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POPE RESOURCES REPORTS SECOND-QUARTER INCOME OF $1,511,000

 POPE RESOURCES REPORTS SECOND-QUARTER INCOME OF $1,511,000
 POULSBO, Wash., July 23 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ) reported net income of $1,511,000, or $1.28 per ownership unit, on revenues of $6,456,000 for the second quarter ended June 30, 1992. This compares to net income of $460,000, or 39 cents per ownership unit, for the same period in 1991 on revenues of $4,783,000.
 For the six months ended June 30, 1992, net income totalled $4,898,000, or $4.16 per ownership unit, on revenues of $13,922,000. Revenues from the corresponding period for 1991 were $12,030,000 with net income of $2,426,000, or $2.06 per ownership unit.
 "Much of the variance between the two years' results is explained by a non-recurring gain from $1.7-million land sale in the first quarter of 1992," said George Folquet, president and chief executive officer.
 Pope's year-to-date timber harvest is at about last year's level, although the 1992 cut is more weighted to the second quarter.
 "For the balance of 1992, timber revenues should be down as we have largely accomplished our annual target," Folquet explained.
 Pope Resources, a master limited partnership, owns 72,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 7/23/92
 /CONTACT: George H. Folquet of Pope Resources, 206-697-6626/
 (POPEZ) CO: Pope Resources ST: Washington IN: PAP SU: ERN


LM-JH -- SE001 -- 2294 07/23/92 09:04 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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