88.1 million or $5.41 per share on revenues of $190.0 million. The fourth quarter results reflect non-recurring lumber import duty refunds of $113.3 million of which $12.1 million related to duties expensed in 2006 and recorded as a reduction to wood products cost of sales, and interest income of $14.2 million earned on the duty refunds. As a result of the company's adoption of a recently issued accounting pronouncement for planned major maintenance activities, the first quarter 2006 net loss is lower by $4.9 million and fourth quarter 2006 net income is higher by $5.2 million than amounts previously reported. The company's operating performance declined in the first quarter of 2007 compared to both the first and fourth quarters of 2006. In the first quarter of 2007, the company's operating loss was $14.7 million and EBITDA were negative $4.4 million, as compared with an operating loss of $2.8 million and EBITDA of $8.1 million for the first quarter of 2006. For the fourth quarter of 2006, operating income was $98.5 million and EBITDA was $108.9 million. Excluding the effects of the lumber import duty refunds, the fourth quarter operating loss was $11.1 million and EBITDA was negative $0.7 million. The decrease in operating performance reflects lower contributions from both the pulp and wood products divisions, partially offset by a decrease in selling general and administrative (SG&A) expenses. "While the operational results for this quarter represent a significant setback, they underscore the necessity of focusing our near-term efforts on repositioning the company to weather the downturn," said Harold Stanton, president and chief executive officer. "With the support of our senior lenders, we should be able to endure the challenges of the current market environment." Pope & Talbot is a pulp and wood products company. The company is based in Portland, Oregon and trades on the New York stock exchange. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Europe, Canada, South America, and the Pacific Rim.