Pope Resources posted strong earnings for the full year and fourth quarter ended Dec. 31, 2013, pulling itself into the black after a 2012 riddled by losses.
Net revenue for the quarter was $19.1 million, up from $12.9 million during the same quarter in 2012. For the full year, revenues were also up substantially -- 30.8% -- at $70.7 million.
Net income of $2.5 million in the fourth quarter was a significant turnaround from year-ago losses of $673,000. Full-year income was $11.7 million, compared with a loss of $6.8 million in 2012.
"Gradually improving domestic housing starts and steady export log demand drove strong log prices for the quarter and the year," said David L. Nunes, president and CEO. "These market forces allowed us to increase our harvest volume, capturing previously deferred volume. Our Real Estate segment also benefited from improved market conditions as revenue for 2013 was nearly double the level of 2012. Together, these factors combined for a record year of revenue for the Partnership, and they laid the groundwork for a promising 2014 as we anticipate healthy prices for our logs and a string of real estate sales flowing from our Gig Harbor project."