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Deltic Announces Preliminary Second Quarter 2011 Results

Stocks in this article: DEL

Deltic Timber Corporation (NYSE: DEL):

SECOND QUARTER     2011     2010
Net sales $ 32,268,000 38,937,000
Net income 2,055,000 5,593,000
Earnings per common share
Basic .16 .45
Assuming dilution .16 .45
Average common shares outstanding
Basic 12,454,584 12,367,969
Assuming dilution 12,510,562 12,414,907
YEAR-TO-DATE 2011 2010
Net sales $ 61,663,000 70,872,000
Net income 2,147,000 7,846,000
Earnings per common share
Basic .17 .63
Assuming dilution .17 .63
Average common shares outstanding
Basic 12,431,775 12,358,713
Assuming dilution 12,507,201 12,429,213

Deltic Timber Corporation (NYSE: DEL) announced today that net income for the second quarter of 2011 was $2 million, $.16 a share, compared to $5.5 million, $.45 a share, a year ago. The decrease was primarily due to a lower average sales price for both sawtimber and pulpwood; a lower average lumber sales price; and reduced equity in the earnings of Del-Tin Fiber, the Company’s medium density fiberboard joint-venture. Partially offsetting these unfavorable items were; a sale of a 26-acre commercial real estate tract, a decrease in general and administrative expenses, and a lower amount of income tax expense. Net cash provided by operating activities was $9.5 million for 2011’s second quarter, which compares to $9.6 million a year ago. For the first six months of 2011, net income totaled $2.1 million, $.17 a share, compared to net income of $7.8 million, $.63 a share, for the same period of 2010, and net cash provided by operating activities was $8.3 million compared to $14 million for the first half of 2010.

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