Pope Resources Partnership (POPE) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $3.37 million, or $ 0.77 a share in the quarter, against a net loss of $1.03 million, or $0.25 a share in the last year period.
Revenue during the quarter surged 56.70 percent to $17.34 million from $11.07 million in the previous year period. Gross margin for the quarter contracted 7 basis points over the previous year period to 35.42 percent. Operating margin for the quarter period stood at positive 73.13 percent as compared to a negative 7.43 percent for the previous year period.
Operating income for the quarter was $12.68 million, compared with an operating loss of $0.82 million in the previous year period.
"Our overall average log price realizations improved slightly compared to the previous quarter, with lower-valued species mix masking improvements in the markets for Douglas-fir and whitewood sawlogs," said Tom Ringo, President and CEO. "We trace this improvement in log markets to reductions in log supply caused by unusual amounts of rain and snow in our Pacific Northwest operating region, combined with incremental demand due to market expectations of pending duties on Canadian lumber imports."
Working capital turns positive
Working capital of Pope Resources Partnership has turned positive to $0.55 million on Mar. 31, 2017 from negative $6.19 million on Mar. 31, 2016. Current ratio was at 1.03 as on Mar. 31, 2017, up from 0.63 on Mar. 31, 2016.
Days sales outstanding went down to 8 days for the quarter compared with 13 days for the same period last year.
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