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		19
Item 4.		Controls and Procedures		19
PART II—Other Information
Item 1.		Legal Proceedings		20
Item 2.		Changes in Securities and Use of Proceeds		20
Item 3.		Defaults Upon Senior Securities		20
Item 4.		Submission of Matters to a Vote of Security Holders		20
Item 5.		Other Information		20
Item 6.		Exhibits and Reports on Form 8-K		20
Signatures				21
Certifications				22

		Sept. 30, 2002				Dec. 31, 2001
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	2,012			6,122
Trade accounts receivable—net			6,014			4,319
Other receivables			2,267			2,938
Inventories			5,692			5,565
Prepaid expenses and other current assets			1,967			1,428
Total current assets			17,952			20,372
Investment in real estate held for development and sale			42,047			36,698
Investment in Del-Tin Fiber			14,527			11,600
Other investments and noncurrent receivables			568			2,907
Timber and timberlands—net			206,350			211,754
Property, plant, and equipment—net			39,965			41,774
Deferred charges and other assets			2,677			3,275
Total assets		$	324,086			328,380
Liabilities and Stockholders’ Equity
Current liabilities
Current maturities of long-term debt		$	70			74
Trade accounts payable			3,938			3,524
Accrued taxes other than income taxes			1,076			1,190
Bank overdraft			952			—
Deferred revenues and other accrued liabilities			4,113			2,569
Total current liabilities			10,149			7,357
Long-term debt			80,136			84,190
Deferred tax liabilities—net			19,280			19,669
Other noncurrent liabilities			6,831			6,365
Redeemable preferred stock			30,000			30,000
Stockholders’ equity
Preferred stock			—			—
Common stock			128			128
Capital in excess of par value			69,075			68,766
Retained earnings			128,922			133,034
Unamortized restricted stock awards			(162	)		(264	)
Treasury stock			(20,273	)		(20,865	)
Total stockholders’ equity			177,690			180,799
Total liabilities and stockholders’ equity		$	324,086			328,380

		Three Months Ended September 30,							Nine Months Ended September 30,
		2002				2001			2002			2001
Net sales		$	25,565			25,440			80,766			75,734
Costs and expenses
Cost of sales			19,154			18,742			51,927			47,607
Depreciation, amortization, and cost of fee timber harvested			2,910			3,308			12,412			12,187
General and administrative expenses			1,832			802			5,997			5,367
Total costs and expenses			23,896			22,852			70,336			65,161
Operating income			1,669			2,588			10,430			10,573
Equity in loss of Del-Tin Fiber			(1,827	)		(1,647	)		(7,153	)		(6,654	)
Interest income			117			11			180			918
Interest and other debt expense			(1,110	)		(1,372	)		(3,356	)		(4,439	)
Other income/(expense)			101			104			342			328
Income/(loss) from continuing operations before income taxes			(1,050	)		(316	)		443			726
Income taxes			58			202			(624	)		17
Income/(loss) from continuing operations			(992	)		(114	)		(181	)		743
Discontinued operations, net			—			51			—			8,382
Net income/(loss)		$	(992	)		(63	)		(181	)		9,125
Earnings per common share
Basic
Continuing operations		$	(.13	)		(.06	)		(.16	)		(.08	)
Discontinued operations			—			.01			—			.70
Net income/(loss)		$	(.13	)		(.05	)		(.16	)		.62
Assuming dilution
Continuing operations		$	(.13	)		(.06	)		(.16	)		(.08	)
Discontinued operations			—			.01			—			.70
Net income/(loss)		$	(.13	)		(.05	)		(.16	)		.62
Dividends declared per common share		$	.0625			.0625			.1875			.1875
Average common shares outstanding (thousands)			11,941			11,887			11,921			11,899

		2002				2001
Operating activities
Net income/(loss)		$	(181	)		9,125
Adjustments to reconcile net income/(loss) to net cash provided/(required) by operating activities
Depreciation, amortization, and cost of fee timber harvested			12,412			12,187
Deferred income taxes			(390	)		5,997
Gain from disposal of agriculture segment assets			—			(14,454	)
Real estate costs recovered upon sale			3,119			3,622
Timberland costs recovered upon sale			534			566
Equity in loss of Del-Tin Fiber			7,154			6,654
Net increase/(decrease) in provisions for pension and other postretirement benefits			1,020			653
(Increase)/decrease in operating working capital other than cash and cash equivalents			716			(18	)