Pope Resources Reports Modest 3Q GainsOctober 28th, 2009 by Rachel Pritchett
By Rachel Pritchett
Pope Resources on Wednesday announced a $920,000 gain in net income on revenues of $6.6 million for the third quarter of 2009.
Net income so far for the year for the Poulsbo-based company amounted to $104,000 on revenue of $15.3 million, according to a statement from the company.
“While we have seen some modest improvements relative to earlier in the year, the third quarter was punctuated by continued weakness in markets for both logs and residential lots,” said David Nunes, president and chief executive officer.
Third-quarter results were helped along by the company’s sale of 2,290 acres of its Hood Canal tree farm for conservation easements. The sale contributed $3.1 million to net income.
Pope Resources and subsidiaries Olympic Resource Management and Olympic Property Group own or manage 152,000 acres of timberland and development property in this state and in Oregon.