Printer Friendly

POPE RESOURCES REPORTS SECOND QUARTER EARNINGS OF $3.485 MILLION

 POULSBO, Wash., July 20 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ; PSE: PRP) reported net income of $3.485 million, or $3.76 per ownership unit, on revenues of $8.018 million for the second quarter ended June 30, 1993. For the same period in 1992, the company recorded net income of $1.511 million, or $1.28 per ownership unit, on revenues of $6.049 million.
 For the six months ended June 30, 1993, net income totaled $4.054 million, or $3.86 per ownership unit, on revenues of $12.054 million. Revenues for the same period in 1992 were $14.026 million, yielding net income of $4.898 million, or $4.16 per ownership unit.
 Pope President and Chief Executive Officer George Folquet explained that the improved second quarter results were due to strongly improved timber prices in 1993. He traced the decline in year-to-date results to last year's non-recurring gain of $1.6 million on a large land sale as well as softened real estate activity in 1993.
 Meanwhile, the company has significantly paid down the additional debt it incurred in March 1993 to fund a repurchase of units. Folquet said that continued efforts to pay down this debt through accelerated timber harvests will produce significantly higher comparative earnings over the ensuing two quarters.
 Pope Resources, a publicly-traded limited partnership, owns 76,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 7/20/93
 /CONTACT: Thomas M. Ringo of Pope Resources, 206-697-6626, ext. 520/
 (POPEZ)


CO: Pope Resources ST: Washington IN: PAP SU: ERN

SB-AL -- SE013 -- 6809 07/20/93 12:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1993
Words:271
Previous Article:SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
Next Article:OHIO COMPANIES ALSO EXPOSED TO FLOOD DAMAGE; MANY NOT PROTECTED WITH INSURANCE
Topics:


Related Articles
POPE RESOURCES REPORTS FOURTH-QUARTER EARNINGS
VISTA RESOURCES REPORTS RECORD REVENUES AND EARNINGS FOR THE SECOND QUARTER
POPE RESOURCES REPORTS SECOND-QUARTER INCOME OF $1,511,000
POPE & TALBOT REPORTS LOSS FOR SECOND QUARTER AND SIX MONTHS, OUTLINES RESTRUCTURING ACTIVITIES
MEAD REPORTS IMPROVED THIRD QUARTER EARNINGS
POPE & TALBOT REPORTS PROFIT FOR FOURTH QUARTER, LOSS FOR 1992
POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $569,000
POPE & TALBOT REPORTS SECOND QUARTER EARNINGS
VISTA RESOURCES' SECOND QUARTER EARNINGS UP 33 PERCENT
POPE & TALBOT PROJECTS LOWER SECOND QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters