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Deltic Announces Preliminary First Quarter 2012 Results

Deltic Timber Corporation (NYSE:DEL):
 

DELTIC TIMBER CORPORATION

CONSOLIDATED FINANCIAL DATA SUMMARY
       
 

FIRST QUARTER

2012

2011
 
Net sales $ 30,639,000 29,395,000
 
Net income 97,000 92,000
 
Earnings per common share
Basic .01 .01
Assuming dilution .01 .01
 
Average shares outstanding 12,628,282 12,533,013
 
 

President and Chief Executive Officer, Ray C. Dillon, of Deltic Timber Corporation (NYSE:DEL) announced today that preliminary net income for the first quarter of 2012 was $.1 million, $.01 a share, the same as reported for the first quarter a year ago. The Company’s Mills segment reported improved operating income due to an increase in sales volume, a higher average unit sales price, and a lower average cost per unit sold, when compared to the first quarter of 2011. The improvement in results for the Mills segment was essentially offset by increased Corporate general and administrative expenses and a lower equity in the earnings of Del-Tin Fiber, Deltic’s joint venture to manufacture medium density fiberboard (“MDF”). Net cash provided by operating activities was $2.1 million in the first quarter of 2012, which compares to net cash required of $1.2 million a year ago.

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