by Luke Jones
Posted 4/26/2012 11:26 am
Updated 2 years ago
At the publicly traded company's annual shareholders' meeting, Robert Nolan, chairman of Deltic's board of directors, discussed the difficulties Deltic faced between 2008 and 2011.
"Four years ago, the forest product industry became the poster child for a crippled economy," he told shareholders.
Nolan stressed that Deltic had pinched enough pennies to make it through the recession.
"We're competing against ourselves," he said. "We must continually get better."
CEO Ray Dillon showed that many of Deltic's markets had suffered in 2011 compared to 2010, but told investors that Deltic has been "profitable every year since 2002, despite the recession."
He said Deltic will focus its 2012 efforts on its Chenal Valley development in west Little Rock.
During the meeting's normal business items, shareholders approved by 97 percent the re-election of Dillon, Nolan and Robert Tudor III to the company's board; by 98.9 percent the appointment of KPMG LLC as Deltic's outside auditor; by 79.6 percent the extension of a 10-year stock incentive plan originally adopted in 2002; and by 69.8 percent the company's executive compensation policy.