(
X
)
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
(
)
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
91-1313292
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(IRS
Employer
Identification
Number)
|
Description
|
Page
Number
|
|
|
||
Pope
Resources
|
||||||||
September
30, 2008 and December 31, 2007
|
||||||||
(Thousands)
|
||||||||
2008
|
2007
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 12,268 | $ | 2,174 | ||||
Auction
rate securities, current
|
9,298 | 30,775 | ||||||
Accounts
receivable
|
990 | 442 | ||||||
Land
held for sale
|
535 | 780 | ||||||
Current
portion of contracts receivable
|
994 | 622 | ||||||
Prepaid
expenses and other
|
208 | 252 | ||||||
Total
current assets
|
24,293 | 35,045 | ||||||
Properties
and equipment at cost:
|
||||||||
Land
held for development
|
22,710 | 21,159 | ||||||
Land
and land improvements
|
20,097 | 22,318 | ||||||
Roads
and timber (net of accumulated
|
||||||||
depletion
of $52,117, and $48,418)
|
92,040 | 94,635 | ||||||
Buildings
and equipment (net of accumulated
|
||||||||
depreciation
of $7,253 and $7,017)
|
3,619 | 3,577 | ||||||
138,466 | 141,689 | |||||||
Other
assets:
|
||||||||
Contracts
receivable, net of current portion
|
1,000 | 1,420 | ||||||
Auction
rate securities, non-current
|
3,707 | - | ||||||
Other
|
210 | 1,171 | ||||||
4,917 | 2,591 | |||||||
Total
assets
|
$ | 167,676 | $ | 179,325 | ||||
Liabilities
and Partners' Capital
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 886 | $ | 1,371 | ||||
Accrued
liabilities
|
1,001 | 2,112 | ||||||
Environmental
remediation
|
465 | 250 | ||||||
Current
portion of long-term debt
|
1,342 | 1,342 | ||||||
Deferred
revenue
|
298 | 268 | ||||||
Deposits
|
177 | 108 | ||||||
Total
current liabilities
|
4,169 | 5,451 | ||||||
Long-term
debt, net of current portion
|
28,042 | 29,385 | ||||||
Environmental
remediation, net of current portion
|
1,295 | 1,744 | ||||||
Other
long term liabilities
|
226 | 298 | ||||||
Minority
interest
|
44,435 | 45,803 | ||||||
Partners'
capital (units outstanding 4,591 and 4,663)
|
90,811 | 96,644 | ||||||
Accumulated
other comprehensive loss
|
(1,302 | ) | - | |||||
Total
partners' capital
|
89,509 | 96,644 | ||||||
Total
liabilities and partners' capital
|
$ | 167,676 | $ | 179,325 | ||||
See
accompanying notes to condensed consolidated financial
statements.
|
For
the Three Months and Nine Months Ended September 30, 2008 and
2007
|
|||||||||||||||||
(Thousands,
except per unit data)
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||||
Revenues
|
$ | 7,436 | $ | 12,171 | $ | 25,028 | $ | 34,284 | |||||||||
Cost
of timber and land sold
|
(4,167 | ) | (5,171 | ) | (13,135 | ) | (14,302 | ) | |||||||||
Operating
expenses
|
(2,536 | ) | (2,815 | ) | (6,946 | ) | (7,426 | ) | |||||||||
General
and administrative expenses
|
(1,022 | ) | (957 | ) | (2,916 | ) | (3,688 | ) | |||||||||
Income
(loss) from operations
|
(289 | ) | 3,228 | 2,031 | 8,868 | ||||||||||||
Other
income (expense):
|
|||||||||||||||||
Interest
expense
|
(613 | ) | (637 | ) | (1,853 | ) | (1,939 | ) | |||||||||
Capitalized
interest
|
321 | 294 | 940 | 812 | |||||||||||||
Interest
income
|
237 | 453 | 850 | 1,264 | |||||||||||||
SLARS
impairment
|
(293 | ) | - | (293 | ) | - | |||||||||||
Total
other income (expense)
|
(348 | ) | 110 | (356 | ) | 137 | |||||||||||
Income
(loss) before income taxes and minority interest
|
(637 | ) | 3,338 | 1,675 | 9,005 | ||||||||||||
Income
tax benefit (expense)
|
51 | (5 | ) | (6 | ) | (22 | ) | ||||||||||
Income
(loss) before minority interest
|
(586 | ) | 3,333 | 1,669 | 8,983 | ||||||||||||
Minority
interest-ORM Timber Funds
|
563 | 218 | 932 | 237 | |||||||||||||
Net
income (loss)
|
$ | (23 | ) | $ | 3,551 | $ | 2,601 | $ | 9,220 | ||||||||
Allocable
to general partners
|
$ | - | $ | 45 | $ | 34 | $ | 118 | |||||||||
Allocable
to limited partners
|
(23 | ) | 3,506 | 2,567 | 9,102 | ||||||||||||
$ | (23 | ) | $ | 3,551 | $ | 2,601 | $ | 9,220 | |||||||||
Earnings
(loss) per unit:
|
|||||||||||||||||
Basic
|
$ | (0.01 | ) | $ | 0.76 | $ | 0.57 | $ | 1.97 | ||||||||
Diluted
|
$ | (0.01 | ) | $ | 0.74 | $ | 0.55 | $ | 1.91 | ||||||||
Weighted
average units outstanding:
|
|||||||||||||||||
Basic
|
4,585 | 4,687 | 4,596 | 4,679 | |||||||||||||
Diluted
|
4,585 | 4,831 | 4,720 | 4,823 | |||||||||||||
Distributions
per unit
|
$ | 0.40 | $ | 0.40 | $ | 1.20 | $ | 0.96 | |||||||||
See
accompanying notes to condensed consolidated financial
statements.
|
Pope
Resources
|
||||||||
Nine
Months Ended September 30, 2008 and 2007
|
||||||||
(Thousands)
|
2008
|
2007
|
||||||
Net
income
|
$ | 2,601 | $ | 9,220 | ||||
Add
back non-cash charges (credits):
|
||||||||
Deferred
revenue
|
30 | (1,091 | ) | |||||
Depletion
|
3,537 | 4,179 | ||||||
Equity
based compensation
|
422 | 492 | ||||||
Depreciation
and amortization
|
578 | 604 | ||||||
Deferred
taxes
|
(17 | ) | 45 | |||||
SLARS
impairment
|
293 | - | ||||||
Minority
interest
|
(932 | ) | (237 | ) | ||||
Cost
of land sold
|
2,560 | 532 | ||||||
Change
in working capital accounts:
|
||||||||
Accounts
receivable
|
(106 | ) | (1,059 | ) | ||||
Contracts
receivable
|
48 | (138 | ) | |||||
Prepaid
expenses and other current assets
|
18 | 13 | ||||||
Accounts
payable
|
(485 | ) | 365 | |||||
Accrued
liabilities
|
(746 | ) | (1,338 | ) | ||||
Deposits
|
69 | 12 | ||||||
Environmental
remediation
|
(234 | ) | (78 | ) | ||||
Other
long term liabilities
|
(72 | ) | (69 | ) | ||||
Other
long term assets
|
381 | 547 | ||||||
Other
|
(3 | ) | (5 | ) | ||||
Net
cash provided by operating activities
|
7,942 | 11,994 | ||||||
Cash
provided by (used in) investing activities:
|
||||||||
Redemption
(purchases) of investments
|
16,175 | (2,000 | ) | |||||
Reforestation
and roads
|
(723 | ) | (699 | ) | ||||
Proceeds
from fixed asset sale
|
42 | 8 | ||||||
Capitalized
development activities
|
(2,225 | ) | (6,071 | ) | ||||
Other
capital expenditures
|
(481 | ) | (651 | ) | ||||
Net
cash provided by (used in) investing activities
|
12,788 | (9,413 | ) | |||||
Cash
used in financing activities:
|
||||||||
Minority
interest distribution
|
- | (75 | ) | |||||
Unit
repurchase
|
(3,642 | ) | - | |||||
Repayment
of long-term debt
|
(1,343 | ) | (1,377 | ) | ||||
Proceeds
from option exercises
|
352 | 649 | ||||||
Timber
Fund II, capital call
|
370 | - | ||||||
Unitholder
distributions
|
(6,373 | ) | (5,032 | ) | ||||
Net
cash used in financing activities
|
(10,636 | ) | (5,835 | ) | ||||
Net
increase (decrease) in cash and cash equivalents
|
10,094 | (3,254 | ) | |||||
Cash
and cash equivalents at beginning of period
|
2,174 | 7,194 | ||||||
Cash
and cash equivalents
|
$ | 12,268 | $ | 3,940 | ||||
See
accompanying notes to condensed consolidated financial
statements.
|
1.
|
The
condensed consolidated financial statements as of September 30, 2008 and
December 31, 2007 and for the three-month (quarter) and nine-month periods
ended September 30, 2008 and September 30, 2007 have been prepared by Pope
Resources, A Delaware Limited Partnership (the “Partnership”) pursuant to
the rules and regulations of the Securities and Exchange Commission (the
"SEC"). The condensed consolidated financial statements are unaudited,
but, in the opinion of management, reflect all adjustments (consisting
only of normal recurring adjustments and accruals) necessary for a fair
presentation of the financial position, results of operations and cash
flows for the interim periods. The financial information as of December
31, 2007, is derived from the Partnership’s audited consolidated financial
statements and notes thereto for the year ended December 31, 2007, and
should be read in conjunction with such financial statements. The results
of operations for the interim periods are not indicative of the results of
operations that may be achieved for the entire fiscal year ending December
31, 2008.
|
2.
|
The
financial statements in the Partnership's 2007 annual report on Form 10-K
include a summary of significant accounting policies of the Partnership
and should be read in conjunction with this Quarterly Report on Form
10-Q.
|
3.
|
Basic
net earnings (loss) per unit are based on the weighted average number of
units outstanding during the period. Diluted net earnings (loss) per unit
are based on the weighted average number of units and dilutive unit
equivalents outstanding during the
period.
|
Quarter
Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Weighted
average units outstanding
(in
thousands):
|
||||||||||||||||
Basic
|
4,585 | 4,687 | 4,596 | 4,679 | ||||||||||||
Dilutive
effect of unit plans
|
- | 144 | 124 | 144 | ||||||||||||
Diluted
|
4,585 | 4,831 | 4,720 | 4,823 |
Restricted
units
|
Outstanding
|
|||
Number
outstanding
|
61,875 | |||
Aggregate
intrinsic value
|
$ | 1,738,688 |
Options
|
Outstanding
|
|||
Number
outstanding and exercisable
|
189,973 | |||
Weighted
average exercise price
|
$ | 15.59 | ||
Aggregate
intrinsic value
|
$ | 2,386,557 | ||
Weighted
average remaining contractual term
|
3.57 |
4.
|
Supplemental
disclosure of cash flow information: interest paid, net of amounts
capitalized, totaled $1.1 million for each of the nine month periods ended
September 30, 2008 and 2007 Income taxes paid for the nine months ended
September 30, 2008 was $12,000 compared to $353,000 of income taxes paid
for the nine-month period ended September 30,
2007.
|
5.
|
The
fair value of cash and cash equivalents and investments held at September
30, 2008 and December 31, 2007 are as
follows:
|
September
30, 2008
|
||||||||||||
Gross
|
||||||||||||
Amortized
|
Unrealized
|
Estimated
|
||||||||||
Cost
|
Loss
|
Fair
Value
|
||||||||||
Cash
and cash equivalents
|
$ | 12,268 | $ | - | $ | 12,268 | ||||||
Securities
expected to be redeemed within one year:
|
||||||||||||
Auction
rate securities, current
|
$ | 10,600 | $ | (1,302 | ) | $ | 9,298 | |||||
Securities
maturing after ten years:
|
||||||||||||
Auction
rate securities, non-current
|
$ | 4,000 | $ | (293 | ) | $ | 3,707 |
December
31, 2007
|
||||||||||||
Gross
|
||||||||||||
Amortized
|
Unrealized
|
Estimated
|
||||||||||
Cost
|
Loss
|
Fair
Value
|
||||||||||
Cash
and cash equivalents
|
$ | 2,174 | $ | - | $ | 2,174 | ||||||
Securities
expected to be redeemed within one year:
|
||||||||||||
Auction
rate securities, current
|
$ | 30,775 | $ | - | $ | 30,775 |
6.
|
FASB
Statement No. 157 Fair Value Measurement (SFAS No. 157) was followed to
determine the fair value of the Partnership’s investments. SFAS No. 157
defines a hierarchy of three levels of evidence used to determine fair
value:
|
|
· |
Level
1 - quoted prices for identical assets/liabilities in active
markets
|
|
· |
Level
2 - quoted prices in a less active market, quoted prices for similar but
not identical assets/liabilities, inputs other than quoted
prices
|
|
· |
Level
3 - significant unobservable inputs including the Partnership’s own
assumptions in determining the fair value of
investments
|
September
30, 2008
|
||||||||||||||||
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Cash
and cash equivalents
|
$ | 12,268 | - | $ | - | $ | 12,268 | |||||||||
Auction
rate securities, current
|
- | 1,870 | 7,428 | 9,298 | ||||||||||||
Auction
rate securities, non-current
|
- | 1,880 | 1,827 | 3,707 | ||||||||||||
Total
financial assets at fair value
|
$ | 12,268 | $ | 3,750 | $ | 9,255 | $ | 25,273 | ||||||||
December
31, 2007
|
||||||||||||||||
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Cash
and cash equivalents
|
$ | 2,174 | $ | - | $ | - | $ | 2,174 | ||||||||
Auction
rate securities, current
|
30,775 | - | - | 30,775 | ||||||||||||
Total
financial assets at fair value
|
$ | 32,949 | $ | - | $ | - | $ | 32,949 |
Non-current
Investments
|
||||
Balance
at December 31, 2007
|
$ | - | ||
Net
sales, settlements and transfers into Level 3
|
15,850 | |||
Issuer
redemption offers
|
(3,750 | ) | ||
Sales
and settlements during the quarter ended September 30,
2008
|
(1,250 | ) | ||
Total
unrealized losses included in other comprehensive income
|
(1,302 | ) | ||
Total
unrealized losses included in statement of earnings
|
(293 | ) | ||
Balance
at September 30, 2008
|
$ | 9,255 |
7.
|
The
Partnership’s general partners hold 60,000 units. The allocation of
distributions and income and losses between the general and limited
partners is pro rata among all units
outstanding.
|
8.
|
Non-cash
investing activities include $596,000 held in trust by a IRC Section 1031
exchange facilitator as of December 31, 2007 used to acquire timberlands
as of March 31, 2008.
|
9.
|
In
the presentation of the Partnership’s revenue and operating income by
segment all intersegment revenue and expense is eliminated to determine
externally reported operating income by business segment. The
table that follows reconciles internally reported income from operations
to externally reported income from operations by business segment, for the
quarters and nine-month periods ended September 30, 2008 and
2007:
|
Fee
Timber
|
Timberland
|
|||||||||||||||||||||||||||
Pope
|
Management
|
|||||||||||||||||||||||||||
Three
Months Ended
|
Resources
|
Total
|
&
|
Real
|
Corporate
&
|
|||||||||||||||||||||||
September
30, (Thousands)
|
Timberland
|
Timberfunds
|
Fee
Timber
|
Consulting
|
Estate
|
Other
|
Consolidated
|
|||||||||||||||||||||
2008
|
||||||||||||||||||||||||||||
Revenue
internal
|
$ | 4,349 | $ | 1,944 | $ | 6,293 | $ | 575 | $ | 949 | $ | - | $ | 7,817 | ||||||||||||||
Eliminations
|
(52 | ) | - | (52 | ) | (320 | ) | (9 | ) | - | (381 | ) | ||||||||||||||||
Revenue
external
|
4,297 | 1,944 | 6,241 | 255 | 940 | - | 7,436 | |||||||||||||||||||||
Cost
of timber and land sold
|
(1,927 | ) | (2,205 | ) | (4,132 | ) | - | (76 | ) | - | (4,208 | ) | ||||||||||||||||
Eliminations
|
- | 41 | 41 | 41 | ||||||||||||||||||||||||
Cost
of timber and land sold
|
(1,927 | ) | (2,164 | ) | (4,091 | ) | - | (76 | ) | - | (4,167 | ) | ||||||||||||||||
Operating
expenses
internal
|
(1,038 | ) | (429 | ) | (1,467 | ) | (484 | ) | (925 | ) | (1,022 | ) | (3,898 | ) | ||||||||||||||
Eliminations
|
10 | 236 | 246 | 94 | - | - | 340 | |||||||||||||||||||||
Operating
expenses
external
|
(1,028 | ) | (193 | ) | (1,221 | ) | (390 | ) | (925 | ) | (1,022 | ) | (3,558 | ) | ||||||||||||||
Income
(loss) from
operations
internal
|
1,384 | (701 | ) | 683 | 102 | (52 | ) | (1,022 | ) | (289 | ) | |||||||||||||||||
Eliminations
|
(42 | ) | 288 | 246 | (237 | ) | (9 | ) | - | - | ||||||||||||||||||
Income
(loss) from operations external
|
$ | 1,342 | $ | (413 | ) | $ | 929 | $ | (135 | ) | $ | (61 | ) | $ | (1,022 | ) | $ | (289 | ) | |||||||||
2007
|
||||||||||||||||||||||||||||
Revenue
internal
|
$ | 8,697 | $ | 1,180 | $ | 9,877 | $ | 612 | $ | 1,979 | $ | - | $ | 12,468 | ||||||||||||||
Eliminations
|
(41 | ) | - | (41 | ) | (246 | ) | (10 | ) | - | (297 | ) | ||||||||||||||||
Revenue
external
|
8,656 | 1,180 | 9,836 | 366 | 1,969 | - | 12,171 | |||||||||||||||||||||
Cost
of timber and land
sold
|
(3,522 | ) | (1,106 | ) | (4,628 | ) | - | (543 | ) | - | (5,171 | ) | ||||||||||||||||
Operating
expenses internal
|
(1,231 | ) | (347 | ) | (1,578 | ) | (667 | ) | (867 | ) | (957 | ) | (4,069 | ) | ||||||||||||||
Eliminations
|
27 | 232 | 259 | 57 | (19 | ) | - | 297 | ||||||||||||||||||||
Operating
expenses external
|
(1,204 | ) | (115 | ) | (1,319 | ) | (610 | ) | (886 | ) | (957 | ) | (3,772 | ) | ||||||||||||||
Income
(loss) from
operations
internal
|
3,944 | (273 | ) | 3,671 | (55 | ) | 569 | (957 | ) | 3,228 | ||||||||||||||||||
Eliminations
|
(14 | ) | 232 | 218 | (189 | ) | (29 | ) | - | - | ||||||||||||||||||
Income
(loss) from
operations
external
|
$ | 3,930 | $ | (41 | ) | 3,889 | (244 | ) | 540 | (957 | ) | 3,228 |
Fee
Timber
|
Timberland
|
|||||||||||||||||||||||||||
Pope
|
Management
|
|||||||||||||||||||||||||||
Nine
Months Ended
|
Resources
|
Total
|
&
|
Real
|
Corporate
&
|
|||||||||||||||||||||||
September
30, (Thousands)
|
Timberland
|
Timberfunds
|
Fee
Timber
|
Consulting
|
Estate
|
Other
|
Consolidated
|
|||||||||||||||||||||
2008
|
||||||||||||||||||||||||||||
Revenue
internal
|
$ | 17,252 | $ | 4,799 | $ | 22,051 | $ | 1,477 | $ | 2,436 | $ | - | $ | 25,964 | ||||||||||||||
Eliminations
|
(162 | ) | - | (162 | ) | (744 | ) | (30 | ) | - | (936 | ) | ||||||||||||||||
Revenue
external
|
17,090 | 4,799 | 21,889 | 733 | 2,406 | - | 25,028 | |||||||||||||||||||||
Cost
of timber and land
sold
internal
|
(7,763 | ) | (4,874 | ) | (12,637 | ) | (549 | ) | - | (13,186 | ) | |||||||||||||||||
Eliminations
|
- | 51 | 51 | 51 | ||||||||||||||||||||||||
Cost
of timber and land
sold
external
|
(7,763 | ) | (4,823 | ) | (12,586 | ) | (549 | ) | - | (13,135 | ) | |||||||||||||||||
Operating
expenses
internal
|
(2,730 | ) | (1,090 | ) | (3,820 | ) | (1,387 | ) | (2,624 | ) | (2,916 | ) | (10,747 | ) | ||||||||||||||
Eliminations
|
30 | 645 | 675 | 210 | - | - | 885 | |||||||||||||||||||||
Operating
expenses
external
|
(2,700 | ) | (445 | ) | (3,145 | ) | (1,177 | ) | (2,624 | ) | (2,916 | ) | (9,862 | ) | ||||||||||||||
Income
(loss) from
operations
internal
|
6,759 | (1,165 | ) | 5,594 | 90 | (737 | ) | (2,916 | ) | 2,031 | ||||||||||||||||||
Eliminations
|
(132 | ) | 696 | 564 | (534 | ) | (30 | ) | - | - | ||||||||||||||||||
Income
(loss) from
operations
external
|
$ | 6,627 | $ | (469 | ) | 6,158 | $ | (444 | ) | $ | (767 | ) | $ | (2,916 | ) | $ | 2,031 | |||||||||||
2007
|
||||||||||||||||||||||||||||
Revenue
internal
|
$ | 28,039 | $ | 2,726 | $ | 30,765 | $ | 1,763 | $ | 2,598 | $ | - | $ | 35,126 | ||||||||||||||
Eliminations
|
(123 | ) | - | (123 | ) | (689 | ) | (30 | ) | - | (842 | ) | ||||||||||||||||
Revenue
external
|
27,916 | 2,726 | 30,642 | 1,074 | 2,568 | - | 34,284 | |||||||||||||||||||||
Cost
of timber and land
sold
|
(11,556 | ) | (2,150 | ) | (13,706 | ) | - | (596 | ) | - | (14,302 | ) | ||||||||||||||||
Operating
expenses
internal
|
(3,206 | ) | (872 | ) | (4,078 | ) | (1,757 | ) | (2,433 | ) | (2,731 | ) | (10,999 | ) | ||||||||||||||
Eliminations
|
50 | 675 | 725 | 139 | (22 | ) | (957 | ) | (115 | ) | ||||||||||||||||||
Operating
expenses
external
|
(3,156 | ) | (197 | ) | (3,353 | ) | (1,618 | ) | (2,455 | ) | (3,688 | ) | (11,114 | ) | ||||||||||||||
Income
(loss) from operations internal
|
13,277 | (296 | ) | 12,981 | 6 | (431 | ) | (3,688 | ) | 8,868 | ||||||||||||||||||
Eliminations
|
(73 | ) | 675 | 602 | (550 | ) | (52 | ) | - | - | ||||||||||||||||||
Income
(loss) from
operations
external
|
$ | 13,204 | $ | 379 | 13,583 | (544 | ) | (483 | ) | (3,688 | ) | 8,868 |
Quarter
ended
|
Nine
months ended
|
|||||||
September
30, 2008 and 2007
|
September
30, 2008 and 2007
|
|||||||
Net
income (loss):
|
||||||||
2008
period
|
$ | (23 | ) | $ | 2,601 | |||
2007
period
|
3,551 | 9,220 | ||||||
Variance
|
$ | (3,574 | ) | $ | (6,619 | ) | ||
Detail
of earnings variance:
|
||||||||
Fee
Timber:
|
||||||||
Log
price realizations (A)
|
$ | (1,427 | ) | $ | (3,691 | ) | ||
Log
volumes (B)
|
(2,152 | ) | (7,450 | ) | ||||
Depletion
|
(243 | ) | 769 | |||||
Production
costs
|
780 | 2,553 | ||||||
Other
Fee Timber
|
50 | 394 | ||||||
Timberland
Management & Consulting (TM&C):
|
||||||||
Management
fee changes
|
(159 | ) | (165 | ) | ||||
Other
TM&C
|
300 | 265 | ||||||
Real
Estate:
|
||||||||
Land
sales
|
(619 | ) | (230 | ) | ||||
Depletion
|
(20 | ) | (157 | ) | ||||
Other
|
38 | 103 | ||||||
General
& administrative costs
|
(65 | ) | 772 | |||||
Interest
expense
|
51 | 214 | ||||||
Other
(taxes, minority int., interest inc.)
|
(108 | ) | 4 | |||||
Total
change in net income
|
$ | (3,574 | ) | $ | (6,619 | ) | ||
(A)
Price variance calculated by applying the change in price to current
period volume.
|
||||||||
(B)
Volume variance calculated by applying the change in sales volume to the
average
|
||||||||
log
sales price for the prior period.
|
($
Million)
Quarter
ended
|
Log
Sale
Revenue
|
Mineral,
Cell
Tower
& Other
Revenue
|
Total
Fee
Timber
Revenue
|
Operating
Income
(loss)
|
Harvest
Volume
(MMBF)
|
|||||||||||||||
Pope
Resources Timber
|
$ | 3.8 | $ | 0.5 | $ | 4.3 | $ | 1.3 | 7.4 | |||||||||||
Timber
Fund
|
1.9 | - | 1.9 | (0.4 | ) | 4.3 | ||||||||||||||
Total
Fee Timber September 30, 2008
|
$ | 5.7 | $ | 0.5 | $ | 6.2 | $ | 0.9 | 11.7 | |||||||||||
Pope
Resources Timber
|
$ | 7.0 | $ | 0.4 | $ | 7.4 | $ | 2.9 | 13.8 | |||||||||||
Timber
Fund
|
0.3 | 2.4 | * | 2.7 | - | 0.7 | ||||||||||||||
Total
Fee Timber June 30, 2008
|
$ | 7.3 | $ | 2.8 | $ | 10.1 | $ | 2.9 | 14.5 | |||||||||||
Pope
Resources Timber
|
$ | 8.1 | $ | 0.5 | $ | 8.6 | $ | 3.9 | 12.9 | |||||||||||
Timber
Fund
|
1.2 | - | 1.2 | - | 2.3 | |||||||||||||||
Total
Fee Timber September 30, 2007
|
$ | 9.3 | $ | 0.5 | $ | 9.8 | $ | 3.9 | 15.2 |
($
Million)
Nine
Months ended
|
Log
Sale
Revenue
|
Mineral,
Cell
Tower
& Other
Revenue
|
Total
Fee
Timber
Revenue
|
Operating
Income
(loss)
|
Harvest
Volume
(MMBF)
|
|||||||||||||||
Pope
Resources Timber
|
$ | 15.7 | $ | 1.4 | $ | 17.1 | $ | 6.6 | 30.4 | |||||||||||
Timber
Fund
|
2.4 | 2.4 | * | 4.8 | (0.5 | ) | 5.3 | |||||||||||||
Total
Fee Timber September 30, 2008
|
$ | 18.1 | $ | 3.8 | $ | 21.9 | $ | 6.1 | 35.7 | |||||||||||
Pope
Resources Timber
|
$ | 26.5 | $ | 1.4 | $ | 27.9 | $ | 13.2 | 43.0 | |||||||||||
Timber
Fund
|
2.7 | - | 2.7 | 0.4 | 4.9 | |||||||||||||||
Total
Fee Timber September 30, 2007
|
$ | 29.2 | $ | 1.4 | $ | 30.6 | $ | 13.6 | 47.9 |
Log
sale volumes (MBF):
|
Quarter
Ended:
|
|||||||||||||||||||||||
Sawlogs
|
September-08
|
%
Total
|
June-08
|
%
Total
|
September-07
|
%
Total
|
||||||||||||||||||
Douglas-fir
|
7,279 | 63 | % | 8,925 | 62 | % | 7,602 | 50 | % | |||||||||||||||
Whitewood
|
1,293 | 11 | % | 1,230 | 8 | % | 2,272 | 15 | % | |||||||||||||||
Cedar
|
281 | 2 | % | 392 | 3 | % | 931 | 6 | % | |||||||||||||||
Hardwood
|
274 | 2 | % | 451 | 3 | % | 1,297 | 8 | % | |||||||||||||||
Pulp
|
||||||||||||||||||||||||
All
Species
|
2,578 | 22 | % | 3,464 | 24 | % | 3,127 | 21 | % | |||||||||||||||
Total
|
11,705 | 100 | % | 14,462 | 100 | % | 15,229 | 100 | % |
Log
sale volumes (MBF):
|
Nine
Months Ended:
|
|||||||||||||||
Sawlogs
|
September-08
|
%
Total
|
September-07
|
%
Total
|
||||||||||||
Douglas-fir
|
23,405 | 66 | % | 30,708 | 64 | % | ||||||||||
Whitewood
|
3,035 | 8 | % | 5,985 | 13 | % | ||||||||||
Cedar
|
741 | 2 | % | 1,566 | 3 | % | ||||||||||
Hardwood
|
926 | 3 | % | 2,304 | 5 | % | ||||||||||
Pulp
|
||||||||||||||||
All
Species
|
7,568 | 21 | % | 7,312 | 15 | % | ||||||||||
Total
|
35,675 | 100 | % | 47,875 | 100 | % |
Quarter
Ended:
|
|||||||||||||
September-08
|
June-08
|
September-07
|
|||||||||||
Average
price realizations (per MBF):
|
|||||||||||||
Sawlogs
|
|||||||||||||
Douglas-fir
|
$ | 520 | $ | 525 | $ | 622 | |||||||
Whitewood
|
387 | 416 | 446 | ||||||||||
Cedar
|
1,277 | 1,222 | 1,347 | ||||||||||
Hardwood
|
593 | 671 | 960 | ||||||||||
Pulp
|
|||||||||||||
All
Species
|
357 | 366 |