Deltic Announces Preliminary Second Quarter 2013 Results

Deltic Timber Corporation (NYSE: DEL):
 
DELTIC TIMBER CORPORATION
CONSOLIDATED FINANCIAL DATA SUMMARY
 
SECOND QUARTER         2013         2012
 
Net sales $ 53,247,000 37,105,000
 
Net income 11,268,000 3,516,000
 
Earnings per common share
Basic .89 .28
Assuming dilution .88 .28
 
Average common shares outstanding
Basic 12,582,983 12,529,190
Assuming dilution 12,627,833 12,580,402
 
 
 
 
YEAR-TO-DATE 2013 2012
 
Net sales $ 94,810,000 67,744,000
 
Net income 18,042,000 3,613,000
 
Earnings per common share
Basic 1.42 .29
Assuming dilution 1.42 .29
 
Average common shares outstanding
Basic 12,573,033 12,515,083
Assuming dilution 12,626,805 12,580,261
 

Deltic Timber Corporation (NYSE: DEL) announced today that net income for the second quarter of 2013 was $11.2 million, $.89 a share, compared to $3.5 million, $.28 a share, a year ago. The $7.7 million improvement was the result of two primary factors. First, the Company’s Manufacturing segment’s pretax operating income increased $4.5 million, resulting from a higher average sales price for lumber sold and the benefit from inclusion of the operating income of Del-Tin Fiber L.L.C. (“Del-Tin Fiber”) in the segment’s results beginning this quarter. Secondly, Deltic realized $5.2 million of non-operating, after-tax gains resulting from the acquisition of the other half of the ownership of Del-Tin Fiber on April 1, 2013. Net cash provided by operating activities was $11.3 million for 2013’s second quarter, compared to $9.4 million in the second quarter of 2012. For the first six months of 2013, net income totaled $18 million, $1.42 a share, compared to $3.6 million, $.29 a share, for the same period of 2012. Net cash provided by operating activities was $20.3 million for the first half of 2013 compared to $11.5 million for the same period of 2012.

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