Pope Resources (Nasdaq:POPEZ) reported net income of $3.5 million,
or 74 cents per diluted ownership unit, on revenues of $15.6
million for the second quarter ended June 30, 2006. This compares
to net income of $4.1 million, or 86 cents per diluted ownership
unit, on revenues of $16.1 million for the comparable period in
2005. Net income for the six months ended June 30, 2006, totaled
$8.8 million, or $1.86 per diluted ownership unit, on revenues of
$31.7 million. Net income for the corresponding period in 2005
totaled $8.7 million, or $1.83 per diluted ownership unit, on
revenues of $32.8 million. Earnings before interest, taxes,
depreciation, depletion, and amortization (EBITDDA) for the quarter
ended June 30, 2006, were $6.0 million, compared to $8.4 million
for the second quarter of 2005. For the six months ended June 30,
2006, EBITDDA was $14.9 million, compared to $17.9 million for
year-to-date 2005 results. "Our second quarter 2006 results were
lower based primarily on our planned reduction in harvest volume
for 2006, as a result of which we experienced a 26% lower harvest
volume compared to last year," said David L. Nunes, President and
CEO. "Notwithstanding the impact to earnings from this reduction in
harvest volume, second quarter results were buoyed by a 5% increase
in log prices over the same period last year, and by $4.4 million
of real estate sales which contributed $0.6 million of operating
income." For the first six months of 2006 log sales volumes for our
Fee Timber segment decreased 15% compared to the same period in
2005, from 45 million board feet (MMBF) in 2005 to 39 MMBF in 2006.
This decline is in line with our previously announced reduction in
annual harvest volume, from 74 MMBF in 2005 to 57 MMBF for 2006.
Comparing the same six-month periods, average log prices were up
$28 per thousand board feet (MBF), or 5%, compared to last year.
Year-to-date Fee Timber operating income increased slightly in 2006
inasmuch as the 2005 results included a heavier component of
harvest from high depletion rate lands acquired in late-2004. Our
Timberland Management & Consulting segment posted year-to-date
operating income of $1.3 million in 2006, compared to $1.7 million
for the first six months of 2005. The decline in operating income
from this segment is the result of fewer assets under management in
2006 offset only in part by earned property disposition fees.
Operating income for our Real Estate segment declined from $0.8
million for the first six months of 2005 to $0.2 million for the
comparable period in 2006 due to higher cost basis in lands sold in
2006 versus 2005. Over the balance of 2006, we anticipate closings
from both our Gig Harbor and Bremerton projects that will cause
this segment's operating income to exceed 2005 levels. About Pope
Resources Pope Resources, a publicly traded limited partnership,
and its subsidiaries Olympic Resource Management and Olympic
Property Group, own or manage nearly 410,000 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; factors that
affect the amount, timing and certainty of our expected real estate
sales; environmental and land use regulations that limit our
ability to harvest timber and develop property; labor, equipment
and transportation costs that affect our fee timber 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. -0- *T Pope Resources, A Delaware
Limited Partnership Unaudited CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in $000's, except per unit amounts) Three months ended
Six months ended June 30, June 30, 2006 2005 2006 2005 Revenues
$15,610 $ 16,131 $ 31,693 $ 32,787 Costs and expenses: Cost of
sales (8,414) (7,410) (14,839) (15,214) Operating expenses (3,461)
(3,626) (6,934) (6,807) ------- -------- -------- --------
Operating income 3,735 5,095 9,920 10,766 Interest, net (217) (635)
(526) (1,352) ------- -------- -------- -------- Income before
income taxes and minority interest 3,518 4,460 9,394 9,414 Income
tax provision 8 (263) (437) (510) ------- -------- --------
-------- Income before minority interest 3,526 4,197 8,957 8,904
Minority interest 14 (128) (119) (229) ------- -------- --------
-------- Net income $ 3,540 $ 4,069 $ 8,838 $ 8,675 =======
======== ======== ======== Average units outstanding -- Basic 4,641
4,596 4,638 4,578 ======= ======== ======== ======== Average units
outstanding -- Diluted 4,753 4,757 4,750 4,740 ======= ========
======== ======== Basic net income per unit $ 0.76 $ 0.89 $ 1.91 $
1.89 ======= ======== ======== ======== Diluted net income per unit
$ 0.74 $ 0.86 $ 1.86 $ 1.83 ======= ======== ======== ========
CONSOLIDATED BALANCE SHEETS (all amounts in $000's) June 30, 2006
2005 -------- -------- Assets: Cash $ 2,679 $ 1,574 Short term
investments 20,000 8,007 Other current assets 6,948 4,517 Roads and
timber 48,714 57,977 Properties and equipment 30,559 26,981 Other
assets 1,124 989 -------- -------- Total $110,024 $100,045 ========
======== Liabilities and partners' capital: Current liabilities $
5,404 $ 3,976 Long-term debt, excluding current portion 30,919
32,497 Other long-term liabilities 321 211 Total liabilities 36,644
36,684 Partners' capital 73,380 63,361 -------- -------- Total
$110,024 $100,045 ======== ======== RECONCILIATION BETWEEN NET
INCOME AND EBITDDA (all amounts in $000's) Three months ended Six
months ended June 30, June 30, 2006 2005 2006 2005 Net income $
3,540 $ 4,069 $ 8,838 $ 8,675 Added back: Interest, net 217 635 526
1,352 Depletion 2,119 3,223 4,692 7,066 Depreciation and
amortization 175 167 359 319 Income tax expense (8) 263 437 510
------- ------- ------- ------- EBITDDA $ 6,043 $ 8,357 $14,852
$17,922 ======= ======= ======= ======= RECONCILIATION BETWEEN CASH
FROM OPERATIONS AND EBITDDA (all amounts in $000's) Three months
ended Six months ended June 30, June 30, 2006 2005 2006 2005 Cash
from operations $ 7,858 $ 5,921 $12,313 $12,814 Added back: Change
in working capital 1,522 734 5,682 2,727 Interest 217 635 526 1,352
Deferred profit - 837 - 685 Minority interest 13 - - - Deferred
taxes 36 - 19 - Income tax provision - 263 437 510 Less: Deferred
profit (666) - (941) - Cost of land sold (2,856) (32) (2,869) (166)
Equity based compensation (72) - (195) - Minority interest - -
(120) - Income tax provision (8) (1) - - Other (1) - - - -------
------- ------- -------- EBITDDA $ 6,043 $ 8,357 $14,852 $17,922
======= ======= ======= ======= SEGMENT INFORMATION (all amounts in
$000's) Three months ended Six months ended June 30, June 30, 2006
2005 2006 2005 Revenues: Fee Timber $10,449 $13,220 $24,173 $26,883
Timberland Management & Consulting (TM&C) 544 1,843 2,568
3,457 Real Estate 4,617 1,068 4,952 2,447 ------- ------- -------
------- Total 15,610 16,131 31,693 32,787 EBITDDA: Fee Timber 6,195
8,090 15,071 17,001 TM&C 71 719 1,250 1,481 Real Estate 629 330
324 1,001 General & administrative (852) (782) (1,793) (1,561)
------- ------- ------- ------- Total 6,043 8,357 14,852 17,922
Depreciation, depletion and amortization: Fee Timber 2,181 3,160
4,825 7,029 TM&C 20 27 36 48 Real Estate 43 138 77 174 General
& administrative 50 65 113 134 ------- ------- ------- -------
Total 2,294 3,390 5,051 7,385 Operating income/(loss): Fee Timber
4,014 4,930 10,246 9,972 TM&C 37 820 1,333 1,662 Real Estate
586 192 247 827 General & administrative (902) (847) (1,906)
(1,695) ------- ------- ------- ------- Total $ 3,735 $ 5,095 $
9,920 $10,766 ======= ======= ======= ======= SELECTED STATISTICS
Three months ended Six months ended 30-Jun-06 30-Jun-05 30-Jun-06
30-Jun-05 Log sale volumes (thousand board feet): Sawlogs
Douglas-fir 11,842 12,195 28,282 25,876 Whitewood 1,149 4,113 3,145
7,528 Cedar 227 1,730 586 3,208 Hardwood 1,144 1,299 1,706 2,788
Pulp All species 2,288 3,026 4,964 5,963 -------- -------- --------
-------- Total 16,650 22,363 38,683 45,363 ======== ========
======== ======== Average price realizations (per thousand board
feet): Sawlogs Douglas-fir 665 644 675 644 Whitewood 452 487 410
480 Cedar 1,182 981 993 943 Hardwood 670 563 646 597 Pulp All
species 260 205 255 212 Overall 603 577 606 578 Owned timber acres
114,440 115,103 114,440 115,103 Acres under management 291,925
527,316 291,925 527,316 Capital expenditures ($000's) $ 2,713 $ 744
$ 4,148 $ 1,691 Depletion ($000's) $ 2,119 $ 3,223 $ 4,692 $ 7,066
Depreciation ($000's) $ 175 $ 167 $ 359 $ 319 Debt to total
capitalization 31% 35% 31% 35% QUARTER TO QUARTER COMPARISONS
(Amounts in $000's except per unit data) Q2 2006 Q2 2006 vs. vs. Q2
2005 Q1 2006 Total Total Net income: 2nd Quarter 2006 $ 3,540 $
3,540 1st Quarter 2006 5,298 2nd Quarter 2005 4,069 -------
-------- Variance $ (529) $(1,758) Detail of earnings variance: Fee
Timber Log price realizations (A) $ 433 $ (83) Log volumes (B)
(3,296) (3,273) Depletion 1,005 454 Production costs 862 579 Other
Fee Timber 80 105 Timberland Management & Consulting Management
fee changes (673) (314) Disposition fee changes - (1,343) Other
Timberland Mgmnt & Consulting (110) 398 Real Estate
Environmental remediation liability 108 - Land sales 707 1,274
Depletion 99 - Other Real Estate (520) (349) General &
administrative costs (55) 102 Interest expense 240 59 Other (taxes,
minority int., interest inc.) 591 633 ------- ------- Total change
in earnings $ (529) $(1,758) ======= ======= (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. *T
Pope Resources (NASDAQ:POPEZ)
過去 株価チャート
から 5 2024 まで 6 2024
Pope Resources (NASDAQ:POPEZ)
過去 株価チャート
から 6 2023 まで 6 2024