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Deltic Executive Pay Drops in 2014

2 min read

Despite Deltic Timber’s strong earnings in 2014, compensation paid four of the five top Deltic executive officers dropped compared with 2013, according to the company’s proxy statement.

The El Dorado company cited two reasons for the decline in pay: its failure to reach a $20 million income goal in 2014 and the failure of Deltic’s shareholder return to reach the threshold required for performance-based restricted stock awards to vest.

President and CEO Ray Dillon received $1.93 million in total compensation last year compared with $2.87 million in 2013, although Deltic’s net income in 2014 was $19.7 million, the second-highest in the company’s history. Deltic achieved its highest net income in 2013: $26.2 million.

The other officers and their compensation:

• Kenneth Mann, vice president, treasurer and chief financial officer, $1.11 million in 2014 compared with $1.17 million in 2013.

• Kent Streeter, vice president of operations, $773,099 in 2014 compared with $847,338 in 2013.

• David Meghreblian, vice president of real estate, $769,964 in 2014 compared with $659,161 in 2013, making Meghreblian the only one of the top five executives to see an increase in pay.

• Jim Andrews Jr., vice president, general counsel and secretary, $629,375 in 2014 compared with $768,604 in 2013.

Elsewhere in the proxy, Deltic noted a number of successes in 2014. In addition to its $19.7 million in income, the company’s accomplishments included:

• The generation of $31.5 million of cash flow from operations.

• The repurchase of 131,832 shares of Deltic common stock.

• The repayment of $7 million of outstanding debt.

• The harvest of 622,607 tons of pine saw timber and 391,434 tons of pine pulpwood.

• A 3 percent increase in the volume of lumber sold and a 4 percent increase in the volume of medium density fiberboard sold.

• The development and offering of newly developed residential lots in a new neighborhood in Chenal Valley and in a new small-lot development near Chenal Valley.

• The sale of 98 residential lots, a 51 percent increase compared to 2013.

• The sale of a 1.72-acre commercial property site in Chenal Valley for $500,900 per acre, the first commercial acreage sale since 2011.

• The acquisition of 72,200 acres of timberland.

The company’s annual meeting is scheduled for 10 a.m. April 23 at the South Arkansas Arts Center in El Dorado.

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