Pope Resources (Nasdaq:POPEZ) reported net income of $854,000, or
$0.18 per diluted ownership unit, on revenues of $6.8 million for
the first quarter ended March 31, 2007. This compares to net income
of $5.3 million, or $1.11 per diluted ownership unit, on revenues
of $16.1 million for the comparable period in 2006. Earnings before
interest, taxes, depreciation, depletion, and amortization
(EBITDDA) were $1.8 million for the current quarter versus $8.8
million for the comparable period in 2006. �Our significant decline
in first quarter earnings compared to 2006 was due primarily to a
54% drop in harvest volume coupled with a 5% decline in average
realized log prices,� said David L. Nunes, President and CEO. �This
decline in harvest volume was a result of a decision to shift more
of our planned annual harvest volume to later in the year as a
response to significantly weakened market dynamics associated with
a softer housing market. As a result, we harvested just 18% of our
planned annual harvest volume in the first three months of this
year, which compares with 40% of our annual harvest during the
first quarter of 2006.� Operating income generated by our Fee
Timber segment decreased to $2.4 million from $6.2 million in 2006,
due to the aforementioned drop in harvest volume and decline in
average realized log prices. Harvest volume for the first quarter
of 2007 was 10 million board feet (MMBF) compared to 22 MMBF for
the comparable quarter in 2006. Average log realizations declined
by $30 per thousand board feet (MBF), or 5%, from $608 per MBF in
the first quarter of 2006 to $578 per MBF in the first quarter of
2007. While prices for our bellwether domestic Douglas-fir sawlogs
were down 10% for the quarter, our overall average realized log
price declined at only half that rate due to a substantial increase
in pulp log prices. These prices were up due to a regional
curtailment of sawmill production which in turn resulted in higher
chip prices given reduced availability of residual chip volume in
the market. We took advantage of this market dynamic and shifted
our harvest mix to include a higher proportion of lower quality
pulpwood stands. Our Timberland Management & Consulting segment
posted an operating loss of $131,000 versus operating income of
$1.3 million for the comparable period in 2006. The primary factor
contributing to this decline was a nonrecurring timberland
disposition fee earned in the first quarter of 2006. We also had
fewer acres under management in the current quarter compared to a
year ago as a result of the disposition of client-owned property.
This decline in acres under management was partially offset by the
acquisition of 24,000 acres of timberland by ORM Timber Fund I, LP
in the fourth quarter of 2006. On a positive note, we marked an
important milestone this quarter with the first timber harvest
coming from lands owned by the Fund. The financial results for Pope
Resources� 20% ownership stake in the Fund are included in reported
performance for our Fee Timber segment. Our Real Estate segment
generated a loss in the first quarter of 2007 of $561,000 compared
to an operating loss of $339,000 in 2006�s comparable period. On
the heels of record results in 2006 we did not have any closings in
the first quarter of 2007 and anticipate that most of the Real
Estate revenue generated in 2007 will result from recognizing
approximately $8.6 million of deferred revenue from two
transactions that closed last year. 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 OPERATING DATA (all amounts in $000's,
except per unit amounts) � Three months ended March 31, � 2007� �
2006� � Revenues $ 6,787� $ 16,083� Costs and expenses: Cost of
sales (2,837) (6,425) Operating expenses (3,262) (3,473) Interest,
net � 9� � (309) Total expenses (6,090) (10,207) Income before
income taxes and minority interest 697� 5,876� Income tax expense �
(7) � (445) Income before minority interest 690� 5,431� Minority
interest � 164� � (133) Net income $ 854� $ 5,298� � Weighted
average units outstanding - Basic (000's) 4,664� 4,635� Weighted
average units outstanding - Diluted (000's) 4,800� 4,753� � Basic
net income per unit $ 0.18� $ 1.14� Diluted net income per unit $
0.18� $ 1.11� CONSOLIDATED BALANCE SHEET DATA (All amounts in
$000's) March 31, December 31, � 2007� � 2006� � Assets: Cash and
short-term investments $ 27,952� $ 32,194� Other current assets
10,055� 8,933� Roads and timber 97,674� 98,110� Properties and
equipment 39,584� 39,026� Other assets � 2,007� � 2,019� Total $
177,272� $ 180,282� Liabilities and partners' capital: Current
liabilities $ 12,886� $ 14,775� Long-term debt, excluding current
portion 29,576� 30,866� Other long-term liabilities 329� 351� Total
liabilities 42,791� 45,992� Minority interest-ORM Timber Fund I, LP
46,521� 46,685� Partners' capital � 87,960� � 87,605� Total $
177,272� $ 180,282� RECONCILIATION BETWEEN NET INCOME AND EBITDDA
(all amounts in $000's) � Three months ended 31-Mar-07 31-Mar-06
Net income $ 854� $ 5,298� Added back: Interest, net (9) 309�
Depletion 711� 2,573� Depreciation and amortization 202� 185�
Income tax expense � 7� � 445� EBITDDA $ 1,765� $ 8,810�
RECONCILIATION BETWEEN CASH FROM OPERATIONS AND EBITDDA (all
amounts in $000's) � Three months ended 31-Mar-07 31-Mar-06 Cash
from operations $ (811) $ 4,725� Added back: Change in working
capital 2,896� 3,918� Minority interest 164� -� Interest -� 309�
Income tax expense 7� 445� Less: Deferred revenue (192) (275)
Interest (9) -� Deferred taxes -� (17) Minority interest -� (133)
Cost of land sold (32) (13) Unit compensation � (258) � (149)
EBITDDA $ 1,765� $ 8,810� SEGMENT INFORMATION (all amounts in
$000's) � Three months ended 31-Mar-07 31-Mar-06 Revenues: Fee
Timber $ 6,192� $ 13,724� Timberland Management & Consulting
(TM&C) 352� 2,024� Real Estate � 243� � 335� Total 6,787�
16,083� EBITDDA: Fee Timber 3,363� 8,877� TM&C (110) 1,307�
Real Estate (517) (305) General & administrative � (971) �
(1,069) Total 1,765� 8,810� Depreciation, depletion and
amortization: Fee Timber 794� 2,645� TM&C 21� 16� Real Estate
44� 34� General & administrative � 54� � 63� Total 913� 2,758�
Operating income (loss): Fee Timber 2,405� 6,232� TM&C (131)
1,296� Real Estate (561) (339) General & administrative �
(1,025) � (1,004) Total $ 688� $ 6,185� SELECTED STATISTICS � Three
months ended 31-Mar-07 31-Mar-06 Log sale volumes (thousand board
feet): Sawlogs Douglas-fir 7,116� 16,440� Whitewood 791� 1,997�
Cedar 60� 359� Hardwood 129� 562� Pulp All species 1,944� 2,675�
Total 10,040� 22,033� � � � Three months ended 31-Mar-07 31-Mar-06
Average price realizations (per thousand board feet): Sawlogs
Douglas-fir 611� 681� Whitewood 492� 439� Cedar 1,193� 873�
Hardwood 671� 598� Pulp All species 467� 251� Overall 578� 608� �
Three months ended 31-Mar-07 31-Mar-06 Owned timber acres(A)
137,708� 114,513� Acres under management 292,773� 291,925� Capital
expenditures ($000's) 1,309� 1,435� Depletion ($000's) 711� 2,573�
Depreciation ($000's) 202� 185� Debt to total capitalization 26%
31% (A) Includes 24,000 acres owned by ORM Timber Fund I, LP (the
Fund). QUARTER TO QUARTER COMPARISONS (Amounts in $000's) � Q1 2007
vs. Q1 2006 Q1 2007 vs. Q4 2006 � Total Total � Net income: 1st
Quarter 2007 $ 854� $ 854� 4th Quarter 2006 7,793� 1st Quarter 2006
� 5,298� � Variance $ (4,444) $ (6,939) � Detail of earnings
variance: Fee Timber: Log price realizations(B) $ (301) $ (412) Log
volumes(C) (7,300) 3,923� Production costs 1,744� (1,324) Depletion
1,862� (456) Other Fee Timber 168� (110) Timberland Management
& Consulting: Management fee changes (301) (123) Disposition
fees (1,343) -� Other Timberland Mgmnt & Consulting 217� 92�
Real Estate: Land sales (96) (9,106) Other (126) 596� General &
administrative costs (21) 25� Interest expense 117� (77) Other
(taxes, minority int., interest inc.) � 936� � 33� Total change in
net income $ (4,444) $ (6,939) � � � (B) Price variance calculated
by applying the change in price to current period volume. (C)
Volume variance calculated by applying the change in sales volume
to the average log sales price for the prior period.
Pope Resources (NASDAQ:POPEZ)
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