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Deltic Announces Preliminary Second Quarter 2014 Results

Stocks in this article: DEL

Deltic Timber Corporation (NYSE:DEL):

SECOND QUARTER       2014       2013
Net sales $ 58,605,000 53,247,000
Net income 5,298,000 11,268,000
Earnings per common share
Basic .42 .89
Assuming dilution .42 .88
Average common shares outstanding
Basic 12,545,190 12,582,983
Assuming dilution 12,590,543 12,627,833
YEAR-TO-DATE 2014 2013
Net sales $ 113,984,000 94,810,000
Net income 10,209,000 18,042,000
Earnings per common share
Basic .80 1.42
Assuming dilution .80 1.42
Average common shares outstanding
Basic 12,551,140 12,573,033
Assuming dilution 12,603,360 12,626,805

Deltic Timber Corporation (NYSE:DEL) announced today that net income for the second quarter of 2014 was $5.3 million, $.42 a share. This compares to results for the second quarter of 2013 of $5.5 million before consideration of non-recurring gains that resulted from the acquisition of the remaining 50 percent ownership interest in the Del-Tin Fiber medium density fiberboard plant in April 2013 and an involuntary conversion of assets in the Company’s Manufacturing segment. Inclusive of these gains that totaled $5.7 million, net of income taxes, reported net income for the second quarter of 2013 was $11.2 million, $.89 a share. Net cash provided by operating activities was $11.1 million for 2014’s second quarter, compared to $11.3 million in the second quarter of 2013. For the first six months of 2014, net income was $10.2 million, $.80 a share, compared to $18 million, inclusive of non-recurring gains of $5.7 million, or $1.42 a share for the first six months of 2013. Net cash provided by operating activities was $14.8 million for the first half of 2014 compared to $20.3 million for the same period of 2013.

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