POULSBO, Wash., Aug. 7,
2018 /PRNewswire/ -- Pope Resources (NASDAQ:POPE) reported net
income attributable to unitholders of $199,000, or $0.04
per ownership unit, on consolidated revenue of $27.9 million and look-through1
revenue of $13.4 million, for Q2
2018. This compares to net income attributable to unitholders of
$158,000, or $0.03 per ownership unit, on consolidated revenue
of $15.9 million, and look-through
revenue of $10.5 million, for Q2
2017. Q2 2018 results include a $2.9
million increase in the environmental remediation liability
for the former millsite at Port Gamble,
Washington. Excluding this charge, adjusted net income
attributable to unitholders for Q2 2018 was $3.1 million, or $0.71 per ownership unit.
Cash provided by operations during Q2 2018 was $7.7 million on a consolidated basis and
$3.3 million on a look-through basis,
compared to cash provided by operations of $2.9 million on a consolidated basis and
$1.2 million on a look-through basis
during Q2 2017.
"Our second quarter results reflect the decision to pull
Partnership volume forward to the first quarter when log prices
were particularly strong and to backload Partnership volume toward
the latter half of the year when we expect fire closures and
subsequent winter weather to pinch supply, and thus boost prices,"
said Tom Ringo, President and CEO.
"In addition, while the Q2 addition of $2.9
million to our Port Gamble
environmental remediation accrual is noteworthy, we believe the
worst is behind us at Port Gamble. Long-term prospects for the
Partnership are bright, with the expansion of our high-quality
Pacific Northwest timberland portfolio generating a growing stream
of cash flow. We are confident that our strategies are building
sustainable value for our unitholders."
The following table summarizes key income, cash flow, and debt
metrics for the quarters ended June 30, 2018, and 2017. Each
metric is presented on a consolidated basis (Partnership plus the
Funds) in accordance with GAAP and on a look-through basis. The
latter is the sum of the Partnership on a stand-alone basis plus
the Partnership's share of its three private equity timber funds,
based on the Partnership's ownership interest in each fund.
(in millions, except
volume and price data)
|
|
|
|
|
|
Q2 2018
|
|
Q2 2017
|
|
Consolidated
|
Look-through
|
|
Consolidated
|
Look-through
|
Volume
(MMBF)
|
35.5
|
|
10.6
|
|
|
25.3
|
|
14.3
|
|
Delivered log price
($/MBF)
|
$714
|
|
$728
|
|
|
$596
|
|
$618
|
|
Revenue
|
$27.9
|
|
$13.4
|
|
|
$15.9
|
|
$10.5
|
|
Net income
|
$2.5
|
|
$0.2
|
|
|
($0.1)
|
|
$0.2
|
|
Adjusted net
income
|
$5.4
|
|
$3.1
|
|
|
($0.1)
|
|
$0.2
|
|
Cash flow from
operations
|
$7.7
|
|
$3.3
|
|
|
$2.9
|
|
$1.2
|
|
Debt
|
$147.2
|
|
$97.0
|
|
|
$127.5
|
|
$82.8
|
|
Partnership Timber (previously Fee
Timber - Partnership)
Partnership Timber operating income during Q2 2018 was
$1.8 million, compared to
$3.4 million in Q2 2017. Adjusted
EBITDDA2 for this segment during Q2 2018 was
$2.4 million, versus $4.4 million in Q2 2017. Harvest volume declined
45% in Q2 2018 when compared to Q2 2017, notwithstanding an 18%
increase in average realized log prices between the two periods. We
pulled ahead a significant amount of volume into Q1 2018, when
prices were even stronger, and we expect prices to strengthen from
Q2 2018 levels as we progress through the second half of the
year.
Funds Timber (previously Fee
Timber - Funds)
Funds Timber operating income during Q2 2018 was $4.7 million, compared to $1.2 million in Q2 2017. Adjusted EBITDDA for
this segment during Q2 2018 was $12.5
million, versus $3.1 million
in Q2 2017. Delivered log volume increased 12% in Q2 2018 versus Q2
2017, and average realized log prices were up 23%. The Funds' have
a larger component of higher-elevation timberland as compared to
the Partnership, and thus have less flexibility as to when they
harvest throughout the year. In addition, during Q2 2018 the Funds
sold timber deeds on 16.6 million board feet (MMBF) of volume,
primarily from the two recent Fund IV acquisitions. The timber deed
sale volume was nearly 8 times that of Q2 2017 and at average
prices that were 77% higher. The Partnership's share of Adjusted
EBITDDA for Q2 2018 was $1.7 million,
versus $512,000 during Q2 2017.
Timberland Investment Management (TIM)
TIM generated an operating loss of $916,000 during Q2 2018, compared to an operating
loss of $751,000 in Q2 2017. Adjusted
EBITDDA during Q2 2018 was $102,000
versus negative $27,000 in Q2 2017.
The improvement in Adjusted EBITDDA is due to increased revenue
from asset management and timberland management fees following the
Fund IV acquisitions in Q1 2018. Total revenue, on an internal
reporting basis, amounted to $1.1
million during Q2 2018 versus $817,000 in Q2 2017.
Real Estate
Real Estate generated an operating loss of $315,000 during Q2 2018, compared to an operating
loss of $1.5 million in Q2 2017.
Adjusted EBITDDA for the Real Estate segment was $2.7 million during Q2 2018, versus negative
$1.3 million in Q2 2017. The
improvement in both metrics is due primarily to a $3.7 million conservation easement sale in Q2
2018 that had no counterpart in Q2 2017. Also contributing to the
improved results were lower professional fees in connection with
planning and development of properties and reduced labor costs
resulting from fewer personnel in the Real Estate segment in 2018
as the Harbor Hill project progresses towards completion.
In preparation for sales later in the year, the Partnership
spent $954,000 in development capital
during Q2 2018, primarily on our final remaining residential and
commercial lots at Harbor Hill in Gig
Harbor, WA. In Port Gamble, the Partnership accrued an
additional $2.9 million of
environmental remediation expense, representing costs to remove a
greater volume of sediment from the millsite than was originally
anticipated, as well as updated estimates for long-term monitoring
costs. The Partnership paid $666,000
in Q2 2018 for previously accrued expenses related to the clean-up
of Port Gamble Bay.
General & Administrative (G&A)
G&A expenses, and negative Adjusted EBITDDA, were flat at
$1.4 million during Q2 2018 and Q2
2017. As has been the case for the past several years, the
annualized level of our G&A expenses, when viewed in proportion
to either our assets or revenue, continues to compare favorably to
analogous ratios of our timber-REIT peers.
Partnership Capital Allocation and Liquidity (excluding the
Funds)
In June, the Partnership paid a cash distribution to unitholders
of $3.1 million. In Q2 2018, the
Partnership closed on two timberland purchases in western
Washington totaling 500 acres for
$1.7 million. Capital expenditures
during Q2 2018 for the Partnership totaled $712,000. The Partnership also repurchased 4,991
units at an average price of $72.34
per unit, totaling $361,000 during Q2
2018. As of the end of June 30, 2018, we have $542,000 remaining on our current authorization
that runs through December 2018.
Q2 2018 capital allocation was financed by a combination of the
following: cash generated by the Partnership from operations,
excluding the Funds, of $2.6 million
(that is net of Real Estate development project expenditures and
environmental remediation payments totaling $1.6 million); net borrowings on our revolving
facilities of $1.5 million; and
distributions received by the Partnership from the Funds totaling
$492,000.
The Partnership closed the quarter with cash of $937,000 and debt of $89.9
million. The Funds closed the quarter with cash of
$3.3 million and debt of $57.3 million.
Outlook
We expect our 2018 harvest volume will be approximately 67 MMBF
for the Partnership, and approximately 82 MMBF for the Funds,
including timber deed sales. The 67 MMBF for the Partnership
includes 15 MMBF of volume from timber located on real estate
properties and recent small-tract acquisitions that is not factored
into our long-term, sustainable harvest plan of 52 MMBF. On a
look-through basis, total 2018 harvest volume, including timber
deed sales, is expected to be 77 MMBF. We will continue to monitor
log markets and adjust our harvest levels accordingly as the year
progresses.
The Puget Sound housing market remains strong, and we anticipate
closing on additional residential lots from our Harbor Hill project
in the fourth quarter, as well as potential sales from other
projects in Kitsap County.
Within a week, we will also post an updated investor
presentation to the Investor Relations section of our web site at
www.poperesources.com.
New Reporting Initiatives
As a reminder, last quarter, we introduced some format changes
in reporting our results. We believe these changes enhance the ease
with which readers can understand the financial and operating
health of Pope Resources.
"Look-through" results
GAAP require us to consolidate 100% of our three timber funds
into our financial statements, even though we own equity interests
of only 20% of Fund II, 5% of Fund III, and 15% of Fund IV. A
corollary of this is that 100% of Fund debt is reported on the
consolidated balance sheet, even though this Fund debt is secured
solely by timberlands owned by the funds with no recourse to the
Partnership. We have introduced look-through financial measures as
additional information with which readers can obtain a clearer
perspective on our performance after giving effect to the
Partnership's controlling, but minority, interests in our private
equity timber funds.
In the narrative above, we present elements of our financial
results from two perspectives; consolidated and look-through.
- The "Consolidated" perspective presents, as required by GAAP,
ownership and operation of everything owned by both the Partnership
and the Funds. Consolidated results also require the elimination of
the fee revenue earned by our Timberland Investment Management
segment for managing the Funds, with an offsetting elimination of
the expenses incurred in our Funds Timber segment.
- Finally, the "Look-through" perspective presents the
Partnership on a stand-alone basis plus the Partnership's minority
share of each fund: 20% for Fund II, 5% for Fund III, and 15% for
Fund IV.
A reconciliation of look-through results to GAAP is provided in
the financial statements that follow. The column labeled NCI
(non-controlling interests) represents a proportionate reduction
that reflects the results of the 80% of Fund II, 95% of Fund III,
and 85% of Fund IV that the Partnership does not own. These results
are subtracted from the Consolidated (GAAP) results to arrive at
look-through results. We believe that this change in presentation
will give readers additional information with which to better
understand the economics of owning a unit of Pope Resources.
Change in segment reporting
As a means of presenting our business in a manner that reflects
our current operating and management strategy, and to facilitate
the look-through concept detailed above, we have segregated our
former "Fee Timber" segment into two
segments: "Partnership Timber" includes the operating results of
the Partnership's 100%-owned timberland while "Funds Timber"
includes the operating results of our three private equity timber
funds. Historically, we have distinguished between the Partnership
and Funds by presenting them as categories within our former
"Fee Timber" segment.
Measuring segment results using Adjusted EBITDDA
Beginning with Q1 2018, we have supplemented the metric we use
to measure segment performance, operating income, with Adjusted
EBITDDA. Adjusted EBITDDA is a non-GAAP measure which is reconciled
to GAAP in the tables below. We define Adjusted EBITDDA as earnings
before interest, taxes, depletion, depreciation, amortization, gain
or loss on timberland sold, and environmental remediation expense.
In addition, we reflect Adjusted EBITDDA on an internal reporting
basis without eliminating inter-segment activity, which has no net
impact on total Adjusted EBITDDA. Accordingly, fees earned from
managing the funds are reflected in the Timberland Investment
Management segment and this same amount is reflected as expense in
the Funds Timber segment. We believe Adjusted EBITDDA captures the
ongoing operations of each of our segments and is a useful metric
to assess the segments' financial performance.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own and manage 120,000 acres of timberland and 2,100 acres
of development property in Washington. In addition, Pope Resources
co-invests in and consolidates three private equity timber funds
that own 124,000 acres of timberland in Washington, Oregon, and California. The Partnership and its
predecessor companies have owned and managed timberlands and
development properties for over 160 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.
Forward Looking Statements
This press release contains a number of projections and
statements about our expected financial condition, operating
results, business plans and objectives, and about management's
plans for future operations and strategies. 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. Among those
forward-looking statements contained in this report are statements
about management's expectations for future log prices, harvest
volumes and markets, and statements about our expectations for
future sales in our Real Estate segment. Readers, however,
should note that all statements other than expressions of
historical fact are forward-looking in nature. Some of the factors
that may cause actual operating results and financial condition to
fall short of expectations, or that may cause us to deviate from
our current plans, include our ability to accurately predict
fluctuations in log markets domestically and internationally, and
to adjust our harvest volumes in a timely and appropriate manner;
political sensitivities and events, including the reactions of
foreign governments and international treaty organizations and
similar bodies, that may affect the cost of competing products and
demand for our products; our ability to anticipate and manage
interest rate risk as it affects our borrowing costs; fluctuations
in interest rates that affect the U.S. housing market and related
demand for our products from that market; our ability to estimate
the cost of ongoing and changing environmental remediation
obligations, including our ability to anticipate and address the
political and regulatory climate that impacts these obligations;
increasing reliance on engineered, recycled, and other alternative
products as a competitive factor for our products; our ability to
consummate various pending and anticipated real estate transactions
on the terms management expects; housing market conditions that
affect demand for both our forest products and our real estate
offerings; our ability to manage our timber funds and their assets
in a manner that our investors consider acceptable, and to raise
additional capital or establish new funds on terms that are
advantageous to the Partnership; conditions in the housing
construction and wood-products markets, both domestically and
globally, that affect demand for our products; the effects of
competition, particularly by larger and better-financed
competitors; fluctuations in foreign currency exchange rates that
affect both competition for sales of our products and our
customers' demand for them; conditions affecting credit markets as
they affect the availability of capital and costs of borrowing for
us, and the related impacts on purchasers of forest products and
development properties; labor, equipment and transportation costs
that affect our net income; our ability to anticipate and mitigate
potential impacts of our operations on adjacent properties; the
impacts of natural disasters on our timberlands and on surrounding
areas; and our ability to discover and to accurately estimate other
liabilities associated with our assets. Other factors are set forth
in that part of our Quarterly Report on Form 10-Q entitled "Risk
Factors," and in our other filings with the Securities and Exchange
Commission from time to time.
Forward-looking statements in this release are made only as of
the date shown above, and we cannot undertake to update these
statements.
1"Look-through" results are explained in the New
Reporting Initiatives section of this earnings
release.
2Adjusted EBITDDA is explained in the
New Reporting Initiatives section of this earnings release.
CONDENSED
STATEMENTS OF INCOME (LOSS) (in millions, except per unit amounts)
|
|
|
Quarter Ended June
30, 2018
|
|
Quarter Ended June
30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
NCI
Reclass*
|
Look -
through
|
|
Consolidated
|
|
NCI
Reclass*
|
Look -
through
|
Revenue
|
$27.9
|
|
|
($14.5)
|
|
$13.4
|
|
|
$15.9
|
|
|
($5.4)
|
|
$10.5
|
|
Cost of
sales
|
(14.6)
|
|
|
10.4
|
|
(4.2)
|
|
|
(9.0)
|
|
|
4.5
|
|
(4.5)
|
|
Operating
expenses
|
(6.6)
|
|
|
1.2
|
|
(5.4)
|
|
|
(5.9)
|
|
|
0.7
|
|
(5.2)
|
|
Environmental
remediation
|
(2.9)
|
|
|
—
|
|
(2.9)
|
|
|
—
|
|
|
—
|
|
—
|
|
Operating
income
|
3.8
|
|
|
(2.9)
|
|
0.9
|
|
|
1.0
|
|
|
(0.2)
|
|
0.8
|
|
Net interest
expense
|
(1.3)
|
|
|
0.6
|
|
(0.7)
|
|
|
(1.1)
|
|
|
0.5
|
|
(0.6)
|
|
Income tax
expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
Net income
(loss)
|
2.5
|
|
|
(2.3)
|
|
0.2
|
|
|
(0.1)
|
|
|
0.3
|
|
0.2
|
|
Net (income) loss
attributable to noncontrolling interests (NCI)
|
(2.3)
|
|
|
2.3
|
|
—
|
|
|
0.3
|
|
|
(0.3)
|
|
—
|
|
Net income
attributable to unitholders
|
$0.2
|
|
|
$—
|
|
$0.2
|
|
|
$0.2
|
|
|
$—
|
|
$0.2
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average units outstanding
|
4.320
|
|
|
|
|
|
4.327
|
|
|
|
|
Basic and diluted
earnings per unit
|
0.04
|
|
|
|
|
|
$0.03
|
|
|
|
|
|
* Reclassifying the
noncontrolling interest (NCI) portion of Fund operations to the
appropriate income statement lines. Includes the 80% of Fund
II, 95% of Fund III, and 85% of Fund IV fees paid by third party
investors.
|
RECONCILIATION
BETWEEN NET INCOME ATTRIBUTABLE TO
UNITHOLDERS AND ADJUSTED NET INCOME ATTRIBUTABLE TO
UNITHOLDERS, INCLUDING PER UNIT AMOUNTS (in millions, except per unit amounts)
|
|
|
Quarter ended June
30,
|
|
2018
|
|
2017
|
|
|
|
|
GAAP net income
attributable to unitholders
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Added
back:
|
|
|
|
Environmental
remediation
|
2.9
|
|
|
—
|
|
Adjusted net income
attributable to unitholders*
|
$
|
3.1
|
|
|
$
|
0.2
|
|
|
|
|
|
Per unit
amounts:
|
|
|
|
GAAP basic and
diluted net income per unit
|
$
|
0.04
|
|
|
$
|
0.03
|
|
Added
back:
|
|
|
|
Environmental
remediation
|
0.67
|
|
|
—
|
|
Adjusted basic and
diluted net income per unit*
|
$
|
0.71
|
|
|
$
|
0.03
|
|
|
*Pursuant to
Regulation G, we are providing disclosure of the reconciliation of
reported non-GAAP financial measures to their most directly
comparable financial measures reported on a GAAP basis. We
believe that consideration of these non-GAAP financial measures may
be important to investors to understand operating results excluding
environmental charges.
|
CONDENSED BALANCE
SHEETS (in
millions)
|
|
|
June 30,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
Assets
|
Consolidated
|
|
Less: NCI
|
Look -
through
|
|
Consolidated
|
|
Less: NCI
|
Look -
through
|
Cash & restricted
cash
|
$5.3
|
|
|
($3.9)
|
|
$1.4
|
|
|
$5.3
|
|
|
($3.3)
|
|
$2.0
|
|
Land held for
sale
|
10.7
|
|
|
—
|
|
10.7
|
|
|
5.9
|
|
|
—
|
|
5.9
|
|
Other current
assets
|
11.8
|
|
|
(7.5)
|
|
4.3
|
|
|
7.0
|
|
|
(2.2)
|
|
4.8
|
|
Timber & roads,
net
|
362.3
|
|
|
(257.5)
|
|
104.8
|
|
|
267.6
|
|
|
(182.0)
|
|
85.6
|
|
Timberlands
|
69.1
|
|
|
(43.8)
|
|
25.3
|
|
|
55.1
|
|
|
(32.5)
|
|
22.6
|
|
Land held for
development
|
15.5
|
|
|
—
|
|
15.5
|
|
|
19.1
|
|
|
—
|
|
19.1
|
|
Buildings &
equipment, net
|
5.5
|
|
|
—
|
|
5.5
|
|
|
5.3
|
|
|
—
|
|
5.3
|
|
Other
assets
|
8.9
|
|
|
(4.5)
|
|
4.4
|
|
|
15.4
|
|
|
(10.8)
|
|
4.6
|
|
Total
assets
|
$489.1
|
|
|
($317.2)
|
|
$171.9
|
|
|
$380.7
|
|
|
($230.8)
|
|
$149.9
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
(excl. current portion of long-term debt)
|
$8.4
|
|
|
($3.0)
|
|
$5.4
|
|
|
$9.6
|
|
|
($2.6)
|
|
$7.0
|
|
Total debt (current
and long-term)
|
147.2
|
|
|
(50.2)
|
|
97.0
|
|
|
127.5
|
|
|
(50.2)
|
|
77.3
|
|
Other
liabilities
|
4.7
|
|
|
—
|
|
4.7
|
|
|
3.0
|
|
|
—
|
|
3.0
|
|
Total
liabilities
|
160.3
|
|
|
(53.2)
|
|
107.1
|
|
|
140.1
|
|
|
(52.8)
|
|
87.3
|
|
|
|
|
|
|
|
|
|
|
|
Partners'
capital
|
328.8
|
|
|
(264.0)
|
|
64.8
|
|
|
240.6
|
|
|
(178.0)
|
|
62.6
|
|
Total liabilities
& partners' capital
|
$489.1
|
|
|
($317.2)
|
|
$171.9
|
|
|
$380.7
|
|
|
($230.8)
|
|
$149.9
|
|
CONDENSED
RECONCILIATION BETWEEN NET INCOME (LOSS) AND CASH FLOWS FROM
OPERATIONS (in
millions)
|
|
|
Quarter Ended June
30, 2018
|
|
Quarter Ended June
30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
Less:
NCI
|
Look -
through
|
|
Consolidated
|
|
Less:
NCI
|
Look -
through
|
Net income
(loss)
|
$2.5
|
|
|
($2.3)
|
|
$0.2
|
|
|
($0.1)
|
|
|
$0.3
|
|
$0.2
|
|
Depletion
|
9.5
|
|
|
(7.9)
|
|
1.6
|
|
|
3.6
|
|
|
(2.4)
|
|
1.2
|
|
Depreciation and
amortization
|
0.1
|
|
|
—
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
0.1
|
|
Basis of land
sold
|
0.1
|
|
|
—
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
0.1
|
|
Real estate project
expenditures
|
(0.9)
|
|
|
—
|
|
(0.9)
|
|
|
(2.5)
|
|
|
—
|
|
(2.5)
|
|
Equity based
compensation
|
0.2
|
|
|
—
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
0.2
|
|
Environmental
remediation accrual
|
2.9
|
|
|
—
|
|
2.9
|
|
|
—
|
|
|
—
|
|
—
|
|
Environmental
remediation expenditures
|
(0.7)
|
|
|
—
|
|
(0.7)
|
|
|
(1.0)
|
|
|
—
|
|
(1.0)
|
|
Changes in working
capital
|
(6.0)
|
|
|
5.8
|
|
(0.2)
|
|
|
2.5
|
|
|
0.4
|
|
2.9
|
|
Net cash provided by
operating activities
|
$7.7
|
|
|
($4.4)
|
|
$3.3
|
|
|
$2.9
|
|
|
($1.7)
|
|
$1.2
|
|
SEGMENT ADJUSTED
EBITDDA (in
millions)
|
|
|
Partnership
Timber
|
Funds
Timber
|
|
TIM
|
|
Real
Estate
|
|
G&A and
Other
|
|
Consolidated
|
Q2 2018
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - external
|
$1.8
|
|
$4.7
|
|
|
($0.9)
|
|
|
($0.3)
|
|
|
($1.4)
|
|
|
$3.8
|
|
Intersegment
activity
|
0.1
|
|
(1.1)
|
|
|
1.0
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Operating income
(loss) - internal
|
1.9
|
|
3.6
|
|
|
0.1
|
|
|
(0.2)
|
|
|
(1.4)
|
|
|
3.8
|
|
Depletion,
depreciation, and amortization
|
0.5
|
|
8.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
Environmental
remediation expense
|
—
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
Adjusted
EBITDDA
|
2.4
|
|
12.5
|
|
|
0.1
|
|
|
2.7
|
|
|
(1.4)
|
|
|
16.3
|
|
Less Adjusted EBITDDA
attributable to NCI
|
—
|
|
(10.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.8)
|
|
Look-through Adjusted
EBITDDA
|
$2.4
|
|
$1.7
|
|
|
$0.1
|
|
|
$2.7
|
|
|
($1.4)
|
|
|
$5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - external
|
$3.4
|
|
$1.2
|
|
|
($0.7)
|
|
|
($1.5)
|
|
|
($1.4)
|
|
|
$1.0
|
|
Intersegment
activity
|
0.1
|
|
(0.8)
|
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Operating income
(loss) - internal
|
3.5
|
|
0.4
|
|
|
—
|
|
|
(1.4)
|
|
|
(1.4)
|
|
|
1.0
|
|
Depletion,
depreciation, and amortization
|
0.9
|
|
2.7
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
3.7
|
|
Adjusted
EBITDDA
|
4.4
|
|
3.1
|
|
|
—
|
|
|
(1.3)
|
|
|
(1.4)
|
|
|
4.7
|
|
Less Adjusted EBITDDA
attributable to NCI
|
—
|
|
(2.6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6)
|
|
Look-through Adjusted
EBITDDA
|
$4.4
|
|
$0.5
|
|
|
$—
|
|
|
($1.3)
|
|
|
($1.4)
|
|
|
$2.1
|
|
VOLUME DATA -
LOOK-THROUGH BASIS
|
|
|
Quarter ended June
30,
|
|
2018
|
|
2017
|
Volumes by species
(million board feet):
|
|
|
|
Douglas-fir
domestic
|
4.0
|
|
|
6.7
|
|
Douglas-fir
export
|
1.1
|
|
|
2.3
|
|
Whitewood
domestic
|
0.5
|
|
|
0.7
|
|
Whitewood
export
|
0.4
|
|
|
0.5
|
|
Cedar
|
0.3
|
|
|
0.3
|
|
Hardwood
|
0.5
|
|
|
0.8
|
|
Pulpwood - all
species
|
1.6
|
|
|
2.9
|
|
Total log sale
volume
|
8.4
|
|
|
14.2
|
|
Timber deed sale
volume
|
2.2
|
|
|
0.1
|
|
Total
volume
|
10.6
|
|
|
14.3
|
|
PRICE DATA -
LOOK-THROUGH BASIS
|
|
|
Quarter ended June
30,
|
|
2018
|
|
2017
|
Average price
realizations by species (per thousand board feet):
|
|
|
|
Douglas-fir
domestic
|
$
|
813
|
|
|
$
|
674
|
|
Douglas-fir
export
|
859
|
|
|
729
|
|
Whitewood
domestic
|
608
|
|
|
519
|
|
Whitewood
export
|
719
|
|
|
687
|
|
Cedar
|
1,368
|
|
|
1,505
|
|
Hardwood
|
729
|
|
|
687
|
|
Pulpwood - all
species
|
348
|
|
|
304
|
|
Overall delivered log
price
|
728
|
|
|
618
|
|
Timber deed
sales
|
518
|
|
|
301
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/pope-resources-reports-second-quarter-2018-results-300693518.html
SOURCE Pope Resources