Pope Resources Reports First Quarter Net Income of $0.9 Million

  
    
  
  
    
      Pope Resources (Nasdaq:POPEZ) reported net income of $854,000, or $0.18 
      per diluted ownership unit, on revenues of $6.8 million for the first 
      quarter ended March 31, 2007. This compares to net income of $5.3 
      million, or $1.11 per diluted ownership unit, on revenues of $16.1 
      million for the comparable period in 2006.
    
    
      Earnings before interest, taxes, depreciation, depletion, and 
      amortization (EBITDDA) were $1.8 million for the current quarter versus 
      $8.8 million for the comparable period in 2006.
    
    
      “Our significant decline in first quarter 
      earnings compared to 2006 was due primarily to a 54% drop in harvest 
      volume coupled with a 5% decline in average realized log prices,” 
      said David L. Nunes, President and CEO. “This 
      decline in harvest volume was a result of a decision to shift more of 
      our planned annual harvest volume to later in the year as a response to 
      significantly weakened market dynamics associated with a softer housing 
      market. As a result, we harvested just 18% of our planned annual harvest 
      volume in the first three months of this year, which compares with 40% 
      of our annual harvest during the first quarter of 2006.”
    
    
      Operating income generated by our Fee Timber segment decreased to $2.4 
      million from $6.2 million in 2006, due to the aforementioned drop in 
      harvest volume and decline in average realized log prices. Harvest 
      volume for the first quarter of 2007 was 10 million board feet (MMBF) 
      compared to 22 MMBF for the comparable quarter in 2006. Average log 
      realizations declined by $30 per thousand board feet (MBF), or 5%, from 
      $608 per MBF in the first quarter of 2006 to $578 per MBF in the first 
      quarter of 2007. While prices for our bellwether domestic Douglas-fir 
      sawlogs were down 10% for the quarter, our overall average realized log 
      price declined at only half that rate due to a substantial increase in 
      pulp log prices. These prices were up due to a regional curtailment of 
      sawmill production which in turn resulted in higher chip prices given 
      reduced availability of residual chip volume in the market. We took 
      advantage of this market dynamic and shifted our harvest mix to include 
      a higher proportion of lower quality pulpwood stands.
    
    
      Our Timberland Management & Consulting segment posted an operating loss 
      of $131,000 versus operating income of $1.3 million for the comparable 
      period in 2006. The primary factor contributing to this decline was a 
      nonrecurring timberland disposition fee earned in the first quarter of 
      2006. We also had fewer acres under management in the current quarter 
      compared to a year ago as a result of the disposition of client-owned 
      property. This decline in acres under management was partially offset by 
      the acquisition of 24,000 acres of timberland by ORM Timber Fund I, LP 
      in the fourth quarter of 2006. On a positive note, we marked an 
      important milestone this quarter with the first timber harvest coming 
      from lands owned by the Fund. The financial results for Pope Resources’ 
      20% ownership stake in the Fund are included in reported performance for 
      our Fee Timber segment.
    
    
      Our Real Estate segment generated a loss in the first quarter of 2007 of 
      $561,000 compared to an operating loss of $339,000 in 2006’s 
      comparable period. On the heels of record results in 2006 we did not 
      have any closings in the first quarter of 2007 and anticipate that most 
      of the Real Estate revenue generated in 2007 will result from 
      recognizing approximately $8.6 million of deferred revenue from two 
      transactions that closed last year.
    
    
      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 investment 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.poperesources.com. 
      The contents of our website are not incorporated into this release or 
      into our filings with the Securities and Exchange Commission.
    
    
      This press release contains a number of projections and statements about 
      our expected financial condition, operating results, business plans and 
      objectives. These statements reflect management’s 
      estimates based on current goals and its expectations about future 
      developments. Because these statements describe our goals, objectives, 
      and anticipated performance, they are inherently uncertain, and some or 
      all of these statements may not come to pass. Accordingly, they should 
      not be interpreted as promises of future management actions or financial 
      performance. Our future actions and actual performance will vary from 
      current expectations and under various circumstances the results of 
      these variations may be material and adverse. Some of the factors that 
      may cause actual operating results and financial condition to fall short 
      of expectations include factors that affect our ability to anticipate 
      and respond adequately to fluctuations in the market prices for our 
      products; environmental and land use regulations that limit our ability 
      to harvest timber and develop property; labor, equipment and 
      transportation costs that affect our net income; our ability to discover 
      and to accurately estimate liabilities associated with our properties; 
      and economic conditions that affect consumer demand for our products and 
      the prices we receive for them. Other factors are set forth in that part 
      of our Annual Report on Form 10-K entitled “Risk 
      Factors.” Other issues that may have an 
      adverse and material impact on our business, operating results, and 
      financial condition include those risks and uncertainties discussed in 
      our other filings with the Securities and Exchange Commission. 
      Forward-looking statements in this release are made only as of the date 
      shown above, and we cannot undertake to update these statements.
    
    
      Management considers earnings (net income or loss) before interest 
      expense, income taxes, depreciation, depletion and amortization 
      (EBITDDA) to be an important measure of operating profitability, 
      particularly when comparing results between different timber-owning 
      companies because there are varying methods of calculating depletion 
      expense under GAAP. With different issuers employing various calculation 
      methodologies, disclosure of EBITDDA can make it easier for the reader 
      to make meaningful comparisons between the operating results and 
      cash-generating capabilities of different timber companies.
    
    
      
        
          Pope Resources, A Delaware Limited Partnership
        
      
      
        
          Unaudited
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          CONSOLIDATED STATEMENTS OF OPERATING DATA
        
      
      
        
        
        
        
        
          (all amounts in $000's, except per unit amounts)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three months ended March 31,
        
      
      
        
        
        
        
        
        
        
           
        
        
          2007 
        
        
        
        
           
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenues
        
        
        
        
          $
        
        
          6,787 
        
        
        
        
          $
        
        
          16,083 
        
      
      
        
          Costs and expenses:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Cost of sales
        
        
        
        
        
        
          (2,837)
        
        
        
        
        
        
          (6,425)
        
      
      
        
        
        
          Operating expenses
        
        
        
        
        
        
          (3,262)
        
        
        
        
        
        
          (3,473)
        
      
      
        
        
        
          Interest, net
        
        
        
        
           
        
        
          9 
        
        
        
        
           
        
        
          (309)
        
      
      
        
        
        
          Total expenses
        
        
        
        
        
        
          (6,090)
        
        
        
        
        
        
          (10,207)
        
      
      
        
          Income before income taxes and minority interest
        
        
        
        
        
        
          697 
        
        
        
        
        
        
          5,876 
        
      
      
        
        
        
          Income tax expense
        
        
        
        
           
        
        
          (7)
        
        
        
        
           
        
        
          (445)
        
      
      
        
          Income before minority interest
        
        
        
        
        
        
          690 
        
        
        
        
        
        
          5,431 
        
      
      
        
        
        
          Minority interest
        
        
        
        
           
        
        
          164 
        
        
        
        
           
        
        
          (133)
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          854 
        
        
        
        
          $
        
        
          5,298 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average units outstanding - Basic (000's)
        
        
        
        
        
        
          4,664 
        
        
        
        
        
        
          4,635 
        
      
      
        
          Weighted average units outstanding - Diluted (000's)
        
        
        
        
        
        
          4,800 
        
        
        
        
        
        
          4,753 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Basic net income per unit
        
        
        
        
          $
        
        
          0.18 
        
        
        
        
          $
        
        
          1.14 
        
      
      
        
          Diluted net income per unit
        
        
        
        
          $
        
        
          0.18 
        
        
        
        
          $
        
        
          1.11 
        
      
    
    
      
        
        
        
        
        
          CONSOLIDATED BALANCE SHEET DATA
        
      
      
        
        
        
        
        
          (All amounts in $000's)
        
      
      
        
        
        
        
        
        
        
          March 31,
        
        
        
        
          December 31,
        
      
      
        
        
        
        
        
        
        
           
        
        
          2007 
        
        
        
        
           
        
        
          2006 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Assets:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Cash and short-term investments
        
        
        
        
          $
        
        
          27,952 
        
        
        
        
          $
        
        
          32,194 
        
      
      
        
        
        
          Other current assets
        
        
        
        
        
        
          10,055 
        
        
        
        
        
        
          8,933 
        
      
      
        
        
        
          Roads and timber
        
        
        
        
        
        
          97,674 
        
        
        
        
        
        
          98,110 
        
      
      
        
        
        
          Properties and equipment
        
        
        
        
        
        
          39,584 
        
        
        
        
        
        
          39,026 
        
      
      
        
        
        
          Other assets
        
        
        
        
           
        
        
          2,007 
        
        
        
        
           
        
        
          2,019 
        
      
      
        
        
        
          Total
        
        
        
        
          $
        
        
          177,272 
        
        
        
        
          $
        
        
          180,282 
        
      
      
        
          Liabilities and partners' capital:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Current liabilities
        
        
        
        
          $
        
        
          12,886 
        
        
        
        
          $
        
        
          14,775 
        
      
      
        
        
        
          Long-term debt, excluding current portion
        
        
        
        
        
        
          29,576 
        
        
        
        
        
        
          30,866 
        
      
      
        
        
        
          Other long-term liabilities
        
        
        
        
        
        
          329 
        
        
        
        
        
        
          351 
        
      
      
        
        
        
          Total liabilities
        
        
        
        
        
        
          42,791 
        
        
        
        
        
        
          45,992 
        
      
      
        
        
        
          Minority interest-ORM Timber Fund I, LP
        
        
        
        
        
        
          46,521 
        
        
        
        
        
        
          46,685 
        
      
      
        
        
        
          Partners' capital
        
        
        
        
           
        
        
          87,960 
        
        
        
        
           
        
        
          87,605 
        
      
      
        
        
        
          Total
        
        
        
        
          $
        
        
          177,272 
        
        
        
        
          $
        
        
          180,282 
        
      
    
    
      
        
        
        
        
        
          RECONCILIATION BETWEEN NET INCOME AND EBITDDA
        
      
      
        
        
        
        
        
          (all amounts in $000's)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          31-Mar-06
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          854 
        
        
        
        
          $
        
        
          5,298 
        
      
      
        
          Added back:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Interest, net
        
        
        
        
        
        
          (9)
        
        
        
        
        
        
          309 
        
      
      
        
        
        
          Depletion
        
        
        
        
        
        
          711 
        
        
        
        
        
        
          2,573 
        
      
      
        
        
        
          Depreciation and amortization
        
        
        
        
        
        
          202 
        
        
        
        
        
        
          185 
        
      
      
        
        
        
          Income tax expense
        
        
        
        
           
        
        
          7 
        
        
        
        
           
        
        
          445 
        
      
      
        
          EBITDDA
        
        
        
        
          $
        
        
          1,765 
        
        
        
        
          $
        
        
          8,810 
        
      
    
    
      
        
        
        
        
        
          RECONCILIATION BETWEEN CASH FROM OPERATIONS AND EBITDDA
        
      
      
        
        
        
        
        
          (all amounts in $000's)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          31-Mar-06
        
      
      
        
          Cash from operations
        
        
        
        
          $
        
        
          (811)
        
        
        
        
          $
        
        
          4,725 
        
      
      
        
          Added back:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Change in working capital
        
        
        
        
        
        
          
            2,896 
          
        
        
        
        
        
        
          3,918 
        
      
      
        
        
        
          Minority interest
        
        
        
        
        
        
          164 
        
        
        
        
        
        
          - 
        
      
      
        
        
        
          Interest
        
        
        
        
        
        
          
            - 
          
        
        
        
        
        
        
          309 
        
      
      
        
        
        
          Income tax expense
        
        
        
        
        
        
          7 
        
        
        
        
        
        
          445 
        
      
      
        
          Less:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Deferred revenue
        
        
        
        
        
        
          
            (192)
          
        
        
        
        
        
        
          (275)
        
      
      
        
        
        
          
            Interest
          
        
        
        
        
        
        
          
            (9)
          
        
        
        
        
        
        
          
            - 
          
        
      
      
        
        
        
          Deferred taxes
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          (17)
        
      
      
        
        
        
          Minority interest
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          (133)
        
      
      
        
        
        
          Cost of land sold
        
        
        
        
        
        
          (32)
        
        
        
        
        
        
          (13)
        
      
      
        
        
        
          Unit compensation
        
        
        
        
           
        
        
          (258)
        
        
        
        
           
        
        
          (149)
        
      
      
        
          EBITDDA
        
        
        
        
          $
        
        
          1,765 
        
        
        
        
          $
        
        
          8,810 
        
      
    
    
      
        
        
        
        
        
        
        
          SEGMENT INFORMATION
        
      
      
        
        
        
        
        
        
        
          (all amounts in $000's)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          
            31-Mar-06
          
        
      
      
        
          Revenues:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Fee Timber
        
        
        
        
        
        
          $
        
        
          6,192 
        
        
        
        
          $
        
        
          13,724 
        
      
      
        
        
        
          Timberland Management & Consulting (TM&C)
        
        
        
        
        
        
          352 
        
        
        
        
        
        
          2,024 
        
      
      
        
        
        
          Real Estate
        
        
        
        
        
        
           
        
        
          243 
        
        
        
        
           
        
        
          335 
        
      
      
        
        
        
          Total
        
        
        
        
        
        
        
        
          6,787 
        
        
        
        
        
        
          16,083 
        
      
      
        
          EBITDDA:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Fee Timber
        
        
        
        
        
        
        
        
          3,363 
        
        
        
        
        
        
          8,877 
        
      
      
        
        
        
          TM&C
        
        
        
        
        
        
        
        
          (110)
        
        
        
        
        
        
          1,307 
        
      
      
        
        
        
          Real Estate
        
        
        
        
        
        
        
        
          (517)
        
        
        
        
        
        
          (305)
        
      
      
        
        
        
          General & administrative
        
        
        
        
        
        
           
        
        
          (971)
        
        
        
        
           
        
        
          (1,069)
        
      
      
        
        
        
          Total
        
        
        
        
        
        
        
        
          1,765 
        
        
        
        
        
        
          8,810 
        
      
      
        
          Depreciation, depletion and amortization:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Fee Timber
        
        
        
        
        
        
        
        
          794 
        
        
        
        
        
        
          2,645 
        
      
      
        
        
        
          TM&C
        
        
        
        
        
        
        
        
          21 
        
        
        
        
        
        
          16 
        
      
      
        
        
        
          Real Estate
        
        
        
        
        
        
        
        
          44 
        
        
        
        
        
        
          34 
        
      
      
        
        
        
          General & administrative
        
        
        
        
        
        
           
        
        
          54 
        
        
        
        
           
        
        
          63 
        
      
      
        
        
        
          Total
        
        
        
        
        
        
        
        
          913 
        
        
        
        
        
        
          2,758 
        
      
      
        
          Operating income (loss):
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Fee Timber
        
        
        
        
        
        
        
        
          2,405 
        
        
        
        
        
        
          6,232 
        
      
      
        
        
        
          TM&C
        
        
        
        
        
        
        
        
          (131)
        
        
        
        
        
        
          1,296 
        
      
      
        
        
        
          Real Estate
        
        
        
        
        
        
        
        
          (561)
        
        
        
        
        
        
          (339)
        
      
      
        
        
        
          General & administrative
        
        
        
        
        
        
           
        
        
          (1,025)
        
        
        
        
           
        
        
          (1,004)
        
      
      
        
        
        
          Total
        
        
        
        
        
        
          $
        
        
          688 
        
        
        
        
          $
        
        
          6,185 
        
      
    
    
      
        
        
        
        
        
        
        
          SELECTED STATISTICS
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          31-Mar-06
        
      
      
        
          Log sale volumes (thousand board feet):
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Sawlogs
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Douglas-fir
        
        
        
        
        
        
          7,116 
        
        
        
        
          16,440 
        
      
      
        
        
        
          Whitewood
        
        
        
        
        
        
          791 
        
        
        
        
          1,997 
        
      
      
        
        
        
          Cedar
        
        
        
        
        
        
          60 
        
        
        
        
          359 
        
      
      
        
        
        
          Hardwood
        
        
        
        
        
        
          129 
        
        
        
        
          562 
        
      
      
        
          Pulp
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          All species
        
        
        
        
        
        
          1,944 
        
        
        
        
          2,675 
        
      
      
        
        
        
          Total
        
        
        
        
        
        
          10,040 
        
        
        
        
          22,033 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          31-Mar-06
        
      
      
        
          Average price realizations (per thousand board feet):
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Sawlogs
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Douglas-fir
        
        
        
        
        
        
          611 
        
        
        
        
          681 
        
      
      
        
        
        
          Whitewood
        
        
        
        
        
        
          492 
        
        
        
        
          439 
        
      
      
        
        
        
          Cedar
        
        
        
        
        
        
          1,193 
        
        
        
        
          873 
        
      
      
        
        
        
          Hardwood
        
        
        
        
        
        
          671 
        
        
        
        
          598 
        
      
      
        
          Pulp
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          All species
        
        
        
        
        
        
          467 
        
        
        
        
          251 
        
      
      
        
          Overall
        
        
        
        
        
        
          578 
        
        
        
        
          608 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
        
        
          31-Mar-07
        
        
        
        
          31-Mar-06
        
      
      
        
          
            Owned timber acres(A)
          
        
        
        
        
        
        
          137,708 
        
        
        
        
          114,513 
        
      
      
        
          Acres under management
        
        
        
        
        
        
          292,773 
        
        
        
        
          291,925 
        
      
      
        
          Capital expenditures ($000's)
        
        
        
        
        
        
          1,309 
        
        
        
        
          1,435 
        
      
      
        
          Depletion ($000's)
        
        
        
        
        
        
          711 
        
        
        
        
          2,573 
        
      
      
        
          Depreciation ($000's)
        
        
        
        
        
        
          202 
        
        
        
        
          185 
        
      
      
        
          Debt to total capitalization
        
        
        
        
        
        
          26%
        
        
        
        
          31%
        
      
      
        
          
            (A) Includes 24,000 acres owned by ORM Timber Fund I, LP (the 
            Fund).
          
        
      
    
    
      
        
        
        
        
        
        
        
          QUARTER TO QUARTER COMPARISONS
        
      
      
        
        
        
        
        
        
        
          (Amounts in $000's)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Q1 2007 vs. Q1 2006
        
        
        
        
        
        
          Q1 2007 vs. Q4 2006
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Total
        
        
        
        
        
        
        
        
          Total
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          1st Quarter 2007
        
        
        
        
        
        
          $
        
        
          854 
        
        
        
        
        
        
        
        
          $
        
        
          854 
        
      
      
        
        
        
          4th Quarter 2006
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          7,793 
        
      
      
        
        
        
          1st Quarter 2006
        
        
        
        
        
        
           
        
        
          5,298 
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Variance
        
        
        
        
        
        
          $
        
        
          (4,444)
        
        
        
        
        
        
        
        
          $
        
        
          (6,939)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Detail of earnings variance:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Fee Timber:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          
            Log price realizations(B)
          
        
        
        
        
        
        
          $
        
        
          (301)
        
        
        
        
        
        
        
        
          $
        
        
          (412)
        
      
      
        
        
        
          
            Log volumes(C)
          
        
        
        
        
        
        
        
        
          (7,300)
        
        
        
        
        
        
        
        
        
        
          3,923 
        
      
      
        
        
        
          Production costs
        
        
        
        
        
        
        
        
          1,744 
        
        
        
        
        
        
        
        
        
        
          (1,324)
        
      
      
        
        
        
          Depletion
        
        
        
        
        
        
        
        
          1,862 
        
        
        
        
        
        
        
        
        
        
          (456)
        
      
      
        
        
        
          Other Fee Timber
        
        
        
        
        
        
        
        
          168 
        
        
        
        
        
        
        
        
        
        
          (110)
        
      
      
        
          Timberland Management & Consulting:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Management fee changes
        
        
        
        
        
        
        
        
          (301)
        
        
        
        
        
        
        
        
        
        
          (123)
        
      
      
        
        
        
          Disposition fees
        
        
        
        
        
        
        
        
          (1,343)
        
        
        
        
        
        
        
        
        
        
          - 
        
      
      
        
        
        
          Other Timberland Mgmnt & Consulting
        
        
        
        
        
        
          217 
        
        
        
        
        
        
        
        
        
        
          92 
        
      
      
        
          Real Estate:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Land sales
        
        
        
        
        
        
        
        
          (96)
        
        
        
        
        
        
        
        
        
        
          (9,106)
        
      
      
        
        
        
          Other
        
        
        
        
        
        
        
        
          (126)
        
        
        
        
        
        
        
        
        
        
          596 
        
      
      
        
          General & administrative costs
        
        
        
        
        
        
        
        
          (21)
        
        
        
        
        
        
        
        
        
        
          25 
        
      
      
        
          Interest expense
        
        
        
        
        
        
        
        
          117 
        
        
        
        
        
        
        
        
        
        
          (77)
        
      
      
        
          Other (taxes, minority int., interest inc.)
        
        
        
        
           
        
        
          936 
        
        
        
        
        
        
        
        
           
        
        
          33 
        
      
      
        
          Total change in net income
        
        
        
        
        
        
          $
        
        
          (4,444)
        
        
        
        
        
        
        
        
          $
        
        
          (6,939)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            (B) Price variance calculated by applying the change in price to 
            current period volume.
          
        
      
      
        
          
            (C) Volume variance calculated by applying the change in sales 
            volume to the average log sales price for the prior period.