SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) December 12, 2007
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Pope Resources, A Delaware Limited Partnership
(Exact name of registrant as specified in its charter)
Delaware 91-1313292
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
19245 Tenth Avenue NE, Poulsbo, Washington 98370
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code (360) 697-6626
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
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Item 8.01 OTHER EVENTS
On December 12, 2007 the Partnership announced that it plans to reduce 2008
timber harvest volume by 33% from it long term sustainable harvest level. The
Partnership's expectation is that when the Partnership ultimately harvests this
deferred volume, unitholders will benefit, from a discounted cash flow
perspective, through both biological growth and improved price realization by
waiting to harvest that timber when log markets have recovered. A copy of the
press release is attached hereto as Exhibit 99.1. The information disclosed in
this report and the exhibit hereto is furnished pursuant to the regulations of
the Commission and shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description
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99.1 Press release of the registrant dated December 12, 2007
SIGNATURES
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Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP
DATE: December 12, 2007 BY: /s/ Thomas M. Ringo
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Thomas M. Ringo
Vice President and Chief Financial Officer,
Pope Resources, A Delaware Limited
Partnership, and Pope MGP, Inc., General
Partner
Exhibit 99.1
Pope Resources Announces Reduced Harvest for 2008
POULSBO, Wash.--(BUSINESS WIRE)--Dec. 12, 2007--Pope Resources
(Nasdaq:POPEZ) announced today its plan to reduce 2008 timber harvest
volume by 33% from its long-term sustainable level. This reduction in
harvest volume is planned in response to expected soft prices for logs
in the coming year as the slowdown in housing starts has curtailed
demand for solid wood products. Rather than absorb materially lower
log prices on comparable year-to-year volumes, the Partnership is
opting instead to allow timber that otherwise would have been
harvested in 2008 to continue to grow. The Partnership's expectation
is that when the Partnership ultimately harvests this deferred volume,
unitholders will benefit, from a discounted cash flow perspective,
through both biological growth and improved price realization by
waiting to harvest that timber when markets recover.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own or manage over 430,000 acres of timberland and development
property in Washington and Oregon. In addition, we provide forestry
consulting and timberland management services to third-party owners
and managers of timberland in Washington, Oregon, and California. The
company and its predecessor companies have owned and managed
timberlands and development properties for more than 150 years.
Additional information on the company can be found at www.orm.com. The
contents of our website are not incorporated into this release or into
our filings with the Securities and Exchange Commission.
CONTACT: Pope Resources
Tom Ringo, VP & CFO, 360-697-6626
Fax 360-697-1156