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POPE RESOURCES REPORTS THIRD-QUARTER INCOME OF $315,000

 POPE RESOURCES REPORTS THIRD-QUARTER INCOME OF $315,000
 POULSBO, Wash., Oct. 19 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ; PSE) reported net income of $315,000, or 27 cents per ownership unit, on revenues of $5,869,000 for the third quarter ended Sept. 30, 1992. This compares to net income of $487,000, or 41 cents per ownership unit, for the same period in 1991 on revenues of $7,384,000.
 For the nine months ended Sept. 30, 1992, net income totalled $5,213,000, or $4.43 per ownership unit, on revenues of $19,791,000. Revenues from the corresponding period for 1991 were $19,414,000, with net income of $2,913,000, or $2.48 per ownership unit.
 "Our third-quarter performance shows a decline in revenues from 1991, due principally to our shift in focus from building homes to developing lots," explained George Folquet, president and chief executive officer. "The loss of revenue here is offset in part by golf course revenue not reflected in prior-year numbers.
 "These same factors are at work in the comparative nine-month results, but stronger timber prices in 1992 are helping to equalize overall revenues," he said.
 Folquet explained that while the company's quarter-to-quarter net income is comparable, year-to-date results for 1992 are higher than the prior year because of a non-recurring gain on the sale of land and timber in the current year's first quarter.
 Pope Resources, a master limited partnership, owns 72,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 10/19/92
 /CONTACT: George H. Folquet of Pope Resources, 206-697-6626/
 (POPEZ) CO: Pope Resources ST: Washington IN: PAP SU: ERN


SW-LM -- SE002 -- 1390 10/19/92 09:07 EDT
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Publication:PR Newswire
Date:Oct 19, 1992
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