Deltic Announces Preliminary Third Quarter 2013 Results

Deltic Timber Corporation (NYSE:DEL):
 
DELTIC TIMBER CORPORATION
CONSOLIDATED FINANCIAL DATA SUMMARY
 
THIRD QUARTER   2013   2012
 
Net sales $ 56,520,000 36,499,000
 
Net income 5,813,000 3,218,000
 
Earnings per common share
Basic .46 .25
Assuming dilution .46 .25
 
Average common shares outstanding
Basic 12,571,206 12,533,323
Assuming dilution 12,618,513 12,566,385
 
 
YEAR-TO-DATE 2013 2012
 
Net sales $ 151,330,000 104,243,000
 
Net income 23,855,000 6,831,000
 
Earnings per common share
Basic 1.88 .54
Assuming dilution 1.87 .54
 
Average common shares outstanding
Basic 12,572,417 12,521,207
Assuming dilution 12,627,945 12,560,011
 

Deltic Timber Corporation (NYSE:DEL) announced today that net income for the third quarter of 2013 was $5.9 million, $.46 a share, compared to $3.2 million, $.25 a share, in the third quarter of 2012. The $2.7 million increase was primarily due to improved financial results for Deltic’s Manufacturing segment. Operating income for the Manufacturing segment was $5.8 million higher in 2013’s third quarter than in the same period a year ago, as a result of a higher average sales price for an increased volume of lumber sold combined with a benefit from consolidation of Del-Tin Fiber L.L.C. (“Del-Tin Fiber”) which impacted operating income by $2.4 million. Net cash provided by operating activities was $13.7 million for the third quarter of 2013, compared to $9.5 million for 2012’s third quarter. For the first nine months of 2013, net income was $23.9 million, $1.88 a share, which compares to $6.8 million, $.54 a share, for the same period in 2012. Net cash provided by operating activities was $34 million for the nine-month period ended September 30, 2013 compared to $21 million for the first nine months of 2012.

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