Pope Resources knew its 3Q loss was coming

POULSBO — Pope Resources has reported a third-quarter loss of $562,000 on revenue of $7.5 million, due to a change in prices for logs.
“In response to surging demand for Pacific Northwest logs from China, we made a conscious decision earlier this year to front-load our annual harvest volume into the first two quarters of the year to take advantage of the all-season operability of some of our low elevation timberlands,” said David L. Nunes, president and CEO.
“Anticipating that log prices might soften as more timber came available from higher elevation lands during the summer months, we ratcheted back our third quarter harvest volume. As a result, we generated less revenue and recorded a net loss for the quarter.”
Log prices ended up decreasing 5 percent from the second quarter of 2011 to the third quarter of 2011. But they were still higher than 2010 levels, according to a statement from the publicly traded limited partnership.
Pope Resources also announced a quarterly distribution of 35 cents per unit.
Pope Resources and its subsidiaries, Olympic Resource Management and Olympic Property Group, own or manage 178,000 acres of timberland and development property in Washington and Oregon.
— Rachel Pritchett, (360) 475-3783

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