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POPE & TALBOT REPORTS THIRD-QUARTER AND NINE-MONTH RESULTS

 POPE & TALBOT REPORTS THIRD-QUARTER AND NINE-MONTH RESULTS
 PORTLAND, Ore., Oct. 14 /PRNewswire/ -- Pope & Talbot Inc. (NYSE: POP) today announced a small loss for the third quarter and also a loss for the first nine months of 1992.
 The third-quarter loss was $907,000, or 8 cents per share, compared with a loss of $266,000, or 2 cents per share, in last year's period. Revenues of $143,571,000 were 16 percent higher than in 1991.
 The loss for nine months was $5,084,000, or 44 cents per share, after a net restructuring charge of $1,657,000, or 10 cents per share, taken in the second quarter. This compares with a nine-month loss of $2,786,000, or 24 cents per share, last year. The 1991 loss includes a charge of $6,467,000, or 56 cents per share, for the adoption of Financial Accounting Standard No. 106, Employers' Accounting for Postretirement Benefits other than Pensions.
 Lumber and disposable diaper operations were profitable in the quarter, but the profits were unable to completely offset losses in the company's pulp and tissue businesses.
 There was steady operating and financial improvement during the quarter. Lumber was helped by profitable production late in the quarter at the company's newly acquired Castlegar, British Columbia, sawmill. Savings from the restructuring mentioned earlier helped tissue and pulp results as the quarter progressed. Increased demand for the company's expanded line of diapers resulted in near-capacity production by the end of September.
 Peter T. Pope, chairman, president and chief executive officer, stated, "We are encouraged by the initial results of restructuring activities announced last quarter. Additional benefits will come this quarter and in 1993." He continued, "We also are pleased with the improvement, although slow, we are seeing in markets for our products." Pope concluded, "This combination of greater efficiency and improving markets for our products is reason for cautious optimism as we view the future."
 Pope & Talbot Inc. is a publicly held, Portland-based paper, pulp and wood products company traded on the New York Stock Exchange. Pope & Talbot was founded in 1849 and has operations throughout the United States and in Canada.
 POPE & TALBOT INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, in thousands, except per share)
 Three Months Nine Months
 Ended Sept. 30: 1992 1991 1992 1991
 Revenues:
 Wood products $ 59,236 $ 42,187 $164,738 $130,130
 Pulp and paper products 84,335 81,826 235,739 256,676
 Total 143,571 124,013 400,477 386,806
 Costs and Expenses:
 Cost of sales 135,934 117,218 380,970 358,973
 Selling, general and
 administrative 7,680 6,449 21,377 19,489
 Interest 1,120 783 3,437 2,693
 Total 144,734 124,450 405,784 381,155
 Other gains (losses) -- 469 (1,657) 696
 Income (loss) before income
 taxes and cumulative effect
 of accounting change (1,163) 32 (6,964) 6,347
 Income tax provision
 (benefit) (256) 298 (1,880) 2,666
 Income (loss) before cumulative
 effect of accounting change (907) (266) (5,084) 3,681
 Cumulative effect of accounting
 change - net of tax -- -- -- (6,467)
 Net loss $ (907) $ (266) $ (5,084) $ (2,786)
 Net loss per common share:
 Primary $ (0.08) $ (0.02) $ (0.44) $ (0.24)
 Fully diluted $ (0.08) $ (0.02) $ (0.44) $ (0.24)
 Segment Information:
 Operating profit (loss):
 Wood products $ 2,770 $ 1,078 $ 9,792 $ 949
 Pulp and paper products (1,717) 637 (7,250) 12,079
 Total 1,053 1,715 2,542 13,028
 Other gains (losses) -- 469 (1,657) 696
 Interest expense (1,120) (783) (3,437) (2,693)
 General corporate expense (1,096) (1,369) (4,412) (4,684)
 Income (loss) before income
 taxes and cumulative effect
 of accounting change $ (1,163) $ 32 $ (6,964) $ 6,347
 POPE & TALBOT INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands)
 Sept. 30: 1992 1991
 Assets:
 Current assets $130,974 $120,580
 Properties 220,707 217,040
 Other assets 10,498 10,626
 Total $362,179 $348,246
 Liabilities and Stockholders' Equity:
 Current liabilities $ 64,471 $ 63,112
 Postretirement benefits and other 22,685 15,199
 6-percent convertible subordinated debentures 40,000 40,000
 Other long-term debt 55,000 19,000
 Deferred income taxes 7,523 12,741
 Total liabilities 189,679 150,052
 Stockholders' equity 172,500 198,194
 Total $362,179 $348,246
 -0- 10/14/92
 /CONTACT: C. Lamadrid of Pope & Talbot, 503-228-9161/
 (POP) CO: Pope & Talbot Inc. ST: Oregon IN: PAP SU: ERN


SC -- SE001 -- 9790 10/14/92 11:02 EDT
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Date:Oct 14, 1992
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