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POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $569,000

 POULSBO, Wash., April 15 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ; PSE) reported net income of $569,000, or 49 cents per ownership unit, on revenues of $4,034,000 for the first quarter ending March 31, 1993. For the same period in 1992, the company recorded net income of $3,387,000, or $2.88 per ownership unit, on revenues of $7,466,000.
 Pope President and Chief Executive Officer George Folquet attributed the decreased results primarily to last year's nonrecurring $1.6 million gain on a land and timber transaction with the City of Bremerton.
 "In addition, real estate development activity has been soft, and poor weather has resulted in year-to-date logging volumes half those of last year," Folquet said.
 On March 25, Pope announced a $16-million block unit repurchase financed by bank debt, which will be paid down by accelerating its timber harvests by approximately 30 percent.
 "Given that timber prices are at all-time highs, this increased cut means that we expect a quantum leap in net income over the next three quarters," Folquet said today.
 Pope Resources, a Delaware-based master limited partnership, owns 76,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 4/15/93
 /CONTACT: Thomas M. Ringo of Pope Resources, 206-697-6626/
 (POPEZ)


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

AL-LM -- SE001 -- 6052 04/15/93 09:18 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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