Operating Summary
		2007	2006	2005	2004	2003
Acres Owned1
Woodlands		438,600	438,200	437,700	436,300	434,300
Real Estate		6,400	6,300	6,400	6,700	5,600
Agriculture		-	-	-	-	-
Woodlands
Estimated standing pine timber  inventories1
Sawtimber (tons)		11,389,300	10,977,600	10,833,700	11,355,500	11,135,600
Pulpwood (tons)		4,770,000	5,180,900	5,403,700	5,622,000	6,032,900
Company-owned pine timber harvested2
Sawtimber (tons)		575,637	580,316	581,242	578,224	614,477
Average sales price (per ton)	$	40	45	45	40	40
Pulpwood (tons)		458,938	416,390	297,694	235,365	305,889
Average sales price (per ton)	$	13	8	9	7	6
Timberland sales
Acres sold		893	200	45	1,150	4,130
Average sales price (per acre)	$	1,700	1,400	5,300	1,200	2,000
Mills
Production
Annual capacity (MBF)1		390,000	390,000	350,000	300,000	300,000
Finished lumber (MBF)		212,888	253,135	265,429	223,612	215,288
Pine chips (tons)		271,725	324,220	381,835	326,315	303,004
Lumber sales (MBF)		218,188	262,726	276,048	229,407	220,328
Average sales price (per MBF)	$	293	324	369	365	310
Mill margin (per MBF)	$	(14)	(20)	23	29	(26)
Real Estate
Residential lots sold		81	116	249	290	196
Average sales price (per lot)	$	89,500	103,800	78,600	72,900	77,600
Commercial acres sold		26.0	54.9	5.7	4.2	71.8
Average sales price (per acre)	$	240,600	248,400	945,800	226,200	175,000
Undeveloped acres sold		680.1	-	6.7	94.0	-
Average sales price (per acre)	$	12,000	-	64,000	27,700	-
Stockholder and Employee Data1
Common shares outstanding (thousands)		12,388	12,425	12,315	12,208	11,968
Number of stockholders of record		1,163	1,215	1,303	1,539	1,608
Number of employees		464	466	479	515	463
1 At December 31 2 Includes intersegment transfers at market prices