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Deltic Announces Preliminary Second Quarter 2012 Results

Stocks in this article: DEL

Deltic Timber Corporation (NYSE: DEL):

SECOND QUARTER           2012           2011
Net sales $   37,105,000 32,268,000
Net income 3,516,000 2,055,000
Earnings per common share
Basic .28 .16
Assuming dilution .28 .16
Average common shares outstanding
Basic 12,529,190 12,454,584
Assuming dilution 12,580,402 12,510,562
YEAR-TO-DATE 2012 2011
Net sales $ 67,744,000 61,663,000
Net income 3,613,000 2,147,000
Earnings per common share
Basic .29 .17
Assuming dilution .29 .17
Average common shares outstanding
Basic 12,515,083 12,431,775
Assuming dilution 12,580,261 12,507,201

Deltic Timber Corporation (NYSE: DEL) announced today that net income for the second quarter of 2012 was $3.5 million, $.28 a share, compared to $2 million, $.16 a share, a year ago. The increase was due to significantly improved operating results for Deltic’s Mills segment, which benefitted from a higher average lumber sales price and an increased lumber sales volume when compared to the same period of 2011. Partially offsetting these favorable items were decreases in operating income for the Company’s Real Estate and Woodlands segments, primarily due to no commercial real estate acreage sales in the current period, decreased pine sawtimber harvest volumes and average per-ton sales prices, and reduced sales of recreational-use hardwood timberland acreage. Net cash provided by operating activities was $9.4 million for 2012’s second quarter, compared to $9.5 million in 2011. For the first six months of 2012, net income totaled $3.6 million, $.29 per share, compared to $2.1 million, $.17 per share, for the same period of 2011. Net cash provided by operating activities was $11.5 million for the first half of 2012 compared to $8.3 million for the same 2011 period.

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