Pope Resources Depositary Receipts of Lt (POPE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pope Resources Depositary Receipts Of Lt has a market cap of $128.7 million; its shares were traded at around $27.9775 with and P/S ratio of 6.3. The dividend yield of Pope Resources Depositary Receipts Of Lt stocks is 1.4%.POPE is in the portfolios of Private Capital of Private Capital Management, Chuck Royce of Royce& Associates.
Comparing Q1 2010 to Q4 2009. Fee Timber revenue and operating income for the first quarter 2010 were $1.2 million and $586,000 higher, respectively, than the fourth quarter of 2009. This is a result of a $26/MBF, or 6%, increase in average log price realized combined with a 1.4 MMBF, or 14%, increase in harvest volume, and to a lesser extent, $275,000 of revenue from the sale of 60 acres from Fund I.
Comparing Q1 2010 to Q1 2009. Fee Timber revenue and operating income for the first quarter of 2010 are $1.3 million and $1.1 million higher, respectively, than the comparable period in the prior year. The increase in revenue and operating income is due to a 2.8 MMBF, or 33%, increase in harvest volume offset in part by a $36/MBF, or 8%, decrease in average log price realized. This log price decline reflects a shift in the mix of our export log volume away from the higher valued Japanese market to the lower valued Chinese market and, to a lesser extent, a shift in the mix of logs harvested from Douglas-fir to whitewood. Douglas-fir generally produces a more valuable sawlog with the highest quality sawlogs often sold to log brokers exporting to Japan. The market for log exports has shifted for the time being from Japan to China and Korea where the preferred log is of lower quality, and thus lower value, than Japan. As a result of more mild winter weather on our Columbia tree farm, which contains a higher proportion of whitewood volume, we were able to commence logging on this tree farm earlier than anticipated. This resulted in a higher mix of whitewood in 2010 compared to 2009. As a result of these mix changes, our average log price realized has declined to $441 per MBF from $477 per MBF.
ORM Timber Funds. The Funds are consolidated into our financial statements. The 80% of these Funds owned by third parties is reflected in our Statement of Operations under the caption “Net loss attributable to noncontrolling interest-ORM Timber Funds.” We deferred harvesting from each of the Funds tree farms in anticipation of weak log markets in 2010. However, given improvements in domestic and export log markets in the first quarter, we intend to begin harvesting from the Funds tree farms to take advantage of higher prices, and will continue to do so the rest of the year if market conditions stay constant or improve. The Funds generated $278,000 of revenue in the first quarter of 2010, primarily from a small Fund I land sale, compared with $27,000 generated in the fourth quarter of 2009 and $1,000 first quarter of 2009. On the strength of the Fund I land sale, the Funds generated operating income of $71,000 for the quarter ended March 31, 2010, compared to incurring operating losses of $33,000, and $71,000 in the quarters ended December 31, 2009 and March 31, 2009, respectively.
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Pope Resources Depositary Receipts Of Lt has a market cap of $128.7 million; its shares were traded at around $27.9775 with and P/S ratio of 6.3. The dividend yield of Pope Resources Depositary Receipts Of Lt stocks is 1.4%.POPE is in the portfolios of Private Capital of Private Capital Management, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
We have a board approved unit repurchase program which permits repurchases through December 2010. As of March 31, 2010, we have repurchased 111,295 units with a weighted average unit purchase price of $19.18 and we have an unutilized authorization for unit repurchases of $2.9 million.Comparing Q1 2010 to Q4 2009. Fee Timber revenue and operating income for the first quarter 2010 were $1.2 million and $586,000 higher, respectively, than the fourth quarter of 2009. This is a result of a $26/MBF, or 6%, increase in average log price realized combined with a 1.4 MMBF, or 14%, increase in harvest volume, and to a lesser extent, $275,000 of revenue from the sale of 60 acres from Fund I.
Comparing Q1 2010 to Q1 2009. Fee Timber revenue and operating income for the first quarter of 2010 are $1.3 million and $1.1 million higher, respectively, than the comparable period in the prior year. The increase in revenue and operating income is due to a 2.8 MMBF, or 33%, increase in harvest volume offset in part by a $36/MBF, or 8%, decrease in average log price realized. This log price decline reflects a shift in the mix of our export log volume away from the higher valued Japanese market to the lower valued Chinese market and, to a lesser extent, a shift in the mix of logs harvested from Douglas-fir to whitewood. Douglas-fir generally produces a more valuable sawlog with the highest quality sawlogs often sold to log brokers exporting to Japan. The market for log exports has shifted for the time being from Japan to China and Korea where the preferred log is of lower quality, and thus lower value, than Japan. As a result of more mild winter weather on our Columbia tree farm, which contains a higher proportion of whitewood volume, we were able to commence logging on this tree farm earlier than anticipated. This resulted in a higher mix of whitewood in 2010 compared to 2009. As a result of these mix changes, our average log price realized has declined to $441 per MBF from $477 per MBF.
ORM Timber Funds. The Funds are consolidated into our financial statements. The 80% of these Funds owned by third parties is reflected in our Statement of Operations under the caption “Net loss attributable to noncontrolling interest-ORM Timber Funds.” We deferred harvesting from each of the Funds tree farms in anticipation of weak log markets in 2010. However, given improvements in domestic and export log markets in the first quarter, we intend to begin harvesting from the Funds tree farms to take advantage of higher prices, and will continue to do so the rest of the year if market conditions stay constant or improve. The Funds generated $278,000 of revenue in the first quarter of 2010, primarily from a small Fund I land sale, compared with $27,000 generated in the fourth quarter of 2009 and $1,000 first quarter of 2009. On the strength of the Fund I land sale, the Funds generated operating income of $71,000 for the quarter ended March 31, 2010, compared to incurring operating losses of $33,000, and $71,000 in the quarters ended December 31, 2009 and March 31, 2009, respectively.
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