Delaware		71-0795870
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)
210 East Elm Street, P. O. Box 7200, El Dorado, Arkansas		71731-7200
(Address of principal executive offices)		(Zip Code)

Title of each class		Name of each exchange on which registered
Common Stock, $.01 Par Value		New York Stock Exchange, Inc.
Series A Participating Cumulative Preferred Stock Purchase Rights		New York Stock Exchange, Inc.

				Page Number
PART I—Financial Information
Item 1.		Financial Statements		3
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		13
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		18
PART II—Other Information
Item 1.		Legal Proceedings		19
Item 2.		Changes in Securities and Use of Proceeds		19
Item 3.		Defaults Upon Senior Securities		19
Item 4.		Submission of Matters to a Vote of Security Holders		19
Item 5.		Other Information		19
Item 6.		Exhibits and Reports on Form 8-K		20
Signatures				21

		June 30, 2002				Dec. 31, 2001
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	1,375			6,122
Trade accounts receivable—net			5,840			4,319
Other receivables			3,011			2,938
Inventories			5,155			5,565
Prepaid expenses and other current assets			1,850			1,428
Total current assets			17,231			20,372
Investment in real estate held for development and sale			39,621			36,698
Investment in Del-Tin Fiber			12,628			11,600
Other investments and noncurrent receivables			763			2,907
Timber and timberlands—net			207,857			211,754
Property, plant, and equipment—net			40,389			41,774
Deferred charges and other assets			2,411			3,275
Total assets		$	320,900			328,380
Liabilities and Stockholders’ Equity
Current liabilities
Current maturities of long-term debt		$	70			74
Notes payable			500			—
Trade accounts payable			3,051			3,524
Accrued taxes other than income taxes			1,698			1,190
Deferred revenues and other accrued liabilities			3,024			2,569
Total current liabilities			8,343			7,357
Long-term debt			75,152			84,190
Deferred tax liabilities—net			20,234			19,669
Other noncurrent liabilities			6,545			6,365
Redeemable preferred stock			30,000			30,000
Stockholders’ equity
Preferred stock			—			—
Common stock			128			128
Capital in excess of par value			69,038			68,766
Retained earnings			131,224			133,034
Unamortized restricted stock awards			(191	)		(264	)
Treasury stock			(19,573	)		(20,865	)
Total stockholders’ equity			180,626			180,799
Total liabilities and stockholders’ equity		$	320,900			328,380

		Three Months Ended June 30,							Six Months Ended June 30,
		2002				2001			2002			2001
Net sales		$	28,106			27,800			55,201			50,294
Costs and expenses
Cost of sales			17,726			17,090			32,773			28,865
Depreciation, amortization, and cost of fee timber harvested			4,238			4,414			9,502			8,879
General and administrative expenses			2,118			2,917			4,165			4,565
Total costs and expenses			24,082			24,421			46,440			42,309
Operating income			4,024			3,379			8,761			7,985
Equity in loss of Del-Tin Fiber			(2,933	)		(2,518	)		(5,326	)		(5,007	)
Interest income			27			289			63			907
Interest and other debt expense			(1,098	)		(1,472	)		(2,246	)		(3,067	)
Other income/(expense)			97			151			241			224
Income/(loss) from continuing operations before income taxes			117			(171	)		1,493			1,042
Income taxes			(127	)		53			(682	)		(185	)
Income/(loss) from continuing operations			(10	)		(118	)		811			857
Discontinued operations, net			—			119			—			8,331
Net income/(loss)		$	(10	)		1			811			9,188
Earnings per common share
Basic
Continuing operations		$	(.05	)		(.06	)		(.03	)		(.02	)
Discontinued operations			—			.01			—			.70
Net income/(loss)		$	(.05	)		(.05	)		(.03	)		.68
Assuming dilution
Continuing operations		$	(.05	)		(.06	)		(.03	)		(.02	)
Discontinued operations			—			.01			—			.70
Net income/(loss)		$	(.05	)		(.05	)		(.03	)		.68
Dividends declared per common share		$	.0625			.0625			.1250			.1250
Average common shares outstanding (thousands)			11,923			11,887			11,910			11,905

		2002				2001
Operating activities
Net income		$	811			9,188
Adjustments to reconcile net income to net cash provided/(required) by operating activities
Depreciation, amortization, and cost of fee timber harvested			9,502			8,879
Deferred income taxes			565			6,739
Gain from disposal of agriculture segment assets			—			(14,454	)
Real estate costs recovered upon sale			2,122			1,922
Timberland costs recovered upon sale			217			465
Equity in loss of Del-Tin Fiber			5,326			5,007
Net increase/(decrease) in provisions for pension and other postretirement benefits			689			485
(Increase)/decrease in operating working capital other than cash and cash equivalents			(1,113	)		(2,581	)
Other—net			686			922