Pope Resources (Nasdaq:POPEZ) reported net income of $4.8 million,
or $1.01 per diluted ownership unit, on revenues of $15.3 million
for the second quarter ended June 30, 2007. This compares to net
income of $3.5 million, or 74 cents per diluted ownership unit, on
revenues of $15.6 million for the comparable period in 2006. Net
income for the six months ended June 30, 2007 totaled $5.7 million,
or $1.19 per diluted ownership unit, on revenues of $22.1 million.
Net income for the corresponding period in 2006 totaled $8.8
million, or $1.86 per diluted ownership unit, on revenues of $31.7
million. Earnings before interest, taxes, depreciation, depletion,
and amortization (EBITDDA) for the quarter ended June 30, 2007 were
$7.0 million, compared to $6.0 million for the second quarter of
2006. For the six months ended June 30, 2007, EBITDDA was $8.8
million, compared to $14.9 million for year-to-date 2006 results.
�Our operating results for second quarter 2007 were higher than
last year�s comparable quarter primarily because our harvest volume
increased by 36%, from 17 million board feet (MMBF) in 2006 to 23
MMBF in 2007,� said David L. Nunes, President and CEO. �Log prices
generally softened during the second quarter given the decline in
domestic housing starts, but we were able to mitigate much of the
impact of this trend by virtue of locking in second quarter prices
earlier in the year when market sentiment was less bearish, and by
shifting our harvest mix toward select markets where pricing
remained healthier. As a result, our average realized log price
increased by 4% during the quarter, from $603 per thousand board
feet (MBF) in 2006 to $626 per MBF in 2007.� For the first six
months of 2007, Fee Timber operating income declined 5% to $9.7
million from $10.2 million in 2006. This decline was driven by a
16% drop in harvest volumes, from 39 MMBF in 2006 to 33 MMBF in
2007. This was offset somewhat by a 1% increase in the average
realized log price, which rose from $606 per MBF in 2006 to $611
per MBF in 2007. Through the first half of 2007, we harvested 60%
of our planned annual harvest volume, compared to the first half of
2006, when we harvested 71% of the total annual harvest volume. Our
Timberland Management & Consulting segment posted a
year-to-date operating loss of $0.3 million compared to income of
$1.3 million in 2006. The decline in operating income from this
segment is the result of fewer assets under management in 2007 and
a timberland disposition fee earned in 2006 that was not repeated
in 2007. Operating income for our Real Estate segment declined from
$0.2 million for the first six months of 2006 to a $1.0 million
loss for the comparable period in 2007. This anticipated decline is
due to a significant reduction in the number of land sale closings
in the first half of 2007 compared to the first half of last year.
We expect to generate revenue from our Gig Harbor and Bremerton
projects during the balance of 2007, but do not expect to reach the
record level attained in 2006. The financial schedules attached to
this earnings release provide detail on individual segment results
and operating statistics. About Pope Resources Pope Resources, a
publicly traded limited partnership, and its subsidiaries Olympic
Resource Management and Olympic Property Group, own or manage over
430,000 acres of timberland and development property in Washington
and Oregon. In addition, we provide forestry consulting and
timberland investment management services to third-party owners and
managers of timberland in Washington, Oregon, and California. The
company and its predecessor companies have owned and managed
timberlands and development properties for more than 150 years.
Additional information on the company can be found at
www.poperesources.com. The contents of our website are not
incorporated into this release or into our filings with the
Securities and Exchange Commission. This press release contains a
number of projections and statements about our expected financial
condition, operating results, business plans and objectives. These
statements reflect management�s estimates based on current goals
and its expectations about future developments. Because these
statements describe our goals, objectives, and anticipated
performance, they are inherently uncertain, and some or all of
these statements may not come to pass. Accordingly, they should not
be interpreted as promises of future management actions or
financial performance. Our future actions and actual performance
will vary from current expectations and under various circumstances
the results of these variations may be material and adverse. Some
of the factors that may cause actual operating results and
financial condition to fall short of expectations include factors
that affect our ability to anticipate and respond adequately to
fluctuations in the market prices for our products; environmental
and land use regulations that limit our ability to harvest timber
and develop property; labor, equipment and transportation costs
that affect our net income; our ability to discover and to
accurately estimate liabilities associated with our properties; and
economic conditions that affect consumer demand for our products
and the prices we receive for them. Other factors are set forth in
that part of our Annual Report on Form 10-K entitled �Risk
Factors.� Other issues that may have an adverse and material impact
on our business, operating results, and financial condition include
those risks and uncertainties discussed in our other filings with
the Securities and Exchange Commission. Forward-looking statements
in this release are made only as of the date shown above, and we
cannot undertake to update these statements. Management considers
earnings (net income or loss) before interest expense, income
taxes, depreciation, depletion and amortization (EBITDDA) to be an
important measure of operating profitability, particularly when
comparing results between different timber-owning companies because
there are varying methods of calculating depletion expense under
GAAP. With different issuers employing various calculation
methodologies, disclosure of EBITDDA can make it easier for the
reader to make meaningful comparisons between the operating results
and cash-generating capabilities of different timber companies.
Pope Resources, A Delaware Limited Partnership Unaudited �
CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in $000's,
except per unit amounts) � Three months ended June 30, Six months
ended June 30, 2007 2006 2007 2006 � Revenues $ 15,326 $ 15,610 $
22,113 $ 31,693 Costs and expenses: Cost of sales (6,294 ) (8,414 )
(9,131 ) (14,839 ) Operating expenses � (4,080 ) � (3,461 ) �
(7,342 ) � (6,934 ) Operating income 4,952 3,735 5,640 9,920
Interest, net � 18 � � (217 ) � 27 � � (526 ) Income before income
taxes and minority interest 4,970 3,518 5,667 9,394 Income tax
provision � (10 ) � 8 � � (17 ) � (437 ) Income before minority
interest 4,960 3,526 5,650 8,957 Minority interest � (145 ) � 14 �
� 19 � � (119 ) Net income $ 4,815 � $ 3,540 � $ 5,669 � $ 8,838 �
� Average units outstanding - Basic � 4,685 � � 4,641 � � 4,675 � �
4,638 � Average units outstanding - Diluted � 4,786 � � 4,753 � �
4,776 � � 4,750 � � Basic net income per unit $ 1.03 � $ 0.76 � $
1.21 � $ 1.91 � Diluted net income per unit $ 1.01 � $ 0.74 � $
1.19 � $ 1.86 � CONSOLIDATED BALANCE SHEETS (all amounts in $000's)
� June 30, 2007 December 31, 2006 Assets: Cash $ 6,146 $ 7,194
Short term investments 25,000 25,000 Other current assets 10,705
8,933 Roads and timber 95,814 98,110 Properties and equipment
42,207 39,026 Other assets � 1,490 � 2,019 Total $ 181,362 $
180,282 Liabilities and partners' capital: Current liabilities $
13,341 $ 14,775 Long-term debt, excluding current portion 29,543
30,866 Other long-term liabilities � 46,867 � 47,036 Total
liabilities 89,751 92,677 Partners' capital � 91,611 � 87,605 Total
$ 181,362 $ 180,282 RECONCILIATION BETWEEN NET INCOME AND EBITDDA
(all amounts in $000's) � Three months ended June 30, Six months
ended June 30, 2007 2006 2007 2006 � Net income $ 4,815 $ 3,540 $
5,669 $ 8,838 Added back: Interest, net (18 ) 217 (27 ) 526
Depletion 2,038 2,119 2,749 4,692 Depreciation and amortization 197
175 399 359 Income tax expense � 10 � � (8 ) � 17 � � 437 EBITDDA $
7,042 � $ 6,043 � $ 8,807 � $ 14,852 RECONCILIATION BETWEEN CASH
FROM OPERATIONS AND EBITDDA (all amounts in $000's) � Three months
ended June 30, Six months ended June 30, 2007 2006 2007 2006 � Cash
from operations $ 7,718 $ 7,858 $ 6,907 $ 12,313 Added back: Change
in working capital - 1,522 2,368 5,682 Interest - 217 - 526
Deferred revenue 260 - - - Minority interest - 13 19 - Deferred
taxes - 36 - 19 Income tax provision 10 - 17 437 Less: Change in
working capital (673 ) - - - Interest (17 ) (26 ) - Deferred
revenue - (666 ) (77 ) (941 ) Cost of land sold (14 ) (2,856 ) (46
) (2,869 ) Equity based compensation (103 ) (72 ) (361 ) (195 )
Minority interest (145 ) - - (120 ) Income tax provision - (8 ) - -
Other � 6 � � (1 ) � 6 � � - � EBITDDA $ 7,042 � $ 6,043 � $ 8,807
� $ 14,852 � SEGMENT INFORMATION (all amounts in $000's) � Three
months ended June 30, Six months ended June 30, 2007 2006 2007 2006
� Revenues: Fee Timber $ 14,614 $ 10,449 $ 20,806 $ 24,173
Timberland Management & Consulting (TM&C) 356 544 708 2,568
Real Estate � 356 � � 4,617 � � 599 � � 4,952 � Total 15,326 15,610
22,113 31,693 EBITDDA: Fee Timber 9,266 6,195 12,629 15,071
TM&C (149 ) 71 (259 ) 1,250 Real Estate (419 ) 629 (936 ) 324
General & Administrative � (1,656 ) � (852 ) � (2,627 ) �
(1,793 ) Total 7,042 6,043 8,807 14,852 Depreciation, depletion and
amortization: Fee Timber 2,122 2,181 2,916 4,825 TM&C 20 20 41
36 Real Estate 43 43 87 77 General & Administrative � 50 � � 50
� � 104 � � 113 � Total 2,235 2,294 3,148 5,051 Operating
income/(loss): Fee Timber 7,289 4,014 9,694 10,246 TM&C (169 )
37 (300 ) 1,333 Real Estate (462 ) 586 (1,023 ) 247 General &
Administrative � (1,706 ) � (902 ) � (2,731 ) � (1,906 ) Total $
4,952 � $ 3,735 � $ 5,640 � $ 9,920 � SELECTED STATISTICS � Three
months ended Six months ended 30-Jun-07 30-Jun-06 30-Jun-07
30-Jun-06 Log sale volumes (thousand board feet): Sawlogs
Douglas-fir 15,991 11,842 23,106 28,282 Whitewood 2,922 1,149 3,713
3,145 Cedar 575 227 635 586 Hardwood 878 1,144 1,007 1,706 Pulp All
species � 2,241 � � 2,288 � � 4,185 � � 4,964 � Total � 22,607 � �
16,650 � � 32,646 � � 38,683 � � Average price realizations (per
thousand board feet): Sawlogs Douglas-fir 638 665 630 675 Whitewood
477 452 480 443 Cedar 1,333 1,182 1,320 993 Hardwood 945 670 910
646 Pulp All species 398 260 430 255 Overall 626 603 611 606 �
Owned acres (A) 140,294 117,435 140,294 117,435 Acres under
management 292,647 291,925 292,647 291,925 Capital expenditures
($000's) $ 3,101 $ 2,713 $ 4,410 $ 4,148 Depletion ($000's) $ 2,038
$ 2,119 $ 2,749 $ 4,692 Depreciation ($000's) $ 197 $ 175 $ 399 $
359 Debt to total capitalization 25 % 31 % 25 % 31 % � (A) 2007
acres include 23,858 acres owned by ORM Timberfund I, LP. QUARTER
TO QUARTER COMPARISONS (Amounts in $000's except per unit data) �
Q2 2007 vs. Q2 2006 Q2 2007 vs. Q1 2007 � Total Total � Net income:
2nd Quarter 2007 $ 4,815 $ 4,815 1st Quarter 2007 854 2nd Quarter
2006 � 3,540 � � Variance $ 1,275 $ 3,961 � Detail of earnings
variance: Fee Timber Log price realizations (A) $ 520 $ 1,085 Log
volumes (B) 3,592 7,264 Depletion 81 (1,327 ) Production costs (989
) (2,145 ) Other Fee Timber 68 4 Timberland Management &
Consulting Management fee changes (77 ) (1 ) Other Timberland Mgmnt
& Consulting (129 ) (37 ) Real Estate Land sales (1,370 ) -
Other Real Estate 326 103 General & administrative costs (804 )
(681 ) Interest expense 96 38 Other (taxes, minority int., interest
inc.) � (39 ) � (342 ) Total change in earnings $ 1,275 � $ 3,961 �
� � (A) Price variance calculated by extending the change in
average realized price by current period volume. (B) Volume
variance calculated by extending change in sales volume by the
average log sales price for the comparison period.
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