by Luke Jones
Posted 4/22/2013 03:48 pm
Updated 10 months ago
For its first quarter of 2013, Deltic Timber Corp. of El Dorado had net income of $6.77 million on $41.5 million revenue, a vast improvement over the same quarter last year.
According to a news release, in the first quarter of 2012, Deltic's profits were $97,000 on revenue of $30.6 million. Diluted earnings per share for this quarter are $0.53, compared to a penny in 2012.
The release credits the improvement mostly to Deltic's manufacturing segment, which alone improved $9.7 million over the prior year's first quarter income. Average sales price received for lumber was 48 percent higher than a year ago, the release said, and the sales volume of lumber increased 9 percent when compared with the same quarter of 2012.
"Deltic's portfolio of diverse assets continued to perform well in the first quarter of 2013, as indicated by the financial results reported," Deltic CEO Ray Dillon said in the release. "The improved housing market resulted in increased sales prices for both lumber and medium density fiberboard. As a result, both the financial performance of the company's manufacturing segment and our equity in Del-Tin Fiber's earnings improved significantly."
Del-Tin Fiber LLC is a subsidiary in which Deltic owned a 50 percent membership interest until February, when it purchased the rest of the interest from a subsidiary of International Paper Co. of Memphis for $20 million.