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POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $3,387,000

 POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $3,387,000
 POULSBO, Wash., April 16 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ) today reported net income of $3,387,000, or $2.98 per ownership unit, on revenues of $7,466,000 for the first quarter ending March 31, 1992. This compares to net income of $1,966,000, or $1.67 per ownership unit, for the same period in 1991 on revenues of $7,247,000.
 "The increase in results is primarily due to a gain of $1.6 million recognized on a land and timber transaction with the City of Bremerton," explained George Folquet, president and chief executive officer. "In addition, lower interest costs added approximately $260,000 to this year's bottom line.
 "Offsetting the gains, our timber revenues and income for the first quarter were less than the prior year, when a major windstorm forced harvesting of fallen trees."
 Pope Resources, a Delaware-based master limited partnership, owns 72,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 4/16/92
 /CONTACT: George H. Folquet of Pope Resources, 206-697-6626/
 (POPEZ) CO: Pope Resources ST: Washington IN: PAP SU: ERN


SC -- SE003 -- 9096 04/16/92 08:59 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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